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Austria's FMA warns of Cryp Trade cryptocurrency trading bot

Oct 16 2017
By
Jonathan Smith

 Austria’s financial markets and services regulator FMA has warned that the cryptocurrency trading robot Cryp Trade is not licensed to carry out banking operations in the country. In essence this means the company cannot operate in Austria.

 

Our check revealed that Cryp Trade is registered and based in Spain. The company offers “win-win trading strategies” in cryptocurrencies that have been allegedly developed by its very experienced brokers. There are three investment packages: Standard, Mega and VIP, starting from $1000 and total return of $2153. Cryp Trade, however, says it only accepts deposits in cryptocurrencies.

 

The company claims it is working with the major cryptocurrency exchanges Kraken, Bitfinex, Poloniex, Bitmex and xBTCe. It also offers a “unique cryptocurrency trading platform” for automatic trading, or a trading robot.

 

There is also some sort of affiliate program with multiple levels.

 

Considering the number of languages on the website, it seems Cryp Trade is targeting potential investors all over the world, but mostly in Europe.

 

Even though cryptocurrencies and various products with them are still a regulatory grey area in most parts of the wold, we suspect Cryp Trade might actually be a scam, similar to the numerous binary options trading robot scams. The claims in the promotional video sound just the same, the imagery with the luxury cars is also similar. At the same time, Cryp Trade does not provide any specific data or performance statistics to back up its claims. Rather, it seems Cryp Trade is using the global cryptocurrency mania to reel in gullible investors.

 

It is safer to trade in cryptocurrencies on licensed and reliable exchanges like Bitstamp or Coinbase, or to use the services of properly regulated brokers like IG, easyMarkets or HYCM, which offer cryptocurrencyy CFDs.

 

TAGS: fma  austria  cryp trade  warning 
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
UK, Bulgaria FCA, FSC Web €29 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
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Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
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UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
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Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

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