At first, nothing seems off with this exchange. The website seems to be well made, there’s a clearly defined fee structure, and the company seems like they have a solid reputation online. Checking the legal background quickly shows that not all is as advertised.
Our Cryptology review will show you how these scammers managed to hide in plain sight for so long, they managed to persuade tens of thousands into investing.
Our investigation on the cryptology.com website starts with the given legal information. A parent company is stated as Cypher Trading, UAB, allegedly based and regulated in Lithuania.
Unlicensed firms don’t provide necessary security solutions, which increases the risk of data leakages and hacking. Without proper supervision from the authorities, nothing stops the people running the platform from simply heisting your cash and running off with it.
Considering that the crypto market is still a developing financial branch, these viral campaigns target the younger demographics and early adopters. Neither of these groups are very experienced in the cut-throat world of global finance, which makes them sitting ducks for the fraudsters.
Many of the website visitors live in these nations:
We offer help with asset recovery for anyone who’s invested with this fraudulent platform. Get in touch today via the live chat, and book a free consultation.
The main desktop platform is a basic web trader. It offers a small number of options, none of them more advanced than what you’d expect from similar software offered by other companies.
While reviewing the Cryptology platform we’ve noticed an exceedingly heavy resource requirement of over 40% of our processing power. Although this might indicate sloppy optimization, it is also possible that the software is running other, unknown background processes.
CryptologyGO appears to be well received by the clients, but it was only downloaded around 100 times. Any review ratings are not indicative of the performance of the exchange, but the software itself.
All of the available instruments are related to cryptocurrency transactions and trading. The number of separate assets is around 100 coins, where many regulated exchanges offer tens of thousands.
Some of the available coins include BTC, ETH, LTC, DOGE, KSM, MANA, SHIB, XRP, CAKE and USDT. Besides the usual cryptocurrency pairs, the exchange also offers crypto futures, also known as perpetuals.
The exchange offers only one trading account type. The Cryptology account doesn’t include a demo, so the clients can’t test the trading environment without investing real money.
Traders who are used to trading through a decentralized exchange will instantly notice a rather invasive KYC policy right off the bat. Before engaging in any cryptocurrency purchases, swaps or trading, potential clients must pass a multi-stage verification check.
Maker and Taker fees for spot trading are set at 0.2%, which is about the top limit of the current industry average. Futures trading incur a Maker and Taker fees of 0.025% and 0.05% respectively.
Different fee structures are implemented for FIAT and cryptocurrency deposits. FIAT deposits are 2.50% + €0.25 per transfer, and withdrawals are billed €7 each. While depositing with crypto coins incurs no fee, withdrawals are calculated in fractions of the selected coin. For the BTC benchmark value, this is 0.0001 BTC or around €2.8 .
Maximum FIAT deposits and withdrawals are €10.000, with a minimum of 5€ and €7 respectively. While there is no upper limit for crypto transactions, the minimum deposit/withdrawal is 0.00001 BTC.
While not explicitly advertised on the website, rumors abound from multiple sources stating that a Cryptology bonus of $25 is offered to citizens in certain conflicted nations.
Commenting on political developments is not our place, yet it’s disconcerting to know that fraudsters abuse bonuses to profit from people in a desperate situation.
Company clients are not satisfied with how their payout requests are processed, and many claim poor conduct on behalf of the company.
The issues include accounts emptied overnight, requests being denied without explanation, and hidden fees that the company requires to be paid up-front, which is an illegal practice. For help with resolving these issues, you may rely on our chargeback experts.
The glaring problem with this exchange is the lack of any registration or license. Other problems include poor trading software, poor asset coverage, and the ever-present problems with financial channels.
It’s difficult to resolve any of the payout issues you might have with this unlicensed exchange without legal support. For help with Cryptology withdrawal, get in touch with our chargeback professionals via the live chat.
It is an illegitimate cryptocurrency exchange which has been on the market for some time. If the company starts making a problem with withdrawals, contact our legal professionals.
So far there have been no public records of hacking or security breaches. The company is not a licensed entity, however, and the dangers are not limited to data loss.
Company charges Maker and taker fees, and some minor deposit and withdrawal fees.Many clients openly complain about additional hidden fees, however.
The post Cryptology Review – Detailed Look Into A Long Running Scam appeared first on Global Fraud Protection.