Updated on January 3, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding KryptoWize due to the issues we've identified.
Is KryptoWize Scam or Legit Broker? ▲
Engaging with KryptoWize for trading activities raises significant concerns, leading to the conclusion that it is unsafe. This brokerage is operated by Rushtag Limited, a company domiciled in Gibraltar—a jurisdiction notorious for its lack of Forex and financial business regulation. The absence of regulatory oversight is a critical red flag for any brokerage, urging traders to steer clear of firms that are neither regulated nor supervised by any financial authority. Such unregulated entities do not offer legal protection for traders' investments, leaving them vulnerable to potential scams and financial losses.
About KryptoWize
Registered in: Gibraltar
Type of License: No License
Is KryptoWize safe to trade: No
Recommended Licenses: FCA in UK & ASIC in Australia
The allure of cryptocurrencies and the technology underpinning them has led to a surge in companies offering speculative trading in these digital assets. Nonetheless, only a handful of these entities are legally authorized to do so, casting a shadow over the rest as high-risk ventures. Before any investment, it is crucial to verify a firm's regulatory status and compliance with necessary requirements. KryptoWize, under the operation of Rushtag Limited and registered in Gibraltar, falls short in this aspect, as the region does not oversee Forex and financial business operations. This lack of regulatory scrutiny coupled with a general unattractiveness in KryptoWize's trading offerings signals a strong advisement against engaging with them. Moreover, KryptoWize has faced warnings for illegally targeting residents and providing unauthorized services, further solidifying the recommendation to avoid this broker.
The review of KryptoWize has not identified any advantages of trading with this broker due to the significant risks associated with their lack of regulation and legal oversight.
Lack of regulation and oversight.
Registered in a jurisdiction that does not regulate Forex and financial business.
Received warnings for illegal activities and unauthorized service offerings.
Provides no legal protection for traders’ investments.
Navigating the waters of Forex and cryptocurrency trading with unregulated entities like KryptoWize is fraught with peril. Our extensive analysis of over 1000 brokers has reinforced the importance of trading with entities that are regulated by reputable authorities, such as the FCA in the UK or ASIC in Australia. The lack of a trading license, combined with warnings from financial regulatory bodies, underscores the high-risk nature of investing with KryptoWize. As the firm has also ceased its online operations, we urge traders to remain vigilant and opt for well-regulated and reliable brokers to safeguard their investments and trading endeavors.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
KryptoWize Review 2024
