Cryptocurrency is an advanced way to handle currency and transactions in a purely online form. Given the interest high-profile individuals such as Elon Musk have taken in cryptocurrencies, with Tesla’s $1.5 billion purchase of bitcoin, gaming the value of cryptocurrencies seems like a profitable trading strategy. Cryptocurrency brokers can point the way to making money on various kinds of digital currency.
Unfortunately, unscrupulous parties and scam brokers have sought to profit from the enthusiasm for bitcoin and the thousands of other cryptocurrencies on the market. At Crypto-Trace, we have compiled this list of brokers whose practices have attracted our attention. We strive to keep consumers aware of potentially problematic bitcoin scam brokers so they can be avoided.
Cryptocurrency brokers are a mixed bag. Some are regulated, honest, and can provide a significant return for your investments. However, bitcoin scam brokers can take your money and even your personal information and engage in criminal activity. The problem of dishonest cryptocurrency brokers is rising, and there are a plethora of scams appearing on social media and in online advertising.
It is important to stay aware, to know what to look for in a crypto scam, and to file crypto complaints if you feel you are a victim of fraud. Crypto-Trace experts will consult with you and will draft a crypto-intelligence report to help authorities track down the fraudulent brokers. Here are some things to look for when working with a bitcoin broker.
Fill in your details and one of our representatives will contact you within 1 business day.
The top of the list is a license. Cryptocurrency brokers who are not regulated are not worth working with. Even brokers who have a sub-standard license at least make the effort to be regulated to some extent. However, if you run across a cryptocurrency broker with no license at all, it is safe to say that the broker may want to get away with things he or she might not otherwise do with more oversight.
2. High Spreads and Fees
Look at the spreads and the fees. A scrupulous broker should list all of these clearly on the site. If you have to hunt for them, be careful. In some cases, you may not find the fees until you sign. Legitimate brokers have modest and reasonable fees and spreads. Do some research to determine what are decent rates in the industry for cryptocurrency brokers.
If fees are a bit higher than average, that may not necessarily signal a bitcoin scam broker, but you may want to look around. You may find that a broker charges for deposits and withdrawals. Most regulated brokers do not charge these fees or if they do, they are a modest amount. It is common for a Forex crypto scam broker to not inform you of fees until you ask to execute a trade or withdraw money. This often a sign of a scam broker.
3. Poor Communication
Crypto scam brokers are generous with the promises of easy and huge returns but when it comes to discussing their trading philosophy, they can be pretty quiet. Beware of evasiveness to questions about trading approach or why certain things are better trades than others. A good broker should be enthusiastic about his or her work and want to share insights, whereas bitcoin scam brokers may avoid the topic.
4. Does Not Release Funds
The point at which many of the people we talk to finally realize that they are the target of bitcoin scams is when they are not allowed to withdraw their money from the brokers. Many of these brokers will not admit outright that they will not release funds, but will tell them there is a delay, that there needs to be an account minimum (that wasn’t discussed before) or that there is a fee so high that it may not be worth it. That is where you will need the assistance of a company like Crypto-Trace, because it is a fair chance they are getting ready to make off with your funds.
1. Research Brokers Thoroughly
Before signing up and opening an account, research all cryptocurrency brokers thoroughly. Find out whether they are regulated, by which agency, what are their fees and spreads and read some reviews to get a general idea of whether they are considered reputable or not. It is always worth it to work with the highest quality broker you can. If you sign up with a top-tier broker, you may not get the hyped-up false promises, but you are much less likely to be the target of a crypto scam.
2. Document All Interactions
Keep a record of all interactions and paperwork between you and the broker. This means contracts, emails, and texts. If you can also record phone conversations, that may help.
