Broker Name – Mycryptoworks
Broker Website- https://mycryptoworks.com/
Headquarters or Area of Operation – 4 Whitchurch Parade, Whitchurch Lane, Edgware, UNITED KINGDOM, HA8 6LR
Warnings – Financial Conduct Authority (United Kingdom)
When was the Mycryptoworks website domain set up?
|Date Registered||May 19, 2022|
|Domain Age||1 month, 15 days, 13 hours, 50 minutes, 1 second|
There might be a Forex broker or any other broker latching on to you just as you read this sentence. With the advancement of technology, online scam brokers can reach us at the speed of light. Scam brokers follow different ways to fool innocent traders like – cold calls about the unending benefits of opening an account with their brokerage firm or through good online marketing, these scams have a unique yet common way of finding their victims. If you want to avoid these scam brokers, read the scam broker review here and know the reasons why you should not invest with them.
Mycryptoworks is one such potential scam broker who is involved in many scam activities. Read this Mycryptoworks review, and share it with your loved ones to save them from such scams as well.
Mycryptoworks broker scam activities
Having the potential to make someone go into a debt trap, the scammers lure their victims in with irresistible offers and discounts. In this segment, we will be telling our readers about a few important points that you must look for in a broker before opening an account with them. Remember, nobody has a right over your money.
As you all might know, the regulation is one of the most important checkpoints that one must look for while searching for a brokerage firm. Due to the increasing inflow of scammers in the market, the regulations set up barriers to make sure that the scammers stay away from the market. For this, they introduced the licenses. For a company to acquire a license, it must go through a variety of tests. However, these tests are not as easy as they might sound like. If a company does not have a license, it means that the company is UNAUTHORISED and not fit for trading. In our case, if Mycryptoworks is unregulated, then this raises the first red flag against the broker in this Mycryptoworks review. Read More in Scam Broker 2022.
Is Minimum Deposit permissible?
The minimum deposit is generally asked in very small amounts by the legitimate brokers as taking huge amounts as the minimum deposit is not advised by the regulations. However, the tradition of taking huge minimum deposits is extremely common in scam brokers as their main aim is to steal as much money as they can from the trader before they get suspicious. The usual amount asked by the legitimate brokers lies in the range of $5 to $10. If the broker asks for an amount more than the average, chances of a scam.
Leverage is yet another common checkpoint that one must look for while checking for a broker online. Due to their direct involvement with the risk, leverages are offered in small amounts. The leverage is even capped at 1:30 and 1:50 in the European countries and the USA respectively. If this broker offers leverage more than this, it is a sign that Mycryptoworks is a potential scam.
Reviews and Complaints
You can find many negative Mycryptoworks reviews on the web. We advise you to do a search for online reviews of brokers. A conventional web search can give experiences into whether negative remarks could simply be a disappointed dealer or something more serious. A decent enhancement to this kind of search is our scam brokers 2022 list, which indicates who are scam brokers and why you should avoid them. Acquire a more clear comprehension of the guidelines for forex brokers and any other brokers.
To sum up, all that has been said above, we give you the power to decide whether the broker is a scam or not. We request the readers to move forward with extreme caution. If you have been a victim of Mycryptoworks scam or any other broker, do not feel embarrassed. File a complaint right now and get instant help from our team in fund recovery!