EarningCrypt is an offshore trading firm similar to numerous others. It doesn’t provide us with basic information, such as company registration number, license, etc. Since we’ve reviewed a dozen of these bogus websites without basic information, we were on the alert. Read our detailed EarningCrypt review and you will discover everything.
Also, we want to invite you to read our recently updated reviews of fraudulent brokers Novobrokers, 44Trades, and Onotex. Be careful with these brokers.
|Broker status:||Offshore Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Owned by:||Deryforce LTD|
|Types of Assets:||Forex, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
How Safe Is the EarningCrypt Platform?
EarningCrypt is a broker owned by Deryforce LTD, a company allegedly belonging to the governing law of Seychelles. Before we proceed any further, here are some basic facts about the FSA of Seychelles and their regulation. Companies registered under the FSA license should have a minimum investment capital of $50,000, which is nothing compared to EU, UK, and US demands of at least $750,000. In addition, the FSA doesn’t obligate firms to have any compensation funds or negative balance protection.
The real issue is that Deryforce LTD has never entered the FSA register. Therefore, even these minimal demands don’t apply to EarningCrypt broker. It’s a typical unlicensed scheme to avoid.
Reasons Not to Trust an Unlicensed Broker
As mentioned, unregulated brokers don’t need to have any minimum capital. Basically, they can run out of money and go bankrupt, and there’s nothing you can do about it. Furthermore, your funds are at risk since the firm can shut down the domain, and you don’t have actual proof of address or the details of where your funds are transferred.
In That Case, Is EarningCrypt a Legitimate Broker Or A Scam?
EarningCrypt is not a legitimate brokerage. The firm is based in Seychelles and operates without any valid license. The consumer index is low, indicating that you should avoid this website.
What Do Traders Think Of EarningCrypt?
Instead of us doing the talk, we will show you an example of traders’ opinions and how most EarningCrypt reviews look.
“I wouldn’t trust this service. I got drawn into throwing quite a lot of $ into their platform, but the account manager who was meant to look after me and help me grow the account basically drained it and I lost everything. Every trade I was told to take was a loss and got pulled into trades that didn’t make sense with no care given for risk management. I was told that the account would be looked after while I was asleep and that I wouldn’t get liquidated. Was told to close trades at a loss saying that there will be funds coming from an event so not to worry. It was all lies after I got liquidated every time.”
– Truspilot Customer
Available Online Trading Platform & Tools
The firm only offers a basic WebTrader. Instead of providing reputable software, such as MT4 or MT5, with a vast number of trading tools, EarningCrypt limited its investors to a TradingView chart with several indicators. If you were hoping for in-depth analysis, social trading, or automated trading, you won’t find it here. In addition, when writing this review, access to the platform was not enabled. We saw a message stating, “We cannot register you at this time.” Thus, we were unable to confirm how this WebTrader actually looks.
If you decide to start trading, we recommend you find a legitimate broker offering MetaTrader. With it, you’re ensuring yourself amazing trading software, as well as higher fund security.
EarningCrypt Accounts Overview
While it’s highly recommended to avoid EarningCrypt, if you want to take a peek at their account type offer, here it is. You can choose from one of the 3 accounts, including:
- Silver – $50,000
- Gold – $100,000
- VIP – $250,000
Unlike regulated brokers who will present you with a list of pros for each account type, including leverage levels, swaps, and spreads, EarningCrypt gives us nothing. Another reason to avoid it.
EarningCrypt Broker – Countries Of Service
Based on our review, the broker is mainly present in:
However, being unlicensed, it feels free enough to operate just anywhere. So beware and don’t accept any offers coming from EarningCrypt.
Also, remember the names of the trading frauds AllCryptoMarkets, WiniCoin, and The Investment Center trading scams and avoid them at all costs! Furthermore, before investing, always check the background of internet trading organizations!
The Importance of Legal Documents
As with any company, you must accept the Terms and Conditions before making a purchase or creating an account. But, most of us never read them, and that’s the first mistake. Legal documents should show us whether the broker is legitimate or not and what kind of legal issues we can expect. For instance, most brokers hide clauses about bonuses here or write about the actual governing law. Before making a deposit, read everything, even the fine print. That’s your only way to know your funds are safe.
EarningCrypt Range of Trading Markets
The broker offers trading in all major markets, including:
- Forex – EUR/USD, GBP/USD, AUD/CAD
- Commodities – gold, silver, corn
- Indices – Dow Jones, FTSE100, DAX30
- Shares – Amazon, Google, Facebook
- Cryptocurrencies – BTC, ETH, XRP
The solid offer of trading instruments doesn’t change the broker is unlicensed and doesn’t allow traders access to the platform.
What Trading Terms Trader EarningCrypt?
EarningCrypt offers unknown trading conditions. Spread and leverage are not disclosed, not in the Account Types section or anywhere in the legal documents. It basically means that, since there’s no Demo account, you will have to invest your funds first and then realize the trading costs and risks.
Minimum Investment Amount
We were unable to find any specified amount. The Silver account starts from $50,000, but we can only hope that this is not the actual minimum deposit. If it is, it closes the story about investing with EarningCrypt.
EarningCrypt Deposit, Withdrawal Methods, and Fees
According to the Terms and Conditions, the company accepts the following payment methods:
- Debit/credit cards
- Wire transfer
Minimum deposit, withdrawal amount, or any fees are not specified. Note that using crypto as a payment method is quite risky since these transactions are virtually impossible to trace and are not subject to a chargeback procedure.
Scammed by EarningCrypt Broker? – Let Us Hear Your Story
If you were involved with an EarningCrypt broker, you most likely could not get your funds back. Contact our chargeback specialists to help recover your funds in such cases.
But What Is A Chargeback?
It’s a method of fund recovery. Your bank can get the money back directly from the merchant if you can prove that you were a fraud victim. Let’s get in touch via online chat; we will book a free consultation to evaluate your case and help you.