The Internet broker CryptoKG, which operates in England, is a scammer with a damaged reputation
By The Forex Review - 02 / March / 22 590
Dominick Bell
If we go to the official website of CryptoKG - CryptoKG.com, we will read that this company provides intermediary services for Forex operations in Britain. In addition, CryptoKG provides programs for financial activities.
Our experts examined the CryptoKG website, got acquainted with the terms of action, made attempts to get at least test access to the programs, examined the availability of documents, the place of registration of the company.
With the help of the received data, we will find out: Is CryptoKG a scam or not?
In addition, we will tell you how not to get caught in the networks of scammers, about their methods of operations. We will tell you all the necessary data in order to keep your finances safe.
CryptoKG is located in an offshore country
A serious signal that CryptoKG are criminals is the country of registration. The organization is officially registered in the Marshall Islands, which is already suspicious, since CryptoKG.com operates in England. Offshore states attract the attention of fraudsters due to the lack of legislation and regulation.
Moreover, this region does not have the authority to work on Forex.
Moreover, when we tried to identify the physical or legal address, data on the owners and directors of CryptoKG, we could not reveal anything.
This suggests that CryptoKG is a criminal Internet broker, working with which can result in serious financial losses.
No information found about CryptoKG organizers
Having studied the site, our experts have not been able to identify true information about the organizers of the CryptoKG.com organization. No physical or legal address, no phone numbers or other methods to get in touch.
Typically, this means that incumbent leaders try to hide their identities in order to avoid being punished for their actions. And even if you manage to catch one of the CryptoKG managers, then this will all end, and the owners of the fraudulent company will remain at large.
Website - CryptoKG.com, has been up and running for less than a month
The CryptoKG website talks about a lot of experience in Forex operations.
The main way to analyze a website is to obtain information about its domain. Basically, they contain the duration of the domain name, the contact details of its owner.
In our case, the CryptoKG domain name is valid for less than one month, and all data about the legal entity that owns it is hidden. Another evidence that the organizers of CryptoKG are trying to preserve anonymity.
This desire can be supported, but not in cases where it concerns a financial firm that works as an intermediary between the user and the Forex financial market.
At the same time, CryptoKG.com assure users that they have been successfully working on Forex for many years.
CryptoKG has no demo period
It is a common practice for online brokers to provide clients with a demo version of the software so that they can familiarize themselves with the interface, try their hand at trading on the Forex financial market with fake currencies.
Unfortunately, on the official website of CryptoKG, we could not find data on the test period, the opportunity to try the software.
We think that the management of CryptoKG.com is most likely not going to provide traders with trial access to a paid service, as someone may suspect something is wrong.
Internet broker CryptoKG.com works with a negative balance
Legal firms that operate in the Forex market do not use a negative account in their activities. By law, the client of an online broker is not able to spend more now is on his balance sheet. In those rare situations when the account still goes into a negative value, it is not the trader who is obliged to repay the debt, but the company that provided the services.
Because of this, registered brokers do not use a negative account in their work.
However, CryptoKG offers its traders Forex operations with a negative account, that is, on credit.
What is it for?
In order to drive the client into a loan and from him a debt. This is one of the most common methods of deception used by criminals.
If this happens, you need to know that the criminals have no way to get the investment under the law of Great Britain. Any methods of pressure on customers are illegal. The most that scammers can do is to disturb with calls, send messages with demands.
It is impossible to cooperate with CryptoKG.com, as the agreements will result in new losses.
CryptoKG.com operate with a leverage of 1:400 or more
Already now, it becomes clear that CryptoKG are scammers. However, let's pay attention to one fact, namely the presence of an extremely high credit ratio.
Leverage is the ratio of the money of traders and online brokers when concluding a transaction. It allows large operations to be carried out by users who do not have the appropriate amounts freely available.
In order to protect Forex clients, in civilized countries, the current laws provide for the use of a credit ratio with a maximum ratio of one to 30, in exceptional cases 50.
At the same time, CryptoKG uses a leverage of 1 to 400 for Forex trading.
This ratio is legalized in Switzerland, since firms registered in this country enjoy great confidence. However, CryptoKG is not registered in this state.
In fact, CryptoKG does not have the right to conduct operations on the Forex market with such leverage, due to the high risk for users. So, this is used to force the user not only to give away as much of his own money as possible, but also to drag him into loans.
Local CryptoKG offices
It is considered prestigious for a financial organization to have local branches in civilized states, even if the activity takes place exclusively in Great Britain. Therefore, CryptoKG informs that in addition to a large number of awards, they have local divisions in England, Australia and other developed countries, as well as a large number of qualified specialists.
It is quite easy to check the existence of these offices. After all, specialized structures are known that control the activities of Internet brokers. In Britain it is FCA, and for example Australia it is ASIC.
