Cronosca Review 2024: Legit or Scam? Let’s find out

Is Cronosca Legit or Scam?

Cronosca exhibits all the classic warning signs of a scam broker. Here’s a breakdown of the red flags:

• Shroud of Anonymity:  A legitimate brokerage will openly disclose their ownership and location. Cronosca, on the other hand, hides behind a veil of secrecy, refusing to reveal even basic company details. 
• Lack of Regulatory Oversight:  Cronosca’s complete absence of regulation from any reputable financial authority (like FCA, BaFin, CySEC, ASIC, or CONSOB) means there’s no guarantee of fair play or protection for your investment.
• Limited Information:  Cronosca’s website offers scant details on any of these crucial aspects. This lack of transparency makes it impossible to make informed investment decisions and raises serious concerns about what they might be hiding.
• Mobile-App-Only Platform:  While mobile trading apps are a convenient feature, the absence of a web-based platform further restricts user access and limits functionality. This could be a deliberate tactic to make it more difficult for potential investors to research and scrutinize the platform.
• Restricted Access:  Limiting access only to users with invitation codes is another red flag. Legitimate brokers welcome all interested investors and provide a clear and open onboarding process. Cronosca’s exclusivity suggests they might be targeting a specific group for potential scams.

Company Overview

Services or Products

Cronosca focuses solely on crypto trading, offering a limited selection of cryptocurrencies (Bitcoin, Tether, Bitcoin Cash). There’s no evidence of other financial instruments like stocks or forex.

If you have lost money to companies like FXCG, or  AlphasCrypto; please report it to us on our Report a Scam form.

Trading Platform & Leverages

The platform itself remains shrouded in secrecy. There’s no web-based platform available, and information regarding features or functionalities is absent. The mobile app download is only accessible through a QR code, further adding to the lack of transparency.

Leverage details are also completely unknown, raising concerns about potentially high and risky margins.

Spreads and Cost of Trading

Just like other crucial aspects, spreads and trading costs remain a mystery. Without access to the platform or legal documents, there’s no way to determine these fees beforehand.

License and Regulations

This is where the biggest red flag appears. Cronosca is not regulated by any Tier 1 financial authorities like the Financial Conduct Authority (FCA), Federal Financial Supervisory Authority (BaFin), CySEC, Application Specific Integrated Circuits (ASIC), or CONSOB. Operating without a license raises serious doubts about their legitimacy and exposes users to potential fraud.

Legal Warning Against Cronosca

A legal warning shows the broker’s validity. Brokers such as Cronosca may face legal consequences. We haven’t located any of them yet, but it’s clear that Cronosca is not a legitimate broker.

Deposit and Withdrawal Methods

There’s no information available regarding deposit and withdrawal methods. This lack of transparency makes it difficult to assess potential fees or limitations associated with moving funds.

Cronosca Pros and Cons

Why Dealing With An Unlicensed Broker Is Risky

Unlicensed brokers operate outside the boundaries set by regulatory bodies. This lack of oversight exposes users to significant risks, including:

• Fraudulent activity: Unregulated platforms can manipulate markets or steal deposited funds.
• Unfair trading conditions: Hidden fees, exorbitant spreads, and manipulated margins can significantly impact your returns.
• No dispute resolution: In case of conflicts, there’s no recourse through established channels for recovering funds or resolving disputes.

Client Feedback

There’s no mention of any client feedback readily available online. Given the platform’s newness and lack of transparency, it’s likely user reviews are scarce.

How Can “Reviewsadvice” Help You If You Get Scammed?

Reviewsadvice offers to help analyze the legitimacy of brokers and potentially assist with recovering lost funds. However, successfully recouping funds from scams is often challenging. If you have been scammed by this broker, here is hoe we can help:

• Filing Complaints: Guidance on filing against brokers who violate terms or withhold money.
• Recovery Specialists: Connecting you with services to potentially get your funds back.
• Withdrawal Issues: Assistance in filing complaints if you’re facing withdrawal problems.
• Disappearing Brokers: Help find experts to track down the broker and guide your next steps.

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