A United States regulator warning has been issued against Crypticsz in September 2023
Crypticsz is a forex and CFD broker that claims to offer a wide range of trading instruments, competitive spreads, and fast execution. But is Crypticsz a trustworthy broker or a scam? In this review, we will examine the features, regulations, and reputation of Crypticsz and help you decide if it is worth investing with them.
Features of Crypticsz
Crypticsz offers four types of trading accounts: Basic, Silver, Gold, and Platinum. The minimum deposit for the Basic account is $250, while the other accounts require higher deposits. The leverage offered by Crypticsz ranges from 1:100 to 1:400, depending on the account type and the instrument traded. The spreads are variable and start from 0.1 pips for some currency pairs.
Crypticsz provides access to over 200 trading instruments, including forex, indices, commodities, stocks, and cryptocurrencies. The broker uses the MetaTrader 4 platform, which is one of the most popular and user-friendly platforms in the industry. The platform is available as a desktop application, a web-based version, and a mobile app for iOS and Android devices.
Crypticsz also offers some educational resources, such as webinars, e-books, videos, and articles, to help traders improve their skills and knowledge. The broker also provides customer support via phone, email, and live chat 24/5.
Regulations of Crypticsz
One of the most important factors to consider when choosing a broker is their regulatory status. A regulated broker is obliged to follow certain rules and standards that protect the interests and funds of their clients. A regulated broker also has to undergo regular audits and provide transparent information about their services and fees.
Unfortunately, Crypticsz is not a regulated broker. The broker claims to be operated by a company called Crypticsz Ltd., which is registered in St. Vincent and the Grenadines. However, this does not mean that the broker is licensed or supervised by any reputable authority. St. Vincent and the Grenadines is an offshore jurisdiction that does not regulate forex and CFD brokers.
This means that Crypticsz is not subject to any oversight or accountability and can operate as they please. There is no guarantee that the broker will honor their contractual obligations or handle your money securely. There is also a high risk that the broker may engage in fraudulent or manipulative practices, such as price manipulation, order execution delays, hidden fees, or withdrawal denials.
Reputation of Crypticsz
Another way to assess the reliability of a broker is to check their reputation among other traders and reviewers. A good broker should have positive feedback from their clients and a solid reputation in the online trading community.
However, Crypticsz does not have a good reputation at all. In fact, there are many negative reviews and complaints about the broker on various websites and forums. Many traders have reported that Crypticsz is a scam that does not allow them to withdraw their profits or even their initial deposits. Some traders have also accused the broker of using aggressive and misleading marketing tactics, such as cold calling, false promises, or fake testimonials.
Moreover, Crypticsz has been blacklisted by several financial regulators in different countries, such as the UK’s Financial Conduct Authority (FCA), Spain’s Comisión Nacional del Mercado de Valores (CNMV), Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB), and Germany’s Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). These regulators have warned the public that Crypticsz is not authorized to offer its services in their jurisdictions and that it may be involved in scam activities.
Conclusion
Based on our research and analysis, we conclude that Crypticsz is not a legit broker but a scam. The broker is not regulated by any reputable authority and has a very poor reputation among traders and regulators. We advise you to avoid dealing with Crypticsz and look for a more reliable and trustworthy broker instead.
What to Do If You’ve Lost Money with Crypticsz?
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