That is, a legal firm must have official documents from these or other structures that will prove their right to provide services for trading operations in the Forex financial market, regulate the degree of responsibility.
However, after checking specialized websites, our staff could not find them. Which once again confirms the fears.
For registration on CryptoKG.com, you need to transfer confidential data
As we mentioned earlier, CryptoKG does not have a trial period and because of this, in order to gain access, you must immediately transfer the minimum deposit to CryptoKG bandits. Also, creating a CryptoKG.com personal account is possible only after passing user confirmation.
This means that CryptoKG requires clients to transfer data such as:
- Information about an individual (passport, etc.);
- Information about the permanent place of residence (scans of utility bills);
- Information about qualifications, place of work, experience.
Also, during the initial transfer, scammers can get access to card data.
As a result, this information may enable bandits to put a credit on the user, or to carry out other criminal operations.
Since for registration on the official website of CryptoKG.com, you need to send personal information, our specialists have not been able to get access to the CryptoKG personal account, as well as programs for trading in the Forex financial market.
Reviews about CryptoKG
An extremely important step in exposing CryptoKG is the analysis of customer reviews.
Examining the search results gave us the following information:
- Most of the mentions and reviews of CryptoKG on the Internet are fake. These are template positive reviews of a customized type;
- All true reviews and references to CryptoKG are negative. Our experts could not find plausible mentions and comments from CryptoKG.com users, which would talk about serious income, successful work.
- Bad reviews are caused by criminal activities, investment theft, debt creation.
In accordance with this, CryptoKG reviews indicate that this Internet broker is a scammer.
Contact details and papers CryptoKG
After analyzing the information on CryptoKG.com, our staff saw a lot of dubious digital white papers that can be easily made 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 companies, then its traders simply have nowhere to turn for help.
On the "Contacts" page, our employees found a phone number. It turned out that it had already been used by an illegal Internet broker. There are also many reviews on the web about fraudulent activities associated with the phone number listed on CryptoKG.com.
Withdrawing money from CryptoKG.com
Are you going to make money with the help of a financial market Forex broker? Make sure you can take money from him.
After analyzing the user agreement on the official website of CryptoKG, we did not find specific information about the ways to withdraw the money earned. Also, our experts found a mention of fees for account inactivity, but did not find information about the amounts. Since the criminals do not operate in the official field, it will not be possible to challenge these fines.
Therefore, even if the client has stopped working with CryptoKG, they can start calling and sending messages demanding to pay the fine.
How does CryptoKG work?
The method of searching for new users that CryptoKG uses is also suspicious.
Fake profiles on social networks are used for advertising, in which fake users talk about how they instantly managed to make a profit by earning on the Forex financial market through CryptoKG. Advertising accounts expose expensive cars and real estate, vacations in resorts and other indicators of a prosperous life.
Fakes guarantee instant income, for which you do not need to learn or make a lot of effort.
When a potential client gets in touch with them, CryptoKG employees report the possibility of instant profit, as well as some unique abilities of their programs that will make it possible to quickly earn serious earnings.
Further, all sorts of tricks go into the work, allowing you to get as much finance from the user as possible. For example, a user can arrange fake profits in order to motivate them to invest even more money.
When the work on the Forex financial market turns out to be negative, the personal manager will offer to invest more in order to compensate for the losses.
CryptoKG employees work according to the methods developed by professional scammers. Criminals study information about a trader in order to influence specific places, to get more deposits.
One way or another, all this will lead to one of two results:
- When you decide to withdraw finances before you are in loans, you will be charged fees, prohibited from using assets, and will do everything to make you pay more;
- When you allow the scammers to drive the account into a minus, threats will fall, scammers will demand to pay off a non-existent debt.
Another method to earn income for CryptoKG can be the sale of your personal data to third parties. Probably, as a result, detailed information about you can be obtained for a modest amount of money on some anonymous community on the shadow Internet.
It is likely that as a result of this, all sorts of scammers, managers, etc. will begin to write to you. In addition, you can expect calls from CryptoKG accomplices who will begin to offer a “return” of lost finances, of course, for a fee.
Since CryptoKG does not work in an official field and remains incognito, CryptoKG cannot be forced to answer under the law in England. The leaders of the criminal firm are carefully hiding and in the best case, the legitimate authorities will be able to arrest one of the "administrators".
Can CryptoKG be trusted?
It is forbidden!
Only if you are going to transfer money to criminals, then give it to a good deed.
Let's briefly list the evidence that says that CryptoKG are criminals:
- No official registration;
- No demo period;
- Lack of information about the owners of the organization;
- The phone is seen in criminal fraud;
- Negative score;
- Leverage over 1 to 50;
- Negative reviews;
- False information on the site.
This completes the CryptoKG review. Clearly CryptoKG are criminals.
For your safety, we have compiled a blacklist of brokers.
