Cryptorichs is a virtually anonymous and non-transparent brokerage company with very suspicious trading conditions and completely unknown leadership. If you solely rely on the information from the web presentation, you won’t be able to figure out at all who is behind this blacklisted broker and how exactly Cryptorichs scam works. That’s why we recommend reading our Cryptorichs review.
We break down the entire structure of their lies and deceit, along with their malicious trading conditions, defunct software and the very reasons why they were blacklisted. So keep reading. It’s in your best interest to gather enough intel on this shady firm, before you make any financial decisions that could cost you more than you bargained for.
| Regulated by: | Not regulated |
| Is This Company Safe? | Blacklisted scam companies are never safe! |
| Known Websites: | cryptorichs.com |
| Have Warnings from: | CNMV, CMVM, FINANSTILSYNET, FSMA, FSC, CONSOB |
| Registered in: | N/A |
| Operating since: | 2021 |
| Trading Platforms: | Web trader |
| Maximum Leverage: | 1:500 |
| Minimum Deposit: | $1,000 |
| Deposit Bonus: | Hinted but undisclosed |
| Trading Assets: | Forex, Crypto, Commodities, Indices, Metals, Equities |
| Free Demo Account: | Available |
| How to Withdraw from This Company? | If you have troubles withdrawing your funds, please take an advice from a legal expert before attempting anything further |
Is Cryptorichs a Legitimate Company to Trade With?
Cryptorichs is a, no doubt, fraudulent entity without any legal supervision of permission to sell their products and services anywhere. Because whoever is behind this firm didn’t reveal any physical location, we can only assume they could be operating from a country where native language is Spanish. That’s just an assumption made from seeing the other website language besides English is Spanish. For that very reason, we went and checked the register of the leading Spanish regulator – CNMV.
It wasn’t entirely a shock to see that Cryptorichs is only known to CNMV as a fraudulent entity, which the authority has published an official warning against. Several other regulators have shortly after this publication decided to repost it on their respective websites and warn the traders in their jurisdictions, too. Here is the list of all the regulators who have officially blacklisted Cryptorichs:
- CNMV
- FINANSTILSYNET
- FSMA
- FSC
- CONSOB
- CMVM
When half of the EEA regulators blacklist a website, it can’t be anymore clear who they are and what kind of activities they’re engaged in. Not only does Cryptorichs not respect and follow any legal directive, but they also actively work against their own customers and aim to steal all the investments.
If they were implementing segregated bank accounts, clients wouldn’t have to worry about the safety of funds. But Cryptorichs is not a Tier 1 regulated financial services provider, so you cannot expect them to implement this or any other of the obligatory risk-reducing measures either.
That also means that there’s no standard leverage cap at 1:30. Cryptorichs actually offers leverage as high as 1:500, which pushes clients into trading risks. The fraudster labels it as a chance for huge gain, while wanting you to forget the loss is just as great. The absence of negative balance insurance can push you into additional debts.
With such a bad reputation that Cryptorichs is building for itself, we don’t doubt more warnings will come soon. So please beware of all the dangerous investment or brokerage scams, as they’re everywhere.
Cryptorichs.com Countries of Service
Cryptorichs has been scamming people ever since they first launched their website in 2021. The majority of their marks live in Spain, which in turn warranted a scam warning by CNMV, which we covered earlier in our Cryptorichs Review. This does not mean that the scammers’ actions are limited to one nation only. We have heard from people all over the world, asking for help in resolving their chargeback issues.
Here is where the majority of them live:
- Spain
- Dominican Republic
- South Africa
One of the more dangerous aspects of dealing with Cryptorichs is their website integration with social networks. Indeed, you may create an account through an existing login through Facebook or Google.
None of the regulated brokers we have reviewed thus far offer this option, because of the possible data leakage. We advise our readers not to use their social network accounts to log in with any suspicious brokers, in the interest of protecting their privacy.
Traders Reviews and Opinions
There aren’t many personal testimonials online about Cryptorichs. All of them are overly negative however.
It was difficult to find testimonials in English, because the majority of targets live in Spain. The few people that did post a comment in English weren’t very fond of the company’s treatment towards them.
