Cryptex Trade Review – Why it’s Important to Double-Check Legal Info

This completely unknown company would have you believe that they are on the forefront of investment business. Beauty is only skin deep, however, and underneath the shiny facade of a website lurks a dangerous online fraud.

Let’s examine the telltale signs that let us recognize fraudulent online businesses, and how to best recover money stolen from one in our Cryptex Trade review.

“Authorized” by a Fake Regulator

The first sign of trouble comes in the form of the trading license, or better said the lack thereof. The website states that it is operated by Cryptextrade Financial LLC, which should allegedly be authorized by the Financial Conduct Authority with The Commonwealth of New Zealand.

If you’ve been reading our reviews, like the one on TradeSmart1 scam, you would have noticed that there is no regulatory authority under that name anywhere in the world. The financial jurisdiction of New Zealand is, instead, governed by an agency named FMA.

Of course, the alleged parent company of this CryptexTrade does not appear in the FMA database, nor can it be found with any other regulator like BaFIN, ASIC, NFA or FINMA. We can now safely conclude that we’re dealing with a dangerous scam entity.

Unknown Company

The company’s limited online presence ultimately means that there are virtually no Cryptex Trade reviews to be found. The only place we ever found any customer testimonials was TrustPilot, with a total of 5 reviews.

While this is not a large number, there are still a few complaints about the usual fraudulent strategies like denied withdrawal. The positive ratings are your usual fakes, created by review seller networks to cover up the operation.

Boiler Room Explained

Unregulated brokerages can’t use traditional marketing methods to attract clients. This is why many of them, BitOpps included, set up and operate scam call centers known as “boiler rooms”.

These places employ workers to constantly sift through phone books, contact people directly, and urge them to invest in a scam like Cryptex Trade broker. Their narrative revolves around the idea of great expertise, and limited-time investment opportunity.

If the marks bite the bait and place a deposit with the company, the phone calls will only intensify and the required amount of money will grow. The investment is always stolen by the swindlers, but it may still be recovered. Contact our experts to learn how.

Fraudsters’ Target Areas

The con artists claim to have established their firm in 2014, in an effort to emulate a long-term business. According to the WhoIs data, the cryptextrade.com domain did not exist prior to April 2024.

According to our analysis software, the fraud targets citizens of these nations:

• United States
• South Africa
• Germany
• United Kingdom

Expensive Tiered Accounts

One of the most common ways online schemers extort their victims is through tiered trading accounts, each of which costs more than the last. Allegedly, higher tiers include various trading benefits like higher leverage.

In reality, they serve to justify the constant pestering for more money. Cryptex Trade login can be created by anyone for free, but to access the platform, clients must purchase one of these packages:

• Ninjatrader Basic – $3,499.99
• Ninjatrader Pro – $9,999.99
• Ninjatrader Ultra – $19,999.99

Platform Activation Mandatory

Available web platform is a basic and oversimplified terminal that remains unresponsive until you deposit real cash. However, simply having some funds on your live trading account isn’t enough to be able to start opening positions.

What is needed is to go through a special “Activate Platform” procedure, which essentially means purchasing any of the overly expensive packages we described above. 

Pathetic Choice of Assets

Tradable assets groups presented on the website are limited to these three categories of instruments:

• Forex – EUR/USD, EUR/GBP, USD/JPY
• Crypto – BTC, XRP, DOT
• Stocks CFD – Ford, Disney, Netflix

No Cost Information

There is no Terms and Conditions document that would show the different fees and what they amount to. The only place where any fees are addressed is in the Risk Disclosure paper, which directs clients to a nonexistent “fees” page.

Beware of firms like this – hidden fees are one of primary means of manipulation. Cryptex Trade forex charlatans will have you believing you’re earning huge profits, only to ask for more money through illegal up-front fees.

The company offers a dangerously high leverage of 1:500, which would expose market participants to unnecessary risks. Since we’re talking about an online con scheme, this is by design, and it allows the swindlers to drain the entire investment in only a couple of executed trades.

Seemingly Generous Referral Bonus

While no legal document clarifies how affiliate campaign works, the user area suggests high commissions available for all existing clients who promote the company. The more users you have signed up via your referral link, the higher the total cash bonus. Allegedly, you can get up to 40% of the deposit made by your affiliates.

Multiple Funding Methods

What certainly took us by surprise is the number of available Cryptex Trade withdrawal methods:

• Bitcoin, Ethereum, Bitcoin Cash
• Credit Card
• Bank Wire
• Skrill, PerfectMoney

Sadly, due to no policies being available on the site, the exact steps of the procedure remain unknown. Considering this is another typical financial trap, we advise you not to trust anything these cons claim to offer.

We Can Help You Recover Lost Money!

Analysis of Cryptex Trade trading firm quickly turned into debunking of another online scam. There are no merits of investing with this firm or trading on its platform.

If you’re one of thousands of people who’ve already gotten burned by these confidence tricksters, contact our expert team. With our help, you can start a recovery procedure and have your invested money reimbursed. We are available 24/7, and you may reach us via the live chat to book a free first consultation.

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