Why Your Money is at Risk with These Trading Platforms
Anyone with a website can open a business on the internet with virtually complete anonymity. Because of this, several criminals have also set up websites to prey on online investors.
Online brokerages, including 10CryptoMarket, CapitalFunds, and Absolute Global Markets (AGMarkets), as well as digital currency exchange Wise Network Exchange (Wisenex) are among the few unregulated trading platforms that go unnoticed.
If you haven’t heard of any of these firms, then here’s what you need to know about them and why you should avoid them.
Starting with 10CryptoMarket, this is an offshore, anonymous broker that has been described by many traders to be a scam.
Their claims are supported by the fact that 10CryptoMarket has been included in the warning list of the Swiss Financial Market Supervisory Authority (FINMA), Switzerland’s financial regulator.
Moreover, a company overview provided on the website’s About Us page stated that its history goes back to 2005, but a quick check on domain register, whois.net, revealed that the platform has only been up since May 2018.
Another red flag for traders to consider is the firm’s anonymity. The broker did not provide a company name, address, and contact information anywhere on its website.
Many investors have also complained about 10CryptoMarket’s withdrawal conditions. According to its withdrawal policies, clients are required to send an email before withdrawing their funds. In most cases, traders should be able to withdraw their money without informing the broker.
Additionally, withdrawals are charged a levy of 10% of the withdrawal amount if a client’s trading volume has not reached 200. Legit brokers do not prohibit their traders from withdrawing their funds by implementing such requirements.
Based on what we have found on the website, CapitalFunds appeared to be a front for 10CryptoMarket and it is highly likely owned by the same person or company running 10CryptoMarket.
From the platform’s appearance, to its corporate information, to policies, the similarities between these two are many. This is particularly evident on both their About Us page and Deposit and Withdrawals page.
CapitalFunds have also claimed that it was founded in 2005. However, the platform was in fact launched on December 2019, just a year after 10CryptoMarket.
Wise Network Exchange (Wisenex)
Unlike 10CryptoMarket, CapitalFunds, and AGMarkets, Wisenex is an online exchange for cryptocurrencies.
While it is not a broker, its website looks exactly the same as 10CryptoMarket and CapitalFunds, a possible sign that Wisenex is another business operated by the same individual or group behind the two brokers mentioned above.
However, that is not the biggest red flag we’ve found out about Wisenex. Its possible affiliation with Daniel Huber, who is the owner of RoyalsFX, an unlicensed brokerage firm that many traders have also described to be a scam, is perhaps the major red flag about this group.
Its official location is also unknown, making the website as well as its owner anonymous. Information from the platform stated that it is based in Estonia, although its actual registrant city was in Panama.
Absolute Global Markets (AGMarkets)
AGMarkets is a startup broker founded in 2019 and facilitates CFD trading in currencies, commodities, indices, stocks, and metals. Similar with 10CryptoMarket’s license situation, this Swiss broker is also on FINMA’s warning list.
Its website doesn’t bear any similarities with the firms mentioned above. However, its withdrawal fee is 10% in the event the trader doesn’t achieve a turnover of 200. This is the third time that we have encountered this rule, following 10CryptoMarket and CapitalFunds.
AGMarkets also offers a 100% deposit bonus. However, those who know better can tell you that this is an ill-intentioned scheme often performed by suspicious brokers.
Overall, 10CryptoMarket, Wisenex, CapitalFunds, and AGMarkets are anonymous brokers and anonymous crypto exchange that operates outside the jurisdiction of financial regulators.
We recommend that you avoid working and handing over your money with any of these firms. It is possible that they will just disappear on the internet without informing their clients first.
It is also highly likely that they are being supervised by the same person or group whose only goal is to scam and steal the money of their clients.
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