3. Insist on Information
Be assertive and demand that a cryptocurrency broker answer your questions. If they seem intimidated and flummoxed or simply won’t get back to you, that may be a sign of a bitcoin scam. Keep in mind that fraudulent brokers are expecting their prospective clients to be naive. Do some research ahead of time and know what questions to ask before you sign anything. A sudden evasiveness can also tip you off to a potential scam and stop fraudsters in their tracks.
|PEDIA INVEST||362livefxmarket||Imposter website: api-insurance-ltd.co||FX PLUS|
|Bullden||360cryptominners||FMA recommends caution when dealing with Whitcoin||CRYPTO-NETWORK LTD|
|Alpha Invest||www.swisspirit.com||GSL Markets||FIRST RATE CRYPTO|
|LibraPros||suisseguide||Herold and Partners||TACO FOREX|
|DiamondFX||Info-Assurance||Invest Haven Group Ltd||Forex Kickstarters|
|PrimeCoin||Harkins corporate partners||Aktien AG (Aktienag) / AKTIEN C LTD||FX Smart Traders|
|Olympus4X||Alcon Pro LLC||Swych CORP||RUMFORD CAPITAL MANAGEMENT GROUP|
|Trade Alliance LP||SkyFxtrading||cortana world||SUPERCRYPTOOPTIONS / SUPER CRYPTO OPTIONS|
|5Markets||KREDIT FAST||www.share2profit.com||EURIZON CAPITAL INVESTMENT|
|Investments Global||Zuverk||HTTPS://REVOLUTEXPERT.LTD||Plexusfin.com (Clone of FCA authorised firm)|
|Trade Union.pro||Agence OVC||HTTPS://WWW.FTMTRADE.COM||cryptoxtrades|
|CMCBits||PX Fintech Limited, Alphafxprime, Titancfd, B360.market EU Limited, Winnex Consulting, Uefa Football Fund Ltd||RevoEx-Change||CA-CIB Invest (Clone of FCA Authorised Firm)|
|Bituuex||BIDI Credit||Fx-fastfunds Ltd||BEX CAPITAL FX|
|TG Coin Capital Limited||SCHELL KREDIT||Fx Coniplant||MegaTrade|
|The Uptrend Center||Saqs Investment||Paragon-Invest||AHE Finance|
|Cryptics||Cedar Financial Limited in breach of New Zealand financial markets legislation||Hardy Green Corporate Partners||9DAYFX|
|Global One Markets||Goldenchaseltd.com is impersonating a legitimate company in New Zealand||CRYPTOCURRENCYXCOINS LTD / ZIK TRADE||A One Finance|
|FX Invest Global||Livemarketpro||The Future Trade||NoCreditCheckLoans|
|Invest Think||Rich Mass Group Limited / Rich Mass (HK) Limited||Aubames Crédit||HonorFinance|
|Marketguild Ltd.||Wailey Bank||Olympus4X||FOREXTRO|
|fxinvestglobal||Tomer Capital||Kingzcrypto||SKYLARK FX|
|Invest Think||Coinsmart Platform||Erfolgskapital||INGENUE CONSULTING LLC|
|Marketguild||NovaTech Ltd.||Fast Geld||UKPOWER-NETWORKS.com|
|PrimeOakmont||Chary Crypto Assets||www.boomstrategyltd.com||BINANCEINVEST|
|Sagatrade||InertiaFinance||Crypto1Capital||INFINITY FX / INFINITY FX MARKET|
|BullGeko||BitQL||Kairos Virtue Ltd||SwissToro Finances Limited (Clone of FCA authorised firm)|
|Olympus4X||Appraisal Digital Trade||Arves||superfxtrades|
|FundsBackLtd||WW Brokers||Dundee Wealth Management AG||cryptoedgepremium|
|FundsBackLtd||TudoFX||A2B FX STRATEGY LIMITED||Europejski Holding Inwestycyjny Sp. z o.o.|
|Syracuse Group||Global Crypto Trader||Gtechinvestmentplatform||cryptofxexperts|
|Syracuse Group||www.ukaesthetic.ltd (UKAesthetics)||Fxforbe (SC) LTD||FORTECAPITALINVEST|
|CAPITALIX||COINWHALE INVESTMENT||Central Financial (clone of Appointed Representative)||SMARTFXCAPITALS|
