In March 2021, we issued our first investor warning against the unauthorized offshore broker Crystal Ball Markets, operated via Crystal Ball Markets LLC, registered in St. Vincent & The Grenadines. The broker switched payment processors since our initial review. Currently, clients can make their deposits via the Russian payment platform Perfect Money, bank wire, and crypto. We have given the offshore broker a red compliance rating.
Key Data
| Trading name | Crystal Ball Markets |
| Activity | Offshore forex and crypto broker |
| Domain | https://crystalballmarkets.com |
| Social media | LinkedIn, Facebook, Instagram, |
| Legal entity | Crystal Ball Markets LLC |
| Jurisdiction | St. Vincent & The Grenadines Canada |
| Contact data | [email protected] |
| Authorization | Registered Money Service Business (Fintrac MSB) No broker license |
| Payment options | e-Wallet, crypto, bank wire Credit/debit card |
| Payment processors | Perfect Money Credit/debit card via Binance |
| Related individuals | Sasaenia Murewa Omilabu (LinkedIn) Emmanuel Michael Akpan (LinkedIn) Sandra Peter Mandik (LinkedIn) Naina Sharma (LinkedIn) |
| Compliance Rating | Red |
| Trustpilot | 4.6 stars with excellent trust level |
| Warnings | AMF Canada |
Unauthorized Offshore Broker?
Crystal Ball Markets has registered as a Money Service Provider (MSB) with Canada’s FINTRAC. In this regard, the offshore broker also made a press release in May 2022, informing that the FINTRAC registration is intended to simplify the business. This is a good approach.
But does the FINTRAC registration entitle Crystal Ball Markets to act as a broker for CFDs, Forex, Commodities or Inidizes? The simple answer is no. To operate as a broker in almost any regulatory regime requires a license or permit. Crystal Ball Markets, to our knowledge, has no such license in any regulatory regime on this planet.
According to the available information, the operators of Crystal Ball Markets are based in Nigeria. Its Chief Strategy Officer, Sasaenia Omilabu, states the United Kingdom as his residence on his LinkedIn profile.
Compliance Check
According to the Similarweb data, Crystal Ball Markets is a very small broker with less than 5,000 website visitors per month.
Is Crystal Ball Markets a Scam? Not necessarily every unauthorized broker is a scam, but most of them are. In any case, the trader’s risk increases significantly with an unregulated broker. There is no Investor Protection Scheme and no supervision by a regulator. No one knows how the trades are actually executed and the business is conducted.
In October 2022, the Canadian regulator AMF issued a warning against Crystal Ball Markets. We have awarded Crystal Ball Markets a Red Compliance rating.
Share Information
If you have any information about Crystal Ball Markets, its operators, and its facilitators, please let us know through our whistleblower system, Whistle42.
