Cryptovem Review: Avoid Trading With Offshore Brokers

Cryptovem Review: Avoid Trading With Offshore Brokers

Cryptovem is not trustworthy, secure, or even a provider of CFDs. This is expected of an offshore corporation like it, as these organizations have historically been one of the main dangers to the security of trader funds.

Cryptovem Review – Who Is Behind Cryptovem Brokers?

According to its marketing, Cryptovem is a type of trading and investment platform “ideal for a hedge or mutual fund managers as well as Forex, stocks, commodities and cryptocurrency dealers.”

The creators of this website appear to have used buzzwords in an effort to deceive visitors who are unfamiliar with the financial markets.

A short fact check reveals that the suspicions were correct; this is a fraudulent website and one that requires little effort at that.

Is Cryptovem Legit Broker? License and Regulation

71 Cherry Court, Southampton, United Kingdom, SO53 5PD is where Cryptovem says it is based.

If a business claims to be based in the UK and offers its services there, it is likely that it has the necessary licenses. The FCA is the government agency in charge of regulating the nation’s markets and determining whether or not a company is trustworthy.

Because of this, even if Cryptovem does not explicitly state it, it would like you to think that it has an FCA license.

This is not true. Brokers who are genuinely approved by a tight regulating organization are required to abide by a number of rules. One of them is the outright prohibition of cryptocurrency CFDs, which Cryptovem freely promotes on its website.

As a result, it is simply impossible for it to possess the license it secretly pretends to have. Businesses that misrepresent their regulation and location pose a serious risk to retail customers, therefore you must avoid them at all times.

The following are some examples of offshore brokers:

SagaTrade: Because SagaTrade is an unlicensed broker, your funds are not safe with them.

TriumphFX: Avoid investing with this dishonest broker because they operate without a license.

Solana Markets: Due to the fact that Solana Markets is an unlicensed brokerage, your money is not protected from them.

The main objective of offshore brokers’ operations is frequently to cheat you. That is conceivable because such businesses, which are not regulated, are free to accept your money and embezzle them, frequently stealing everything they can.

However, even in the absence of fraud, an offshore broker poses a risk to the client’s investment because these businesses lack the resources and executive strength to survive in a market as fierce as the Forex one.

Cryptovem Trading Platform Review

In order to meet the interests of different types of traders and investors, Cryptovem promises “various platform alternatives.”

However, even the photos displayed as a preview on their website’s home page display a straightforward chart of the prices of current assets, similar to those that are freely available from the data source TradingView.

However, this website would not be legitimate even if Cryptovem possessed a more compelling platform. Trading software is one of the tricks used by scam brokers to convince their clients that their funds are actually being invested. But the whole transaction is a fraud.

Customers can choose from a large variety of trading software from legitimate brokers, including desktop, mobile, and web-based platforms. MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are the most popular platforms in the market.

These platforms have become the norm in the business because they include a wide range of capabilities, such as multiple account usage, a number of customization choices, the ability to create and use unique scripts for automated trading, and the ability to backtest trading techniques.

Available Trading Accounts at Cryptovem

Cryptovem lacks the essential technological capabilities and legal authorization to provide online trading in financial instruments. Additionally, there is no clear information on the website on how to use this trading service.

Cryptovem offers “investment packages” that guarantee absurdly high returns in place of the various sorts of trading accounts you’ll find on the majority of actual brokers’ websites.

These packages begin at 500 USD; however, many regulated brokers, particularly some of the top names in the market, would allow you to register a beginning account for a far smaller sum.

Deposit and Withdraw Process at Cryptovem

You can deposit using Bitcoin, Ethereum, Paystack, PayPal, and Stripe from the Cryptovem deposit menu. However, when you give each one a try, you’ll discover that sending money to a certain cryptocurrency wallet is the only option that works.

Cryptocurrency transactions are more popular among scammers because refunds are not available. While some trustworthy brokers do accept Bitcoin, they also accept other clear payment options including credit and debit cards, bank transfers, or well-known e-wallets like Skrill, Neteller, or Paypal.

Here’s How The Scam Works

On the internet, there are a lot of con artists waiting to entice individuals with promises of quick money. Through online advertisements, movies, comments, and other information on social networks, these con artists pique the interest of their potential victims.

Get-rich-quick advice that links to phony brokers’ websites and mobile applications or phony investment firms is sometimes used as the initial hook.

The victims are typically quickly called by fraudsters who provide a specific “investment proposition” after they have clicked on the advertisement or downloaded the mobile app and provided their contact information.

These scam artists are aggressive and frequently attempt to convince their victims to give them remote access to their computers in order to do certain financial transactions.

The scam artists also make an effort to persuade the victims to make ever-larger financial investments. The last money transfer is requested in exchange for assurances of repayment. To extort additional money from their victims, they use this tactic.

Your request is denied when you attempt to cash out your funds due to obtrusive restrictions and high costs. Because they conceal themselves behind fictitious names and offshore corporations, fraudsters may also simply vanish.

What to Do if You’re a Victim of Fraud?

Take out any remote access tools that the scam artists persuaded you to install after changing your banking credentials. They may have tricked you into installing a program like AnyDesk or TeamViewer so you believe they can help you with platform problems or even trading, but in reality, all they want is access to your financial accounts so they can steal more money. Make sure you inform your bank about the fraud.

You can also ask for a chargeback if you made your deposit using a Visa or MasterCard since both card issuers allow such requests up to 540 days after the transaction.

You can also reach out to teams like Global Fraud Protection. If you’ve never filed a chargeback and are unclear of where to begin or how to present your case to your bank or credit card issuer, they might be able to help.

About the author


Steven Ly

Steven Ly is the Startup Program and Events Manager at TheNextHint Inc. She recruits rockstar startups for all TC events including Disrupt, meetups, Sessions, and more both domestically and internationally. Previously, she helped produce Dreamforce with Salesforce and Next '17 with Google. Prior to that, she was on the advertising teams at both Facebook and AdRoll, helping support advertisers in North America and helped grow those brands globally. Outside of work, Priya enjoys Flywheel, tacos, the 49ers, and adventuring around the globe.

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