SafeCryptoWorld Review – Is this a Safe Broker?

SafeCryptoWorld Review

Anyone who wants to engage in online trading should be aware that they have to find a brokerage to begin. The door to the financial markets is unlocked by these online platforms, as they provide you the software, tools and other essential features that you need for making money. But, while you can find numerous companies ready to cater to you, it is vital to remember that they are not cut from the same cloth. Sure, some of them are indeed quality and professional brokers, but there are also scams and impostors running free in the space. Therefore, finding a safe brokerage is also a priority and this eventually brings you to the following SafeCryptoWorld review.

It is true that new opportunities pop up in the financial markets very quickly, considering their volatile nature. But, you have to remember that such chances come and go and you shouldn’t let this stand in the way of your research when you are looking for a broker. In your eagerness to jump on the bandwagon, there is a possibility that you end up choosing the wrong company and when that happens, you could suffer from massive losses. Do you really want to do that?

Of course, these are circumstances that no one wants to put up with and the only way for you to ensure it does not happen is to sign up with a safe broker. How do you determine a brokerage is safe? You need to research a company carefully and check their claims to know what they are up to. It means that you should not just take their word for it when they make promises and always follow up in order to avoid any surprises down the road. Don’t hesitate in making a little bit of effort because it can save you from disaster.

One of the brokerages you will find when you are searching is SafeCryptoWorld and as the name indicates, it claims to be a safe and professional platform. As a matter of fact, it presents itself as an industry leader that has several years of experience in the financial markets. But, you shouldn’t just believe a company without verifying the facts. Doing so works wonders in this case because you discover that SafeCryptoWorld is not what it seems. What do you find out? Let’s see:

It has no license

The most important thing about any online brokerage is their license to provide trading services. They are issued one by the regulatory authority in the jurisdiction they are based and this reassures traders that they are signing up with a recognized company that can be held accountable. Licensed brokerages have to fulfill a criteria for getting a license and it can offer protections to traders that their unlicensed counterparts cannot. The problem is that SafeCryptoWorld does not appear to have a license at all.

When you look into its details, you will discover that SafeCryptoWorld claims to have its headquarters located in London, United Kingdom. In order to operate in the UK, a brokerage would need to have a license from the Financial Conduct Authority (FCA). This is the regulatory body for the region and recognized as one of the best regulators in the world. A license from the FCA is highly valued, but it does not seem that SafeCryptoWorld has one.

You can check the online register of the FCA and search for SafeCryptoWorld and not find the broker listed. Moreover, when you scour the broker’s website, you will discover that it is essentially anonymous because they have not provided any company name, nor is a contact number provided. In addition, the broker is also breaking the rules of the FCA, which means it is truly unlicensed and unregulated.

It seems to be offering bonuses

There was a time when trading bonuses were immensely popular in online trading and almost every brokerage was offering them to attract traders. However, as these bonuses come with strings attached, it became apparent that they were designed to exploit traders. Therefore, this practice got banned in a number of jurisdictions and now most regulatory authorities do not permit trading bonuses. This also includes the FCA, which means brokers in the UK cannot offer trading bonuses yet SafeCryptoWorld appears to do so.

When you go through the Terms and Conditions that are listed on the SafeCryptoWorld website, you will come across a clause for Non-Deposited Funds. This has become a common one amongst scammers, which dictates that traders cannot withdraw profits from their accounts that have been generated via the trading bonus. The problem with this clause is that there is no way to physically distinguish the profits you make from your own money and from the bonus.

Thus, it gives SafeCryptoWorld the freedom to prevent you from withdrawing your profits altogether, until you fulfill certain minimum trading volume requirements. These requirements are deliberately kept high to ensure you cannot achieve them.

It has a high minimum deposit

You know that you have to make a minimum deposit when you open an account with a broker, but the problem with SafeCryptoWorld is that they ask for a massive sum. You have to deposit at least $10,000 to open an account, which is a huge sum. These days, most brokers allow their clients to open a micro account for as low $10. Even if the standard average is applied, the minimum deposit should not be more than $250. But, they are clearly asking for a lot, which should be considered a warning.

It has excessive withdrawal fee

It is necessary to know what kind of fees you will be charged by a brokerage and SafeCryptoWorld has proven to be outrageous in this regard as well. They seem to have excessive withdrawal fees, which is no longer the norm, as a number of brokers are now waiving these charges as a sign of good faith. They have also imposed conditions on withdrawals and apply a levy if you do not meet their requirements.

Closing Thoughts

At the end of the day, you can conclude that you are not dealing with a safe broker when it comes to SafeCryptoWorld and should avoid it.