Friday, November 8, 2024

Urgent Warning Against Unauthorized Offshore Broker Crystal Ball Markets!

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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 nameCrystal Ball Markets
ActivityOffshore forex and crypto broker
Domainhttps://crystalballmarkets.com
Social mediaLinkedIn, Facebook, Instagram,
Twitter
Legal entityCrystal Ball Markets LLC
JurisdictionSt. Vincent & The Grenadines
Canada
Contact data[email protected]
AuthorizationRegistered Money Service Business (Fintrac MSB)
No broker license
Payment optionse-Wallet, crypto, bank wire
Credit/debit card
Payment processorsPerfect Money
Credit/debit card via Binance
Related individualsSasaenia Murewa Omilabu (LinkedIn)
Emmanuel Michael Akpan (LinkedIn)
Sandra Peter Mandik (LinkedIn)
Naina Sharma (LinkedIn)
Compliance RatingRed
Trustpilot4.6 stars with excellent trust level
WarningsAMF 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.