Crystal Trust Review: Unlicensed Scam Brokerage
Today’s foreign exchange markets are saturated with unlicensed brokerage firms that are by default involved in fraudulent trading activities. In the following Crystal Trust review, we analyze this bogus broker and explain why trading with its kind is risky.
So, the Crystal Trust broker (Crystal Trustee Company Limited) is allegedly based in New Zealand without mandatory licenses and regulations. On top of that, this shady brokerage firm provides an unsafe trading environment, including a futile trading platform and fabricated trading conditions. Please continue reading this detailed review to learn more about the malicious tactics employed by this investment scam.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Owned by:||Crystal Trustee Company Limited|
|Headquarters Country:||New Zealand|
|Supported Platforms:||MetaTrader 4|
|Cryptocurrencies:||Yes (Bitcoin, Dogecoin, Ripple)|
|Types of Assets:||Forex, stocks, commodities, crypto, indices|
|Free Demo Account:||No|
|Accepts US clients:||No|
Some Facts Why Crystal Trust Broker Is Fraudulent
As introduced, Crystal Trust is reportedly headquartered in New Zealand, one of the top-notch jurisdictions that strictly controls its forex markets. Also, Crystal Trust deceives traders by claiming to be regulated by the Registrar of Companies. First, this institution doesn’t oversee financial markets; that is to say, it is responsible for keeping records of formed businesses in New Zealand. Second, after checking the registers of this agency, it seems that Crystal Trust is not even a registered entity.
Moreover, to legally operate in New Zealand, every broker must be authorized by the FMA (Financial Market Authority). However, the FMA database doesn’t have any details about Crystal Trust, which implies that it is an unlicensed brokerage firm.
Thus, Crystal Trust lies about its background, hiding its true colors and pretending to be a legit business. We have already seen this modus operandi that resembles scam brokers.
Crystal Trust professes to be based in New Zealand, but it fails to prove it. After investigating its claim, it is verified that Crystal Trust lacks the necessary license and regulations. Therefore, it is full of lies, poor services, and adverse terms of exchange.
Why Is Trading With a Licensed Broker Preferable?
When it comes to the safety of your funds and trading success, all of this is ensured by trading with licensed brokerage companies. Forex trading is risky per se; however, legitimate online financial trading firms minimize the risk arising from buying/selling activities by implementing tools such as negative balance protection and segregated accounts. The former means that a trader can’t lose more than invested, while the latter refers to keeping your funds separate from brokers’ capital. By doing so, traders are not impacted if a broker goes bust.
Additionally, brokers accredited by the Australian ASIC, British FCA, and German BaFin are exceptionally reliable. This is because of the high standards enforced by these financial authorities. For example, one of the licensing prerequisites is to meet a minimum working capital requirement (ranging up to 1.5M EUR). Likewise, traders are covered by a compensation fund offered by the foregoing financial market regulators (indemnification goes up to 100,000 EUR per trader). Lastly, authorized brokers maintain a secure and prosperous trading environment by adhering to legislation. Examples of favorable conditions include restricted leverage, a transparent withdrawal process, safe funding methods, cost-effective trading accounts, a demo account option, and advanced trading platforms. All of these are not provided by Crystal Trust.
What Platform Does Crystal Trust Provide?
In connection with trading software, Crystal Trust promises, believe it or not, 16 trading platforms. This whooping number can’t be found even with leading brokers. In addition, amidst its offering is MetaTrader 4, which is among the best programs but is missing at Crystal Trust. Furthermore, this fraudster merely provides one platform that is, above all, insufficient for trading. In other words, the Crystal Trust web trader can’t be compared to any modern trading program like MT4, MT5, cTrader, and Sirix. So, this phony broker is again caught lying.
Besides, a web trader can offer trading from a browser only. In contrast, the latest programs can be accessed from any device (e.g., as an internet-based trading platform, a mobile application, and computer software). Unlike a web trader with generic functions, advanced platforms come with cutting-edge features such as stop loss, copy trading, and expert advisors. Therefore, choose genuinely regulated brokers that truly provide state-of-the-art technology.
Crystal Trust Trade Range of Trading Markets
Regarding trading instruments, the Crystal Trust broker allegedly offers trading on over 1000 tradable assets across global financial markets, involving the following.
