Cryptocamperltd Review – Watch out for the Red Flags!

Cryptocamperltd Review

With the cryptocurrency market growing and expanding in the last decade, it is no wonder that millions of people all over the world are eager to jump on the bandwagon. The market has become notorious for its volatility, which means it can offer extremely high profits, even if there are risks. Like other traditional financial markets, you need the services of an online broker to start. But, you need to exercise even more caution because not all brokerages are genuine. Frauds are quite rampant and you do not want to be scammed. Therefore, you need to watch out for the red flags, as this Cryptocamperltd review highlights.

As a matter of fact, the cryptocurrency market has attracted attention of a lot of scammers and fraudsters because it is unregulated and there is a lot of money to be made. Plus, cryptocurrencies offer anonymity that works in their favor, so they are delving into this space. You can find lots of stories of people getting scammed at the hands of fraudulent crypto platforms and brokerages and you do not want to become yet another number. But, how do you avoid it?

The key is to be patient and not choose the first brokerage that catches your eye. You should not forget that scammers will do their level best to draw you to their platform and make you big offers and you do not want to fall into their trap. You have to be objective and evaluate a brokerage with the utmost caution and attention to ensure you are opting for a platform that is the best fit for your needs. This means watching out for any red flags. One of the names you will find is Cryptocamperltd that has posed as a reliable forex brokerage.

But, you will find plenty of red flags because it functions like some kind of crypto exchange and is not what it claims to be. What are the red flags? Some of them are mentioned as follows:

Lying about its licensing and regulation

It is understood that you should always give preference to licensed and regulated brokers if you want to avoid getting defrauded and scammed. Most of the bogus platforms do not have a license and are not regulated, which means they are not accountable to anyone and can do whatever they want. They are the ones who con people and you do not want to be one of them. Therefore, you should only choose a licensed and regulated broker and Cryptocamperltd claims to be one.

However, the reality is that Cryptocamperltd is actually lying about its licensing, not just once, but twice. First off, you will find that the brokerage claims to be licensed by the ASIC i.e. the Australian Securities and Investment Commission, which is one of the most reputable regulators in the world. They have provided a license number as well, but if you check their online register, you will not find the company anywhere. Furthermore, the brokerage is also going against the ASIC’s cap on leverage.

Secondly, you will find that Cryptocamperltd also claims to be licensed in Vanuatu where the regulatory authority is the Vanuatu Financial Services Commission (VFSC). But, even if you check its online register, you will not find the broker listed. Even though their regulatory requirements are comparatively lax, the broker is still not regulated there.

No legal documentation

One of the biggest red flags, other than regulation, which you will come across at Cryptocamperltd is the fact that it does not seem to have any legal documentation available on their website. The Terms and Conditions or Client Agreement are very important because they are meant to highlight the relationship between the company and its clients. They indicate the policies you will have to comply with and the fees you will be charged.

Suffice it to say, they are very important because you need to know what you are agreeing to, but when you scour through the Cryptocamperltd website, you will not find any such legal document available. This is a major flaw because every legitimate broker will provide you with this document to ensure transparency. The absence indicates that the broker does not want you to know everything and is planning on exploiting its clients because they can create any policy and implement it without you being able to do anything about it.

False claims about trading platform

An offering of Cryptocamperltd that catches the eye of many people is the offer of the MT4 and the MT5 trading platforms. These are highly revered and award-winning trading platforms that are recognized for their advanced technology and cutting-edge tools and functionalities. Therefore, their availability is definitely attractive for anyone who is looking for a broker.

The trouble is that as mentioned earlier, Cryptocamperltd is actually not offering any trading at all. It actually functions as a crypto exchange, which means it is making false claims and misleading its clients about its business model and this means you need to be very cautious.

Only crypto deposits accepted

The red flags will continue to get worse as you take a closer look at Cryptocamperltd and the same applies when you check out what deposit methods it is offering. This is when you learn that they are only accepting crypto deposits, which seems reasonable, given that they function as a crypto exchange. But, the problem is that they have advertised themselves as a forex broker.

Secondly, crypto deposits are not exactly a favorite of people because this method of deposit does not come with the option of chargeback. If you deposit crypto with Cryptocamperltd and get scammed, you will not be able to file for a chargeback and get a refund, as you can do with credit card deposits like VISA and MasterCard. Crypto payments are final and there is nothing that can be done once they are made.

Wrapping Up

When you discover the red flags associated with Cryptocamperltd, it becomes easy to see that the broker is not really a broker and is extremely shady.