Let’s take a closer look at another online broker, offering its services under the name CryptoGo365. The company promises clients innovative solutions, security, and an efficient platform. However, we have doubts about the reliability of this broker: there are almost no reviews, and there is not much specific information available. We have decided to analyze the activities of this firm and find out if they are trustworthy.
Registration and Contacts of CryptoGo365
The managing company of the CryptoGo365 brand is CryptoGo365 LTD, registered in the familiar offshore jurisdiction of Saint Vincent and the Grenadines. The fact of registration in these islands raises certain suspicions. Offshore legislation allows businesses to operate anonymously. This is what cunning scammers take advantage of, and a significant number of them operate as online brokers. Despite the place of registration, attention should also be paid to the length of operation. The company was registered only at the beginning of the current year.
It is impossible to build a good reputation, attract reliable partners, or accumulate hundreds of thousands of clients in such a short period, as the organizers boast.
The CryptoGo365 website has only an English version, although we are assured that the team speaks the client’s language. However, this statement cannot be verified: questions in the chat remain unanswered, and calls to the hotline go unanswered. Social media icons at the bottom of the page do not work, and there are no links to accounts or the accounts themselves.
The domain cryptogo365.com was recently registered, and the registrant’s data is hidden. No information about the owners of the company or its founders can be found.
This level of anonymity is the first sign of potential fraud. It is further compounded by the lack of communication and the standard design of the website, which also indicates the possible dishonesty of this project.
Regulation of Broker’s Activities
Since March 2018, licenses for companies acting as intermediaries on the exchange have not been issued in Saint Vincent and the Grenadines. Due to the increasing cases of fraud, the government of the islands decided to abandon the control of such organizations. The state regulator constantly reminds that no checks or monitoring of brokers’ activities are conducted. The latest reminder was published in February 2022.
The FSA notes that a broker can and should operate with a license from the regulator of the country where it provides its services. However, there is no information about licensing on the CryptoGo365 website, and this is not accidental. Very few countries regulate the activities of crypto brokers, and Russia is not among them, as the Central Bank does not grant permission to such intermediaries.
Cooperation with CryptoGo365 in the territory of the Russian Federation is technically possible, but no regulatory body guarantees the protection of the trader’s rights. Scammers take advantage of this, deceiving their clients with impunity.
Trading Conditions at CryptoGo365
To attract as many users as possible, scammers have set a minimum entry threshold of just $250. This amount is required as an initial deposit to open a Rookie account. Apart from the size of the initial deposit, the accounts are practically the same. Scammers offer all traders:
- minimum lot size of 0.01 points,
- round-the-clock trading,
- access to the mobile and web versions of the Web Trader platform,
- no commission for deposits,
- over 100 types of trading instruments (digital currencies, commodities, raw materials, indices, and stocks),
- leverage of 1:400.
Conditions for a VIP account are available upon request and only if ready to deposit at least $100,000.
Scammers blatantly violate regulators’ requirements regarding the size of leverage (the recommended size does not exceed 1:30-1:50). In addition, they offer bonuses and participation in a referral program under the pretext of advertising, but in reality, it is to deceive clients.
Online Reviews
Since the firm has appeared very recently, we could not find detailed and reliable reviews. Several comments were published on trustpilot.com, but they were all written on the same day and seem more like marketing activity. There are no reviews in the Russian-speaking internet, but if any appear, we will immediately update the information.
How Traders Are Manipulated in the Cryptocurrency Market?
CryptoGo365 scammers attract clients through contextual advertising on social networks and forums. Registered users are provided access to the trading terminal, but the transactions are not sent to the market; they are only simulated. The administrators of CryptoGo365 set the prices themselves, which in some cases significantly differ from market prices. Furthermore, they intentionally slow down the terminal’s operation to ensure that as many transactions as possible end negatively.
According to reviews, most traders are involved in cryptocurrency trading. This market is very volatile, and even without any intervention, the chance of losing the deposit in minutes is very high. In the conditions created by scammers, it is almost impossible to make a profit. As a result, all funds remain with the fraudsters, and clients continue to deposit money into their accounts in the hope of luck.
Why You Shouldn’t Trade with CryptoGo365?
The company has all the hallmarks of fraud: registration in an offshore zone, lack of a license, high leverage, and an uninformative website. There are no reliable reviews, and the company is practically unknown. We recommend refraining from investing in this project, as it is a typical scam by fraudsters.
