Regardless of which country it offers services to, we strongly suggest you avoid trading with Cryptoxphere, a fraudulent platform.
While Cryptoxphere claims to be regulated by the US Securities and Exchange Commission (SEC), no entries matching this broker can be found in the SEC register.
Furthermore, Cryptoxphere provides investment services for forex and derivatives trading, which are required to be regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). However, no corresponding data exist in the NFA register either. Therefore, Cryptoxphere is operating outside the regulatory framework.
What's more, Cryptoxphere mentioned a different domain and purports that the broker at the domain is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and that this domain's benefits belong to Cryptoxphere. First of all, the domain is unavailable, raising doubts about its authenticity. Secondly, both Cryptoxphere and the broker at the domain can not be found in the IIROC registry. As a result, the statement about regulatory status is a lie.
In addition, the Financial Conduct Authority (FCA) adds Cryptoxphere to its warning list for offering financial services or products in the absence of proper authorization. You can read the full warning here.
In essence, Cryptoxphere is a scam. It comes with significant risks, such as financial losses and identity theft, which could be financially and personally devatstating. Without regulatory oversight, investors are not protected by rules from fraud or theft. As such, we strongly suggest investors stay away from unlicensed brokers like Cryptoxphere and instead choose a fully regulated one.
