Cryptorichs Review – Is it Worth Trusting?

Cryptorichs Review

Looking to pave your way in the financial markets? You will require the services of an online broker in order to do. The good news is that there is not a lack of companies that are willing to offer you their trading services, as there are thousands of options you can explore. But, you cannot just pick out of a hat when you want to engage in trading because not all the platforms that exist are capable of catering to your needs. Your priorities and expectations can differ from the other traders in the market, which is something you need to consider. Most importantly, you need to ensure that you are choosing a trustworthy brokerage and this is where the following Cryptorichs review can shed some light.

Asking this question has become immensely important because not all the brokers offering their services in the market are genuine. The internet has become notorious for the scams and frauds that happen on a regular basis and the trading space is no different. In fact, cybercriminals are very active in the financial markets because there of the money involved and they are using different tactics for conning people. One of these is portraying themselves as legitimate and authentic brokers to convince people to open an account with them and make a deposit.

This mistake can result in devastating consequences because the scammers would obviously not return your money. Do you really want to waste your money this way? No one wants to go through such an experience and the only way to prevent is by finding a broker that is worth trusting. It is understandable that every company will promise you the best experience because they want to attract your attention. But, you need to assess their offerings thoroughly in order to know if they can truly live up to your expectations.

One of the brokers you will find on your list is Cryptorichs and even though it makes a great deal of effort to convince you that it is worth trusting, an assessment shows you otherwise. Why shouldn’t you trust Cryptorichs? Here are some of the reasons:

A virtually anonymous brokerage

Partnering with an online broker is a big decision because you have to depend on them to keep your hard-earned money safe and trust them with your personal and sensitive information. Sharing that with some company over the internet requires a great deal of commitment and this is not something to be taken lightly. Thus, it is a given that you need to know who you are getting on board with it. It is best to opt for a licensed and regulated platform that can be held accountable and offers you transparent and quality services. Does Cryptorichs fit that criteria?

Unfortunately, when you look into Cryptorichs and its background, you will not find any of the answers you are looking for. As a matter of fact, when you are done going through its website, you will discover that it is essentially a virtually anonymous platform because they have shared absolutely no information about who they are. There is no company name, so you cannot know who owns and operates the broker.

Furthermore, there is no corporate background available and Cryptorichs does not share a physical address either. But, even if this information was available, it wouldn’t have made a difference because they have not made even a single mention of a license or regulation. This means that you are dealing with a company that does not answer to anyone and can up and disappear overnight with your money and you will not be able to do anything about it.

Availability of trading bonuses

The fact that an online broker is offering trading bonuses often draws people to the platform, but you have to resist the temptation to consider such a company. Why? This is due to the fact that the practice of offering trading bonuses is no longer acceptable in most of the properly regulated jurisdictions in most of the world, such as UK, Europe, Hong Kong and Australia. Regulatory authorities have imposed a ban on bonuses because these come with strings attached that are definitely not fair to the traders and you will find something similar when you check Cryptorichs’ bonus policy.

Indeed, Cryptorich is also offering trading bonuses and they ask traders to meet some turnover requirements before they are allowed to make a withdrawal. The problem with this policy is that the turnover requirement is deliberately kept high, which makes it impossible for a trader to achieve them. Hence, the broker can simply reject your withdrawal requests and you will not be able to get your money.

Leverage ratios

When you check out the leverage ratios that are available at Cryptorichs, it gives you yet another reason to not trust the brokerage. This is because their leverage levels can go as high as 1:500. This sounds attractive because it means you can enjoy trading flexibility, but you should remember that leverage can be very dangerous as well. It is a double-edged sword, due to which regulatory authorities in different areas have imposed a cap on the leverage that can be offered and it does not go higher than 1:30.

Minimum deposit

It is also a good idea to check how much you would be asked to deposit to open an account with a broker. When you do this with Cryptorichs, you will once more find a problem because they are asking for a deposit of about $1,000. This is considered excessive because most platforms are allowing people to open a micro account for as low as $10 nowadays. Even if the standard amount is applied, the deposit should not be more than $250. But, Cryptorichs is asking for four times that amount because their goal is to clearly get as much money from you as possible.

Bottom Line

When you take the gaps in the offerings of Cryptorichs into account, you can come to the conclusion that this company is not worth trusting and you should remove it from your list.