Dripcoin Review: Who Is Behind This Offshore Scammer
Hear ye, hear ye, we have another investment scam that is presenting to be regulated and yet is completely anonymous. On top of that, Dripcoin is also a very shady broker that purposely failed to disclose any information about them on its website.
And yet, they want us to believe they are a good and reputable company. Simply put, that is not going to work. The only thing we managed to find is that they are owned by Maolga Ltd registered in Seychelles. And we only saw that in their T&C.
So because there is a lot to cover, let’s start this Dripcoin review so we can show you just how shady they are.
|Regulation||Unregulated offshore broker|
How Are You Safe at Dripcoin? Regulation and Security
The Dripcoin regulation is an utter lie. Instead of real text, this broker provided screenshots for its legal documentation. There you can read about how this entity is the trading name of Maolga Ltd, allegedly from Seychelles.
We have to remind you that the Seychelles are considered very controversial because they are considered an offshore haven for many scammers and yet, their regulatory body does overlook the forex and CFD trading.
But alas, that is not very important for Dripcon because there is no mention of them in the FSA registers. To be even more precise, there is no mention of Dripcoin in any Tier 1 regulatory body register.
This means that Dripcoin is providing its services to clients of UK, Canada, the US and Europe without any regulation.
Because of that, it’s for the best to avoid Dripcoin and Clair Capital altogether.
An Overview of Trading Software
Dripcoin is claiming to offer cutting-edge features on its platform that have multiple charts, lightning-fast execution and multiple assets. And yet, that platform is nowhere to be seen or found.
The only thing we saw is that the broker requires you to fill out a registration to get access to the platform. And even then it’s unclear if you will get it.
Because of that, it’s best to always opt for a regulated broker that offers a MetaTrader4 and MetaTrader5 platform.
Dripcoin Account Types
Another unclear thing about the Dripcoin trading company is its account types. In fact, there are none. Traders don’t have a clue how much money they need to deposit. More importantly, they don’t know what they are getting for that money.
As for the Demo account, it’s also missing. This just means that the broker will push you to open a Real account and steal all of your money. Be sure to avoid fraudulent brokers like this.
|Broker||Dripcoin||FXTM||OctaFX||FPMarkets||XM Broker||HFM||FBS Broker|
Funding Procedure at Dripcoin
When it comes to the deposit methods, Dripcoin didn’t even disclose them on its website. We did, however, manage to find them in the withdrawal policy. They offer the following ones:
- Visa or Master credit or debit card
- Wire transfers
Since there is no mention of the minimum deposit anywhere, we don’t suggest you invest with them. For all we know, this illicit broker just like all the others can force you to deposit using the crypto which is almost untraceable.
And as for the withdrawals, it’s stated that they can be executed the same way as the deposits but that is all. This makes us believe that the withdrawals are not possible.
How is the Scam Carried Out?
The fraudster does essentially the same thing as the Marlpark LTD scam broker. They all try to get your information if you have left it on some of those sketchy internet ads. After this, their experienced agents will call you nonstop to get you to invest. In order to get you on board, they will seem interested in your life and your problems as well as tell you many get-rich-fast fairytales.
It is easy to fall for their stories and don’t be ashamed if that ever happened to you. It takes multiple deposits for a user to realize that something unlawful is happening. By that point, however, the broker will cut all communications with the users.
By reading through reviews, this is exactly what we found. There are way too many online complaints with the majority of them stating withdrawal issues and lack of communication as the number one problem.
Best Forex Brokers
Avoiding offshore scam brokers is a serious task, but we want to help you trade freely without the possibility of being scammed. So, we made this table you can see down below.
In it you can find all the necessary information including a minimum deposit and the country a certain broker is from. They are all well-regulated and have been in business for a long time.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
In this Dripcoin review, we are presenting you with another offshore scam broker. Part of the reason why there are so many scam brokers based offshore is because there are no strict regulations they must follow. As opposed to brokers based in the UK, US or other places where there are Tier1 regulators.
They allegedly give their clients an opportunity to invest in digital assets, but in reality, just lose their money while falsely believing there is some trading taking place.
As for the minimum deposit, it is quite standard for a scammer to seek $250, as so many frauds have the same requirement but Dripcoin failed to mention even this amount. And leverage is unknown, same as many other necessary information you should be aware of before you start trading. In conclusion, there are just too many red flags so don’t risk it with this broker.
FAQs About Dripcoin Broker
Is My Money Safe with Dripcoin?
As they are yet another unregulated broker, your money is not safe with Dripcoin broker.
Does Dripcoin Offer Demo Account?
Common for scams, but Dripcoin does not offer a demo account, only live trading options.
What Is The Minimum Deposit at Dripcoin?
The minimum deposit is unknown and that means that the broker can ask for as much as they want.