Caution! FXcryptonetwork is an offshore company! Your funds may be at risk.
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FXcryptonetwork Key Facts
🔴 FXcryptonetwork offers questionable bitcoin related investment opportunities – a clear sign of a scam!
🔴 FXcryptonetwork forges its own contact information – beware!
🔴 FXcryptonetwork lacks a license for the provision of its services – a huge red flag!
🔴 FXcryptonetwork’s domain has been registered only recently – another off-putting detail!
FXcryptonetwork products and services
FXcryptonetwork is a scam company that offers incredible returns on investments – upwards of 600% on its cheapest account plan! There is no need to tell you that FXcryptonetwork cannot achieve them – the numbers are simply not believable.
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.
FXcryptonetwork company and regulation
FXcryptonetwork does not provide us with any license or concern itself with sharing its regulatory information. This is a major red flag, as it means that the company is quite content to operate in complete obscurity.
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.
FXcryptonetwork address and contacts
FXcryptonetwork presents us with the following address line – 13 RED CROSS STREET BRISTOL UK. Other scammers, which we have reviewed below have tried to use the same fake address in the past:
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.
FXcryptonetwork website info
FXcryptonetwork’s website has been around for around a month, having been created towards the end of Janaury 2021. This means that the company is both incredibly young and incredibly obscure – SimilarWeb does not even list it on its popularity index. These are both classic scam signs.
The domain is hosted on the 188.8.131.52 IP address, along with 30 others. However, at time of writing no connection could be drawn between them and FXcryptonetwork.
Finally, the domain does not have its owners available to a WhoIs lookup – another way in which they fail to live up to the standards of transparency outlined above.
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.