Here is what they say:
I Invested a little over $38k and i was hoping i would get over 70k back in profit, I tried to make a deposit into personal account that was when i realized they will not let me take my monie because they had a plan to scam me […]
deceptive business practice. Stay away they require me paying taxes on withdrawals I attempted multiple times to contact support, but was never accessible. Despite my persistent requests, never responded. […]
If you were contacted or defrauded by the people behind Cryptorichs, we’d very much like to hear your story. You may contact our staff at any time via the Live Chat on our website.
Leverage, Commissions, Spreads, Fees and Taxes
The highest leverage you can unlock at Cryptorichs is 1:500 for currency pairs, 1:50 for indices, 1:40 for stocks and 1:100 for commodities. Again, we remind you that the leverage limit in the EEA is set to 1:30, while Cryptorichs can offer several dozen times higher.
The main reason unscrupulous trading platforms offer such bizarre leverage is to increase your exposure to the instrument. The higher the exposure, the bigger the trading risk you take upon placing an order. On one hand, that indeed means you can win bigger. If you lose though, you will not be able to financially recover for a while, and all your funds will end up in the scammer’s pocket.
Spreads offered aren’t as tight as Cryptorichs advertise them. Starting spreads for EUR/USD, as evident from inside the platform, are at 4 pips. This is very expensive and hardly profitable. We’d recommend you to choose a regulated brokerage over this one anytime, as Cryptorichs can’t even remotely compete with their petty conditions.
Bonuses
Even though Cryptorichs doesn’t explicitly mention bonuses, their Terms and Conditions doc sure explains how they work. First off, if you accidentally accept a bonus upon depositing, you won’t be able to return it if you perform more than 2 trades. If you willingly accept this demise, know that this sum is treated as non-withdrawable.
Cryptorichs uses this excuse to lock your entire profit and the initial investment altogether, so you are not able to withdraw anything. The website supposedly unlocks all the funds and bonuses for withdrawals at some point, but only after you reach the trading volume requirement. Cryptorichs expects you to make a profit that is 40 times bigger than the deposit and bonus combined before all your funds are eligible for a payout.
Cryptorichs Trading Features
Everything Cryptorichs mentions as an advantage to investing with them, we’d consider it to be the opposite. It’s uncertain how this broker thought to enable clients to trade successfully when their platform is so oversimplified, defective and hardly functional at all.
That’s just the start of your problems if you sign up for an account. Because you have to pay at least $1,000 for a basic membership. And if you want to unlock more benefits and features you’d have to pay up to several hundred thousand dollars, while nothing guarantees you’ll indeed get the promised service.
How Good Is The Cryptorichs Trading Platform?
The Cryptorichs website does not advertise any Trading Platform whatsoever. You may see a link to download a trading platform for your device after a successful login to the Cryptorichs client dashboard. Although the link holds the title “Trade With MT4” and has a logo from MetaQuotes on it, this is a case of false advertising.
The Trading Platform that you get is called “Sirix Station”. This is the first time we have heard of this platform in general, but there’s more… When you try to download the platform, your Web Browser will inform you that the software you’re trying to get is tagged as unsafe.
Sirix Station is clearly a piece of software developed to facilitate online Forex frauds. We advise you not to download or install this application. In the case you have come across this Trading Platform, consider seeking legal aid. Chances are, you’ve been dragged into a Forex Scam.
Mobile Trading
We have already mentioned that the Cryptorichs’ main Trading Platform is called Sirix Station. It is available on iOS as well. Sirix Station can be downloaded through the Apple Store, where the app has an abysmal score of 2.1 on Apple Store, out of 106 unique ratings. The ratings of this Trading App speak volumes about Cryptorichs as well, and they tell us to give this broker a wide berth.
Available Trading Assets
Cryptorichs offers access to several dozen tradable instruments sorted in the following groups:
- Major, Minor and Exotic Currency Pairs (EUR/USD, GBP/CHF, CAD/SGD, AUD/JPY)
- Major Metals (Silver, Gold)
- US, EU and World Equities (ACCOR, ADIDAS, CMCSA, ETSY)
- Crypto (AVA, BTC, DASH, ETH, ETC, LTC, SOL, SHIB)
- Commodities (Cocoa, Coffee, Wheat, Soybean, Orange Juice, Cotton)
- World Indices (AEX, CAC 40, CSI 300, DOW JONES, FTSE, FRA 40)
All About Account Types
The Cryptorichs Account Types are as numerous as the lies this scam company tells their victims. There are no less than 7 different types, and they are all tiered accounts. It’s like looking at another Pyramid Scheme unfold before our eyes, with alleged greater benefits yielded to those who invest more money. It makes us reminisce about another scammer, TheBTCPro which we reviewed sometime earlier.
