Dear investors, CANADACRYPTO is a potentially fraudulent online trading platform for cryptocurrencies. Operating under the domain Canada-Crypto.com, this entity claims to be registered in Seychelles, even though it conducts operations globally except in the United States. Here’s why’s why we believe that it’s a fraudulent cryptocurrency exchange and brokerage:
1. Canada-Crypto.Com Makes False Registration Claims
Similar to Octotrade, CANADACRYPTO falsely claims to be registered in the Seychelles even though it doesn’t seem to be registered in any market jurisdiction. This is because we looked it up on the Financial Services Authority of Seychelles’ website and found no indication that it’s registered with the body. For proof, see our search results in the screenshots below.
For starters, the Financial Services Authority of Seychelles(FSA) is the primary regulatory body overseeing cryptocurrency trading platforms operating within this market jurisdiction.
It’s worth mentioning that scammers sometimes claim false registration with legitimate regulatory bodies to appear trustworthy and lure unsuspecting individuals into their schemes. This deceptive tactic is known as “impersonation”.
With this tactic, CANADACRYPTO displays fabricated incorporation and registration numbers to deceive unsuspecting investors into believing that they are dealing with a reputable and regulated entity.
2. CANADACRYPTO Is On The Warning List Of a Canadian Financial Services Regulator
Further, CANADACRYPTO, which targets investors globally except those in the United States, is on the BC Securities Commission’s warning list of firms operating in its market jurisdiction without registration. For beginners, the BC Securities Commission stands for “the British Columbia Securities Commission”. It’s the primary regulatory body in charge of overseeing cryptocurrency trading or exchange service providers in BC, Canada.
The commission cautions members of the public against investing through this company, warning that it’s not authorized to offer securities or derivatives services in British Columbia, Canada.
It’s important to mention that investing through an online trading platform that is on a regulator’s warning list is highly risky and not recommended for several reasons, including the potential for a scam, lack of legal protection, and a high risk of loss.
3. Negative Feedback On Scamadviser
What’s more, we found various complaints against CANADACRYPTO on Scamadviser.com. For example, one user called it a scam, another one pointed out that it does not allow investors to withdraw their funds, and a third one reported losing $211,800 through the platform, which they were able to recover through an independent asset recovery service.
Regardless of the authenticity of the feedback, Scamadviser itself weighed in on the safety of investing through the platform, warning that it may not be safe to use since it has received mainly negative reviews and giving it a low trust score.
This feedback generally suggests that CANADACRYPTO is no different from fraudulent cryptocurrency exchanges you may have heard about.
4 . Trustpilot Users Have Similarly Complained Against Canada-Crypto.Com
Further, we also found negative feedback about Canada-Crypto.Com on Trustpilot. An evidently dissatisfied user urged members of the public not to invest through the platform, angrily expressing a wish for a divine curse upon all those behind it.
Have You Lost Your Money To CANADACRYPTO Or A Similar Entity?
If so, go to this page to report the broker and seek assistance. Or send an email to scamread@scamreader.info.
We’ll help you file a strong complaint with your regulator to ensure that your case is not rejected or pushed to the back burner. It’s important to note that many victims end up having their complaints rejected and not acted upon for various reasons, including wrongful presentation of evidence.
Final Verdict
To sum up, Canada-Crypto.Com is not a genuine online platform for cryptocurrency trading. We investigated the platform and found lots of serious red flags that create doubts about its credibility.
For example, the company makes false registration claims, deceiving members of the public that it’s registered by the Financial Service Authority of Seychelles.
What’s more, it has earned a top spot on the BC Securities Commission’s warning list of crypto trading platforms to avoid.
Further, we found serious complaints about CANADACRYPTO on Scamadviser and Trustpilot where many users pointed out that it’s a scam.
Owing to the red flags, we don’t recommend this entity. Otherwise, if you invest through it, you are likely to regret it.
Canada-Crypto.Com FAQs
1. Is there any positive feedback about CANADACRYPTO on Scamadviser or Trustpilot?
Answer: We did not see any positive reviews of this supposed crypto trading platform on any of the above consumer review platforms.
2. How can I ensure that I recover my funds from this fraudulent entity?
Answer: Cryptocurrency scams are hard to investigate and recover due to the complex nature of the transactions.
The best way to increase your chances of recovering your money is by dealing with a trustworthy scam recovery service.
While authorities also help victims get back their funds, usually these public entities have a high threshold for cases they take.
They normally give preference to cases where larger amounts were lost. Your case may not meet their threshold.
3. Are there fraudulent scam recovery services out there?
Answer: The answer is YES. In fact, the majority of services you come across online are fake.
4. How do I ensure that I don’t fall into the hands of a scam recovery service?
Answer: By going with a service that doesn’t ask for an upfront payment unless your case is specifically complex and the investigation will require significant expenditure.
5. Can you recommend a good scam recovery service that will increase my chances of getting my money back from CANADACRYPTO?
Answer: Sure, we are a good recovery service with a high recovery rate. Our membership in the American Bankers Association(ABA) is a testament that we are a trustworthy entity.