CryptoKg Review – Many Attractive Offers, All Of Them False

The first impression about this exchange is not exactly stellar, but the more you look into the matter the worse it gets. The company presents fake licenses, and even worse trading conditions. These fraudsters lurk on the web, and use persuasive phone calls to get new clients to invest with their platform.

Read more about cryptocurrency frauds and how best to avoid them in our CryptoKg review.

A Completely Illegal Entity

CryptoKg mentions a parent company, Legalant LLC, which is allegedly incorporated in Miami, Florida. Since the claimed address is in the US, they fall under the jurisdiction of twin regulatory bodies. CFTC is the primary regulator of cryptocurrency markets in the US, while NFA issues a license and supervises individual companies.

We found no evidence of this Legalant LLC in the NFA database, to little surprise. Their exchange, as you will see later in our CryptoKg review, is in violation of the CFTC regulatory framework.

When we expanded our search to include other regulatory bodies, namely FINMA, FSMA, BaFIN and others, we found that the FCA has issued a scam warning about the company. Such unlicensed entities are likely to steal your cash and disappear.

Large Area of Influence

According to WhoIs, December 2022 is the first time cryptokg.org has appeared on the internet. The fraudsters abuse the alleged US license to target the people from these nations:

• United States
• Ukraine
• Germany 
• Canada 
• Israel

The exchange owns profiles on Facebook, Instagram, Reddit, X, and Medium social platforms, and on the Youtube video streaming service. The company also has a profile on LinkedIn, where the only listed employee is a freelance content writer.

While the exchange is influential on the web, their boiler room agents do most of the work. Similarly to how Capital80 does their dirty work, CryptoKg agents use Telegram to find new victims. If you have deposited with this platform, book a free consultation with our legal experts.

No Concrete Info On Costs

In contrast to crypto platforms that charge maker and taker fees, CryptoKg fees are more akin to brokerages like XNT LTD. The firm charges swaps, spreads, conversion fee, and a dormancy fee.

All of the costs are hidden, with the exception being a 30 USDT dormancy fee, charged monthly after 90 days of inactivity have elapsed. While there is no mention of deposit or withdrawal fees, you can expect those as well.

The regulatory violation we mentioned pertains to maximum leverage. CFTC allows a maximum of 1:5 for cryptocurrency assets and derivatives, whereas with this company a leverage of 1:20 is provided.

Deceptive Trading Conditions

Nothing with this company is quite as advertised. For instance, the actual selection of trading assets is much smaller than the fraudsters claim to offer. The alleged “next generation trading platform” is a piece of subpar, obsolete software.

Horrendous Trading Platform

CryptoKg platform is a web oriented app, which allows the user to select a trading instrument from the list, and view a price chart. It doesn’t have any additional features besides the options to buy, sell or limit order.

The company doesn’t provide a dedicated mobile app to their users either.

Available Trading Assets

Clearly the swindlers have tried to copy a wide array of instruments from a brokerage like N1CM. In reality, however, besides cryptocurrency pairs only a single company stock is available. This single stock can be traded using USDT only.

Here is a list of individual assets:

• Cryptocurrency pairs (BTC/USDT, ETH/USDT, XRP/USDT, DASH/USDT, DOGE/USDT)
• Stocks (Apple)

High Cost Trading Accounts

The trading accounts for the CryptoKg login are tiered. They allegedly offer higher leverage and other perks like trading robots.

These are the deposit ranges:

• Silver- under 500 USDT
• Gold- 500 to 5,000 USDT
• Platinum- 5,000 to 25,000 USDT
• VIP- 25,000 to 100,000 USDT
• VIP+ – 100,000 to 500,000 USDT
• Dragon- 1,000,000 USDT +

The advertised savings account is only available for the most expensive tier, and the demo doesn’t include any virtual funds for risk free speculation.

Borderline Useless Education

Some basic educational materials are available in the “Blog” section of the cryptokg.org website. While these articles do have some depth to them, it’s better to describe them as informative rather than educational.

If you are looking to start a career in cryptocurrency speculation, you’d do well to find your education elsewhere.

Shady Withdrawal Conditions

Terms and Conditions state that a withdrawal for FIAT currencies takes a month, while withdrawals for cryptocurrencies take up to 72 hours. Some of the clauses in the same document say that users cannot withdraw if they change the account password, for instance.

This is clearly a predatory strategy intended to prevent CryptoKg withdrawals, and you might need legal aid from our professionals in order to pull out your funds from these scammers.

No Customer Service

The CryptoKg customer support is nowhere to be found. There are no dedicated support channels on the site, or in the client area. Only contact options are phone and email. Unfortunately, we didn’t receive a response on either of these when we attempted to contact the company.

Don’t Give Up On Your Money!

It’s difficult not to call the people behind CryptoKg a bunch of liars and deceivers after all we’ve seen on their platform. The alleged license is an outright fabrication, and much of the website content revolves around false advertisement.

Don’t let these con artists get away with stealing your money! Book a free consultation with our professionals through the live chat, and start a chargeback with our help.

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