Cronos Fund Review: Is Cronos.fund a Reliable Brokerage?
Many brokers look tempting at first glance, especially if they offer competitive spreads and promotions. However, just because the chocolate looks good, it doesn’t mean it is. Our Cronos Fund review will uncover exactly why this broker is on our blacklist.
With several issued warnings, financial authorities finally succeeded in closing Cronos Fund and today, this broker serves as a warning to anyone who thinks about using unregulated brokers. Keep reading to learn everything you need to start your profitable trading journey.
Who Is Cronos Fund?
The Cronos Fund brokerage was founded in 2019 it was a part of Cronos Limited, an unregulated, offshore brokerage. Despite their claims that they have offices in both the UK and Switzerland, we can say with certainty that Cronos Fund was operating from St. Vincent and the Grenadines, the headquarters of scammers.
Today, the brokerage is closed due to operating unregulated in various nations, including Germany and Switzerland. They were a relatively new brokerage in the market and being shut down after such a short period only indicates how unreliable they were.
|Cronos Fund||Reliable Broker Must Have|
|Legal name||Cronos Fund||Transparently displayed in the disclaimer or legal documents|
|Regulation||Unregulated||Within your legal jurisdiction – local regulator|
||Your country or the country whose license applies in your legal jurisdiction|
|Established||2019||The older the domain – the higher the possibility the company is trustworthy|
|Website||www.cronos.fund||Domain should be from local or international zones, no .xyz, etc.|
|Financial Authorities Warnings||
|Contacts||N/A||Phone, email, social media, web form|
|If a withdrawal is possible||No||Yes|
||Transparent fees – list of spread and commissions|
|If Active on Social Media||No||Often present on social media|
|Investor Protection||None||Compensation fund|
According to the information we have today, Cronos Fund was regulated by the FSA in St. Vincent and the Grenadines, however, that is not a reliable regulator as it does not have strict rules for overseeing the broker’s operations. Several financial authorities warned investors and advised against trading with the broker.
Having one warning is bad, let alone three. Be sure to avoid Cronos Fund and similar brokers and dedicate the time to educating yourself about the risks of using an unregulated brokerage.
Cronos Fund Broker Profile
The only beneficial thing this broker offered was trading on the MT4 platform, as it is considered one of the most popular and reliable platforms in the market. Various financial instruments were available including forex, stocks, commodities, indices, and cryptocurrencies.
Many traders mentioned that the info about spreads, leverage, fees, and other beneficial things is available only after depositing. This makes it harder to make informed decisions because without knowing the leverage, spreads, or commissions, you can’t know if the broker will suit you or not.
|Financial Instruments On Offer||
|Education or Extra tools||None|
Is Cronos Fund Safe To Trade With?
Similar to Investidea Club which we reviewed earlier, Cronos Fund is a fraud. If it wasn’t, the brokerage would still be operational and that is enough for you to avoid them if they reappear again. Losing your funds becomes very easy while using brokers like Cronos Fund, so make sure to proceed with caution.
Just because a broker appears good, doesn’t mean that it is. Even regulated brokers sometimes pose a threat to your funds so that is why research and due diligence is crucial. Take the time to evaluate the broker you plan on using so you can be certain that they are the path you wish to walk on.
Traders Share Their Experiences
On Sitejabber, Cronos Fund has 12 reviews in total and an overall score of 3.9 stars. It is vital to note, however, that Sitejabber is known for deleting reviews per the company’s order so the reviews you see there might be deleted or faked. Only 3 reviews are speaking negatively about the broker and one trader mentioned that he lost over $60,000!
Others have mixed feelings and are unsure whether or not this broker was a good choice but considering they are no longer operational, we think it’s clear that they would not make a good investment.
How Is the Scam Carried Out?
Cronos Fund seems to cold-call traders into depositing the minimum and later tells fake stories about huge profits. They will ask for your money constantly, and after you finally say no and request a withdrawal, they will lock you out of your account and pretend like you never existed.
Countries affected by the Cronos Fund scam include Germany, Austria, Switzerland, Italy, and Ireland. Financial authorities from Germany, Switzerland, and Italy warned their investors and advised against trading with this broker.
Deposits and Withdrawal Methods
If you plan on depositing your funds without proper research, at least start with a small amount. If you lose a couple of bucks, at least you will know that the broker is a sham and it’s always better than losing thousands of dollars.
Withdrawing your funds can be a real hassle with unregulated brokers, so we advise you to report them if there are any withdrawal issues. If the problem persists, reach out to us and we will get back what’s stolen from you.
Can I Make Money While Trading Online?
Trading with brokers like Cronos Fund or Jetbitx will never bring you profits. Making money while trading online is not an easy business and without proper education, strategy, and tools, you can end up losing everything.
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What is Cronos Fund?
Cronos Fund was an online brokerage trading in forex, commodities, indices, stocks, and cryptocurrencies.
Is Cronos Fund A Scam?
Unfortunately, Cronos Fund did appear to be a scam, which is confirmed by several issued warnings and the fact they are no longer operational.
How Can I Get My Money From Cronos Fund?
Filing a chargeback on your card is your best chance to get your funds back, however, if that is not an option, don’t hesitate to reach out immediately so we can take back what’s yours.