Dripcoin Review – Non-Regulated, Non-Transparent, and Non-Existent
As anonymous as it gets. One of the shadiest brokers we have ever researched. They don’t reveal any important information about their company. Yet, they expect you to trust them with your money.
There is no clear ownership information, but in the T&Cs we dug out something. They are owned by Maolga Ltd registered in Seychelles.
Many more irregularities and red flags about this broker you can read in this Dripcoin review.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Types of Assets:||N/A|
|Free Demo Account:||No|
|Accepts US clients:||No|
Dripcoin Doesn’t Have A License? – Details About Regulation
The main regulatory body in Seychelles is the FSA. Even though they are Tier 3 regulators, it’s better than nothing. Yet, the Dripcoin broker doesn’t have such licensing.
Moreover, they don’t have any Tier 1 regulations. As expected from such an anonymous broker. We checked the database of FCA, ASIC and BaFin. Those are top Tier 1 regulators and they never heard of the Dripcoin trading company.
Even though they claim to provide negative balance protection, don’t trust it. This broker is not regulated and everything that they state on their website is questionable.
Non-regulated offshore broker. Non-transparent trading conditions and non-existent trading platform. Many irregular fees. Lack of the most important trading information.
What Traders Are Saying About Dripcoin
Out of 33 reviews on Trustpilot, almost 40% is with the lowest rating. All traders claim the same thing. That they were ripped off by this fraudulent broker.
Firstly, traders complained about fraudulent trading platforms. Secondly, they complained about non-existent fees that prevent them from getting a withdrawal. All cheesy tactics that swindler brokers are using to extort as much money as possible.
Dripcoin Software – Platform Comparison
The broker claims to have cutting-edge features on its platform. Moreover, multiple charts, lightning-fast execution and multiple assets. Nothing that you can’t get with a regulated broker transparently.
However, once you want to check these statements you can’t. The broker requires from you full registration to get access to the platform. Even then it’s unclear if you will get it.
Another key point is mobile trading. Many traders these days tend to trade on the run. With this broker, you don’t have such an option. They don’t provide any reliable mobile version of their platform. If they provide it at all.
Dripcoin’s Trading Assets and Instruments
The basic principle of selling is to show the product. This broker doesn’t reveal what are assets available on their platform. Besides their statement that they have a multi-asset platform, you don’t have anything else.
Since this broker is an offshore scam broker, we can’t trust it with our money. Especially not just to see what they offer. And to end in their scamming claws.
Dripcoin Countries Of Service
As we can see from Dripcoin reviews they don’t hesitate to scam anyone. However, they are mostly scamming traders from:
- United Kingdom
- United States
Besides strict regulations in these countries, scammers find their way in. That’s why traders need to understand the importance of regulation.
Types of Accounts Available With Dripcoin
Another unclear thing about the Dripcoin trading company is its account types. In fact, there are none. Traders don’t have a clue how much money they need to deposit. More importantly, they don’t know what they are getting for that money.
In general, with offshore scam brokers, you can’t expect much. Except shameless attempts to extract as much money as they can from you.
Can a Trader Use a Demo Account?
Since the Dripcoin trading company doesn’t reveal live accounts, we don’t expect them to have a demo. Since they don’t reveal anywhere that option, we can say it’s not available.
Because the main and only goal of this broker is to steal money from you. There’s no reason to bother with virtual funds if traders are willing to deposit real money.
Negative Balance Protection
In their T&Cs we can find mention of negative balance protection. It’s mostly the feature regulated brokers have because of strict rules.
Yet, with an unregulated Dripcoin broker that is not necessary the case. They can write anything they want to falsely present themselves as legitimate. Thus, they are everything but not legitimate.
Terms of Service for Dripcoin
The most important fact about this broker is withdrawal. Which never happen. Firstly, they claim to have a 7-business-day processing time. Practically, enough time to find a reason not to approve the withdrawal. Moreover, withdrawals take up to 14 days to happen. Which is another nonsense.
Secondly, card withdrawals can only be done up to the amount deposited. Nothing more than that. So many irregularities and warning signs to avoid this offshore scam broker.
Leverage, Spreads and Fees
Since they are trading with the strictest countries in the world they should reveal the trading conditions. Maximum allowed leverage is up to 1:30. Industry average spreads start at 1.5 pips and most trading is done without additional hidden fees.
On the contrary, this broker does everything opposite. Not only that they ignore this, but they don’t reveal any trading conditions. So, the only way to find out what this broker offers is through the deposit.
Many traders will find this a dealbreaker. Why to trust your money to an offshore swindler, when you can safely invest with a Tier 1 regulated broker?
Scammed by a Dripcoin Broker? – We Want To Hear Your Story
Let us and other traders hear about your experience with this illicit broker. Don’t hesitate to share everything because that can help us shut them down.
Important to realize is that you can still recover money that they scammed you for. Our expert team is there to advise you on the first steps of the chargeback process. Even if it was a crypto transfer we can use CipherTrace software to trace the funds.
Get in touch today to get your first consultation!
What Is the Chargeback Procedure?
The easiest way to get money back is through the chargeback. A downside is that you can use this only with a debit/credit card transfer. Thus, in the first 18 months. But still more than enough time to recover the funds.
Let’s start your chargeback process today!
What Is Dripcoin?
Dripcoin is an anonymous offshore trading company without authorization to provide such services.
Is Dripcoin a Scam Broker?
Absolutely! They are not regulated, they are non-transparent and they are misleading traders.
Is Dripcoin Available in the United States or the UK?
Dripcoin scam broker offers trading services to clients from both mentioned countries.
Does Dripcoin Offer a Demo Account?
No. Not only a demo but micro and real accounts are missing with this broker.