Cryptic Trades is a forex and cryptocurrency trading broker that claims to offer a variety of trading features and services. However, there are a number of red flags that suggest that Cryptic Trades is a scam broker.
Company Overview
Cryptic Trades is a relatively new broker, having been founded in 2016. The company’s website shows they have been running their business for more than 7+ years with a good and professional team, But we did not find any details about their team and other portfolio.
Does Cryptic Trades Have Any License?
No, This company does not have any licenses from any financial regulators. This is a major red flag, as it means that the broker is not subject to any oversight or regulation.
Is Cryptic Trades Regulated By Any Authority?
No, It is not regulated by any authority. This is another major red flag, as it means that the broker is not subject to any oversight or regulation.
Pros and Cons
Pros:
- The minimum deposit is low.
- The trading platform is user-friendly.
- There are a variety of trading features and services offered.
Cons:
- The broker is not regulated.
- There is no information about the company’s headquarters.
- There are a number of negative reviews about the broker online.
How Does Cryptic Trades Reach To Their Prey?
Cryptic Trades uses a variety of methods to reach out to potential victims. These methods include:
- Spam emails
- Social media ads
- Online reviews
- Word-of-mouth
Technical Details of Cryptic Trades
Minimum Deposit:
The minimum deposit to open an account with Cryptic Trades is $500.
Trading Platform:
They did not specify their trading platform. They only show a demo image on their website. This image is the same for all of their services.
Spread:
The spreads offered by Cryptic Trades are not competitive. The average spread for the EUR/USD currency pair is 2.5 pips.
Leverages:
They offers high leverages of up to 1:1000. This means that you can control a position worth 1000 times your deposit. However, high leverages can be risky and should only be used by experienced traders.
Packages and Products They Offer
They offers a variety of trading packages, including:
They offer three packages: Bronze, Silver, and Gold. Each plan has its own benefits. But there is no guarantee that you will get the promised return
Withdrawal and Deposit Method
This company offers a variety of withdrawal and deposit methods, including:
- Credit/debit cards
- Bank transfers
- E-wallets
What Do Their Previous Traders Say?
There are a number of negative reviews about Cryptic Trades online. These reviews allege that the broker is a scam and that they have lost money trading with the broker.
Summing Up- Why Should Not You Trust Cryptic Trades
The following are some of the reasons why you should not trust Cryptic Trades:
- The broker is not regulated.
- There is no information about the company’s headquarters.
- There are a number of negative reviews about the broker online.
- The spreads offered are not competitive.
- The leverages offered are high and risky.
If Bad Things Happen, Where Can You Get The Quick Solution?
If you have lost money trading with this Company, you can try to get your money back by taking help from recovery services. Also, you can contact us. We will provide you with the right recovery service recommendations so that you will not get scammed again.
File A Complaint Against Scam Broker's
Final Thoughts
Cryptic Trades is a scam broker that should be avoided. If you are considering trading with this broker, you should reconsider your decision. There are many legitimate brokers out there that offer better trading conditions and are more likely to protect your money.
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