The broker CryptoIFX, which operates on the territory of Britain, is a scammer with a damaged reputation.
When we go to the official website of CryptoIFX - Cryptoifx.org, we will read that this company provides brokerage services for operations in the Forex financial market in Britain. CryptoIFX also provides services for financial transactions.
Our experts analyzed the CryptoIFX website, got acquainted with the terms of action, made attempts to get test access to the services, investigated the existence of official papers, the region of registration of the company.
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 scammers, about their work algorithms. We will tell you the necessary data in order to keep finances safe.
CryptoIFX organization based offshore
The main signal that says that CryptoIFX are scammers is the state of registration. According to the documents, the company is registered in the Republic of the Marshall Islands, which is already suspicious, since CryptoIFX operates in Britain. Offshore countries are popular with scammers due to the lack of legislation and control.
In addition, this region does not have permissions to trade on the Forex market.
In addition, when our experts tried to identify the address, information about the owners and management of CryptoIFX, they failed to reveal anything.
This shows that CryptoIFX is an illegal Internet broker, interaction with which can result in serious financial losses.
Unable to find CryptoIFX management data
Having studied the site, our experts could not reveal the truthful information about the leadership of the CryptoIFX organization. No physical address, no phone numbers or other ways to get in touch.
Usually, this means that the current owners try to hide their identities in order to avoid liability for actions. Even if you manage to identify one of the CryptoIFX managers, then everything will end there, and the real leaders of the shadow company will remain at large with money.
CryptoIFX, official website - Cryptoifx.org, has been around for less than a month
The CryptoIFX website speaks of serious forex trading experience.
The main way to check any official site is to obtain information about the domain name. Most often, they fix the validity period of the domain name, contact details of the owner.
In this case, the CryptoIFX domain name exists for less than 30 days, and the information about the person who owns it is classified. Another evidence that the organizers of CryptoIFX are trying to preserve their incognito.
Such a desire can be understood, but not in those cases when it comes to a company working as an intermediary between the user and the Forex market.
At the same time, Cryptoifx.org assure their potential users that they have been operating effectively in Forex for many years.
Cryptoifx.org does not have a demo period
It is a common practice for Internet brokers to give their clients a demo version of their services so that they can familiarize themselves with the interface and try their hand at trading on the Forex financial market with virtual currency.
Unfortunately, on the CryptoIFX website, we did not find any mention of a test period, an opportunity to try out the software.
Most likely, the organizers of the CryptoIFX company are simply not going to provide customers with test access to their service, as someone may begin to suspect something was wrong.
Internet broker Cryptoifx.org works with a negative balance
Legal organizations that operate on Forex do not use a negative account in their activities. By law, the client of an Internet broker cannot spend more than what is currently in the account. In situations where the balance still goes into negative territory, the loan will be required to be repaid not by the client, but by the company offering its services.
Therefore, registered Internet brokers do not use a negative account in their activities.
However, Cryptoifx.org provides customers with negative balance work, that is, on credit.
What is it for?
To drive the trader into a minus and start demanding payment of the debt. This is one of the most commonly used methods of deception used by criminals.
If this happened, it must be remembered that scammers do not have the opportunity to get money out under the law of England. All methods of influencing customers are considered illegal. The most that scammers are able to do is call, send messages with demands.
You cannot cooperate with CryptoIFX, as all agreements will result in losses.
CryptoIFX operate with a credit ratio of 1 to four hundred or more
At this point, it becomes clear that CryptoIFX are criminals. However, let's pay attention to one fact, namely the presence of too high a credit ratio.
The credit ratio is the ratio of the finances of clients and brokers at the conclusion of a trading operation. Leverage allows traders who do not have large funds with them to make large transactions.
In order to protect users of the Forex market, in civilized countries, the current legislation requires the use of leverage with the highest ratio of 1 to thirty, in rare cases 50.
At the same time, CryptoIFX uses a credit ratio of 1 to four hundred to make money on the Forex market.
Such an attitude is legalized in Switzerland, since firms registered in this country enjoy high confidence. However, CryptoIFX is not registered in this country.
In fact, CryptoIFX is not allowed to trade in the Forex market with such leverage, due to the high risk for clients. Accordingly, this is used to force the trader not only to give away as much money as possible, but also to drive him into debt.
Local branches of CryptoIFX
It is considered solid for any company to have local divisions in civilized states, even if the activity takes place only in England. So CryptoIFX reports that in addition to a significant number of awards, they have local divisions in Britain, Australia and other developed regions, as well as thousands of qualified specialists.
It is very easy to check the availability of these offices. Since there are industry structures that control the actions of Internet brokers. In the UK, this is FCA, and for example, Australia - ASIC.
