Cryptomaxoptions – Beware Of this Broker Scam!

With cryptocurrency trading promising high returns to people, it is no wonder there is a high demand for brokers who can facilitate them. Consequently, hundreds of crypto brokerages have been established in the last few years and you will find plenty of them touting their services. However, this has also attracted a lot of cybercriminals and led to fraudulent platforms that are only interested in exploiting people left and right. The number of crypto scams has increased exponentially and you want to steer clear of them. How can you do that? This is where you can benefit from this Cryptomaxoptions review.

Checking the review of the broker you are considering can pay off in the long run because it can give insight into what you can expect from them. This can help you determine if the platform is just leading you on, or is actually capable of delivering what it promises. You can avoid disappointments and losses in this way and not miss out on any opportunities. When you are searching for a crypto broker, you will come across the name of Cryptomaxoptions that offers both forex and crypto trading services.

It immediately catches the eye because it is presented as the most secure trading platform that exists currently and promises daily payouts and profitable investments. You will also find that Cryptomaxoptions claims to be based in California and boasts about being fully insured and licensed by local authorities and also regulatory authorities in the United Kingdom. All of this makes it appear like a very impressive package, but the reality is quite different. Some of the problems you will discover are:

Blacklisted by the FCA

The most damaging thing for any brokerage is a warning issued against it by a regulatory authority and the same has happened in the case of Cryptomaxoptions. You will find that it has been blacklisted by none other than the Financial Conduct Authority (FCA), which is the regulator in the UK. This is a big blow to the platform because the FCA is known as one of the top regulators in the world, which means its warning is taken seriously.

The fact that Cryptomaxoptions claims to be licensed in the UK is proven false by this warning because it is clearly operating illegally in the region. Furthermore, it is not possible for the platform to operate there because crypto CFDs are banned in the UK.

False regulation claims

If the warning from the FCA is not enough, you will further discover that Cryptomaxoptions is also lying about its licensing in the United States. According to its website, it is regulated and licensed by the US Securities and Exchange Commission (SEC), but this is false. Why? This is because forex and crypto brokerages in the country have to be licensed by the Commodity Futures Trading Commission (CFTC) and need to members of the National Futures Association (NFA).

Unrealistic returns

Another major issue you will find at Cryptomaxoptions is the unrealistic profits they promise you when you choose an investment plan. They offer almost 1,000% returns, which are just not possible. For instance, if you begin with their Silver account that needs a deposit of $200, you can increase it to $2,000. Considering that both the forex and cryptocurrency market are unpredictable and volatile, no one can promise such returns to anyone and those who do are only trying to fool you.

No trading platform

It gets worse when you continue digging into Cryptomaxoptions because they don’t appear to have a trading platform at all. All you will find is a funny looking dashboard that doesn’t really do anything, except create the illusion of a trading platform. This means that you cannot do any trading at all, which renders the whole purpose of the broker moot.

Conclusion

You can come to the conclusion that Cryptomaxoptions is a downright scam that is only trying to exploit people.