- Forex: EUR/USD, USD/JPY, AUD/CAD;
- Stocks: Microsoft, Facebook, Apple;
- Commodities: gold, crude oil, corn;
- Crypto: Bitcoin, Ethereum, Tether;
- Indices: FTSE 100, DAX Index, Dow 30.
Even if you can access these markets, which is very doubtful, you don’t have effective trading software and a productive trading environment at Crystal Trust. What is more, this shady brokerage firm is not transparent and concocts its trading conditions. In such a manner, Crystal Trust lures traders and wants to hide its intent to defraud.
What Do We Know About Crystal Trust Account Types?
As for the types of accounts available at Crystal Trust, this con artist doesn’t reveal information about that. Thereby, you don’t know what terms of exchange are linked to an account, how much the minimum opening balance is, and other relevant details until you invest. All you have is assurance from a dishonest scam broker. Thanks, but no thanks. Likewise, there is no demo account, which is a free practice account allowing traders to test their trading styles, conditions, and platforms for free and without risk. Anyhow, this fake broker most likely charges a hefty sum for depositing. So, why take chances with Crystal Trust when you can start trading with legitimate companies for less than 50 USD?
Details About Leverage, Spreads, and Fees
Concerning the Crystal Trust trading environment, it comprises unusual conditions. In particular, the leverage ratio of 578:3 is very uncommon. This ratio is not only against legislation (e.g., in the UK/EU, it is 1:30) but is a strange proportion. With reference to spreads and trading commissions, they remain unknown. Therefore, all of this contributes to how much this bogus broker is a blatant financial swindler.
Minimum Deposit and Withdrawal Terms
On the point of the deposit and withdrawal process, it is as trustworthy as this fraudulent broker. First, as we said, the minimum required deposit is not disclosed. This is done to easier rip you off more. For instance, this hustler will get in touch with you and charge for deposits more than is initially agreed. Further, funding methods involve crypto payments that are unsafe, difficult to trace, and challenging to reverse. Speaking of payoffs, keep in mind that there are no money withdrawal guarantees with unauthorized brokers. As a matter of fact, this cheater will do everything to prevent you from drawing funds out.
Crystal Trust Bonuses Types
Another hallmark of scam brokers is generous bonuses. Due to the mishandling of promotions, many financial authorities have forbidden rewards. As a rule, if an unlicensed brokerage company provides prizes, it is a warning sign. If you want fair terms of promotions, you should choose genuine brokers. As regards Crystal Trust, it promises the following.
- Up to 5,000 USD cash bonus
- 20 USD bonus when you sign in
- 500,000 USD contest
- 20,000 USD flight ticket contest.
Nevertheless, don’t let this offer tricks you. In reality, these bonuses can’t be withdrawn and redeemed.
Scammed by Crystal Trust Broker? – Let Us Hear Your Story
In the event the Crystal Trust scam has defrauded you, don’t feel ashamed because anyone can be scammed. Importantly, you can get your money back. However, it would be helpful if you acted fast. For example, you should report the fraud to the relevant authorities. Also, don’t forget to leave negative reviews and warn other traders. With respect to getting your money back, it is possible thanks to a chargeback process, but more on it in the following section. Lastly, don’t buy positive Crystal Trust reviews on the internet, they are made up to attract your attention.
But What Is A Chargeback?
If you want to retrieve your funds, it can be done via a chargeback. With VISA and Mastercard, it is uncomplicated because these payment methods are safe. It would be a good thing if you applied for refunds within 540 days. Wire transfer is also secure and can be canceled, but it must be terminated before the approval of a transaction. As to crypto wallets, they are a preferred method of broker scams because it is hard to annul them. Nonetheless, our chargeback specialists can help you with crypto payments. Thus, get in touch with our company today.
FAQs About Crystal Trust
What Is Crystal Trust?
Crystal Trust is an unauthorized broker lying about its license and registration.
Is Crystal Trust a Scam Broker?
Yes, Crystal Trust bears all hallmarks of a broker scam, operating anonymously, deceiving traders, and providing unfavorable conditions.
Is Crystal Trust Available in the United States or the UK?
Crystal Trust is allegedly not available in the US but is in the UK. However, this fraudulent broker provides services without being licensed and regulated.
Does Crystal Trust Offer a Demo Account?
No, Crystal Trust doesn’t provide a demo account, which is so typical for scam brokers.