Cryptec.io is an unregulated crypto broker who brings a unique trading opportunity for the retail sector. They offer 120 plus cryptocurrency CFDs and upto 1:40 leverage which is more than enough considering the volatility of the cryptocurrencies. While there are no fiat pairs on their platform, if you are a crypto enthusiast then chances are that fact will not bother you as you will have your handful with the other assets.
There isn’t much client feedback about them yet, the existing ones gave a mixed impression. The online investing sector involving Bitcoin and other altcoins has become a hot sector for scams and the only way to combat that is by educating yourself about it. To know the entire list of pros and cons of this brokerage, stick with us till the end and make an informed decision.
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Legality and Customer Support
Technically speaking, there is nothing wrong with the offshore company and their policies if they ensure fair trading conditions. However, in the past decade offshore companies have lured in investors with fake claims and have exploited them blatantly. As far as security of the funds go, you will not have much control over your funds once you deposit with them and the conflict of interest is present.
We are by no means saying that all unregulated brokers are scams, but unfortunately a vast majority of them are. Weight the risks yourself and if you feel that it is justified, then you can get started with them. There are two ways to reach the support staff of this broker and all of their contact details are mentioned below.
Phone – +45-78726185
Email – Client.Service@Cryptec.io
Cryptec.io Trading Platform and Charting Solution
Cryptec.io offers a simple and straightforward web trading platform. The traders can choose any asset they want to trade, the leverage varies depending upon the asset and can employ all the types of execution. The charting platform used by them is Trading view and they are one of the best third party solutions out there. You can create any custom indicator you want and incorporate different charting styles to suit your needs.
However, note that some functionalities might require you to pay, but even on the free version, it is more than enough for the average trader. Lack of MT platform means, a large group of retail traders might be disappointed as they can’t employ the autotrading or semi-auto trading bots. Moreover, there is no social trading or account management systems available on this platform. In short, if you are a fan of automated systems, then you might not want to stick around with them.
Asset Class, Leverage and Conditions
There are no fiat currencies, but on the flip side they do feature a wide range of crypto assets. You can find the list of trading instruments on the left side of the screen and things like leverage and margin are revealed on the sidebar which means before you open a trade you will know all the requirements. The spreads are huge and if you are an intraday trader, then chances are you won’t be able to make money with them.
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Moreover, know that this broker does not allow scalping and any kind of arbitraging. So, lack of these two components make them less attractive. While leverage offered is capped at 1:40, you need to deposit more capital to unlock higher leverage.
There are 5 account types and as a general rule, the more you deposit, the more features you unlock. The exclusive benefits of the top accounts are custom educational series, access to account managers and scalping short term intervals.
Deposit and Withdrawal
The minimum deposit amount is $250 and the minimum withdrawal amount is currently unknown as it wasn’t mentioned on their platform. Compared to other exchanges and brokers deposit requirement is on the higher side, but at the end of the day it all comes down to personal preference and needs. They accept major credit and debit cards along with bitcoin, the fees might differ based upon the payment method you choose.
The average withdrawal processing time is said to be around 10 days which is way over what the industry standard is, but that is just the fact. We also found out that they charge 10% of the account size as inactivity fees and it will start to kick in as soon as 6 months from the date of the last trade.
Domain Insights
Below are the general information about the domain and website used by this firm. Source – Whois.com and Alexa.com.
Domain – Cryptec.io
Registered On – 08/09/2019
Expiry – 08/09/2020
Alexa Global Rank – 2,703,825
Audience – Currently Unknown
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Cryptec.io Review Conclusion
Cryptec.io is at the end of the day still a risky broker. The conditions with their bonus system and the withdrawals are weird to say the least. Moreover, the existing client feedback gives more reasons to be worried. If you want to proceed with them for any reason, then at least exercise caution and start out with the minimum deposit and scale it only if you find the experience suitable to your needs.
!!DO NOT INVEST YOUR MONEY WITH CRYPTEC!! **PLEASE READ** **BE WARNED**
I initially saw Cryptec’ details on Facebook, and so I inquired and before I knew what was happening, I had parted with $250 USD to start a trading account. Soon after, as in a matter of minutes, I was being asked to invest another $2,250 USD on the promise they will grow this investment substantially and I will have a dedicated Snr Account Manager looking after my portfolio.
I decided to invest the additional $2,250 USD, and for the next week I received call after call from a supposedly “Diamond Account Manager” pushing me to invest another $2,500 USD, and of course, this came with the promise of great wealth. I did not invest the additional funds and had to request that they call off their dog and stop harassing me for more money.
PLEASE NOTE, any investment you make, Cryptec will match it dollar for dollar with a so-called BONUS, but be warned, this BONUS will lock up your funds and make it almost impossible to access them. Unfortunately, I learned this after I invested with Cryptec.
I started doing some trades with my account manager, and we were making some profits, however, the so called “dedicated account manager” is not the only person who can trade with you on your account, as I soon found out the hard way. I had built my total portfolio up to $7,000 USD when I received a call from a Cryptec traded, who I assumed was calling on behalf of my account manager, who requested that we do two trades each for $3,500 USD. In literally 10 seconds I lost $7,000 USD which was everything I had invested including profit. This person left the call immediately and said he’d get my account manager to call me, which did not happen. I was left wondering what the hell just happened, how could this happen.
I finally received a call from my account manager, mainly because I’d posted a review on their business activities. We discussed the losses and why this happened, he promised to help me rebuild my account to gain back the losses, and with this promise I removed the review. I did not hear back from my account manager again.
A week had passed when I received a call from another Cryptec employee, this time he said he was a “Black Diamond Account Manager” and talked about the “halving” which I was somewhat familiar with. This guy told me he would do 5 or 6 trades with me and make back all that I had lost and much more. He asked me to trust him, that I was in the best of hands and he would not let me down, that he and his team would personally be working on my account. He asked that I invest $5,000 USD, I told him I simply didn’t have that kind of money, that I had invested all the money I had with them on the initial investment. He pushed me to invest whatever I could as he would make back what I’d lost, so I reluctantly invested my rent and food money, $1,250 USD. Once the transaction was completed, he told me he would be managing my account and not to log back on for two hours, that he would call me after this time. I did not receive his call and he did not make the 5 to 6 trades he said he would. I also lost that investment, now my losses with Cryptec are $3,750.00 USD.
Cryptec is a SCAM and they will try everything and promise you the world to drain you of your hard-earnt money. DO NOT FALL FOR THEIR LIES AS I HAVE
Can you please do a review on Kindlelimited.com ?