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Cryptos888 Review – is it scam or safe?
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Trading Accounts and Conditions
|Trading account||Min. deposit||Max. leverage||Spread|
Cryptos888 presents itself as a spot trading platform for dealing in major cryptocurrencies like Bitcoin, Ethereum. Litecoin, Dash, etc. Some unexperienced investors might take it for a crypto exchange, but what they actually offer is trading in Contracts-for-Difference (CFDs).
That, however, is not our main issue with Cryptos888, but the fact that they falsely claim to be regulated by the financial authorities in the UK. So, if you are thinking about opening an account with them, be sure to read this review first.
Not any significant.
False claims of regulation, exposed by the FCA as a clone
According to the information at the bottom of Cryptos888’s homepage, the broker is a trademark of GC Exchange Limited, a company authorised and regulated by the Financial Conduct Authority (FCA 828730).
Click on the image to view larger.
While a company with this name, adress and FRN number really exists and is licensed by the FCA, they operate via the website www.gc.exchange, and have nothing to do with Cryptos888. This hasn’t gone unnoticed by the FCA, which flagged the broker as a clone.
So, Cryptos888illegally uses the details of a regulated company with which it is not associated in any way – a popular scam tactic a.k.a. a “clone firm”. Overall, companies that present such purposefully misleading information should be avoided at all costs, because they are fraudsters. Besides, the people operating the brand are not bound by any government regulator, which means that potential clients (or victims) have no one to turn to in case they have legitimate grievances.
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Poses as crypto exchange
As was mentioned above, Cryptos888 tries to mislead investors that they are a cryptocurrency exchange.
Some inexperienced traders might indeed think that it provides exchange services, while in fact the broker offers CFD trades. Here is more information on the difference between the two types of trading:
Zero clarity on trading conditions
Furthermore, Cryptos888 has not disclosed essential parts of its offer, such as the reference spreads, maximum leverage levels provided (if any), etc. We only found a minimum deposit amount mentioned on their website. A test-drive of the broker’s trading platform is also unavailable, so we can safely conclude that Cryptos888 is not transparent with its trading conditions and pricing, which always raises red flags.
No real trading platform
So, we had to open a live account with Crypto888, in order to see the “platform” – an oversimplified interface with quotes from some major crypto exchanges such as Coinbase. This doesn’t seem like real platform, but only a dashboard to propel the illusion that you can trade in some of the most popular cryptocurrencies.
Click on the image to view full size.
That being said, most forex and CFD brokers use the MetaTrader4 or MetaTrader5 – platforms which have proved to be reliable, professional and user friendly.
Cryptos888 is a shady cryptocurrency broker that has been exposed by the FCA as a clone firm, so most likely we are dealing with a brutal scam.
As always, we advise traders to avoid all unregulated brokers and especially those which have been blacklisted by some financial regulator, and provide purposefully misleading information. It is best to deal with brokers licensed by prestigious regulatory agencies, such as the FCA and CySEC, which require compliance with a number of strict rules that give significant assurance for the security of the clients funds.
In case you are a crypto enthusiast, we would advise you to trade Bitcoin or other digital assets on a regulated exchange or with a licensed forex broker in the form of CFDs.
To sum up the above:
|None||False claims of regulation|
|Blacklisted by the FCA as a clone|
|Trading conditions unclear|
|No real platform|
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Cryptos888 Review: Is Cryptos888.com A Legit Broker?
Cryptos888.com Review: this is the website of a brokerage offering digital trading assets. Is Cryptos888 a legit broker or a scam? Cryptocurrency trading market is exciting and this makes it a target for many investors, however, some con artists are seeking to exploit this space to defraud traders. Read this review to find out more.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
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On the website, the address provided for the location of Cryptos888 in London, United Kingdom. The company claims to be part of GC Exchange Limited, a firm said to be registered and licensed by the Financial Conduct Authority (FCA). When we checked, GC Exchange Limited is actually licensed but has nothing to do with Cryptos888.
The find above means that Cryptos888 is an illegal company using the information of a legit entity to deceive traders. This is not all, we also have another major reason of concern that will be disclosed later.
Advantages of Cryptos888
It claims to be a firm offering a full-featured spot trading platform for major digital assets. The main target of this broker is traders investing in digital assets. They claim that their service is 99.9% available, time-proven to be financially stable, and 0% user funds theft.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
They claim that they have a worldwide reach in terms of service provision. Registration in the UK (under the FCA) is mentioned as part of their advantages.
Cryptos888 Trading Platform
We are not told what the trading platform used by Cryptos888 is. However, we advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are not listed except many cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple, and so on. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
The maximum leverage offered to clients is withheld and while some may seem generous, they are not advisable. High leverages can lead to huge loss of funds as well. Spreads are not stated.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on Cryptos888
The means that traders are to use to make deposits and withdrawals are VISA, MasterCard, cryptocurrency, and Bank transfer. There are no e-wallets options allowed for clients of this broker.
This is because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.
The minimum deposit required is $60 and this is within the obtainable average of $100 to $250 that is common among legit brokers. Withdrawal fees are not mentioned and this may be because they do not apply. However, we will appreciate it if this is stated.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is Cryptos888 Licensed?
No. Cryptos888 is not a properly licensed broker. Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
Blacklisted by the FCA
We found that the Financial Conduct Authority has put out a warning about Cryptos888. The commission disclosed that this firm is illegally parading the registration details of GC Exchange Limited as its own.
To contact the broker or a representative of the customer care service, dial: +44 161 394 1778 or email: [email protected]
Our major concern about Cryptos888 is the fact that it is not properly licensed and that it is blacklisted by a respected Forex trading authority. Most of the trading details are not disclosed. If you have anything to say about this broker, do so in the comment section.
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In this review, we will describe why Cryptos888 is a scam that you should avoid at all cost !
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Is Cryptos888 Legit?
Cryptos888 is an unregulated broker. Problem with unregulated brokers is that they are not reliable and abuse the regulations. Make sure to stay away from this broker as they are anonymous and that they can disappear any time without notice.
To make sure you are dealing with a regulated and known broker, you should be able to find easily who is the CEO of this brokerage firm, who is running it etc. Lack of information is a big red flag since you don’t know who will be dealing with YOUR MONEY. This is the reason why Cryptos888 is a dangerous broker to deal with.
Are Funds Safe with Cryptos888 ?
With such lack of information and Cryptos888 being unregulated, funds are not safe. Security of funds is a huge problem with unregulated brokers. A red flag that we noticed is Cryptos888 is withholding vital information to users.
Cryptos888 could go bankrupt from one day to another since there are no banking information about this broker.
High Success Rate – Transparency & Integrity –
Cryptos888 Review: our Conclusion!
Cryptos888 is an unregulated broker to avoid at all cost. If you have been scammed, check out our ChargeBack process here or get a Free Consultation by a team of expert by clicking here.
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