Crystal Trading (CrystalTrading.ltd)
Cryptocurrency Cloud Mining Platform
Is Crystal Trading Fake or Real?
Why Is Crystal Trading Fake?
Crystal Trading is a website that claims to be a platform for cryptocurrency cloud mining. They promise returns such as 116% in 26 hours. These kinds of returns are highly unrealistic and suggest that Crystal Trading may be a Ponzi scheme.
A domain name lookup of the website shows that it was registered on 7th May 2020. The registrant’s information such as name, location and details have been hidden for privacy.
Crystal Trading claims to be registered in the UK and provides a link to a company certificate. However, this certificate seems to be of an unrelated company with a similar name. The certificate being shown is of a company named ‘Crystal Trading & Services Limited’ which is ‘involved in the sale of a variety of goods’. Such a classification is used for companies that deal in goods, such as wholesalers.
The company is also shown to be ‘dormant’ since being registered in January 2011. Since the website was only created in May 2020, it seems this is not really the registration certificate of Crystal Trading. This company is registered in Dundee, Scotland while Crystal Trading claims to be located in London, England. In any case, we have seen several fake companies that are registered in the UK for money laundering purposes.
The design of Crustal Trading’s website is unappealing and it is not properly optimized for small screens. The content used on Crystal Trading’s website has been copied from other websites. I found that there are at least 61 websites using the same content. Therefore, Crystal Trading has a low-quality website with unoriginal content. The full list of websites is given at the end of the article.
In addition to the unrealistic returns, Crystal Trading has a tiered 4%-2%-1% referral commission system. Such a program incentivizes bringing in more members and is common with Ponzi schemes. This increases the likelihood that Crystal Trading is a scam.
The website has a ‘News’ section that does not contain any information about the company.
Crystal Trading’s website has links to social media profiles, but they are dummy links that lead nowhere. The only link that works is for a Telegram channel.
The contact details provided by Crystal Trading are an email ID, phone number and address. All the contact details seem to be fake. The email ID does not work and the phone number does not have any name or location information on TrueCaller. The address is supposed to be of a location in London, England, but it is actually of a residential area in Scotland.
The user reviews of Crystal Trading on TrustPilot, Scamadviser and Web of Trust are highly-negative. Users have complained that they are asked to pay multiple fees citing various reasons. They allege that they did not receive payouts and were kicked out of the Telegram group when they complained.
It seems quite obvious that Crystal Trading is a scam. The returns being promised, such as 116% in 26 hours, are only possible in Ponzi schemes. The website also has a 4%-2%-1% referral commission program which is common with pyramid schemes and incentivizes inviting more members into fraudulent investment programs.
The company is providing a registration certificate that seems to be of an unrelated company. The UK registration certificate being shown is of an inactive wholesale goods company registered in January 2011. However, Crystal Trading’s website has only been created after May 2020. Therefore, it seems that Crystal Trading is lying about being registered.
The website is poorly-made and contains copied content. The same content is being used by 61 websites that may all be scams.
All the contact details provided are fake. The company claims to be located in London, England, but the address given is actually of a residential area in Scotland. The email ID and phone number both seem to be fake. The company operates anonymously and the only way to contact them is through their Telegram group. There are several negative reviews from their customers saying that they were asked to pay multiple fees and never received payouts. It is advisable to avoid investing with Crystal Trading, as it does not seem to be a legitimate company.
List of websites using the same content as Crystal Trading:
- Bitcoin Wave Limited
- Green Light Capital Options
- Sapele Industrial City
Remember: If something seems too good to be true, it probably is.
If you have been a victim of an investment scam, you can take the following steps:
- File a complaint with the payment portal. However, investment scammers mostly use methods such as Bitcoin, Western Union, MoneyGram and other untraceable methods which make refunds impossible.
- File a formal police complaint with the Cybercrime department.
- Leave a negative review on review portals such as ScamAdvisor and TrustPilot
- Report the website to Google using the Suspicious Site Reporter extension for Chrome
- Give a low rating to the website on Web of Trust. You can also install their extension for the same.
- If the company has a listing on Google My Business or Google Maps, file a complaint using the Business Redressal Complaint Form. Also, leave a negative review explaining what kind of experience you had.
Disclaimer: The views expressed in this article are presented as an educated opinion based on facts and evidence. There is no malicious intent or attempt to defame any individual/s or organization/s. If you are a website owner and would like to provide clarifications regarding your business and/or website, please get in touch on email@example.com