CeloMarkets Review: You Should Not Trust This Broker
Cleo Market is allegedly an Austria-based broker that gives its clients an opportunity to invest in crypto. However, with poor trading range, no regulatory oversight, and the lacking platform it is highly unlikely any trading will actually take place.
What’s even funnier is the fact that they not only failed to provide the name of the company behind it but also wrote the Terms and Conditions in English while the rest of the website is in German.
We suggest you read this in-depth Cleo Market broker review to learn why you should stay away from this fraudster and its shady tactics.
|Address||Marxergasse 151030 Wien, Austria|
|Bonuses||First deposit bonus|
CeloMarkets License and Funds Security
Celo Market claims to operate from Austria, however, the regulatory regime there as well as in the rest of the EU, has explicitly prohibited the provision of bonuses. This is due to the common tendency of scammers to abuse them. In order for a broker to operate from Austria they must follow regulations set by the Austrian Financial Market Authority (FMA) which this broker doesn’t
Since Celo Market scam does offer promotions and bonuses, they must be operating offshore. So, not only are they lying about their address but they also lack any regulatory oversight.
This scam broker is providing financial services without a license and follows no regulations so your funds are at great risk.
Trading Platform Available at CeloMarkets
While conducting this Celo Market review, we of course took a look at the trading platform broker offers. It seems like they have some sort of web-based trading platform that is very easy to navigate but with only a few useful trading functions.
Some basic charting tools are available, but nothing more sophisticated like automated trading is possible.
It is safe to say that the platform they provided is rather limited, especially compared to industry standard Metatrader 5.
However, a good platform is only one step in trading profitably. You also need a good, licensed broker or otherwise, you could just end up getting scammed.
CeloMarkets Account Types
These are the account CeloMarkets seams to offer:
- Bronze- $250- $10,000/ bonus of 0%
- Silver – $10,000 – $100,000/ bonus of 50%
- Gold- $100,000 to $250,000/ bonus of 36%
- Platinum- $500,000+/ bonus of 100%
The two main deposits methods available are:
- Credit cards
- Wire transfer
This is a really good thing actually. So, if you by any chance deposited your money by a credit card, file a complaint with your bank and seek a chargeback. The thing with this broker is that the payment you make will not be going through a safe payment system but through the broker’s own website instead.
Considering the fact that such brokers ask for additional personal information, later on, it is not hard to imagine that they might try to make payment on your behalf.
How the Scam Is Implemented
One of the most common techniques we already talked about is bonuses. You should know that they are banned and with a good reason, so if the broker you consider working with offers them you should see it as a red flag.
Unfortunately, this isn’t the only tactic scammers use to defer withdrawals. It is all too common for them to pretend that clients are making big profits and then call them asking for more money in order to get even bigger gains.
Of course, any such winnings are illusory and once you attempt to withdraw any money, you will be prohibited from that. As for the withdrawal fees of these companies, they are commonly incredibly high and can easily be up to 30% of your funds. It is not typical for brokers to demand withdrawal fees at all nowadays so if one does, and seeks such big amounts too, it is clear you are dealing with a scam.
Celo Market Summary
In this Celo Market broker review, we tried to warn you about this online trading scam and the many tactics they use to scam people.
Doing proper research is a must if you are new to the world of trading because many phony brokers pop up overnight. Don’t get played by the fairytales they are going to tell you and be careful with making any investments.
Be sure to read as many reviews as possible because there will always be many complaints about the broker if they are untrustworthy. In case you had any negative experience with this or any other fraudulent broker, we would greatly appreciate it if you could share it with us as we can assist you by reporting your scammer.
FAQs About CeloMarkets Broker
Is My Money Safe with CeloMarkets?
This broker isn’t secure at all and you should avoid it at all costs. So, no, your money is not safe with them.
Is CeloMarkets a Regulated Broker?
No, Celo Market isn’t legally regulated and operates without having any license.
What Is The CeloMarkets Minimum Deposit Amount?
Minimum deposit amount set by CeloMarkets is $250, which is quite common among scam brokers.