|Global Ltd||TRADEPROFITFX||XTB Global (Clone of FCA Authorised Firm)||Dolson Capital Management LLC|
|Global Ltd||SUREFXWAY||Unity Investment Group||BITCLUB NETWORKING FX TRADING|
|ETH Mining||HTTPS://WWW.SPOTINVEST.COM/||TRADEFX / TRADEFX SOLUTION||HTTPS://TOPONEWALLET.CO/|
|ETH Mining||HTTPS://METEORTRADE.CO/ES||Greenlight Capital Inc||WWW.KUCOIN.COM|
|GenesisTrading and InvestGro||HTTPS://WWW.KELERGROUP.COM/||CD INVESTMENTS||DT SECURITIES|
|Ice Global LTD||HTTPS://FXCAPITAL360.COM/||CRYPTO-STOCKSMARKET||HTTPS://OPS.CAPITAL/|
|Bitoptionstrade||HTTPS://CLEARPOINT-FIN.COM||Aspen Asset Management AG||HOLA-BK (CLONE)|
|http://eskcoin.com||HTTPS://CAPITALMANAGEINV.COM/||FORTCRYPTO LTD||GV-CORPORATE (CLONE)|
|Emil Bächli Energietechnik AG in Liquidation||HTTPS://WWW.AEXTRADE.COM/||Crypto Master||HTTPS://CATAFINANCE.COM/|
|Vantage Global Limited and 3P Consulting Group Sp. z o.o.||MAX LLC (SOLTECHX – https://www.soltechx.com)||FX SMARTCAPITAL TRADE||BROWNRIDGE CAPITAL ASSET MANAGEMENT|
|Zahamax||MALARKEY CONSULTING LTD (ADVANCE STOX – https://advancestox.co)||MGI CAPITAL (Suisse) AG||LIVEFX|
|Wall Street Top Trade||MARS LTD (TRADEMEZONE – https://www.trademezone.com)||Everrise Brokers||Sungerfx Limited, Uncanny Services Llc, GrandTrade Pvt Ltd, Vermillion Consulting Llc, Finex Group Ltd|
|US Financial Regulators||https://www.exodusuk.biz||Infy Fx Trade||Cloning entity – FSS – Financial Services Solutions S. à r.l.|
|Unique Trade Market||SMART OASIS LLC (MERRICKS INVEST – https://merricksinvest.cc)||Crypto InvestmentFx||CREX247 / CREX247 BINARY TRADING (UK) LTD|
|TradeRyt||FMA warns about imposter websites: nzglobaltrading.com and nzglobaltrading.com/home||CryptoCloudMiners||HORIZON CRYPTO LIMITED|
|Tradeov||Imposter website alert: horizoncapital.ltd||APPEX MARKET||Fraudulent crypto trading platforms|
|Trade Mill FX||Main-Bit||CAPITAL TRADERS MARKET||INVEST WITH NHS|
|Swiftlive Trades||LFG Europe AG in Liquidation||NUNITEINVESTING||MTH Investments Financial|
|springprotrade||TraderPowers||DAXSON INVESTMENT MANAGEMENT||Elite-bonds.com|
|Sky GlobalFx||www.jupiterholdings.net||EXPERT CRYPTOFX OPTION LTD||LETS COMPARE 4 YOU|
|Qual Invest Equities||Capitality FS International LLC / Capitality||QUANTOMFX||The Street FX|
|Proexpertearnings||website www.uni-commerces.com||GLOBAL CRYPTO MINER||Buddy Finance (Clone of FCA Authorised Firm)|
|Pro Income Stream||Globalonemarkets||Ultra Finance / ultrafinance.co.uk||Longview Financial Services|
|PCA Capital||website www.altimatrade.pro||Olympusbrokers Ltd, Uncanny Services Llc, Surreptitious Group Llc, Combobulating Group Llc, Titancfd||Stream Loans (Clone of FCA Authorised Firm)|
|Orbinoxstock||CRYPT24FX||MSP Limited (Switzerland) AG||GoldTradeCoins|
|OptimumMarkets||DAILY WEALTH FINANCING||HTTPS://TRADINGSCORE.CO/||BBanc|
|Octacoin Capital||FOREX-EXCHANGE.LTD||HTTPS://PRIMEINV.CO/||Baron Capital Partenaire (BCP) (Clone)|
|Moreton Capital||www.suncsl.com||HTTPS://METAVERSESWORLD.ORG/||ULTRA CRYPTOCOIN FX / ULTRA CRYPTOFX|
|Mitrex Coin Trade||Cambridge Commodities International||HTTPS://WWW.INVESTIREX.COM/||fundrise global|
|MicrointellectualStrategies||Cryptocycle||WWW.DGXLTD.COM||KION CAPITAL S.A.|
