Crystal Trust Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
Business
License
Your customer service stinks because no one on your team bothers to read the messages from before. They are always in a hurry to come to a conclusion without thinking about how your actions will affect your customers.
Summary: The Crystal Trust broker has garnered significant negative attention in the forex community, primarily due to its unregulated status and questionable practices. Users have reported a lack of transparency and trustworthiness, with many experts warning against engaging with this broker. Key findings include its dubious claims of regulation and the absence of a reputable trading platform.
Warning: It is essential to note that Crystal Trust operates under various entities across different jurisdictions, which complicates its regulatory standing. This review aims to provide a fair and accurate assessment based on multiple sources.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 2 |
| Tools and Resources | 3 |
| Customer Service & Support | 2 |
| Trading Setup/Experience | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
We assess brokers based on user feedback, expert analysis, and regulatory compliance.
Founded in 2021, Crystal Trust operates under the name Crystal Trustee Company Limited, claiming to be based in New Zealand. However, it lacks proper licensing from the Financial Markets Authority (FMA), raising significant red flags about its legitimacy. The broker promotes trading through the popular MetaTrader 4 platform but has been criticized for not delivering on this promise, instead offering an inferior web-based trading interface. Users can allegedly trade a variety of assets, including forex, commodities, cryptocurrencies, and indices, but the details surrounding these offerings remain murky.
Regulatory Status:
Crystal Trust claims to be registered with the New Zealand Companies Office, but this entity does not regulate forex trading activities. The FMA, the actual regulatory body for financial services in New Zealand, does not recognize Crystal Trust, indicating that it operates illegally. According to BrokersView, this lack of regulatory oversight means that investors' funds are not protected, making trading with this broker highly risky.
Deposit/Withdrawal Methods:
The broker accepts deposits primarily in cryptocurrencies, including Bitcoin, Ethereum, and Perfect Money, which are often favored by fraudulent entities due to their irreversible nature. The minimum deposit requirement is reported to be around $100, which is notably higher than many legitimate brokers that allow accounts to be opened for as little as $10. The withdrawal process is also fraught with potential issues, as users have reported hidden fees and restrictive conditions that make accessing their funds challenging.
Bonuses/Promotions:
Crystal Trust offers various promotional bonuses, including cash bonuses and contests. However, these bonuses often come with stringent conditions that make it nearly impossible for users to withdraw their funds. Many experts, including those from FinRecoveryInc, warn that such practices are typical of scam brokers, who use enticing offers to lure in unsuspecting traders.
Asset Classes:
The broker claims to offer a diverse range of trading instruments, including forex pairs, cryptocurrencies, stocks, and commodities. However, the lack of transparency regarding trading conditions and the actual availability of these assets raises doubts about the broker's legitimacy. According to TopEdgeFX, the trading environment is described as deceptive, with many of the promised features and assets likely fabricated.
Costs (Spreads, Fees, Commissions):
Information about spreads and commissions is either vague or entirely absent, which is a significant concern for potential traders. The absence of clear cost structures adds to the uncertainty surrounding the trading experience with Crystal Trust. Experts recommend that traders avoid brokers that do not provide transparent information about their fees, as this is a common tactic used by fraudulent firms.
Leverage:
Crystal Trust advertises an unusually high leverage ratio of 578:3, which is not only atypical but also against regulatory standards in most jurisdictions, where leverage is capped much lower (e.g., 1:30 in the UK/EU). Such high leverage is often a red flag indicating that a broker may be engaging in risky or unethical practices to attract traders, as noted by ScamBrokersReviews.
Restricted Regions:
While specific details about restricted regions are not clearly outlined, the lack of proper licensing suggests that the broker may not be operating legally in many jurisdictions, including the United States and the United Kingdom. This limitation further complicates its standing in the forex market.
Available Customer Service Languages:
Crystal Trust does not provide clear information regarding its customer service, which is another indicator of its untrustworthiness. Users have reported difficulties in reaching customer support, and the lack of transparency regarding available languages adds to the frustration.
| Category | Rating (out of 10) | Detailed Breakdown |
|---|---|---|
| Account Conditions | 2 | Lack of transparent terms and high minimum deposits. |
| Tools and Resources | 3 | Promises of multiple platforms not delivered. |
| Customer Service & Support | 2 | Poor accessibility and responsiveness. |
| Trading Setup/Experience | 3 | Inadequate platform and hidden costs. |
| Trustworthiness | 1 | Unregulated and numerous negative reviews. |
| User Experience | 2 | General dissatisfaction and lack of clarity in offerings. |
In conclusion, the Crystal Trust review paints a concerning picture of a broker that operates without proper regulation and transparency. Users and experts alike have raised significant concerns about its practices, making it a risky choice for traders looking to enter the forex market. Engaging with regulated and reputable brokers is highly recommended to ensure a safer trading experience.
