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Scam Alert: Stay Away from Unregulated FX Broker Crypto Rocket
Trading with Crypto Rocket is not recommended if you want to profit from the Forex market. This broker is not overseen by any regulatory body and has suffered a lot of bad reviews and even been warned. Here, we will tell you what the true face of Crypto Rocket looks like.
Not Regulated but Warned
Fraudster Crypto Rocket doesn't mention any regulatory information on its page, instead only providing an address in Saint Vincent and the Grenadines. So we searched for its company name - CryptoRocket Limited with S.t Vincent and the Grenadines Financial Services Authority (SVG FSA) and found that it was a company registered with SVG. However, the SVG FSA is a well-known offshore registry. It does not regulate forex activities or issue forex licenses. Therefore, registration does not imply regulation.
More importantly, the scam is warned by the Spain Comisión Nacional del Mercado de Valores (CNMV).
Risky Leverage
Crypto Rocket claims that it can offer high leverage of up to 1:500 is another way of saying that scammers are not regulated by top regulators, as most regulators set strict leverage limits for brokers according to their regulations. Take an FCA-regulated broker as an example, the highest leverage it can offer is 1:30. This is to protect the interests of investors, as high-risk leverage like 1:500 may lose all of the investors' money overnight.
Lightening Fast Withdrawl?
Withdrawal speed has always been one of the most concerned conditions for traders. The scammer says that Crypto Rocket withdrawals are "lightning fast". However, based on customer reviews, that doesn't seem to be true.
A client of this broker said that the withdrawal request is still pending after 48 hours.
Moreover, a complaint about the high slippage problem when trading with this broker also exists.
It is recommended to exercise caution when encountering Crypto Rocket.
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Risk Warning:
FX trading is of high risk and may not be suitable for all investors. Leverage will create additional risks and loss. Before trading, please carefully consider your investment objectives, experience level and risk tolerance. You may lose part or all of your initial investment; do not invest money that you cannot afford. Educate yourself about the risks associated with FX trading. If you have any questions, please consult an independent financial or tax advisor. Any data and information are provided "as is" and only for information purpose, not for trading or recommendations. Past performance does not predict future results.
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