Centrefx Nothing More Than an Old School Scam
Today, many people are concerned about the volatile state of the cryptocurrency market and its impact on the future of commerce. As retail investors, speculators, and various institutional investors continue to turn their attention to the lucrative cryptocurrency markets, so do scammers and cheats.
It comes as no surprise. Crypto crime has been on the rise, particularly since the pandemic outbreak. Crypto crime is a rapidly expanding industry. The rise of the crypto economy and decentralized finance (or DeFi), combined with record cryptocurrency prices in 2021, has created lucrative criminal opportunities.
In 2021, scammers earned a record $14 billion in cryptocurrency. Scamming was the most common type of cryptocurrency-based crime in 2021, followed by theft, most of which occurred through cryptocurrency business hacking.
The two main types of crypto scams are socially engineered measures designed to obtain account or security information and having a target send cryptocurrency to a compromised digital wallet. Investment scams frequently promise “a lot of money” with “zero risk.”
They often begin on social media or online dating apps or sites. Of course, these scams can start with a random text, email, or phone call. And in the case of investment scams, crypto is crucial in two ways: it can serve as both an investment and a payment.
Scammers may send you emails or postal mail claiming to have embarrassing or compromising photos, videos, or personal information about you. Then, unless you pay them in cryptocurrency, they threaten to make it public. Do not fall for this criminal extortion and blackmail.
Who are Centrefx, and What They Do?
Centrefx is yet another unregulated forex broker, meaning that customers are unprotected, and they will likely get away with your hard-earned money with no regulating body to hold them accountable.
Unregulated forex brokers typically operate in the following manner. They will call people to persuade them to make the initial minimum deposit, using any means possible.
They will offer deals that seem too good to be true, such as “we will double your initial deposit” or “you will easily make $100 per day.” After making the initial deposit, people are transferred to a more sophisticated scammer known as a “retention agent,” who will attempt to extract more money from them.
Since your funds are never safe with an unregulated broker, you should submit a withdrawal request as soon as possible. And this is where things get complicated.
If you want to withdraw your money, regardless of whether you have profits or not, they will delay the process for months. If they delay it for six months, you will be unable to file a chargeback, and your money will be lost forever.
You will NOT get your money back, no matter how often you remind them or insist on withdrawing it. And if you signed the Managed Account Agreement, or MAA, which authorizes them to do whatever they want with your money, they will lose all of your money, so there will be nothing to request.
Centrefx Red Flags
Centrefx, like most brokers in the industry, offers the popular MetaTrader 4 platform. For traders who prefer to check their accounts at any time and from any location, the Centrefx WebTrader software provides a convenient platform from which investors can access the market without having to load memory-intensive software.
Many high-quality brokers’ proprietary platforms can offer an excellent trading experience. When investigating a broker’s case, contact customer service, but remember that even rogue brokers will appear friendly and helpful at first, only to reveal their true colors.
These account options may sound appealing, but trading on Centrefx is a scam. Many fraudulent brokers charge exorbitant withdrawal fees that cover service fees. You are not permitted to withdraw funds from your account.
The issue with unregulated brokers is that they are untrustworthy and frequently break the rules. Some dishonest brokers will be aggressive toward customers and encourage them to engage in certain transactions. According to reports, many unregulated brokers (such as Centrefx) deceive people.
Funds are at risk due to a lack of information and unregulated Centerfx. This is why it is critical to research Centrefx before opening an account, sending money, or submitting documents.
The information provided above is insufficient to begin trading with Centrefx. Another feature lacking on the Centrefx support page is a list of several different Centrefx employees, which many other brokers, particularly scam brokers, do not provide.
The main issue when browsing Centrefx was that the broker did not provide his physical address in the contact section. However, suppose the broker no longer offers communication methods such as email, phone, text messaging, and chat and has a support team that does not appear to understand the trade or is evasively asking specific questions.
In that case, this could be a sign of a scam or a low-quality broker. During our preliminary research on this broker, we came across a slew of Centrefx reviews in which people complained about the broker’s customer service after the initial withdrawal.
Centreforex.com is not a legitimate signal provider because they have no positive feedback. The platform also lacks any previous trading activities to gain your trust.
They do not provide regulated services and may illegally raise funds from the general public. Contact support is critical in determining the best investment firm. The founders’ identities are unknown, and you have no idea who controls your money at Centre Forex.
Investors are unaware of the method by which this company operates. Furthermore, we have no idea what kind of returns to anticipate. The algorithm used to generate the pips is unusual, and you could suffer massive losses.
Ensure That You Are Choosing a Trustworthy Broker
Making the Centrefx review is a pleasure for us, and we hope to save as many people as possible from losing their money.
A good rule of thumb is to thoroughly research all Forex companies and any other company before engaging in any transaction. The Claimers guide you from this kind of scam