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Crypto Trade Uk
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The United Kingdom’s Financial Conduct Authority has issued a warning against Crypto Trade Uk in October 2023
If you are looking for a reliable and trustworthy broker to trade cryptocurrencies in the UK, you might have come across Crypto Trade Uk. This platform claims to offer a variety of trading tools, features and benefits for its clients, such as low spreads, fast execution, high leverage, and access to over 100 crypto assets. But is Crypto Trade Uk a scam or a legit broker? In this review, we will examine the background, regulation, trading conditions, and customer feedback of Crypto Trade Uk to help you make an informed decision.
Background and regulation
Crypto Trade Uk was founded in 2018 and is based in London, UK. According to its website, it is operated by Crypto Trade Uk Ltd, a company registered in England and Wales with the number 11576392. However, we could not find any evidence of Crypto Trade Uk being regulated by any reputable authority, such as the Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySEC). This means that Crypto Trade Uk is not authorized to offer its services in the UK or any other jurisdiction where crypto trading is regulated. This also means that Crypto Trade Uk does not comply with the strict rules and standards that regulated brokers have to follow, such as keeping client funds in segregated accounts, providing negative balance protection, participating in compensation schemes, and adhering to anti-money laundering and KYC policies. Therefore, trading with Crypto Trade Uk involves a high level of risk and uncertainty, as you have no guarantee of the safety and security of your funds or personal information.
Crypto Trade Uk claims to offer competitive trading conditions for its clients, such as low spreads, fast execution, high leverage, and access to over 100 crypto assets. However, we found several red flags and inconsistencies in its trading terms and conditions. For example:
- Crypto Trade Uk does not disclose its spreads or commissions on its website, which makes it impossible to compare its pricing with other brokers. The only way to find out its spreads is to open a live account and start trading, which is very risky and unprofessional.
- Crypto Trade Uk offers leverage up to 1:500 for crypto trading, which is extremely high and dangerous. Such leverage can amplify your profits but also your losses, and expose you to margin calls and liquidation. Moreover, such leverage is not allowed in regulated markets, such as the UK or the EU, where the maximum leverage for crypto trading is 1:2 or 1:4.
- Crypto Trade Uk claims to offer access to over 100 crypto assets, but its trading platform only shows 36 pairs. Moreover, some of the pairs are not even crypto-related, such as EUR/USD or GBP/JPY. This suggests that Crypto Trade Uk is misleading its clients about its product range and quality.
- Crypto Trade Uk does not provide any information about its trading platform on its website. It only says that it offers a web-based platform that is compatible with any device and browser. However, we could not test or verify its platform functionality, features, or performance. We also could not find any screenshots or videos of its platform on its website or social media channels. This raises doubts about the reliability and usability of its platform.
Crypto Trade Uk has a very poor reputation among online traders and reviewers. We could not find any positive or neutral feedback about this broker on any reputable website or forum. On the contrary, we found numerous complaints and warnings about Crypto Trade Uk being a scam and a fraud. Some of the common issues reported by its clients are:
- Crypto Trade Uk does not process withdrawal requests or charges exorbitant fees for withdrawals.
- Crypto Trade Uk does not respond to customer queries or complaints or provides false or misleading information.
- Crypto Trade Uk uses aggressive and unethical marketing tactics to lure unsuspecting clients into depositing more money.
- Crypto Trade Uk manipulates its trading platform to generate fake trades or losses for its clients.
- Crypto Trade Uk closes client accounts without notice or explanation.
Based on our research and analysis, we conclude that Crypto Trade Uk is a scam and a fraud that should be avoided at all costs. This broker is not regulated by any authority, does not provide transparent or fair trading conditions, does not offer a reliable or user-friendly trading platform, and has a terrible reputation among online traders and reviewers.
What to Do If You’ve Lost Money with Crypto Trade Uk?
If you have been scammed by Crypto Trade Uk or any other broker, you’ll want to seek assistance from brokercomplaintregistry.com immediately. Our experts will consult with you and bolster your claim to help you get your money back. Brokercomplaintregistry.com is a leader in recovering your funds and will help you retrieve your funds from a broker scam.