Do not mistake Crypto Chain Group for a legitimate brokerage and a safe trading platform. The website looks attractive but it’s just the tip of the scamberg here.
In our Crypto Chain Group Review, we analyzed what this provider offers in terms of regulations, a trading platform, instruments, accounts, leverage, and payment methods. If you’re a victim of the Crypto Chain Group scam, Global Fraud Protection can help you.
Crypto Chain Group is not regulated. The shady broker did not display or mention any trading license whatsoever. To make matters worse, this website is virtually anonymous, i.e. no company name, address, phone number, etc.
Could this mean that Crypto Chain Group is really a trading scam? We found one tiny piece of dishonest information that’s a dead giveaway. Namely, in the Terms and Conditions, Crypto Chain Group claims that all agreements made with the broker adhere to the laws of “Estonia and the Grenadines”.
What do traders think about Crypto Chain Group? We opened personal-reviews.com to find other Crypto Chain Group reviews. Unsurprisingly, there are several complaints against the broker, indicating a Forex trading scam.
These unfortunate victims go into detail about how the Crypto Chain Group scam works. Just as we thought, withdrawal issues and bad communication are recurring in the comments.
I have fallen into their scam… In one day I lost $21,000.00 usd and I am still trying to figure it out. It seems that when I open a position the trade goes the exact opposite way which in turn loses money… I have tried to withdraw small amounts with it being rejected. These guys are very good and I caution you get out while you can…
After the scammer succeeds in squeezing funds out of the trader, the latter then receives a rigged platform, which is manipulated to show fake trading profits. The trader buys into this cunning trick and keeps “trading” in vain.
All the while, the scammer is stealing all the deposited funds, eventually disappearing without a trace, and ceasing all communications with the trader. If this has happened to you, please give us a call.
It seems that Crypto Chain Group is not active on social media. The website only mentioned an email, not even a phone number.
Crypto Chain Group’s website has been active since June 3, 2022, according to GoDaddy’s WHOIS database. After doing some research, we managed to discover where this scam took place, i.e. in which countries Crypto Chain Group’s victims live. Here is the list:
All three of these countries are domains with strict regulations. There is no room there for scammers, which is why we must urge the respective regulators to react to this cyber threat and issue warnings.
Crypto Chain Group offers a web-based trading platform, called ProWave. This platform can be accessed via mobile devices as well. Despite a fancy name and a compelling advertisement, this ProWave platform is nothing special.
It offers the bare minimum of features that a trading platform should contain. We’re talking about elementary charts, graphs, and TA indicators. Contrary to the broker’s claims, ProWave does not offer cutting-edge tools such as automated & algorithmic trading or a customizable interface.
If you want a neat trading platform with all the advanced tools imaginable, then MetaTrader software is for you, and make sure your broker is licensed! Crypto Chain Group does not support valid third-party software.
According to the Crypto Chain Group website, the web platform includes the following trading instruments:
Let’s make an overview of Crypto Chain Group’s available trading accounts:
Per the website, each subsequent account type offers multiple perks and benefits. The selection of trading assets is also greater with each “higher” account tier.
No, because there is none. Crypto Chain Group did not provide a risk-free demo account option, which is a huge disadvantage, especially for beginner traders.
Without a demo account, you cannot see the platform or try out trading. If your open a live account, you will be risking real money. Keep in mind that legitimate brokers always include a free demo account.
Crypto Chain Group offers abnormally high leverage – ranging from 1:100 to 1:1000 depending on the account type. Such high leverage is proof that Crypto Chain Group is not a regulated broker.
To elaborate, regulators around the world all have a legal leverage cap that brokers must respect. In Europe and Australia, that cap is 1:30 for retail clients whereas in North America, the limit is 1:50.
The spread that Crypto Chain Group offers is actually favorable – around 1 pip for the benchmark EUR/USD FX pair. However, tight spreads cannot compensate for an ineffective platform, high leverage, and a lack of a trading license.
Yes, Crypto Chain Group does offer bonuses. Each account type offers a higher upgrade bonus than the last. The bonus ranges from 10% to 20%, presumably calculated on the deposit.
It’s important to stress here that bonuses are banned in Europe because scammers always use them to trap clients. They always include a shady bonus policy, which Crypto Chain Group did too.
Namely, profits made using the bonus “may only be withdrawn subject to execution of a minimum trading volume of 30 times the deposit amount plus the bonus issued,” according to the bonus policy. This amount is utterly insane and the bar was purposely set really high.
Crypto Chain Group’s deposit and withdrawal policy clearly outlines the payment methods and fees:
As for the fees, the broker charges 50 $ for wire transfers and 25.00 $ for credit cards plus a processing fee of 10 $. On top of that, there is a 10% levy on “any Withdrawal/ Refund from an
account that has not executed more than 200 in turnover and/or from accounts that have not been verified.”
The minimum deposit is 250 $ and the minimum withdrawal amount is 250 $ for wires and 100 $ for credit/debit cards. Don’t forget about the crooked bonus policy that blocks withdrawals.
To sum up, Crypto Chain Group is an anonymous trading platform with no regulation or license. This website has been active since June 2022 while the scammer targets traders from the UK, Australia, and Canada.
There is a way to get your money back. Conceder a chargeback/recall, a process of reversing credit/debit card transactions or wire payments, which can be requested at the issuing bank within 540 days.
If you are a victim of the Crypto Chain Group scam, please notify our team about it. Global Fraud Protection can help you with the chargeback process but you have to make haste!
Book a free consultation with us today and get your money back!
Crypto Chain Group is an anonymous website with no trading license. In other words, a cyber trading scam.
Yes, you can trade both CFDs and cryptocurrencies with Crypto Chain Group but you should not do it.
No, many traders have already been scammed by Crypto Chain Group. If you’re one of them, contact us for help!
Crypto Chain Group is an anonymous website with no trading license. In other words, a cyber trading scam.
Yes, you can trade both CFDs and cryptocurrencies with Crypto Chain Group but you should not do it.
No, many traders have already been scammed by Crypto Chain Group. If you’re one of them, contact us for help!
The post Crypto Chain Group Review: Avoiding Financial Pitfalls and Safeguarding Your Money appeared first on Global Fraud Protection.
