Crypto Global Trade Review: Vicious Broker

  • Fund Safety
  • Customer Support
  • Regulation
  • Trading Conditions
0.5

Summary

Providing this information was unnecessary, according to Crypto Global Trade. The website gave no information about the company’s history or its founders. We could only conclude that they were trying to hide something. They don’t want you to know who to contact at the company if you lose money.

Crypto Global Trade spreads and leverage reveal the company is a fraud with little understanding of forex trading. Trading foreign currencies is sometimes a complex and high-stakes undertaking. Due to the enormous volume of regular trading activity, it is more difficult for rogue traders to alter the price of a currency. If an investor may engage in interbank trading, this method will make the market more transparent to them. But this hasn’t stopped con artists from posing as legit brokers and making enticing offers, even though they know the stakes are high.

Crypto Global Trade Review, Crypto Global Trade Company

Before signing up with a broker, retail investors should educate themselves on the forex market and its terminology to avoid unintended consequences. Before signing up with a broker, investors should determine if they are licensed. If you want to keep more of what you make, trade only with honest and trustworthy crypto companies the government regulates.

About Cryptoglobaltrade.live

We gathered a few false claims the company makes about itself from its website. It purportedly deals with forex, indices, commodities, stocks & cryptocurrencies. It claims to be a number one value global forex broker. That’s not all; it also purports to execute trades at the speed of light and offer very tight spreads. It also claims to have award-winning support and 30 years of experience in the trading industry.

Further down their website page, however, they claim to have 15 years of experience, which contradicts what they had said earlier. This red flag shows they are not all they claim to be. They have six different accounts traders can choose from.

Founders and Team

Honest companies always take pride in their heritage. Many successful people take pleasure in telling their backstories, especially those highlighting the difficulties they faced in their early days. After succeeding, they tell everyone they can about how they began. They also list the company’s founding members and other high-ranking officials.

Cryptoglobaltrade.live Review, Cryptoglobaltrade.live Features

Providing this information was unnecessary, according to Crypto Global Trade. The website gave no information about the company’s history or its founders. We could only conclude that they were trying to hide something. They don’t want you to know who to contact at the company if you lose money. They have only provided some photos of people working in an office, which they probably downloaded from the internet to deceive traders.

Contact Details

Any respectable business owes its clients the bare minimum of current contact details. Also important to customers is the physical location of the company’s headquarters. A customer can get in touch with a company through several different methods, including email, telephone, or person. Sadly, the only contact information offered is a phone number. Reputable companies also keep their social media pages up to date and active to better connect with their customers.

Crypto Global Trade Domain

According to whois.domaintools.com, the company website cryptoglobaltrade.live was created on 2022-10-12, updated on 2022-10-17, and will expire on 2023-10-12. This is a typical feature common among many forex scammers. We also noted something odd about this website. For one, the broker claims to have been in the business for over 15 years. If this was true, they should not have a less than a one-year-old website. This raises serious concerns about the broker and further proves they are here to scam people. They are very inconsistent in their communication.

Crypto Global Trade Regulation Status

The broker claims to be regulated by the UK’s Financial Conduct Authority (FCA). This authority is quite stringent and issues licenses to very few brokers who have met their requirements. However, we immediately determined that the broker was not licensed upon checking FCA’s registry.

Due to the lack of oversight, investors face continuous danger whenever the personnel operating the investment plan are at work without monitoring. Legitimate investment firms are required by law to adhere to some rules designed to protect their client’s money.

There are many different types of investments that investors can make. These include stocks, bonds, mutual funds, banking products, fixed income, retirement accounts, etc. Therefore, minimum capital requirements for a license may vary from country to country. They may also depend on the specification of the product.

Account segregation is another essential regulatory requirement. This means firms should keep client funds in separate accounts used exclusively for trading and investment services. This prevents brokers from using clients’ funds to pay for other expenses.

Customers benefit from account segregation because it increases transparency and accountability, drastically decreases unnecessary risks, and generally produces a more stable environment. Clients can therefore rest assured that their funds are safe even if something was to go wrong. 

Keep in mind, however, that different countries have different criteria for identifying and regulating investment providers. Hence, it’s essential to research the rules in your own country before investing your money with any broker.

Trading Conditions

It is crucial to understand the market situation entirely before making a trade. Some modifiable factors include the spread, leverage, minimum deposit, and commissions. These are the main criteria used by a trader to select a broker. Investors tend to favor brokers with narrower spreads. Spreads that seem too good to be true should make you suspicious of a broker.

First, it offers spreads from 2.2 pips for all its account types. This does not make sense because every account should have a different spread if the minimum deposit differs. Ideally, the higher the minimum deposit, the tighter the spread ought to be. However, there is no difference between a “starter” account and a “gold” one because they have the same conditions.

The leverage is about 1:700. This is unacceptable! Furthermore, this shows the company is lying when it claims to be regulated by the FCA. As per their regulations, the leverage should not exceed 1:30. Thus, there is no way the FCA would have licensed them with such ridiculous leverage.

Deposit and Withdrawal Methods

This company accepts the following deposit methods: Tether, Bitcoin, Ethereum, and Zele. Using crypto is, however, risky. Once you complete a deposit, it cannot be refunded. For this reason, you should carefully consider their use. It’s risky to work with an unregistered broker like this one. Make sure you’re only sending your digital assets to reputable companies. The broker requires a $100 minimum deposit. Legitimate businesses, however, even offer micro-accounts for as little as $5.

Furthermore, CryptoGlobalTrade.live offers bonuses, which are also prohibited in the United Kingdom. Remember that no honest broker would ever offer exaggerated welcome bonuses in the UK. For this reason, you should always exercise extreme caution whenever an unreliable broker presents you with a promotion; such businesses’ motives are never pure.

Crypto Global Trade Trading Software

The broker’s online trading platform is extremely basic. One can hardly do any technical analysis on the chart. When we logged in to their platform, we were redirected to the FP Markets servers, which is a legit broker. This is a gimmick to trick you into trusting them. Using the Crypto Global Trade platform is dangerous because they can easily manipulate the market.

Final Verdict

After our review, we conclude that Crypto Global Trade is a scam, and you should avoid it at all costs. Although they know there are many strict forex trading measures, that doesn’t stop them from trying to scam unsuspecting customers. Thankfully, we’ve exposed their schemes. Don’t participate in their business or get tricked into chasing a welcome bonus.

Before signing on with a forex broker, arm yourself with as much information as possible about them. However, there are many legitimate crypto brokers available besides this one. All these scammers care about is getting people to give their money by making them believe they can help them. Don’t trust them with your money or engage in high-stakes business deals with them.

 

 

 

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