AllPaySoft Review – Only Half Legal Firm

The first impression of this so-called cryptocurrency exchange is nothing to write home about. It’s a one-page website that lacks much of the important legal information about the company. While the firm is legally registered, it doesn’t have the necessary license for the services they allegedly provide.

Online investments are as lucrative as they are dangerous. There are many unscrupulous firms like Usdtrsp that are looking to defraud unwary investors. Keep reading our AllPaySoft review to learn more.

Registered, But Not Licensed

The crypto boom is shaking the world, and many companies are trying to grab their piece of the cake. The firm operating the allpaysoft.io website is one of the firms that is operating in a more shady manner.

While the exchange is legally registered, as can be seen in the Lithuanian register of companies, it was not issued the all-important trading license by the FCIS.

All the more alarming is the fact that the exchange in question was blacklisted by CSA. Additional CONSOB and IOSCO warnings followed suit, further diminishing any idea that the company might be operating legally.

Our research has prompted us to check the databases of other regulators, including FCA, FINMA, NFA, AUSTRAC and CBR. None of the databases we’ve inquired had any information about the firm, however.

Regulatory oversight is very important for investors, lest you get burned by an unscrupulous firm like CryptoKg. Unlicensed companies don’t offer the necessary security solutions or compensation funds required by regulatory standards. More often than not, they just take the money and run.

Who The Swindler Preys On

In less than two years, how long this domain has been operational according to WhoIs, many victims started complaining of their suspicious services. So far, the majority of defrauded investors come from these countries:

• Italy
• Spain
• United Kingdom
• Germany
• Greece

Due to vague online presence, we have to assume that the con artist employs boiler room agents to gather new victims. These talkative, skillful and very convincing scam promoters are quick to promise just about anything to get targets to sign up. 

Naturally, all these promises turn out to be cheap lies, because as soon as you deposit, the cyber criminal disappears into thin air with your cash.

Extravagant Service Costs

The website itself only promotes services of buying and selling crypto, nothing besides these. Although the offer isn’t overly diverse or attractive, the provider doesn’t shy away from overcharging for their underwhelming features.

Firstly, every client is charged with an exchange fee of 7% for a clients’ purchase of a digital currency. Selling digital cons is charged with a 5% exchange fee. If you attempt to perform a transaction without having enough balance on your trading account, you will be denied the service but will still be charged $50. 

Weak Offer Of Features

A half-empty website doesn’t promise much, especially in terms of variety of services, tools and features. Simple terminals to just buy and sell crypto do not equal reputable software. Additionally, signing up demands sharing sensitive personal information, and why would you do that when the platform owners remain fully anonymous?!

No Trading Happens Here

The domain in question represents a simple buy-sell crypto portal that doesn’t allow any kind of trading or exchange. Because of that, there’s no trading terminal featured. 

A proper diversity of services, exchange and trading options guarantee a bigger clientele. However, this cyber thief only aims to steal your deposits and doesn’t go into detail when it comes to trading features and services.

Crypto Currencies Available

Buying and selling crypto tokens via this portal only functions for Bitcoin. While we see advertisements promoting the company’s impeccable services and a wide range of supported currencies, it simply doesn’t work in reality. If you take a look at the exchange terminal, the only option available is BTC.

To make the false offer additionally attractive, the price of a BTC given is around $2000 less than its current value expressed in FIAT.

Single Account For All

The company offers only a single account type for all of their traders. While not uncommon for a cryptocurrency exchange, this one doesn’t transparently say which costs or functions are tied in with their AllPaySoft account.

There is no demo account either, which means the clients can’t test the trading environment before committing their funds.

Swift Payouts Promised

All of the payments conducted on this shady website are allegedly instant and the AllPaySoft withdrawals are quick and safe. Sadly, no safety is involved with anonymous crypto transactions. The service provider also doesn’t show the mandatory transparency, as they only hint at withdrawal fees occuring, without actually revealing them. 

Additionally, the reason why a majority of crypto swindlers force these transfers is because they keep their incognito status this way. 

Please avoid these monetary channels whenever you can. Although there’s ways to track them and we can help you with that, it is better to prevent a potential catastrophe and only invest via safe methods like credit cards.

Shabby Customer Support

Means by which you can contact the company include a phone line, and email. When we tried to call the phone, however, nobody answered.

Unfortunately, the firm does not say anything about the work hours of their customer support, so it’s a trial and error deal finding out when they’d bother to respond. If you encounter any problems, you can’t really expect a prompt resolution from the support.

Lost Money On Fake Exchange? We Can Get It Back!

Dealing with this exchange carries more risks than any trader should be willing to accept. The company might be legally registered, but is not actually licensed to provide their services. The website lacks the necessary transparency that is required from a legit firm as well.

If you’ve hit a snag with this crypto exchange and find your money stuck, get in touch with our legal experts. With their help, you may start a chargeback and recover your funds. We are available 24/7 in the live chat, and our first consultation is free of charge!

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