Accordingly, the official organization is obliged to have permits from these or other structures that will prove their right to provide services for trading operations in the Forex financial market, to regulate the degree of responsibility.
However, after checking specialized official sites, our experts did not find them. Which once again confirms our fears.
For registration on Cryptoifx.org, you need to transfer confidential data
As we mentioned earlier, CryptoIFX does not have a test period and therefore, in order to gain access, you must immediately transfer the minimum deposit to CryptoIFX scammers. Also, access to the Cryptoifx.org personal account is real only when the client is verified.
This means that CryptoIFX requires its users to transfer data such as:
- Information about an individual (passport, driver's license, etc.);
- Data on the permanent place of residence (receipt for a communal apartment);
- Information about the place of work, qualifications, experience.
Also, with the initial payment, the bandits are able to access bank card information.
Combined, this data can enable criminals to put a credit on a deceived user, or carry out other illegal actions.
Since registration on the Cryptoifx.org website requires the transfer of personal information, our employees have not gained access to the CryptoIFX personal account and Forex trading applications.
Real reviews about CryptoIFX
An extremely important point of exposing CryptoIFX is the analysis of traders' reviews.
Examining the search results gave us the following data:
- Most of the CryptoIFX reviews on the internet are lies. These are similar positive reviews of a customized type;
- All real mentions of CryptoIFX are negative. Our experts have not been able to identify plausible references from Cryptoifx.org users that report a decent income, effective trading.
- Negative mentions and comments are caused by fraudulent activities, investment theft, debt creation.
Therefore, real reviews about CryptoIFX say that this online broker is a criminal.
Contact information and official documents CryptoIFX
After analyzing the information on Cryptoifx.org, our experts have identified many dubious digital documents that can be easily created using a graphic editor. They are not confirmed by official companies, which means they cannot be trusted.
If an online broker is not associated with regulatory organizations, then its clients simply have nowhere to turn for help.
On the "Contacts" page, we found a phone number. It turned out that it had already been used by an illegal 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 a Forex broker? Make sure you can take money from him.
Having studied the user agreement on the official website of CryptoIFX, our specialists did not reveal specific information about the ways to withdraw money. At the same time, we identified a mention of fines for a long period of inactivity of a personal account, but there was no information about their amounts. Since the criminals do not operate in the legal field, it will not be possible to challenge these extortions.
Because of this, if a trader has finished working with CryptoIFX, they may start calling and writing messages demanding to pay a fine.
How does CryptoIFX work?
The way to search for new users that CryptoIFX uses is also alarming.
For advertising, fake social media profiles are used, in which non-existent bloggers spread information about how they quickly managed to get income by making transactions in the Forex financial market using CryptoIFX. Non-existent people flaunt expensive cars and clothes, trips to resorts, and other signs of a prosperous life.
They promise a quick income for which you do not need to study or make a lot of effort.
When a trader gets in touch with criminals, CryptoIFX managers report the possibility of instant income, as well as the unique features of their software, which will allow you to immediately earn a solid profit.
Then all sorts of tricks come into play to get as much investment from the client as possible. For example, a client may be given a small profit to inspire them to invest even more money.
If work on Forex turns out to be unprofitable, the manager will offer to invest more in order to compensate for the debt.
CryptoIFX employees work according to methods developed by experienced psychologists. Scammers study information about the client in order to put pressure on vulnerabilities, lure out even more investments.
One way or another, it all comes down to one of the ends:
- If you decide to withdraw money before you find yourself in loans, you will be charged, your account will be frozen, and everything will be done to force you to transfer more;
- When you give the bandits the opportunity to drive the balance on credit, threats will come, the bandits will demand to pay off a non-existent debt.
Another way to generate income for CryptoIFX can be the sale of your personal data to third parties. Most likely, as a result, comprehensive information about you will be available for a modest amount of money on some anonymous Telegram channel on the dark web.
It is likely that as a result of this, all sorts of criminals, managers, etc. will begin to spam you more often. In addition, you should expect calls from CryptoIFX accomplices who will offer to “receive” lost finances, of course, for a reward.
Since CryptoIFX does not operate in a regulated field and remains incognito, CryptoIFX cannot be compelled to respond under the laws of England. The organizers of the criminal firm are carefully disguised and, at best, law enforcement agencies will be able to figure out one of the "employees".
Is it worth working with CryptoIFX?
In no case!
If you plan to give money to the bandits, then it is better to transfer them to a good deed.
Let's briefly list the facts that say that CryptoIFX are criminals:
- Lack of official registration;
- Lack of a test period;
- There is no information about the owners of the company;
- The phone number is seen in illegal fraud;
- Negative account;
- Credit ratio is more than 1 to fifty;
- Negative reviews;
- False information on the website.
This completes the CryptoIFX review. It is clear that CryptoIFX are bandits.