Broker Name: Cryptechs
Broker Type: Forex, crypto
Country: St. Vincent and the Grenadines
Operating Since (Year): N/A
Address: Suite 305, Griffith Corporate Centre, Beachmont Kingstown, P.O. Box 1510, St. Vincent and the Grenadines
Broker status: Not regulated
Email: [email protected]
Languages: German, Spanish
Trading platforms: MT4
Demo account: Yes
Mobile trading: Yes
WebN/Abased trading: Yes
Other trading instruments: No
Minimum deposit (USD): USD250
Maximal leverage: N/A
Scalping allowed: N/A
Cryptechs review: YOUR MONEY IS NOT SAFE.
Another day, another scam broker. Sometimes it gets so tiresome to go through all these fantastic trading market opportunities, excellent broker companies, and suddenly stumble upon a pure, unadulterated fraud. Well, that’s our job. Our team of exper5ts is searching far and wild to find the most dangerous and mischievous brokerages to protect you from them.
Read our Cryptechs review carefully to see why we do NOT recommend this broker for trading.
Scam brokers love to present themselves in a better light than they are. Cryptechs is presented as the fastest growing trading broker. It offers over 120 cryptocurrency pairs, with instant access to the markets provided by a unique, web-based trading platform. All of that comes with a choice of five account types and leverage of up to 1:40.
Unfortunately, what we have here is an unregulated, offshore broker, so if you are considering whether it would be a good idea to trade with Cryptechs, we would better suggest that you read the following review first.
Lots of crypto CFDs
the only advantage we will be talking about is the broker’s advantages with Cryptechs that could be the comprehensive selection of crypto CFDs. Unfortunately, the broker does not offer fiat currency pairs, so that’s a bummer. That’s it, that all the advantages we wanted to talk about—nothing else to see here.
Offshore broker, no license
Cryptechs is owned by an offshore company Point Place Ltd. As we were able to find, the company is based in the Commonwealth of Dominica. At the same time, all payments are processed by Meantech OU – a company incorporated in Estonia.
There is nothing wrong with a broker to be owned by an offshore company if only they have made an effort to obtain a legit forex license. They have no permit; thus, it makes everything very fishy.
Cryptechs: Unusual fees
Cryptechs charges withdraw fees, which they reserve the right to change anytime, on their sole discretion. The brokerage is very eager to charge their clients an inactivity fee in the amount of 10% of the account balance (or 100 USD, whichever is greater) after just 60 days. This happens in case clients have not placed a trade, and that is not something a legit broker will never do.
With regulated brokers, on the other hand, one’s account might be deemed dormant only after no less than 12 months.
The broker offers four accounts, such as the Basic, Silver, Gold, and the VIP. However, there is no demo account.
- Minimum deposit: USD200-3000
- Education: Three sessions
- Assets: 100+
- Minimum deposit: USD3000-10000
- Education: Unlimited sessions
- Assets: 200+
- Signals: Five VIP
- Withdrawals: Five free
- Minimum deposit: USD10000-50000
- Education: Limitless sessions
- Assets: 200+
- Signals: Five VIP weekly
- Withdrawals: Ten free
- Minimum deposit: USD50000+
- Education: 10 sessions
- Assets: 100+
- Signals: Three VIP weekly
- Withdrawals: 1st free
Suspicious withdraw processing time: your funds are not safe!
Cryptechs says it would take them ten business days to process your withdrawal request, while with legit brokers, this would take no more than 24 hours.
Cryptechs: Trading bonuses
Trading bonuses are a favorite tool used by scammers as a pretext to cancel your withdrawal requests. So you should not be surprised if, by receiving a prize, you may never be eligible to withdraw.
No adequate platform: MetaTrader4 not supported
Unfortunately, after checking the Cryptechs website, we found out that what they offer as a trading platform turned out to be a cheap-looking, unproven platform, which lacks some basic functionalities, which traders are well used to with professional trading platforms like the MetaTrader4.
Conclusion: Stop. Rethink and do not trade with Cruptechs
Our best advice is to avoid Cryptechs. Offshore traders are untrustworthy. Such brokers cannot handle your money and what is even worse – their offshore status makes them more or less anonymous and extremely difficult to sue.
Before making any decision, please reconsider and take a look at some other brokers on our broker list. You will find the one you’ll like!
Good luck. Trading!
- Trading Instrument