The Internet broker CryptoIFX, operating in the UK, is a criminal with a damaged reputation.
By The Forex Review - 29 / April / 22 462
Dominick Bell
If we get to the official website of CryptoIFX - Cryptoifx.org, we will find that the company under study provides intermediary services for trading operations on the Forex market in the UK. In addition, CryptoIFX provides programs for trading activities.
We researched the CryptoIFX website, got acquainted with the terms of action, made attempts to get at least demo access to the programs, looked at the availability of documents, the region of registration of the organization.
With the help of the information received, we will figure out: Is CryptoIFX a scam or not?
In addition, we will explain to you how not to fall for the bait of deceivers, about their methods of action. We will tell you the necessary information in order to keep your finances safe.
The CryptoIFX organization is located in an offshore country
The main signal that Cryptoifx.org is a scam is the country of residence. Documentally, the company is registered in the Marshall Islands, which is already in doubt, since it operates in the UK. Offshore countries attract the attention of criminals due to the lack of legislation and regulation.
In addition, this country does not have rights for Forex trading.
Moreover, when we tried to find the legal address, data on the owners and management of Cryptoifx.org, we could not reveal anything.
This already suggests that CryptoIFX is a criminal online broker, cooperation with which can result in large financial losses.
Couldn't find Cryptoifx.org management data
After examining the site, our experts could not identify the truthful data about the management of the CryptoIFX company. No physical or legal address, no phone numbers or other methods to get in touch.
We assume that this means that the real directors are trying to hide their identity in order to avoid answering for their crimes. If it is possible to identify one of the employees of CryptoIFX, then everything will end there, and the actual directors of the criminal company will remain free with the money.
CryptoIFX, official website - CryptoIFX, is valid for less than 30 days
The Cryptoifx.org website speaks of significant Forex trading experience.
The most common method of analyzing any website is to obtain information about a domain name. As a rule, they fix the period of existence of the domain name, contact details of its owner.
In a specific case, the Cryptoifx.org domain name has been operating for less than one month, and all data about the legal entity that owns it is classified. Another proof that the organizers of CryptoIFX are trying to protect their anonymity.
Such a desire can be accepted, but not when it comes to a financial company that works as an intermediary between the user and Forex.
At the same time, CryptoIFX assure users that they have been effectively operating in the Forex market for quite a long time.
Cryptoifx.org does not have a demo period
It is a normal practice for online brokers to give users a demo version of their services in order for them to familiarize themselves with the interface and try their hand at trading on the Forex financial market with virtual money.
Unfortunately, on the CryptoIFX website, we could not find data on the test period, the opportunity to try out the software.
We assume that the organizers of the Cryptoifx.org company are most likely not going to give traders trial access to paid software, since some of them are able to suspect fraud.
Online broker CryptoIFX operates with a negative account
Legal companies that operate in the Forex financial market do not use a negative balance in their activities. In accordance with the laws, the client of the online broker cannot spend more than he is currently in the account. In those rare situations when the account goes into a negative value, its debts must be repaid not by the client, but by the organization that has provided its services.
Therefore, official online brokers do not use a negative account in their work.
However, CryptoIFX gives traders Forex operations with a negative balance, that is, on credit.
Why is it necessary?
In order to drive the client into debt and start paying off the debt. This is one of the most frequently used methods of deception used by financial criminals.
In the event that this has already happened, it must be remembered that deceivers do not have the opportunity to recover finances under the law of England. Absolutely all methods of influencing you are criminal. The maximum that scammers can do is call, send threatening letters.
It is impossible to cooperate with Cryptoifx.org, as any attempts to reach an agreement will result in new losses.
Cryptoifx.org operate with a leverage of one to four hundred or more
Already now, it becomes clear that CryptoIFX are criminals. Nevertheless, let us point out one fact, namely the existence of too large a credit ratio.
Leverage is the ratio of funds of clients and online brokers when making a trading operation. This allows you to close large transactions to customers who do not have the appropriate money with them.
In order to protect users of the Forex financial market, in civilized countries, the current legislation provides for the use of a credit leverage with a maximum ratio of one to 30, in exceptional cases 50.
At the same time, CryptoIFX uses a leverage of one to 400 to make money on the Forex financial market.
Such an attitude is permitted in Switzerland, since organizations registered in this country enjoy considerable confidence. However, CryptoIFX is not registered in this country.
In fact, CryptoIFX cannot operate in the Forex financial market with such leverage, due to the high risk to users. So, this is used only to force the trader to transfer as much personal funds as possible, but also to drag him into debt.
CryptoIFX local divisions
It is considered prestigious for every company to have local offices in civilized countries, even if the activity takes place exclusively in England. Therefore, CryptoIFX talks about the fact that in addition to a large number of awards, there are local branches in England, Australia and other developed regions, as well as a large number of competent specialists.
It is easy to check the availability of these representations. Since specialized organizations are known that control the activities of brokers. In the UK it's FCA, and in Australia it's ASIC.
