Read our Cryptec review carefully to see why we do NOT recommend this broker for trading. Just to clear any suspicions this is a cryptec.io review.
Who are they?
After taking a look at their website, it shows that they do not fall under any regulating agency. That is a MAJOR RED FLAG!! That should be enough for you NOT to invest with them. And they also work with websites that offer “Automated trading software” which is another red flag, as this kind of websites are notoriously famous for scamming schemes.
So Cryptec is just another unregulated forex broker, which means the customers are not protected, and there is highly likely they will get away with your hard earned money and there will be no regulating agency to hold them responsible.
How does it work?
Usually unregulated forex brokers work in the following way. They will call people to persuade them to make the initial minimum deposit, while trying any conceivable method in order to make that happen. They will offer deals that sound too good to be true, like we will double your initial deposit or you will make $100 per day easily. Please don’t fall for anything they say!!! It is a SCAM! After making the initial deposit, people get transferred to a smarter scammer, called a “retention agent”, who will try to get more money out of you.
Withdrawing funds
You should submit a withdrawal request ASAP, because your funds are never safe with an unregulated broker. And here is when things get tricky.
If you want to withdraw your money and it does not matter if you have profits or not, they will delay the withdrawing process for months. If they delay it for six months, you won’t be able to file a chargeback anymore and your money is gone for good. It does not matter how often you remind them or insist in withdrawing your money, you will NOT get them back. And if you signed the Managed Account Agreement or MAA, which is basically authorizing them to do anything they want on your account, they will lose all your funds so there won’t be anything to request anymore.
How to get your money back?
If you already deposited your money with them and they refuse to give your money back, which is very likely to happen, don’t worry, it might be a way or two to get your money back.
First of all you need to keep the emails as a proof that you have been requesting the money back from them but they don’t give it to you, or they delay the process for too long, with the intention of not refunding your money.
The first thing you should do is perform a chargeback! And you should do this right away! Contact your bank or credit card provider and explain how you were deceived into depositing for a trading company that is not regulated and they refuse to give your money back. This is the simplest way of getting your money back and is also the way that hurts them the most. Because if there are many chargebacks performed, it will destroy their relation with the payment service providers. If you haven’t done this before or you are not sure where to start or how to present your case to your bank or credit card company, we can assist you in preparing your chargeback case. Just contact us at [email protected] but do not let your broker know they you read this article or that you are in contact with us.
What about wires?
If you sent them a wire, there is no way to perform a chargeback on a wire. For this step you need to raise the fight to a different level. Tell them that you will go to the authorities and file a complaint against them. That will get them to rethink the refund possibility. Another thing you can do is prepare a letter or email for the regulating agencies. Depending on the country where you live, you can search on google to find the regulating agency for Forex brokers in that country. After that you can prepare a letter or an email describing how you got deceived from them. Make sure you show this letter or email to them, and tell them you will send it to the regulating agency if they don’t refund your money. If you do not know where to start, reach for us at [email protected] and we will help you with this step as well.
Make sure you leave reviews about Cryptec in other sites
Another way to hurt them and save other people from falling victims is to leave bad reviews on other sites, and describe shortly what happened. If you fallen victim please leave a review and a comment on this site at the comment section.
Cryptec Review Conclusions
Making the Cryptec review is actually a pleasure for us, and we hope to save as many people as possible from losing their hard earned money. A good rule of thumb is to carefully review all the Forex companies and any other company for that matter, before you perform any transaction. We hope that our Cryptec review has been helpful to you. If you have any questions or you need an advice about the withdrawing process, feel free to contact us at [email protected] or by using this contact form
If you like to trade please do it with a trustworthy, regulated broker, by choosing one of the brokers listed below.
Hi all. I have been duped! I first read about Cryptec and all was good. Deposited £250. Then they called and made me an offer towork with senior Account Manager #Allistair Knight. I then had to deposit a further £2,500. We did a few good trades, and then I was asked to meet their VIP Trader who did some trades with us and we were up to £7,500. Then he asked us to add another £8,000. We said no. the next day, I got a phone call from a guy from there saying he saw that I was trying to withdraw funds, so he would help me make some more so that it was worthwhile making the withdrawal. In 20 minutes, he managed to claw back £5,500 of my account taking me back to just less than the original amount. I was purplexed and got hold of my account manager who cited the volitility of the market that day. He and I managed to make up a bit of the money and then he said, he could do a great deal with the bitoin halving which would make us about £50,000. But we needed to add another £2,000 to our account. His explanation was so plauible, and the bitcoin was moving steadily up, so we decided to give it a go. Well, by Friday our account was down to £2,500 again, supposedly tied up in the bonuses they added to our account and we cannot get onto the platform anymore, there is no way to get them on email, and the telephone number no longer works!
Ed James
Don’t touch Cryptec with a barge pole. they are crooks through and through
How can we get our money back … currently 2,600 in our account even though we have put in 4,800 … 250 and 2,500 were put in by cards and the other was by buying bitcoin and adding it from there
Hey Guys,
I was scammed of $25,000 in June 2020. I am doing it through my bank and I called AFCA if you are in Australia if not go to the police make a report and supply everything which then goes to the FBI etc. and if they get the person you can charge him with fraud he will either pay you back or go person. Other than there is a agency called global payback they are really good.
I know those people who work there. Bunch of fucking scammers. DO NOT trade with them, nothing is regulated and all you’ll end up doing is losing your money where they make u believe you making money.
Bunch of shitty ass people that run that shady business
That is terrible to hear .. we have invested about US$ 4000 with them and I can’t get hold of them