Who does not want a good online broker? Since they play a key role in your trading journey, you obviously want the best one to assist you. But, if you were to take the word of every company you come across, they all offer you top notch services.
You cannot possibly open an account with them all, so what should you do? No, you cannot close your eyes and just pick a brokerage at random because scams are also very active in the space. This CRYPTOPAIRSTRADE.com review is an excellent example of how these scammers work.
You need to be aware of it, or else you could end up becoming the next victim. There are hundreds of thousands of people who thought they would not be fooled by scammers and yet they found themselves out of their hard-earned money. This is because these fraudsters are very good at what they do, so you have to be extremely cautious. They know just how to trick you, which means they are likely to present a very irresistible set of offerings to get you to sign up with them and by the time you find out, it is already too late.
You will face the same situation when you come across at CRYPTO PAIRS TRADE because at first glance, you will find absolutely nothing wrong with it. It seems to have all the ingredients that you would expect from a genuine brokerage.
The offerings are very tempting, given that it gives you access to forex pairs, shares, soft commodities, indices, energy, precious metals, crypto coins and ETFs. You are also promised a world class trading platform, along with great security and solid customer support.
To put it simply, CRYPTOPAIRSTRADE sounds like quite a package and it is quite easy to believe it, but this is where you need to be cautious. You cannot just believe everything a brokerage claims because a scam is going to do exactly that. It is best to go through the offerings to ensure there is nothing wrong and this is when you will discover exactly what makes CRYPTOPAIRSTRADE a scam. Read on to find out:
A cloned website
When you go through the presentation on the CRYPTOPAIRSTRADE website, you will come to know that it is what is referred to as a clone scam. This is because the company has stolen the identity and pretty much all the information of an actual and licensed brokerage known as XTB. This brokerage is a legitimate one and is licensed in the United Kingdom and Poland and CRYPTOPAIRSTRADE is trying to use its details to pass itself off as a genuine broker as well.
However, it is doing a rather poor job of it because when you are going through the CRYPTOPAIRSTRADE website, you will notice that it has forgotten to edit the XTB logo in several places when copying the information. Likewise, there is also a picture of Jose Mourinho on the website, who promotes the XTB brand, but has absolutely nothing to do with CRYPTO PAIRS TRADE , whatsoever.
No regulation and licensing
A brokerage that is not licensed and regulated cannot be trusted at all because there is no way to ascertain the credibility of what they claim. This is where CRYPTOPAIRSTRADE.com tries to impress people by claiming to be regulated by a number of authorities in different jurisdictions. Some of the names mentioned on its website include the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in the UK, the International Financial Services Commission (IFSC) in Belize and the KNF in Poland.
Furthermore, you will find that CRYPTO PAIRS TRADE boasts about having headquarters in New York and offices in about 13 countries around the world, including Germany, Chile, France, Poland and the UK. All of these are blatant lies and nothing more, which you can confirm when you search for CRYPTOPAIRSTRADE in the online registers of these regulatory bodies. This is all the proof you need that this brokerage is a scam and nowhere close to an authentic platform.
Lack of a trading platform
What is the most important feature that you are provided when you sign up with an online broker? It is the trading platform they offer to you because you have to use it for executing your trades and it also provides you tools to use for making your decision. You are promised a world-class and innovative trading platform at CRYPTOPAIRSTRADE that you would expect from a reliable broker. But, does it deliver?
No, it does not because there does not seem to be a functional trading platform available at CRYPTOPAIRSTRADE at all. Instead, you will find that it has a funny looking dashboard that gives you no option of trading at all. The only option it does have is for you to make a deposit, which is a clear sign that it is a scam. The dashboard is only meant to create the illusion of a trading platform and nothing else.
Many people will find it appealing that CRYPTOPAIRSTRADE is offering leverage ratios that can go as high as 1:500. But, you should not consider it a good sign at all. As a matter of fact, this is further proof that the brokerage is lying to you about its regulation. This is due to the fact that regulatory bodies in the UK and Europe have actually limited the leverage that can be offered to retail traders to 1:30.
The ratios that CRYPTOPAIRSTRADE.com is promising are clearly higher and this only confirms that its regulation claims are just a big lie. In addition, you should not forget that if high leverage is forbidden, it is for a reason; leverage can be immensely dangerous for traders. It is a double-edged sword, which can double your profits, but also your losses. Therefore, you should never use too much leverage.
All of these flaws that you uncover when you go through the CRYPTO PAIRS TRADE website is proof that this brokerage is nothing more than an elaborate scam that is trying to fool people.