That is, an official firm must have official documents from these or other structures that confirm their authorized right to provide services for Forex trading operations, regulate the level of responsibility.
However, having studied the industry's official websites, our experts could not find them. Which once again confirms our fears.
For registration on Cryptoifx.org, you need to transfer personal data
As we mentioned earlier, CryptoIFX does not have a trial period and because of this, in order to gain access, you must immediately transfer the minimum payment to CryptoIFX scammers. Also, getting access to the Cryptoifx.org personal account is really only upon successful completion of user confirmation.
This means that CryptoIFX requires its users to provide information such as:
- Data about an individual;
- Data on the permanent place of residence (scans of utility bills);
- Information about qualifications, experience, place of work.
In addition, with the initial payment, the bandits are able to access bank account information.
In combination, this data can enable scammers to make a loan to a gullible client, or to carry out other shadow operations.
Since registration on the Cryptoifx.org website requires the transfer of personal information, our employees did not get access to the CryptoIFX personal account and services for trading on the Forex financial market.
Reviews about CryptoIFX
An important step in exposing CryptoIFX is the analysis of feedback from traders.
A detailed analysis of the issue in search engines gave the following data:
- Most of the reviews and mentions of CryptoIFX on the net are fake. These are the same positive reviews and custom-type comments;
- All true reviews and references to CryptoIFX are negative. We have not been able to find credible testimonials and mentions from Cryptoifx.org users reporting income, performance.
- Negative reviews and comments are caused by illegal activities, theft of funds, special creation of credit.
Therefore, CryptoIFX reviews report that this Internet broker is a scammer.
Contact details and documents CryptoIFX
Analyzing the information on Cryptoifx.org, our experts have found a lot of questionable digital documents that can be easily done with a graphics editor. They are not confirmed by official companies, which means they cannot be trusted.
If an Internet broker is not associated with regulatory organizations, then clients simply have nowhere to turn for help.
On the "Contacts" page, our experts found a phone number. It turned out that it had already been used by an illegal online broker. There are also many reviews on the net about fraudulent activities associated with the phone number listed on Cryptoifx.org.
Withdrawing money from Cryptoifx.org
Are you going to make money with Forex online broker? Make sure you can take money from him.
After analyzing the user agreement on the official website of CryptoIFX, our specialists did not see specific information about the ways to withdraw earnings. In addition, our employees found a mention of fines for a long period of inactivity of the account, but there was no information about the sizes. Since the scammers do not operate in the legal field, it is impossible to protest these fines.
Therefore, if the client has finished working with CryptoIFX, they can call and write messages to him demanding to pay a fine.
How does CryptoIFX operate?
The way of searching for clients that CryptoIFX uses is also alarming.
For promotion, false social media accounts are used, in which fake users broadcast about how they instantly managed to get rich by earning on the Forex financial market using CryptoIFX. Non-existent people show expensive cars and clothes, vacations in resorts and other signs of a prosperous life.
Fakes guarantee instant income, which does not require training or effort.
When a trader gets in touch with scammers, CryptoIFX employees confirm the reality of instant profit, and in addition about some unique features of their services, which will make it possible to immediately withdraw solid earnings.
Further, various tricks are used to get the maximum investment from the trader. For example, a fake profit may be drawn to the user to inspire them to transfer more money.
When the work on Forex turns out to be negative, the company representative will recommend investing more to cover the debt.
CryptoIFX managers work according to manuals that have been developed by skilled deceivers. Criminals analyze information about a trader in order to put pressure on specific places, to get even more money.
Either way, it all boils down to one of two outcomes:
- When you want to receive money before you find yourself in the red, you will be charged fees, forbidden to use the money invested, and will do everything to force you to pay even more;
- If you give the bandits the opportunity to drive an account into debt, threats will fall, swindlers will begin to demand the return of a non-existent debt.
Another way to make money for CryptoIFX can be the transfer of your personal information to interested organizations. We think that after that, complete information about you will be available for a small amount on some anonymous telegram channel on the dark web.
Most likely, after that, various scammers, sellers, etc. will begin to write to you more often. You can also wait for messages from CryptoIFX colleagues who will offer to “receive” lost deposits, of course for a fee.
Since CryptoIFX does not operate in a regulated field and preserves incognito, they cannot be forced to be liable under the law in England. The owners of the criminal firm are skillfully disguised and, at best, the legitimate authorities will be able to capture one of the "employees".
Should I trust CryptoIFX?
It is forbidden!
If you plan to transfer money to scammers, then spend it on a good cause.
Let's briefly list the evidence that CryptoIFX are criminals:
- Lack of official registration;
- No trial period;
- There is no information about the owners of the organization;
- Phone number found in shady operations;
- Negative balance;
- Leverage greater than one in 50;
- Bad reviews;
- False data on the website.
Our CryptoIFX review is over. It is clear that CryptoIFX are criminals.
For your safety, we have compiled a blacklist of brokers.
