Rerview of the CryptoKG broker. Fraudsters or honest brokers?
We have carefully studied the cryptokg.com trading platform itself, including the types of accounts, terms and methods of withdrawing money, traders' reviews about Cryptokg, and we have something to say.
For convenience, we have divided all the information we found into two blocks of facts confirming that Cryptokg is another scammer - basic and additional. Let's get to the main ones.
Registration in an offshore zone
Of course, we did not find direct evidence of the registration of Cryptokg offshore, but right on the platform itself we found the company identification number in the “contacts” tab, which gave us the following credentials:
- name COINPLAS LTD.
- registration in Milton Keynes, UK.
- registration date June 2021.
- two phone numbers - in the UK and USA.
- Spaniard director.
- field of activity - software development for business and home.
- company size - micro (less than ten employees).
- From other publicly available information on cryptokg.com found out that:
- work according to the legislation of the European Union.
- AML policy is based on Estonian laws.
Of course, Cryptokg is a subsidiary brand of the main enterprise, by the way, the date of its official launch on the market is December 2021.
It is not clear to us how America, the European Union and Estonia relate to the country of registration of England, given that of the addresses and contacts of regional representative offices, only a single telephone number in the United States is indicated.
Such a game of hide and seek and confusion in the underlying information about the dealer company suggests that the Cryptokg broker has something to hide. And, if there is something to hide, it means that new Cryptokg swindlers are operating on Forex.
Lack of real data and contacts of owners
No owners, let alone their contacts, are listed either on the platform itself or on the company's identification number. There is only a Spanish director, and he without a phone number, only his first and last name. But the director is an employee, he is not the owner. And, since the director is not equal to the owner, then his responsibility is solely within the framework of job descriptions, if they, of course, exist. Or, if the specified director exists at all.
Due to such secrecy and concealment of basic information about ourselves, our suspicions that cryptokg.com scammers have only grown stronger.
Account types
They are few, but there are plenty to choose from. Here, there is a minimum deposit from 500 to 1 million USDT, and a fairly high leverage of 1:20, and trading with a negative balance, but first things first. In the basic account, Cryptokg broker offers the following options:
- minimum deposit: 500 USDT
- minimum investment period: six months
- account currencies: BTC, USDT
- consultations with analysts: -
- analytical reviews: sent daily by e-mail
- standardized training programs: -
- instant online access to the trading terminal: -
- leverage in trading: 1:5
- trading signals: -
- trading without risk, number of positions: -
- automated trading: -
- priority order execution: -
- standard deposit and withdrawal of funds: -
It is noteworthy that the same functionality is presented differently from account to account. Of course, there are more opportunities for premium tariffs, but why are they not of the same name?
By the way, in the Basic tariff there is no technical support point at all, it appears only in the Premium account following the basic one. True, do not flatter yourself, the item itself appears, but opposite it is the same dash. In the same way, information about spreads and commissions is also selectively present in accounts. Basic does not provide for them, and in the rest, the “no commissions” clause is stated each time in a new way, and each time with a dash, then with a mysterious definition “for replenishment and withdrawal of funds”, without any specific amounts or interest.
What all accounts are similar in is the complete absence of information on the following important parameters:
- minimum withdrawal
- timing of withdrawal of money
- ways to withdraw money
We will talk about this and about trading with a negative balance, which is written directly in the tariffs without any twinge of conscience, but for now, such crookedly written accounts directly say that Cryptokg is a money scam and a scam.
Withdrawal of funds
Account types do not contain clear and understandable information about the withdrawal of earned money, but there is information about their “entry” to the dealer. If you scroll the “home” tab all the way down, after the description of the tariffs, payment methods appear that for some reason are not indicated directly in the accounts. Broker Cryptokg writes that it supports more than 20 such methods, including the most popular ones:
- Visa
- PayPal
- crypto wallet
- Skrill
- UnionPay
But payment methods are not the same as withdrawal methods. It turns out that the dealer took care of getting “his” money, and how the trader will withdraw the earned assets is the trader’s headache. The problems of the Indians, as they say, are not of interest to the leader. Maybe because no “earned funds” are planned? True, nothing else was expected from the Cryptokg deceivers.
- Terms of withdrawal of money
- Ways to withdraw money
- Minimum withdrawal
The cryptokg.com platform simply lacks this information. We can only assume that the “minimum investment period” item in the account is the time for withdrawing money, since this parameter is not directly specified anywhere.
