Everyone is well-aware that the internet is a hotbed for scams and this means that you have to proceed with the utmost caution, regardless of what you are doing. This also applies to online trading because the space has been riddled with hordes of scam and fraudulent platforms and brokers that have exploited people left and right. It is a given that you don’t want to be another statistic when you decide to engage in online trading, so you should take a close look before you commit to any broker. This also includes checking out this Digitalassetcryptocurrency review.
The name of the brokerage already comes off as strange, but as cryptocurrencies are very much in demand, there are a lot of people who can fall for the platform’s offerings and come to regret this decision. Why? This is because even though Digitalassetcryptocurrency has advertised itself as a legitimate platform, doesn’t mean this is really the case. As a matter of fact, when you go digging in its details, their story falls apart and you can see that this is one of the numerous scams that exist in the market.
Rather than falling for the seemingly lucrative offerings of a broker, you should focus on verifying if any of them are true or not because this can help you mitigate disaster. This becomes apparent when you do the same in the case of Digitalassetcryptocurrency. Let’s take a look at the problems with this brokerage to see just how twisted scam brokers can be:
Blacklisted by the FCA
The Financial Conduct Authority (FCA) is one of the well-reputed regulatory authorities in the world that oversee brokers operating in the United Kingdom. Any broker that wishes to offer its trading services in the UK has to have a license from the FCA. This makes the platform legitimate and ensures that they comply with the highest standards and policies that can protect the company and its clients, both.
Therefore, a warning from the FCA about any broker is a bad sign and this is exactly what has happened in the case of Digtialassetcryptocurrency. The broker has been blacklisted by the FCA, as it appears to be illegally offering its services to people in the United Kingdom and this has drawn the ire of the regulatory authority. It automatically makes it unsafe for people to trade with this company.
Unrealistic and guaranteed returns
You may be wondering why people would fall for the offerings of a scam broker, then you should understand that they deliberately add something to attract people. This is also true in the case of Digitalassetcryptocurrency because they are offering guaranteed returns to their clients. The possibility of being able to make a guaranteed income on a weekly basis can be very hard to resist for people and this is exactly what this scam broker has counted on.
According to the offerings on the Digitalassetcryptocurrency website, you can make guaranteed returns of as much as 500% if you join the platform. They are offering a 120% return on your investment in just six days and 500% returns in a month, depending on the account you open. All of these returns are guaranteed and this should be enough to alert you right away.
Why? This is because the financial markets are known for their volatility and unpredictability. Even the most skilled, experienced and professional traders cannot guarantee you returns in these markets. Anyone who does so is just lying to you because the markets can move within seconds. This makes it obvious that Digitalassetcryptocurrency broker is just trying to lure you with promises and will just scam you at the end of the day.
Furthermore, you should also note that the business model of brokers like Digitalassetcryptocurrency is such that they are market makers. They will be able to make profits every time you lose a trade, which means their guaranteeing returns creates a conflict of interest. If they make profits for you, they would make losses for themselves and no company would ever do that. This is further proof that they are only lying to you.
As a matter of fact, it gets much worse because when you go through the presentation of Digitalassetcryptocurrency, you will notice that they claim to bear all the trading risks, so you don’t have to worry. Why would any company be so selfless? They are in it to make profits, so they are more likely to mismanage your trades, which would mean losses for you and profits for them.
A fake address
Things are about to get much worse because Digitalassetcryptocurrency has claimed that it has its office in Pittsburgh, United States. However, this doesn’t make sense because in order to operate in the United States, it would have to be authorized and licensed by the Commodity Futures Trading Commission (CFTC). In addition, it would also have to be a member of the National Futures Association (NFA). You can check the online registers of both the authorities and not find the broker listed anywhere.
Lack of trading platform
Another indication that Digitalassetcryptocurrency is nothing but a scam is the absence of a trading platform. When you check out their website, you will only find a strange-looking dashboard that does not offer any trading option. As the trading platform is the primary feature of any brokerage, its absence is confirmation that they have no intention of offering you any services and are just interested in your money.
Only crypto payments supported
If you want further confirmation about Digitalassetcryptocurrency being a scam, you only have to look at their payment methods. You will find that they only support Bitcoin and Ethereum as payment options. As crypto payments are mostly anonymous and final, this means there can be no chargeback, as in the case of credit cards like Visa and MasterCard.
After you have identified the many problems and issues with Digitalassetcryptocurrency, you can determine that this is not a platform that can be trusted even remotely.