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Cardinaltrades (cardinaltrades.com) is a clone that originates from DigitalExchange24 and HashCryptoMine24. All these platforms belong to the same group of online fraudsters. We have to expose each platform before other naïve investors fall victim. Cardinal trades will try and get every penny from you. CardinalTrades is doing all this by pretending to be a profitable crypto investment platform. Here’s more in our detailed CARDINALTRADES REVIEW.
A Clear Summary of Cardinaltrades
There’s a claim that Cardinaltrades is a member of the Financial Commission. Cardinal trades goes ahead and claims to be partnering with the UK government. According to them, they plan to roll out a considerable bitcoin investment opportunity.
To make the platform appear plausible, we have pictures of the royal family. In addition, the queen is seen on the platform as a celebrity figure who endorses the platform. Finally, there’s the promise of making 81 to 100 percent returns in the short run.
All these are false statements meant to deceive investors into signing up. In addition, the disclaimer at the footer of their page also states the platform is regulated. CFTC and the NFA are the two regulators mentioned on the platform.
If this were true, there would be documents to prove so. The platform would also enjoy the backing of the Financial Conduct Authority. Unfortunately, several missing links make the platform rogue.
We will help expose the red flags and help investors avoid them in the future. There are other suitable ways of investing that guarantee real profit margins. Investing in Crypto is possible, but not with cardinaltrades.com.
It would be best to do due diligence or a thorough investigation before committing funds to a platform. It’s one of the few ways to determine whether a platform is genuine or not. Also, try and find out what others are saying before signing up.
Accounts Cardinaltrades
There are three available accounts to choose from with Cardinal trades. These include starter, basic, and premium accounts. Each of the accounts comes with distinctive features such as guaranteed profit margins.
Here’s a closer look at each of the available accounts
Starter
It’s the account best suited for beginners and newbies, and this is according to support. You have to make a minimum investment amount of $500 and a maximum of $900. The account promises 50 percent ROI within seven days.
Basic
The basic account is seen as the more economical account of the three. You have to deposit a minimum of $1,000 and a maximum of $9,999. As far as ROI goes, the account promises 100 percent ROI within 10 days.
Premium
It’s the most exclusive accounts of them all. These accounts offer investors a chance to earn 250 percent in ROI. You have to deposit $10,000 and above to enjoy the benefits of this account. The platform targets wealthy and institutions with this account.
Account Features
We have to mention that the account features don’t offer a realistic glimpse of the truth. No expert or robot can achieve such a high-profit margin. And the problem is the guarantee cardinal trades will achieve it.
With every market, there’s volatility. Crypto prices are bound to jump up and down. And this means there’s a high chance of losing trades. And this is why you need to stay away from the platform.
We also don’t know the acceptable leverage for crypto trading. Yes, the platform pairs crypto assets with leading forex pairs. You get to trade with Bitcoin, Dash, Ethereum, Litecoin, and Ripple.
What’s missing is the leverage and spreads available. Industry regulators have put a lid on leverage to help protect investors. In Europe, regulators have the maximum leverage at 1:100. The United States puts maximum leverage at 1:50 for retail traders.
Although high leverage means winnings are high, and so are losses. When you make a losing trade, you lose a large volume of trade. And this is why regulators had to step in and protect investors.
Business Owner
Saul Goodman is the CEO and Founder of the platform. Information on the owner is found in the client testimonial section. The name is also synonymous with the other cloned platforms. What we have is an attempt to hide the actual names of owners.
As an investor, it’s your right to know who handles funds. Dealing with anonymity is the last thing you would want. If the platform goes dark, there’s no way of holding the owner responsible.
The name doesn’t match the face on the platform. With an Asian face, you would expect a female name. Instead, what we have is a male name with a profile of a female as the owner. It’s a poor attempt to paint the fake owner.
Cardinaltrades License and Regulation
Cardinaltrades is not a licensed or regulated platform. As a result, the platform fails to offer investors a chance to make a safe investment. Despite claiming to be regulated, there’s a lack of proof. We don’t see any matching documents to support their claim.
And this is another reason why you should ignore Cardinal trades. The FCA doesn’t have any records of the platform. There’s no government document to show partnership with the platform. All these are relevant documents the platform should share with investors.
To protect yourself, you need to confirm with regulators whether a platform is legit. First, you need to verify with actual regulators. These include reputable regulators such as ASIC, BaFIN, CNMV, CONSOB, CySEC, and FINMA.
Other notable regulators include CFTC, FCA, FSA, NFA, and the SEC. Regulators work to ensure there’s a fair investing and trading ground. Without any regulatory framework, Cardinal Trades is free to do as they wish.
Client Testimonial Section
There’s no way these are actual clients of the platform. Instead, we see an attempt by the platform to paint the picture of a successful crypto investment platform. You get to read reviews of designers and freelancers who claim to have won with the platform.
These are false testimonials; the platform uses stock images and writes the testimony. There are no positive reviews of the platform anywhere on the web. And this is the reason why we have to expose the platform’s cruel ways.
Contact and support
You should try and find out how fast a platform is responsive to calls and emails. Contact is essential as it helps establish an effective communication model. Unfortunately, it’s not the case with Cardinal Trades.
Members have to wait for an eternity to get a response via email. The phone number we see from the platform is a virtual number. And this proves we are dealing with an offshore-led platform. There’s no way the platform resides in the UK.
Funding Methods
There are several ways you can fund your account with cardinaltrades.com. These include bank and wire transfers. Surprisingly, there’s no way of funding accounts via crypto channels. However, we don’t recommend depositing funds with the platform.
As you are aware by now, withdrawing funds is a problem. The platform blocks withdrawals and offers no way of investing safely. No member has managed to withdraw funds for the past few weeks.
Fund Safety with Cardinaltrades
Your funds are far from safe with a platform that fails to offer meaningful investment solutions. It would be best if you stayed away as segregation of funds is out of the question. Additionally, your deposits don’t have insurance cover.
Our Verdict
Investors should ignore cardinaltrades.com. We hope authorities will swoop in and protect investors.
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