There are basically no ways to withdraw money. The vague wording of the accounts casually touches on the topic of spreads and commissions, but again, without any specifics.
The situation with the amount of the minimum withdrawal is no less mysterious - none of the available information in the accounts and on the platform itself even hints at the size of the minimum withdrawal.
The total lack of data on such fundamental issues characterizes the cryptokg.com trading platform as scammers.
Allow trading with a negative balance
Negative trading is strictly prohibited in all developed countries. The trader trades until the minimum deposit is completely exhausted. As soon as the user's balance becomes zero, all trading ends. But cryptokg.com deceivers allow and even encourage trading with a negative balance, which is directly indicated by the clause present in all types of accounts - “trading without risk”. For the Basic tariff, such trading is not provided, but for the premium account “Tiger” there are as many as “5 positions”. The definition of “positions” is not entirely clear - five times a day? Five times over the entire investment period? As usual, no certainty and clarity. From which we conclude that the Cryptokg deceivers are contrary to the global trends of prohibiting trading in the red for their own profit at the expense of gullible and poorly informed traders.
Penalty for inactive account
We have become aware of the stories of some traders. The general essence of these stories is as follows - users registered an account, traded, and after a while deactivated their accounts. That is, they were completely removed. There is no account, there are no movements on it - this is what users thought until a week or two later they received notifications from cryptokg.com with penalties “for an inactive account” on their email. Moreover, below there was a warning about a second fine in case of non-payment of the first one and a veiled threat of going to court if the trader did not pay the full amount of fines - the primary and re-imposed ones.
This is no longer just a scam, but a direct swindle of Cryptokg for money.
Personal data for registration
One way or another, to trade on the cryptocurrency market, you will have to choose a trading platform and register an account. For the latter, your personal data will be required:
- identification document (passport or driver's license)
- address of registration (registration) to understand what country you are from
- utility bills at the place of registration, to make sure that you live long enough in one place
The dealer has the right to request such a package of documents. The situation is completely different with the CryptoKG broker. During the initial registration, he, as expected, demanded the above certificates and checks, and later, after registering the account, he received a request to confirm the solvency of the trader, which is information about professional activity - a work book with work experience and wages. This information is purely personal and only the employer can demand it, and not the dealer whose software the trader trades on, therefore such a request from CryptoKG is illegal and confirms that cryptokg.com are scammers.
NB: the sale of personal data is an additional source of income, the more detailed it is, the more expensive it is.
Above, we examined the main criteria that say that the CryptoKG broker is another Forex scam. Let's move on to the extras.
Short life of cryptokg.com
Here is a detective story in the spirit of Sherlock Holmes.
- The company identification number of Coinplas LLC tells us about the registration in June 2021.
- Subsidiary brand CryptoKG appeared in forex in December 2021.
- And everything looks quite decent and true, until we find two contradictory statements on the platform itself:
- “In a fairly short amount of time, we were able to attract over 5,000 active users,” says the “about us” tab.
- “Find out why millions of users from more than 140 countries trade with CryptoKG” - this is already at the very bottom of the “about us” tab.
There are no more specific dates for the appearance of the dealer, and those that are clearly contradict each other. Somehow, 5,000 users for a “short”, but still indefinite period and “millions from 140 countries” do not fit.
Such open inconsistencies in the date of formation of the dealer company indicate that the cryptokg.com scammers are confusing their tracks and are trying to hide reliable facts about themselves.
Lack of a demo version of the trading platform
Broker CryptoKG does not provide a test period for its trading software. Legal dealers always give users the opportunity to get acquainted with their platform, because they have nothing to hide, on the contrary, this is additional advertising and motivation for future traders to register an account. But fraudulent schemes do not provide for demos, since users may suspect something is wrong before they invest their money.
The promise of signup bonuses
Sounds weird. Grocery stores do not pay their customers for visiting and shopping in their supermarkets, they offer storage cards at most, but the CryptoKG dealer offers a 50 USDT registration bonus. Moreover, this gift promises not on the trading resource cryptokg.com, but in advertising companies. That is, there is advertising, but in fact there is no bonus. This is a banal lure of customers to the site in order to register them.
The registration bonus, which is absent in reality, is a bait for future victims of the financial hunt of Cryptokg scammers.
