File a Complaint Against
Know Your Options and Recover Your Funds
Caution Investors CryptoTraderAI Ltd. – Regarding fraudulent or manipulative practices (insider dealing, market manipulation, misrepresentation of material information, etc.)
CryptoTraderAI Ltd is a platform that claims to offer automated trading solutions for cryptocurrencies. The company says it uses artificial intelligence and machine learning to analyze the market and execute profitable trades on behalf of its users. However, the platform has recently been flagged by the Financial Market Authority (FMA) of Austria as an unauthorized and potentially fraudulent provider. In this blog post, we will review the details of the FMA warning, the customer reviews, the products and services, the location, and the customer service of CryptoTraderAI Ltd. We will also provide our conclusion on whether CryptoTraderAI Ltd is a scam or a legit platform.
Regulation and Compliance:
According to the FMA website, CryptoTraderAI Ltd is not authorized to carry out banking transactions in Austria that require a license. The FMA states that the company is neither permitted to trade on a commercial basis on its own account or on behalf of others (Article 1 para. 1 no. 7 of the Austrian Banking Act). The FMA also warns investors against concluding transactions with CryptoTraderAI Ltd, as they may be exposed to considerable risks, such as losing their money or being involved in illegal activities. The FMA bases its publication on Article 4 para. 7 of the Austrian Banking Act, which allows it to inform the public about unauthorized providers.
The FMA warning was issued on 10 Oct 2023 and can be accessed through this link: https://www.fma.gv.at/en/cryptotraderai-ltd/
A quick search on the internet reveals that CryptoTraderAI Ltd has received mostly negative reviews from its customers. Many users complain that the platform is a scam, that it does not deliver on its promises, that it charges hidden fees, that it does not allow withdrawals, and that it manipulates the results. Some users also report that they have been harassed by phone calls and emails from the company’s representatives, who pressure them to deposit more money or to upgrade their accounts. Here are some examples of customer reviews from Trustpilot:
– “This is a scam. They took my money and never gave it back. They keep asking for more deposits and verification documents. They don’t answer my emails or calls. Stay away from them.”
– “I tried their free trial and it seemed to work well. But when I upgraded to the premium plan, everything changed. The trades became unprofitable, the platform became slow and buggy, and the customer service became rude and unresponsive. I requested a refund but they refused. They are liars and thieves.”
– “They are not regulated by any authority. They are operating illegally and fraudulently. They manipulate the market data and the trading signals. They make you lose money on purpose. They are a criminal organization.”
Products and Services:
CryptoTraderAI Ltd claims to offer three main products and services: a web-based trading platform, a mobile app, and an API. The company says that its platform allows users to trade various cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, Ripple, and more. The company also says that its platform uses advanced algorithms and indicators to generate trading signals and execute trades automatically. The company claims that its platform has a high accuracy rate of over 90% and that it can generate consistent profits for its users.
The company offers three plans for its users: a free trial, a basic plan, and a premium plan. The free trial gives users access to the platform for 7 days with a limited number of trades per day. The basic plan costs $250 per month and gives users access to the platform with unlimited trades per day, but with a limited number of cryptocurrencies and indicators. The premium plan costs $500 per month and gives users access to the platform with unlimited trades per day, with all the available cryptocurrencies and indicators.
The company also offers a mobile app for Android and iOS devices, which allows users to access their accounts and monitor their trades from anywhere. The company says that its app has all the features of the web-based platform, such as live market data, trading signals, automated trading, etc.
The company also offers an API for developers who want to integrate their own applications with CryptoTraderAI Ltd’s platform. The company says that its API provides access to its market data, trading signals, order execution, account management, etc.
CryptoTraderAI Ltd does not disclose its physical address or location on its website or app. The only contact information provided by the company is two email addresses: [email protected] and [email protected]. The company also does not provide any information about its registration number, legal entity name, or country of origin.
According to some online sources, CryptoTraderAI Ltd may be based in Hong Kong or Singapore, but this information cannot be verified or confirmed.
CryptoTraderAI Ltd does not have a dedicated customer service team or a phone number. The only way to contact the company is through email. However, many users report that the company does not respond to their emails or that it responds with generic and unhelpful messages. Some users also report that the company’s representatives are rude, aggressive, and unprofessional.
Based on our review, we conclude that CryptoTraderAI Ltd is a scam and a platform that should be avoided by all investors. The company is not regulated by any authority, it has received a warning from the FMA of Austria, it has received mostly negative reviews from its customers, it does not disclose its location or identity, and it does not provide adequate customer service. The company’s products and services are also dubious and unreliable, as they may involve hidden fees, false promises, manipulated results, and withdrawal issues. Therefore, we advise our readers to stay away from CryptoTraderAI Ltd and to look for other legitimate and trustworthy platforms for trading cryptocurrencies.