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Cryptosfxpro Review: A Suspected Boiler Room Scam
Cryptosfxpro is a company that claims to offer online trading and investment services in various financial markets, such as forex, stocks, commodities, and cryptocurrencies. However, the company has been flagged by the Dutch Authority for the Financial Markets (AFM) as a suspected boiler room scam. This means that the company may be using deceptive and aggressive tactics to lure unsuspecting investors into buying worthless or non-existent securities. In this review, we will examine the regulatory status, customer reviews, products and services, location, and customer service of Cryptosfxpro, and explain why you should avoid this company at all costs.
Regulation and Compliance:
One of the most important factors to consider when choosing a trading or investment platform is whether it is regulated and compliant with the relevant laws and standards in its jurisdiction. Regulation ensures that the platform operates in a fair, transparent, and secure manner, and protects the interests and rights of its customers. Compliance means that the platform follows the rules and regulations set by its regulator, and submits to regular audits and inspections.
Cryptosfxpro claims to be regulated by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and the Australian Securities and Investments Commission (ASIC) in Australia. However, a quick check on the official websites of these regulators reveals that Cryptosfxpro is not registered or authorized by any of them. In fact, Cryptosfxpro does not provide any verifiable information about its legal name, registration number, address, or contact details on its website. This is a clear sign of a fraudulent and unregulated entity.
Moreover, Cryptosfxpro has been issued a warning by the AFM on 09 Oct 2023. The AFM is the regulator of the financial markets in the Netherlands, and it warns consumers not to respond to offers from Cryptosfxpro. According to the AFM, Cryptosfxpro has approached persons without being asked, to offer them investment proposals. A boiler room is a collective term for fraudulent individuals and organizations using clever salespeople to call potential investors to pressure them into buying shares that promise high returns (cold calling). In reality, the shares are either worthless or non-existent. The AFM has established that Cryptosfxpro does not have an AFM license or a European Passport. You can read the full warning here: https://www.afm.nl/nl-nl/consumenten/waarschuwingen/bekijk-de-waarschuwingen/boilerroom/cryptosfxpro
Another way to assess the reputation and credibility of a trading or investment platform is to look at customer reviews and feedback. Customer reviews can provide valuable insights into the quality of service, performance, features, fees, security, and customer support of a platform. However, customer reviews should also be taken with a grain of salt, as some of them may be biased, fake, or paid.
Cryptosfxpro has very few customer reviews online, and most of them are negative. On Trustpilot, a popular online review platform, Cryptosfxpro has only 4 reviews, with an average rating of 1.3 out of 5 stars. All of the reviews are from customers who claim to have lost money or been scammed by Cryptosfxpro. Some of the common complaints include:
– Being pressured into depositing more money
– Not being able to withdraw their funds
– Being ignored or blocked by customer service
– Being charged hidden fees or commissions
– Being misled or lied to about the risks and returns
– Being offered fake bonuses or incentives
Here are some examples of the reviews:
– “This company is a scam. They took my money and refused to let me withdraw. They kept asking me for more deposits and verification documents. They never answered my calls or emails. They are thieves and liars. Stay away from them.”
– “I was contacted by a guy named David who said he was from Cryptosfxpro. He said he could help me make money by trading forex and crypto. He sounded very professional and convincing. He asked me to open an account with Cryptosfxpro and deposit $250. He said he would guide me through the trading process and give me signals. He also promised me a 100% bonus on my deposit. I trusted him and did what he said. But after I deposited my money, he changed his tone. He said I had to deposit more money to activate my bonus and start trading. He said if I didn’t do it soon, I would lose my opportunity. He became very pushy and rude. I realized I had been scammed and asked for a refund. He said it was impossible and hung up on me. I tried to contact him again but he blocked my number. I also tried to contact Cryptosfxpro but they never replied. I lost my money and I feel very angry and stupid.”
– “Cryptosfxpro is a fraud. They are not regulated by any authority. They are a boiler room scam. They call you and offer you high returns on your investment. They make you sign a contract that gives them full control over your account. They trade on your behalf and make you lose money. They charge you fees and commissions that are not disclosed. They do not allow you to withdraw your money. They are scammers and criminals. Do not deal with them.”
Products and Services:
Cryptosfxpro claims to offer a variety of products and services for online trading and investing, such as:
– A web-based trading platform that is compatible with any device and browser
– A mobile app that is available for Android and iOS devices
– A wide range of trading instruments, including forex, stocks, commodities, indices, and cryptocurrencies
– Multiple account types, such as Basic, Silver, Gold, Platinum, and VIP
– Competitive spreads and leverage
– Fast execution and low latency
– Educational resources and market analysis
– Dedicated account managers and customer support
However, these claims are not backed by any evidence or proof. Cryptosfxpro does not provide any screenshots or demos of its trading platform or mobile app. It does not disclose the specific trading conditions, such as the spreads, leverage, fees, commissions, or margin requirements for each account type or instrument. It does not offer any free trial or demo account for potential customers to test its services. It does not provide any verifiable information about its educational resources or market analysis. It does not reveal the qualifications or credentials of its account managers or customer support.
In fact, Cryptosfxpro may not even have a real trading platform or mobile app at all. It may be using a fake or cloned website to deceive customers into thinking that they are accessing a legitimate platform. It may be using generic or stolen images and videos to showcase its products and services. It may be using fabricated or plagiarized content to fill its website with irrelevant or misleading information.
Cryptosfxpro does not provide any clear or consistent information about its location or address on its website. On its homepage, it claims to be located in London, UK, but it does not give any specific street name or building number. On its contact page, it claims to have offices in Cyprus, Australia, and Singapore, but it does not give any phone numbers or email addresses for these locations. On its terms and conditions page, it claims to be operated by a company called Cryptosfxpro Ltd., which is registered in St. Vincent and the Grenadines, but it does not give any registration number or legal address for this company.
This lack of transparency and consistency is another red flag that indicates that Cryptosfxpro is hiding its true identity and location from its customers and regulators. Cryptosfxpro may be using fake or virtual addresses to create a false impression of legitimacy and credibility. Cryptosfxpro may be operating from an offshore jurisdiction that has weak or no regulation of the financial markets, such as St. Vincent and the Grenadines, where many scam brokers are based.
Cryptosfxpro claims to have a professional and responsive customer service team that is available 24/7 via phone, email, live chat, and social media. However, this claim is contradicted by the customer reviews and feedback that we have seen earlier. Many customers have reported that Cryptosfxpro’s customer service is either non-existent, unhelpful, rude, or hostile.
Cryptosfxpro’s customer service may only be interested in persuading customers to deposit more money or preventing them from withdrawing their funds. Cryptosfxpro’s customer service may use various tactics to achieve these goals, such as:
– Making false or exaggerated promises of high returns or bonuses
– Applying pressure or intimidation to make customers act quickly or urgently
– Asking for personal or financial information that is unnecessary or inappropriate
– Requesting additional fees or charges that are not disclosed or agreed upon
– Ignoring or delaying customer requests or complaints
– Blocking or terminating customer accounts or communication channels
Based on our research and analysis, we conclude that Cryptosfxpro is a suspected boiler room scam that should be avoided by all means. Cryptosfxpro has no regulation or compliance from any reputable authority. Cryptosfxpro has been warned by the AFM as a fraudulent entity. Cryptosfxpro has received numerous negative customer reviews and complaints. Cryptosfxpro has no transparency or credibility about its products and services, location, or customer service.