It’s evident that something is awfully wrong with Dripcoin. This broker is dubious on so many levels.
That’s why we’re doing the Dripcoin Review, to expose this anonymous fraudster using facts. Without further ado, let’s dive into the lies of this scammer.
The Dripcoin regulation is an utter lie. Instead of real text, this broker provided screenshots for its legal documentation. There you can read about how this entity is the trading name of Maolga Ltd, allegedly from Seychelles.
Seychelles is a controversial offshore domain with lax regulation but that matters little in our case since this dubious Maolga Ltd is not registered with Seychelles’ regulator, the FSA.
As a matter of fact, Dripcoin is nowhere to be found in any database of financial market regulators. That’s reason enough not to trust this anonymous and dishonest scammer with your hard-earned money.
It’s much safer to open an account with a regulated broker. We recommend brokers that operate under the jurisdiction of the European Securities and Markets Authority (ESMA). Make sure the license was issued by a Tier 1 regulator such as the FCA, BaFin, FINMA, etc.
If you’re from the US, your broker has to be registered with the CFTC and NFA. Canadian providers must be found in the database of IIROC.
Dripcoin is an anonymous trading scam that allegedly offers trading in digital assets, i.e. cryptocurrencies. This entity has scammed traders from the United States, the United Kingdom, Australia, Canada, and India.
Our job was to find out where Dripcoin looks for victims. After doing some research, we found that this financial swindler succeeded in infiltrating some heavily regulated domains:
It’s impossible for a broker like Dripcoin to obtain a permit to operate under tight jurisdictions such as the UK or the US. We must pressure regulators to issue warnings against Dripcoin and its fraudulent scheme.
Dripcoin has no social media such as Facebook or Instagram. But, the broker did include a phone number and an email, so we assume that’s how the anonymous fraudster gets in touch with potential victims.
Or, maybe Dripcoin bought Google ads or hired agents to run fraudulent crypto marketing campaigns. Scammers such as this one sometimes create private WhatsApp & Telegram chats to present their shady offers there.
Trading forums are full of negative reviews of Dripcoin. You could spend an hour reading the traders’ complaints against the broker.
After so many complaints, there’s absolutely no doubt that Dripcoin is a fraud. Some reviews are from 2021 so how this scammer is still active is beyond us. We selected some to illustrate the kind of scam that Dripcoin is:
I was with dripcoin in 2021 and lost money to them. I was a first time trader that hey scammed very well. They told me they would be there for me and help me trade. One morning it was all gone…
They are first class swindlers and are after your pocket, they refused to pay me and wanted more…
Dripcoin did a wonderful job advertising its trading platform. Yet, it’s unclear which platform it is. Based on the info on the website, we conclude that Dripcoin offers a web-based trading terminal.
If that’s the case, then our expectations are low. Browser-based platforms are usually devoid of advanced tools and options. They offer just some basic charts and graphs.
Dripcoin claims to offer downloadable software but without a demo account, we weren’t able to check it out. Nevertheless, we highly doubt that Dripcoin offers a legitimate third-party platform such as MT4, MT5 or cTrader.
According to Dripcoin’s website, this broker is engaged only in digital assets trading, i.e. cryptocurrencies. Although Dripcoin didn’t specify which crypto coins it offers, we suppose it’s the usual – Bitcoin, Ethereum, Litecoin, etc.
Crypto trading is risky due to the market’s volatility. If you decide to trade crypto with an unregulated broker, it makes the whole thing even more dangerous for you.
There’s no CFD trading on popular assets such as stocks, indices and commodities. You cannot trade foreign exchange (Forex) currency pairs either.
No, which we consider a huge red flag. Dripcoin offers just one simple live account without disclosing its trading conditions (leverage, spreads & commissions).
Thus, Dripcoin wants you to open a live account right away, without even seeing the platform, and invest real money. None of your investments are safe with this unscrupulous broker.
Dripcoin claims that the available payment methods include:
For a broker so vague in all aspects, the Dripcoin withdrawal policy sure is full of information. The minimum withdrawal amount is between 100 $ and 250 $.
As for the fees, Dripcoin charges 200 $ for 60 days of inactivity, followed by a monthly fee of 90 $ for balances above 250 $ for each inactive month.
Scammers will try to get your money by using all the possible means but crypto payments seem to be their favorite. The reason is crypto transactions are hard to trace and allows the scammer to remain anonymous.
We understand that silver-tongued scammers like Dripcoin can be persuasive at times. There’s no shame in being scammed, it could’ve happened to anybody.
Right now, it’s important to act quickly. Please notify our team about how Dripcoin violated any terms and conditions so we could report the scammer to the authorities.
As for your lost money, Global Fraud Protection can help you there as well. Our experts can help you with the chargeback or recall process. They are also experienced in tracing crypto transactions with CipherTrace.
If this broker steals your money, contact us for help. The easiest and fastest way to get in touch with us is via Online Chat. Book your free consultation today!
No, do not invest in this anonymous trading scam. If you already did, please call us as soon as possible.
No. Dripcoin didn’t include a free demo account, which is a huge red flag.
Dripcoin promised a desktop and web-based platform. The latter can be accessed via mobile but we don’t recommend it.
Dripcoin’s desktop platform is a mystery. As for the online platform, we highly doubt it’s effective.
No, do not invest in this anonymous trading scam. If you already did, please call us as soon as possible.
No. Dripcoin didn’t include a free demo account, which is a huge red flag.
Dripcoin promised a desktop and web-based platform. The latter can be accessed via mobile but we don’t recommend it.
Dripcoin’s desktop platform is a mystery. As for the online platform, we highly doubt it’s effective.
The post Dripcoin Review – Anonymous Trading Scam Broker Out To Rob You appeared first on Global Fraud Protection.
