September 10, 2020

28Crypto Scam Review


28Crypto is a fresh face in the crypto brokerage business. However, it is one of those anonymous platforms with very little information about it. What we do know is that it is owned by a company called Kerestir KFT. The company seems to be based out of Budapest. Apart from this, there are a couple of phone numbers mentioned on their website which suggest they are in the UK, but further investigation revealed it to be untrue. What they do have is VoIP calling, with which they can call a person and seem like they are calling from wherever they wish. The company seems to have been focussing on Australia and the UK, with their VoIP calling and social media promotions on Twitter and Instagram. Read the full 28Crypto Scam review here.

About 28Crypto Scam

It is a known red flag, when a trading company or broker, seems to be hiding some information, however in this case there is hardly any information. Also, there seems to be no information about who is running the entire operation. We do know for sure that the website domain was bought and registered in May 2018, but you can’t even find out to whom it is registered to.

The next thing we always look at, are the licences that a platform holds, as it gives it much needed legitimacy. This is because these licences are approved and given out by government bodies that work towards protecting traders. 28Crypto doesn’t have any licences and is hence an unregulated company. 

28Crypto also falls short in terms of the platform that it uses. Rather than using the market popular Meta Trader 4, it uses an online web based trading platform called Sirix. This is not a great sign as this is a platform quite often associated with scamster companies.

Unlike other reviews, we do not have any information on the spreads and the leverages offered, as the company doesn’t mention any of these on it’s website. The website does mention some of the deposit methods that include debit/credit cards, bank transfers and Bitcoins. But they all come with different minimum investment, with credit/debit cards, it is 500 USD, with a bank transfer it is 1000 USD, and with bitcoin it is as low as 0.01, which is just about 120 USD. The company also has withdrawal fees.

The Verdict

There are a lot of financial brokers who might have some ambiguous information about themself on their website and it can be excusable. But then there are companies like 28Crypto, that go out of the way to hide all it’s information, which seems really suspicious. Given that the company has no public records, no leadership we know of, and a fair share of bad reviews and complaints in the public domain, it seems like it could be a potential scam and traders should be careful before investing with them.