Welcome to our CryptoLabFxTrade Review, where we look into a website found at cryptolabfxtrade.com.
On January 19, 2023 one of our partner websites received the following report from a person who claims being scammed out of $450 by cryptolabfxtrade.com. He writes:
I’d like your help with this matter that im being scam.. I read the post from comments it was exactly the same and I’m worried that my invest will lose. They ask me 10% of my total profit to pay for commission so that i can get all my profit $11,004.30 which they said i earn.
So is CryptoLabFXTrade legit or is it a SCAM?
CryptoLabFXTrade Review
Crypto labfxtrade is a website that can currently be found at the domain cryptolabfxtrade.com was registered on March 15, 20222 for one year via the NameCheap, Inc. registrar. The identity of the owners behind the domain is hidden by a privacy service provided by Withheld for Privacy.
The website is hosted by Unified Layer using BlueHost nameservers.
Even though the domain was registered almost one year ago, it is not popular and does not receive a lot of traffic.
It has a 0% Semrush Authority Score with just 38 backlinks from 7 referring domains, but none of them are from any trustworthy websites.
Only 5 pages are indexed on Google, including the homepage, FAQ page, Services page, About page, and Forex page.
In short, this is a very desolate website, which probably only get traffic through direct referrals.
Opening up Cryptolabfx Trade, we start by checking out the homepage, where we learn that CryptoLabFxTrade claims to be a centralized trading and digital asset exchange platform that grants access to 40,000+ instruments across asset classes to trade, hedge, and invest in the world’s markets with tight spreads and no commission.
The platform supports crypto-to-crypto and fiat-to-crypto conversion, forex, stocks, ETFs, and commodities, and offers financial security, strong regulatory compliance, guidance and support, trading tools, fast executions, and maximum value.
It is available and accessible worldwide, and offers advanced tools and a best reputation in the industry.
The platform also provides a FAQ section on how to deposit and withdraw, if funds are at risk in case of insolvency/bankruptcy and what is CryptoLabFxTrade.
To contact them, they provide:
- an email address: support@cryptolabfxtrade.com
- a live chat widget
- a WhatsApp chat widget and a telephone number: +1 (510) 695-2651
- a contact form
- and the address: Santa Monica, California, USA
Unfortunately, an address without a street name is not good enough to pass our legitimacy test.
Moreover, the area code 510 is not a Santa Monica area code, but instead covers a number of East Bay cities in Northern California, including some cities in west Contra Costa and Alameda counties like Hayward and Fremont.
In their About Us section we get some more mumbo jumbo on how CryptoLabFxTrade offers ultra-competitive spreads and commissions across all asset classes, with even better rates as your trading volume increases.
About how the platform provides financial security, strong regulatory compliance, guidance and support, trading tools, fast executions, and maximum value.
And about how it offers trading guides for all levels, worldwide coverage, industry-leading security protocols, advanced tools and a recognized reputation in the industry.
They claim that by using the platform, “traders can safely invest in trading, and optimize their investment portfolio with the aid of the best tools like volatility alerts, market updates, stock screeners, calendars and newsletters.”
Is CryptoLabFXTrade a SCAM?
While they claim to offer apps on Google Play and the App Store, the links to the download pages do not work.
Deposits and withdrawals to and from CryptoLabFxTrade are only available using Bitcoin & Ethereum. A reputable, legitimate company is expected to offer other payment methods, such as bank wire and credit cards.
They also make unrealistic claims. For example, as a reply to the FAQ question “Are my funds at risk in case of Insolvency/Bankruptcy?” their answer is “No, we have a Backup account holding funds in Relation to the amount of invested funds, though we are confident of a foul [sic] proof trading technique ,we will not claim to be perfect and that is why we offer an assurance to return 100% of investors Capital if there is any issue.”
Even if we ignore the spelling mistake, no company can offer such strong guarantees as we learned from the recent collapse of FTX.
They also claim they hold licenses from the European Union and that they are regulated according to EU laws, however no proof is provided to substantiate this claim.
The title of their Testimonials section is “Here From Our Clients” and it contains fake images taken from other websites.
The Refund policy was also copied from another website (viserlab.com), and their Terms & Condition page is a generic one used by many websites.
The also have a Mentorship page regarding a program which is clearly taken from another site: 10xtrade.net. They do not even try to hide the fact and include the email address support@10xtrade.net.
In short, many red flags exist on cryptolabfxtrade.com, making a strong case that CryptoLabFXTrade is indeed a scam.
CryptoLabFXTrade Reviews
Next, we start looking for other CryptoLabFXTrade reviews.
And we do find several CryptoLabFXTrade scam reviews, but no real user testimonials.
There is a Reddit thread from January 6, 2023 that says CryptoLabFxTrade is a scam. It says:
This week, a victim told FxGecko that CryptoLabFxTrade lured him/her into trading, and when the client made profits and wanted to withdraw, CryptoLabFxTrade kept asking him/her to pay signal fees first. The client could not even withdraw his/her principal.
Is CryptoLabFXTrade a SCAM?
By now we are almost certain that Crypto lab FXTrade is indeed a scam. There’s just one more check we need to do and that is to find out if any other websites are involved in this scam.
We were able to find that 10xtrade.net, and previously 10xtrade.io, were most likely the previous websites owned by the people behind CryptoLabFXTrade.
Currently, besides CryptoLabFXTrade, other websites ran by this scammer or group of fraudsters include cryptocurrencyexchangellc.com, which also looks very similar to CryptoLabFXTrade.
Additional sites include:
- simplertradingoptions.com
- globalsmarttrades.net
- greendot-fx.com
- primalbot.cloud
- ultibitfx.com
- ezycrypt.com
- dailyfxtoday.com
- cryptosolution.trade
- userseservice.com
- crypto-trading.in
- icoinoption.com
- eminetrade.com
- simpletradeforexpro.com
- binariotrade.com
- oasistrading.net
- envantofx.com (defunct)
- fastnowtrading.com
This is a partial list of websites which all look like CryptoLabFxTrade.com and thus are most likely owned by the same people. All of them are scams.
Bottom Line
Thank you for reading our CryptoLabFxTrade review.
Stay away from CryptoLab FXTrade and its related websites. They are all scams designed to rob you of your money.
If you have been scammed by Crypto Lab FX Trade or if you have any information about them, please let us know by commenting below this CryptoLabFXTrade review.
And if you have lost a significant amount of money to online scams, such as CryptoLab FX Trade, do not lose hope. We can help you recover your funds!
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