Introduction to Crown Forex Review:
One of the main ways through which scam brokers prey on innocent customers is by pretending to be a well-established broker first. Upon receiving the deposits from the customers, these scammers will claim a fake bankruptcy and promise to return the money later. Unfortunately, the “later” never comes. Today, we will review one such broker that has declared bankruptcy and is a potential scam, based on the number of complaints we have received against them.
About the company:
Crown Forex presents itself to be a forex trading platform that offers a variety of features and services to its clients across the world. They also state on their website that it is not suitable for beginners and is best suited for advanced and experienced traders only. Crown Forex offers services in tradable instruments such as stocks, commodities, foreign exchange, indices, etc. What you find next will shock you to the core. Read the full Crown Forex review to know more about it.
Crown Forex claims to be based out of Switzerland. Unfortunately, we could not find any other evidence regarding the legitimacy of this claim.
Breaking down the claims:
Does Crown Forex have a license?
Despite claiming to be based out of Switzerland, the company does not have a license from the regulation of Switzerland. Regulation is vital for the broker to operate in the market and for the traders to deposit their money with the company without fear. If Crown Forex does not have a license, it is clear that Crown Forex is up to something suspicious. The situation becomes grave if we also take the fact into consideration that the company was founded in 2006. This poses the first red flag against Crown Forex in the Crown Forex review.
What is the leverage offered by Crown Forex?
Crown Forex offers leverage of 1:500 to their customers as compared to the average of 1:30 and 1:50. Due to leverage inducing risk onto the customers, some countries have capped the leverage that can be offered at 1:30 in the European countries and 1:50 in the USA. This poses yet another red flag against Crown Forex in this Crown Forex review.
What all accounts does Crown Forex offer?
Crown Forex offers three different account types to their customers. The accounts go by the names of ECN Account, Standard Account, and Mini Account. The minimum deposits of these accounts start from 100 USD which is yet again much higher than the average. This poses one more red flag against the Crown Forex scam.
Conclusion: Is the Crown Forex scam real?
To sum up, all that has been said above, we can safely say that Crown Forex is a potential scam. We warn our readers to stay away from this brokerage firm. You must invest your money only with regulated brokers. If you have been scammed by Crown Forex or any other scam broker, there is nothing to be ashamed about. File a complaint with us and we will get back to you immediately.
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