Crypt-ICO Key Facts
🔴 Crypt-ICO provides suspicious products and services. A scam sign!
🔴 Crypt-ICO doesn't reveal much about themselves. Red flag!
🔴 Crypt-ICO is not authorised to sell investment services. Red flag!
🔴 Crypt-ICO runs a questionable MLM scheme. Red flag!
Crypt-ICO products and services
Crypt-ICO is a multi-level investment platform that's purportedly developing its own cryptocurrency. They offer 4% daily profits for 44 days with their basic plan. However, whenever investors deposit more money the gains are rising proportionally. It's a fishy business that's somewhat very similar in appearance to the biggest crypto scam by far- OneCoin. OneCoin was operating doing precisely the same stuff- a Ponzi scheme with multi-level investment programmes developing its own crypto.
People should always be cautious when dealing with businesses offering enormously high yields because it's scammers' trait to promise big and create unrealistic expectations. In reality, regulated financial companies cannot secure more than a few percents annually with their fixed-income products. There is a huge discrepancy between these offers and the regulated companies standards. Judging by the products and services they sell, we suspect it's a scam, so beware.
Crypt-ICO company and regulation
The company running this business is allegedly CryptICO Limited, a UK company that's not authorised to sell financial products and services to the public. To operate from the UK they need an FCA license but they don't have one. So, it's an unregulated business and a scam.
However, it's impossible to link this website to the company mentioned, so it might as well be a clone firm. Beware. Traders and investors should avoid such schemes and trust only verified regulated businesses. Read on to find out more about the license and why it's important.
The US financial services regulation is very complex in the USA. Derivatives markets regulation is a responsibility of CFTC and NFA. Forex brokers and most of the investments companies have to be NFA members and CFTC registered to operate in the USA. On the other hand, securities markets are controlled by the SEC, a government independent agency responsible to maintain the integrity of the financial markets.
While SEC focuses more on the procedure regulation insisting on financial reports and management discussion and analysis, NFA and CFTC impose pretty straightforward requirements. To become authorised the companies have to provide 20 million USD in paid-up capital, which is considered a guarantee that the businesses can survive in turbulent times and pay whenever they have to.
Other customer protection measures include clients’ accounts segregation and leverage restrictions for forex brokers- 1:50. Also, CFTC brokers’ clients are not allowed hedging, which is one of the very unique US features. Unfortunately, the cryptocurrencies regulation is still inept, so traders and investors should be wary when dealing with crypto offers.
Crypt-ICO address and contacts
Crypt-ICO doesn't share their address or contact numbers. It indicates these people want to remain anonymous and difficult to trace, so they do not operate transparently.
Transparency is crucial when talking about brokers and investment companies, and it's part of the regulatory framework. The regulated companies are open to financial authorities following certain transparency rules, so it's generally unlikely to conduct fraudulent activities. They are also bound to provide the public with crucial information about themselves, making it easy for traders and investors to confirm the company's legitimacy.
Crypt-ICO.com website info
Crypt-ICO.com is a domain name registered on the 27th of February 2020, so it's only a year old at the time of writing.
It's registered on an IP address in the USA: 104.21.93.212 co-hosting more than 640 websites. Most of the domains have nothing to do with this website or other shady investment schemes.
The domain's Alexa ranking is 4,153,469, so it’s an unpopular website, which people do not trust. The Alexa ranking isn’t a key determinant, but the lack of popularity isn’t a positive mark whatsoever.
Crypt-ICO.com uses privacy protection services to hide the ownership of the website. The latest trend in the privacy policy around the world denies it should be a problem but considering it's an investment service, we might as well consider this a disturbing sign.
Scam warning
We paid utmost attention to the regulation and transparency in the sections above because it’s mandatory for trading and investments. Pretty much each company offering financial services have to be authorised by the local financial authority.
However, some entities operate unlicensed and intentionally run investment fraud. It would be best if you only dealt with companies authorised by the regulators, so always check to make sure they are. Bear in mind that if you trade with unauthorised businesses, you won’t be protected, so it’s very likely to suffer losses almost impossible to recover if things go wrong.
Online scam is trending nowadays with fraudulent websites popping up literally every day. The financial authorities increase the number of warnings issued year after year, but the dangers are still out there and growing exponentially. You’ll realise the hazards when you consider OneCoin scam- it’s still impossible to calculate the total loss, but it’s regarded as 15 billion worth fraud. Make sure to trade with licensed and regulated companies to avoid off-putting losses.