|IQBrokerFx||Apollo Corporate Partners||HTTPS://ALLFINAGROUP.PRO||CALCUX FX / CALCUX FX GLOBAL|
|IQ Crypto Exchange||WWW.PIBEXA.COM||HTTPS://KINZABLOG.XYZ/STEP2/||Get Easy Loans (Clone of FCA authorised firm)|
|International Securities Trade Agency||WWW.IRONFX.COM||HTTPS://FOXNEWSTRADE.ORG||VARLIANT FX|
|GoLiveCrypto.com||HTTPS://CRYPTOCAPO.ES||LIMITED GRUP||Winnex Primemarkets Online|
|Fxzenithstocks||Aligninvest limited||Online Credit Partners||SWANSON AND MILLER LAW / SWANSON & MILLER LAW|
|FxEmpire Trading||Propchain||Delta Finanz||INVESTMENT GROUP|
|Fx-cryptotrade||GrandCapital Consulting Group, GrandCapital CG Trust Company Complex or GrandCapital CG||Wonderkiri||MARKETFXM|
|Foreign Investments Enforcement Division||website https://www.yorkglobalfinance.com/||Elio International Limited||Golub GetHouse sp. z o.o.|
|Financial Regulatory Authority||Aly Financial Limited||Vision Quest International Furutes Co, Limited / HuiXin International Futures Co., Limited||MaxtelFx Bank|
|Equities Registrar||Hong Kong Securities and Equities Commission||www.millenniumcapital-ltd.com||FXEDGE OPTIONS / FXEDGE MARKET|
|Diamondoption9||www.dpzqfxhk.com||ULTIMATE FX-EXPERT||Tenset Ltd|
|Dalzelltrade||Krezwisch||CRYPTO PREMIER MINING||Tenset SHPK|
|Current Capital Securities Ltd/CCS Ltd||MEGROSS Crypto Trading SA||SR TRADE FOREX||TRU INVESTMENT PARTNERS|
|Cryptoexpertoption||Tida Trust Capital||GLOBALPRIMEFOREX / GLOBALSPRIMEFX||Cloning entity of A&T Capital S.A.|
|Cryptochain Investment||Wiltonoption||DTPFX LTD||Multa Loans (Clone of FCA Authorised Firm)|
|Crypto Trade FXDirect||24Trades||Binary Invest Traders||Glencar ICAV|
|Coiniva||Oilgrain Corporative||Timeline Investment||Managed Accounts Fund Services PLC (Clone)|
|CFTCooperations||Fraudulent credit offers||ZEEMZ FX||Radix Options|
|BitPro Traders Way||Oilgrain Corporative||REVOLUT TRADE HUB INC||A1Bitminers|
|Angle Financial Solutions||Scam warning: Decentralised Application: deficit.info||PREMIUMOPTIONFXPRO||US International Escrow Commission|
|Alliance Global Group||Investor alert: Kemik not registered to provide financial advice in New Zealand||Uni-co||365FXBullmarkets|
|alexanderdarlow.com (Clone of FCA authorised firm)||GemsAssociate displays forged certificate of incorporation on website||ORBIT FX TRADING||HJS (HK) Int’l Finance Service Limited / HSEEX|
|equitixincome.com (clone of FCA authorised firm)||campartnersinvestment.org and cambridgeinvestmentsltd.com||MATRIXINVESTMENT||Celsius International Funds PLC (Clone)|
|Bit Mining Investment||bitfxtradez||FX PLUS||Prime Bright Investment Limited|
Crypto-Trace experts make it our business to research scam crypto brokers, discover their methods, and track them down when necessary. We have compiled this list of brokers and have investigated their practices. If you have lost money to these or any other cryptocurrency brokers, schedule a consultation with our experts today.
We discuss the details with you and assist you in creating a detailed bitcoin scam complaint. We do full research and draft a crypto intelligence report that you can present to authorities to find the fraudulent broker, help stop them in your tracks and improve the chances of getting a full refund.