Cresen Review: 5 red flags about cresenltd.com
If the claims on the Cresen website are to be believed, this is an established forex broker based in a leading financial centre. But if you believe these claims without verifying them and entrusting your money to Cresen, you will end up getting scammed. This website is actually yet another online scam disguised as a financial services provider. In this review, we will show you how to differentiate the scams from the trustworthy brokers, using the Cresen as an example.
Cresen Regulation
Guaranteed Funds Segregated Accounts Negative balance protection
Cresen
UK regulated brokers £85 000 Yes Yes
EU regulated brokers €20 000 Yes Yes
AU regulated brokers No Yes Yes
US regulted brokers Yes Yes No
The first thing to look for in a forex broker’s website is which legal entity runs it, where it is based and what regulatory oversight it is subject to. Licensed companies are also required to provide a comprehensive set of legal documentation.
Cresen is anonymous. Judging by the domain and logo, the company behind this alleged broker is supposed to be called Cresen Ltd, but this is not actually stated anywhere. The link to the Client Agreement you agree to when signing up for an account doesn’t actually lead to such a company document, but to guidance notes on digital assets of the offshore financial regulator – Vanuatu Financial Services Commission.
Meanwhile, Cresen claims to be based in the UK and has a representative office in Dubai.
Verification shows that there is no authorised broker using the name and domain of Cresen on the registry of the financial regulators of the three jurisdictions mentioned.
Since the website is available in English and Russian, we also checked the Central Bank of Russia database, where we found a warning that Cresen is not a licensed financial services provider.
If you want to trade on financial markets without being scammed, you can turn to some of the legitimate brokers that actually operate from established financial hubs like the UK. These brokers have to meet stringent requirements for financial stability and transparency of operations imposed by the Financial Conduct Authority (FCA). They must provide clients with negative balance protection and to participate in a guarantee fund that covers up to GBP 85,000 of a client’s investment should the broker go into insolvency. These brokers are also required to keep their clients’ money segregated from their own operating funds in separate bank accounts.
After registering an account, we get access to a pretty basic web trading platform that doesn’t feature extensive customization options or advanced functionality. We’ve seen the exact same platform being used by multiple fake brokers we’ve encountered. Scammers are using rigged trading software to fool their victims into believing that their money is really being invested and even turning a profit.
While the platform has the basic features for placing orders, customising charts and application of technical indicators, it lacks the more advanced functionality found in the most widely used trading platforms in the industry, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
Cresen Minimum deposit
Cresen FP Markets XM Hot Forex
Minimum deposit $2500 $100 $5 $5
According to the descriptions of the trading account types, Cresen requires a ridiculously high minimum deposit of 2,500 USD. For ten times less, you could start trading through almost any licensed broker, including the leading brands in the industry.
Cresen Payment methods
Deposit time Withdrawal time Price
Bank wire 2-5 business days 5-10 business days $25+
Credit card Instant 24 hours Free
PayPal 1 hour 24 hours 2%
Skrill 1 hour 24 hours 2%
Neteller 1 hour 24 hours 2%
Crypto 24 hours 24 hours Fee depends on crypto
At the time of writing this review, the deposit menu of Cresen was not functional, but the website only advertises crypto payments.
Scammers prefer cryptocurrencies because these transactions are not subject to refunds. While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Neteller or Skrill.
Cresen Pros and Cons
Pros Cons
Notning to mention Anonimous
Unregulated
Fake legal details
No proper legal documentation
Blacklisted
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