Cryptocurrency is a digital asset designed to work as normal currency to facilitate trading. There are many brokers available in the market that provide these cryptocurrency trading facilities. But, one thing that one needs to figure out before investing with any opportunity is the legitimacy of the broker. In this article we will take a look at the Cryptolux and see whether it has everything in compliance with a legit company or not. Read the full Cryptolux review here.
Cryptolux seems to be a brokerage company that has too good to be true promises on its website. It promises its clients secure and passive income that ranges from 1.16%-3.84% on daily basis or nearly 50% per month. Cryptolux provides no actual information about who is the owner of the company and uses a stock image of a person named Robert Alexander, who Cryptolux claims as its CEO. The same name and image of the person claimed to be Cryptolux’s CEO appear on another company’s website, FXTM Capital. FXTM which was a collapsed Ponzi scheme, its obvious that whoever is behind FXTM is behind Cryptolux too. Cryptolux is nothing else but an MLM type of brokerage company that offers the ability to earn money through the opportunity that it offers to any other new member that makes an investment in the company and becomes an affiliate member. The company doesn’t appear to offer any product other than that typical refer and earn additional commission. Another interesting fact about Cryptolux is that it presents itself as a crypto exchange by putting on the logos of several well-known crypto exchanges, including Biance, Bittrex and Bitfinex on its website. CryptoLux is registered and operated under CryptoLux Ltd., which is registered in the UK, but is not regulated by the local Financial Conduct Authority. Here, one should note that all companies providing financial services in the UK should be regulated by FCA.
Is Cryptolux a scam or legit broker?
Cryptolux doesn’t seem a legit broker. The details mentioned above indicates that the broker is trying to scam people by presenting fake information about itself. The claims made by the broker all seem false and the content of their website is also copied from the websites of the brokers that are scam. Above all this, the broker despite being registered in the UK is not licensed by the FCA. hence, we would not recommend investing with this scam broker.