Is KryptoHaus Regulated?
At the bottom of their website, KryptoHaus gives a location in the United Kingdom. The Financial Conduct Authority (FCA) is in charge of financial matters in the UK. As a forex broker, KryptoHaus must have a license from the FCA.
Upon research, it was found that KryptoHaus was not listed in FCA.
This means that KryptoHaus is an uncontrolled broker who does not have a license. Worse, in their “About Us” section, they say that they have various licenses from different regulatory agencies. They are telling lies to people who might hire them, and it’s likely a scam.
What is an unregulated broker?
A broker who is not supervised by a financial body is called “unregulated.” In the past few years, the foreign exchange market has grown a lot. As a result, many different kinds of businesses, including some that aren’t trustworthy, have moved into this field.
There are no banking regulators in places like St. Vincent and the Grenadines that are far from the United States. So if a forex broker signs up there and starts giving their services to other people, they don’t have to follow any strict rules or face serious consequences if they do things that hurt their clients.
Most brokers who are not controlled are scams, so you should stay away from them if you want to trade.
Are Unregulated brokers safe to trade with?
You should not trade with a broker who is not licensed. These traders don’t have to follow any rules, so they can do whatever they want with your money and information. Brokers who aren’t controlled don’t have to look out for their client’s best interests like brokers who are.
Authorities like CySEC (for the EU) or FCA (for the UK) put brokers under different rules to make sure they don’t hurt their customers’ best interests.
For example, a dealer who has a license must have a lot of money. In the United States, a broker must have a starting capital of $20 million, which is a huge sum. This is a big reason why there aren’t many forex traders in the US, and why most of the ones that are there are market leaders.
If a broker has a license from CySEC or FCA, they must take part in compensation plans and give some money to them. So, even if the broker goes out of business, the clients can still get some money back. With a broker who isn’t controlled, you wouldn’t get any of these things. You wouldn’t be able to do anything if an uncontrolled broker disappeared with all of your money.
So, never trade with a broker who isn’t controlled. It’s very risky for your data and money.
Can you rely on KryptoHaus?
No, you shouldn’t believe KryptoHaus. This company is telling its clients lies when it says it has more than one license. They are based in the UK, but they don’t have a license from the British government that allows them to provide their services.
KryptoHaus is a broker that is not licensed. So, you shouldn’t go near them or use the services they offer.
KryptoHaus’s website
At first glance, the website for KryptoHaus looks very good. The website is simple to use and has links to different parts of the company. But none of that is real.
Most of the time, suspicious traders fill their websites with useless text and educational material to make it look like they are reliable. They try to make it seem like they give a lot of information about themselves, but in fact, they don’t give any useful information.
The same thing has been done to KryptoHaus’s website. They put a lot of useless information on their website that doesn’t tell you anything about the broker.
See, a shady dealer wouldn’t want you to know the truth about them. So, they hide their sketchy terms and conditions and other signs that they are a scam deep in the small print. Honest agents have nothing to hide from their clients. So they keep everything clear and make sure the user can easily get to every part of their website.
When deciding whether or not to trust a broker, you should always keep this in mind.
KryptoHaus Trading Conditions
KryptoHaus Platform for Trading
Users of KryptoHaus can trade on a website that isn’t very good. The web trader doesn’t give much more than a few basic functions to its clients. You can choose which currency pair you want to trade and how much each currency is worth. There isn’t much to say about the site they offer.
KryptoHaus Leverage
This dealer gives you anywhere from 1:100 to 1:1000 times the amount you put up. Yes, that’s not a mistake; their leverage can go as high as 1:1000! This shows that KryptoHaus doesn’t have a license because traders in the UK can’t give their clients more than a 1:30 leverage.
To give you an idea of how risky the leverage they offer is, the most a broker in the US can offer is 1:50.
KryptoHaus Spreads
This broker’s spreads are 0.2 pips, which is less than the average in the market. With a low spread, you can be sure to make a lot of money.
But even though this broker has such good spreads, its other trade conditions aren’t very good. Their smallest down payment This broker needs a deposit of at least $250, which is too much.
If a dealer requires a very high minimum deposit, you should avoid them. Most reputable brokers ask for a minimum deposit of around $100, though some go as low as $10. This is because they want to be easy to reach. A low minimum deposit, on the other hand, lets the user try out a broker’s services without making a big financial investment.
On the other hand, a fraud would want you to put in a lot of money so they can steal a lot of money from you. As another way to keep you from getting your money back, shady agents have tricky withdrawal rules.
Most of the time, a broker with a high minimum deposit demand is a scam.
Types Of KryptoHaus Accounts
KryptoHaus gives its clients the following account types:
Mini
To trade with this account, you’d need to put in $250. You get an Apprentice account and access to their social trade mini-groups. For this account, the rates are set.
Standard
A minimum of $5,000 must be put into this account. Most of the perks are the same as with the Mini account, but you also get a Junior account manager and access to their standard social trading group.
Bronze
This account needs a minimum deposit of $25,000. Other than that, the perks are the same.
Silver
To get this account, you’ll need to put in $50,000. Along with the perks, this account comes with a senior account manager.
Gold
The Gold account needs a minimum deposit of $100,000 and comes with other perks like 50% insurance.
Platinum
This account has a minimum deposit of $250,000 and offers 60% insurance, skilled account management, and a leverage ratio of 1:1000.
Black
The least amount you can put into this account is $500,000. With this account, you can talk to their expert trainers and join their Black copy trade group. The other benefits are the same as those of the Platinum account.
VIP
This is an invite-only account that lets you copy trade with their VIP group. You’ll receive 80% protection on your deposit funds. The rest of the perks are the same as with the Black account.
KryptoHaus Payment Methods
This company accepts credit cards, American Express, ePayments, GumBallPay, and UPayCard as ways to pay.
You should only put money into your trade account with a credit or debit card. This is because you can make a chargeback up to 540 days after a transaction. So, if the dealer tries to steal your money or something else fishy happens, you can get your money back right away.
On the other hand, you should NEVER use a wire transfer or a cryptocurrency to pay your trading account. That’s because you can’t get your money back and you can’t ask for a return. If your broker steals your money or freezes your trade account for no reason, you wouldn’t be able to get it back.
Since they don’t have to think about chargebacks with wire transfers or cryptocurrencies (like Bitcoin), many scammers recommend them.
Fees
Different kinds of fees are charged by this company. First, you have to pay the 10% monthly idleness fee if your account hasn’t been used in six months. After that, you have to pay a $250 fee (or 10% of the amount you want to take) if you want to cash out before you’ve made more than $200 in trades.
With a wire deposit, the least you can take out is $250, while the least you can take out in any other way is $100. There are different fees for each way to remove from KryptoHaus. For wire payments, it costs $50 and for credit cards, it costs $25. In addition to these fees, KryptoHaus charges $10 for handling withdrawals.
Does KryptoHaus Offer Bonuses?
Yes, KryptoHaus gives its clients bonuses, which is another sign that it is not a registered broker. Brokers who are controlled by the FCA can’t give bonuses to their clients because bonuses make it harder for clients to withdraw their money.
KryptoHaus Conclusion: Are They Worth It?
KryptoHaus is a dealer who lies and plays tricks, and he or she does not have a license. The amount of power they offer is one of the craziest things I’ve ever seen. Trading with them wouldn’t be safe.
Don’t do business with this company.
