CryptosMarket Review: Why This Platform Is Not Legit

Despite an attractive website with smooth transitions and alluring content, the actual platform is not as slick as presented. It is quite the opposite – the brokerage firm is not running an honest business.

Therefore, we recommend you read our CryptosMarket Review and arm yourself with the knowledge of detecting cyber fraud. Learn what you need to do in case you lose money to illicit brokers such as this one or Alter-Coin.net. 

Legal Info: Is Cryptos Market Regulated?

According to the website, this firm was founded in the United Kingdom. However, there is absolutely no evidence to support that claim. And then the T&C section mentions Estonia as the jurisdiction, which triggers suspicion. 

Such monkey business most likely prompted the CryptosMarket FCA warning. We found out that the UK’s Financial Conduct Authority (FCA) flagged this entity as unauthorized.

This means if you trade on this platform, “you also won’t be protected by the Financial Services Compensation Scheme (FSCS) if things go wrong. This means it’s unlikely you’d get your money back if the firm goes out of business,” the FCA stresses. For that reason, the broker cannot be trusted.

Instead of trusting unlicensed imposters, you should stick to regulated providers operating under the supervision of esteemed financial authorities such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), BaFin (Germany), MAS (Singapore), CySEC (Cyprus), etc.

Who Are CryptosMarket’s Targets?

According to godaddy.com/whois, the cryptosmarket.com website domain was created on November 22, 2016. Since then, the financial swindler has mainly been targeting unsuspecting traders who reside in the following countries:

• Italy;
• Spain;
• France;
• Germany.

Since each of these countries is part of the European Economic Area (EEA), their respective regulators enforce common regulations of the European Securities and Markets Authority (ESMA). 

The grand watchdog is known for heavy financial market regulations, especially when it comes to Forex trading and digital assets. One common law stipulates that each financial market participant is required to possess a necessary license or permit. 

CryptosMarket directly violated several rules by offering bonuses and leverage higher than the legal cap of 1:30 for retail clients.

Trader Reviews – Sharing Experiences

At the time of this writing, there were 28 CryptosMarket reviews on trustpilot.com. Although the firm received an average score of 2.8/5, Trustpilot warned us about detecting several fake reviews and deleting them, which is a terrible look for the broker.   

One unfortunate victim claims that “when it was actually time to get money out, they refused to let me have it,” and that is how shady fraudsters usually roll. Therefore, please avoid trading on unregulated platforms and instead stick to transparent firms such as Bitonic. 

Which Trading Platform Is Available?

CryptosMarket offers a relatively simple web-based platform that supports popular trading instruments and options such as Forex currency pairs, indices, commodities, stocks, and cryptocurrencies. However, it looks pretty unpolished and lackluster.

If you want a pure trading experience, you should stick to licensed providers that support proper third-party software such as MetaTrader 4, MetaTrader 5, or cTrader. 

MT platforms are arguably the best in the industry, enabling traders to utilize innovative tools such as automated & algorithmic trading, advanced charting, live market reports, branch optimization, 20+ timeframes, EAs, a user-friendly interface, etc.

Available Live Account Types

Leverage, Spreads, Commissions, Bonuses

The maximum leverage that CryptosMarket offers was not disclosed. Nevertheless, we mentioned that the legal cap in the UK is 1:30. High leverage can amplify potential profits but also potential losses, and the latter usually occurs.

The spread for the benchmark EUR/USD pair is allegedly fixed at 0.2 pips. If true, that’s quite competitive but we doubt the website is honest. Moreover, the firm awards clients bonuses, which, by the way, are banned by the FCA. These illusive awards come with strings attached though. 

The bonus policy stipulates that “bonuses issued to Client byCryptosmarket.com may only be withdrawn subject to execution of a minimum trading volume of 30 times the deposit amount plus the bonus issued,” which is a pretty insane trading volume requirement and definitely not something you would want in your contract.

Deposit and Withdrawal Process

CryptosMarket states that there are several available payment methods that can be used to fund live trading accounts:

• Credit/debit cards (MasterCard, VISA);
• Wire transfers;
• PayPal;
• Bitcoin.

In case you deposited funds via MasterCard or VISA credit/debit cards, you can request a chargeback at the issuing bank within 540 days and reverse the transaction. Wires can be reversed via a recall but this action can only work for transactions yet to be completed.

The reason why scammers prefer crypto payments is that they are extremely hard to trace and undo, plus such a method allows them to remain anonymous and run their schemes.

To reverse crypto transactions, you’re going to need to seek out professional assistance as these types of payments can be a nightmare to undo. Luckily, we have a team of experts that can help you recover your funds.

Key Facts To Consider About CryptosMarket

To recap, CryptosMarket is an anonymous trading scam aiming to defraud traders from Italy, Spain, France, and Germany. The platform is blacklisted by the UK’s FCA.

We do not recommend this platform because it is anonymous, unregulated, and blacklisted. In case you’ve lost money to the CryptosMarket scam, you must seek our professional help to recover your funds!

Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the fund recovery process and assist you every step of the way.

Book your consultation with us today and start the chargeback process.

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