Here is what the Cryptorichs Accounts cost:
- Basic Membership – $1 000
- Bronze Membership – $5 000
- Silver Membership – $10 000
- Golden Membership – $25 000
- Platinum Membership – $100 000
- Diamond Membership – $500 000
- VIP Membership – $1 000 000
It’s insane how greedy these swindlers behind Cryptorichs are. We can only imagine what they want to achieve with $1 000 000 in their pockets. With the problematic social network integration we mentioned earlier, you can lose much more than your investment.
Should you expect a Demo Account on Cryptorichs?
Not many scam brokers offer a Demo Account, but Cryptorichs does. In fact, this company, if you can call it that, automatically creates a demo account for every new user. The starting margin with this Demo Account is $10 000. That is quite a bit more considerate when we compare it to the GroupTFM fraud.
Don’t be swayed by this apparent act of chivalry on part of Cryptorichs. When the fraudsters do feature a demo account, it usually doesn’t reflect the trading conditions you would encounter on their platform if you were logged in a Live trading account. This makes the free demo basically worthless, as none of your trading strategies would be applicable during live trading.
Cryptorichs Withdrawal
The entire ordeal with Cryptorichs withdrawals is quite an arduous one. The withdrawal page can be reached through the Client Dashboard, but there are some very interesting, or better said terrifying conditions when it comes to withdrawals.
You see, you may only withdraw a sum equal or less than what you’ve deposited through the channel you used to deposit funds. If your payout request exceeds the initial deposit, your money will be divided in such a way that only the deposited amount will be paid out through the depositing channel. The rest will be transferred by other means.
This is in contradiction with current Anti Money Laundering and Anti Terrorist Financing regulation. Any company would find themselves in hot water over something like this. As we’ve seen, Cryptorichs is not a very reputable company, and they found themselves on blacklists of many regulatory bodies. We are certain that breaking these all important rules is one of the reasons.
Customer Support
Cryptorichs does not feature a dedicated Customer Support page, and the website isn’t equipped with a Live Chat. This still allows the clients to contact the broker through email, phone, and a contact form on the website.
What’s more interesting is that Cryptorichs has support representatives in Spanish and English languages, but don’t let this fool you. These so-called “Support Agents” are the same Boiler Room Agents that hooked you on the scam in the first place. Their job is not to help you with any issues, but to smooth talk you into depositing more money.
What Should I Do If I Have Been Scammed by Cryptorichs?
Cryptorichs is a fraudulent company with a reputation that is dirtier than the inside of a sewage tank. Their dishonest behavior online has warranted multiple scam warnings issued by some of the most prominent financial regulators in the world. We have seen how Cryptorichs blatantly breaks the current AML and ATF laws. Needless to say, you shouldn’t expect any fair play from such people.
If you believe that you have become a victim of the Cryptorichs forex trading scam, consider seeking legal advice immediately. With professional help, you have a very good chance of recovering your lost assets. Our team of legal experts is on hand to help you with your chargeback efforts. Because time is a critical factor in these affairs, we have implemented Live Chat on our website. You can use it at your earliest convenience to quickly book a free consultation with one of our recovery professionals.
What Is Cryptorichs?
Cryptorichs is a known scam entity that has found its way onto the blacklists of some of the most prominent Tier-1 regulators. If you have been contacted or defrauded by scammers behind Cryptorichs, we advise you to seek legal aid as soon as possible. You may use the Live Chat on our website to book a free consultation with our team of experts.
Is Cryptorichs A Scam Broker?
Cryptorichs is a proven scam. So far, six major EEA regulators have blacklisted them as such. This is your biggest proof about a broker operating illegally and with a goal of defrauding traders.
Is Cryptorichs Available in the United States or the UK?
Yes, this broker had made their services available for both UK and US traders and investors.
Does Cryptorichs Offer a Demo Account?
The Demo account is a default Account Type for every client that creates a login with Cryptorichs.