Regional offices
Above, we wrote that the site cryptokg.com does not have any information about regional offices, except for a lonely phone number in the United States. Which is very strange when the broker Cryptokg claims about millions of traders from more than 140 countries. Of course, our age is the age of computer technology, the Internet and virtual space, but absolutely any honest dealer has live offices in major cities of the world, but not cryptokg.com deceivers.
Trader reviews about Cryptokg
We got acquainted with the reviews of traders and came to the conclusion that most of them are fictitious or paid.
The release date of the Cryptokg forex broker is December 2021, and Cryptokg reviews start from October-November 2021. It looks like the dealer has a time machine. Now the reviews of traders themselves.
- The Russian-speaking public praises the interface of the platform, but English-speaking traders are mostly dissatisfied with it, they write that it is complex and confusing.
- Strange solidarity of commentators who, as one, do not trade for long, but are very, very pleased with the dealer. There are no “oldies” commentators, solid green newbies.
- Another general, but no less doubtful, satisfaction with the methods and timing of the withdrawal of money. And this is despite the complete absence of such information in user accounts and specifics from commentators. They vaguely praise without giving any facts.
- Not a single completely negative review, all users are somehow satisfied. And that only happens in fairy tales.
The comments look implausible, and taking into account the feedback from traders in hindsight, they directly say that cryptokg.com is a scam.
Here is a general scheme of work of the Cryptokg broker in the forex market
Advertising is the engine of trade, so there is no way without it.
The broker uses advertising skillfully and purposefully. He places the main information attack in the two most suitable tools for this - social networks and blogs.
- Social networks are full of posts of people who successfully played on the stock exchange thanks to Cryptokg. True, without any specifics, something very vague, in the spirit, I won a lot, and you can even more. Needless to say, the accounts of such people are fake.
- Financial blogs and popular bloggers. The dealer either independently generates laudatory articles about himself and pays for their placement in specialized blogs, or pays directly to bloggers for such articles.
One way or another, such advertising deceives users and is aimed at increasing visits to the trading platform. Future traders are lured into the conversion funnel to sign up for accounts.
As soon as the user goes to cryptokg.com, the managers of the Cryptokg scammer get in touch with him
These managers are trained in psychological manipulation and quite easily swindle naive or inexperienced traders for money, promising instant profits, no risks, advanced analytical and technical support. Anything, as long as the user gives the dealer as much personal money as possible.
The trader believes, plays on the stock exchange, spends his deposit to zero, which is quite easy in the complete absence of any support and training
At this tense moment, the dealer offers to trade in the red, remember that this is prohibited in civilized countries. The trader usually agrees and his account is finally driven into a minus. The next stage begins - knocking out debts. They call and write to the “Debtor”, write and call with demands to pay off “debts”, which, by definition, should not have been, but appeared due to self-interest and the desire to profit from the “kind” Cryptokg broker. Further more. “Fines” are imposed on “debts”, and the trader becomes indebted to the dealer.
When the dealer gets everything he can out of the trader, he sells the user's personal data
The same data required to register an account. And if the trader also provided the broker with information about his professional activity - a work book - then it’s generally excellent, the dealer will be able to earn even more by selling such complete user information. But all the troubles of the user do not end there, because the information is sold to the same scammers as Cryptokg itself, so the demands to return non-existent debts and fines continue to come to the user, but from completely different scammers.
All this is possible due to the complete absence of responsibility to regulatory organizations
At the very beginning of the article, we wrote about the registration of Cryptokg in an offshore zone. Such registration is necessary precisely to avoid answering to law enforcement agencies. It is extremely difficult to call to account a company that is not really listed anywhere, and from contacts it has two phone numbers and a registration address in the UK, which does not at all guarantee the live presence of the company and its employees. In general, it can be anything, some lost in the landscape folds of England, a barn or a farm.
Our review of the cryptokg.com platform led us to the unequivocal conclusion that Cryptokg are just another scammers looking for easy and quick money in the forex market, which is incomprehensible to beginners.
Here are the main parameters that you should pay attention to when meeting a new broker:
- offshore zone
- period of work in the cryptocurrency and not only the market
- test period of the trading platform
- registration bonus
- types of accounts with confusing and difficult to understand information
- trading with a negative balance
- regional offices
- confirmation of solvency (requirement of a work book)
- feedback from traders
- minimum withdrawal, terms and methods of withdrawing money - this information must be present in the tariff plans and be understandable, clear and precise
- penalties - they should not exist at all
Checking a new dealer against this list will save you time, nerves and money.
You can check out the full list of brokers to bypass.
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