Anyone who seeks to make money via trading and investing needs a broker. But while flashy websites promise to generate outstanding returns in a short period, new traders should beware.
Crypto Engine is one of these brokers. It publicizes itself as a swank club for aspiring millionaires. However, from our experience, it’s not all that it’s cracked up to be.
Read on for a comprehensive Crypto Engine review and learn why you should steer clear of this scam platform.
Crypto Engine Quick Summary
Crypto Engine (sometimes known as Engine Crypto) is a scam software and automated trading website. It promotes itself as a way for investors to make hundreds of thousands of dollars off of the next “boom” of Bitcoin and other cryptocurrencies.
This broker doesn’t have any licensing from a trustworthy regulatory body. It’s a fraud that no investor should use. Instead of helping investors realize gains, the platform prevents its users from ever seeing their assets again.
Ultra Short Summary
Crypto Engine is a phony trading software that steals investors’ funds.
5 Reasons Why Not to Use Crypto Engine
Crypto Engine is good at what it does. It puts a lot of time, money, and effort into marketing itself as a legitimate trading platform.
If you’re not fully convinced and still see potential in what the platform says it offers, we’ve provided five reasons to persuade you otherwise:
1. Bogus Celebrity Endorsements
Preying on people’s hopes to make money is at the top of Crypto Engine’s to-do list. It’ll resort to any strategy to carry out its agenda, including bogus celebrity endorsements.
People look up to celebrities and what they have to say — these famous individuals have “made it,” so what they proclaim tends to carry a lot of weight in the public eye.
Crypto Engine circulates fake quotes from celebrities to convince potential users of its “legitimate” status.
2. No Regulation
The platform insists that it carries all the licensing it needs to operate legally. However, these claims are far from the truth. It doesn’t abide by any legitimate authoritative body.
Instead, the platform sends your money to one of several offshore brokers. These brokers operate in shady legal jurisdictions and don’t intend to generate profits for you.
3. Deceitful Marketing
The CE platform doesn’t offer a service that anyone would actually want, so it resorts to persuasion to bring people on board. It floods its website with faith-building taglines like “Trading You Can Trust” and unverifiable claims on how Bitcoin will skyrocket to half a million dollars within the next couple of years.
4. Unwanted Phone Calls
When you first sign up for the CE platform, you’ll get an introductory phone call explaining how the process works. This initial call will seem friendly enough, but it’ll only be the beginning.
In the coming weeks, you’ll get flooded with numerous phone calls. The callers will keep encouraging you to put more money in, even if you ask to have your name removed from the company’s call list.
5. Makes Illegitimate Guarantees
CE has many con artists working for it, so its guarantees are often inconsistent. Some promise 25% gains each month, while others pledge a quick 88% return on your initial investment.
It’s impossible to predict cryptocurrency prices accurately, so you know this app’s outrageous pledges are strong indicators of its illegitimacy.
Who Does Crypto Engine Target?
The Crypto Engine fraud targets investors new to crypto trading. Their lack of expertise and enthusiasm for “getting rich quick” makes them easy prey. CE establishes itself as a team of experts ready and willing to help inexperienced investors profit from Bitcoin and other altcoins.
However, amateur traders aren’t the only ones at risk. Anyone can fall victim to a scam like this, so you should always be diligent when choosing a broker.
Crypto Engine Company Information
We couldn’t find much information on who’s behind the CE sham. The operators stay under the radar so that they can continue to make money off other people. It’s difficult for authorities to track the operators, so these crooks have (so far) evaded legal trouble.
CE supposedly has over 6,000 registered members. Its registration base is “growing every day,” and but all that means is that it continues to circulate deceitful advertising materials across multiple platforms.
Crypto Engine Scam or Safe?
An initial inspection of Crypto Engine’s website shows a sleek, colourful design and well-written content detailing its business.
However, Crypto Engine is not a safe service. It’s a scam software designed to rob investors of the money they deposit.
Contrary to Crypto Engine’s claims, it doesn’t work with any regulated brokers. Moreover, the platform operates under several names to combat the controversy surrounding it. Any variation of “Crypto Engine” is undoubtedly a scam that you should avoid.
How Crypto Engine Tries to Scam You
Crypto Engine tries to scam you by encouraging you to become a user of its software. It persuades you to put money in and hustles you to increase your deposits. Then, it sends money to its shady offshore broker. These brokers execute trades that benefit them while leaving behind any CE investor.
How Does Crypto Engine Work (According to Itself)?
Think of a real-life con artist — they exude charisma to ensnare their victims, and lying comes naturally to them.
That’s how Crypto Engine works. It has created detailed and convincing guidelines on how it works and generates profits to lure unsuspecting users.
Unfortunately, a little storytelling has allowed CE to steal from hundreds of investors.
Don’t waste your time by visiting CE’s website. Instead, learn about how it advertises itself to potential investors and deceives them in the process:
Crypto Engine touts a hassle-free sign-up process that takes only a few minutes. You have to provide your full name, email, phone number, deposit method, and ID. After you sign up, a “trading expert” will call you and inform you of how to make your first deposit.
Once you deposit money, the platform will supposedly invest your money using its automated trading software.
Crypto Engine flaunts its “ease of use” to encourage hesitant investors to get involved.
Crypto Engine Trade Experience
CE claims to offer a versatile trade experience to meet investors’ varying needs. It creates the illusion of versatility by offering investors the chance to open both long and short positions. This opportunity allows investors to profit even when an asset’s price is moving up or down.
However, we know better — regardless of the positions you open, investors won’t have a chance at generating profits.
Crypto Engine App
There is no CE app for Android or Apple devices. The platform advertises that the desktop setup is user-friendly and intuitive on its own.
Crypto Engine Automated Trading
The Crypto Engine website is all fluff; there’s no genuine discussion of its software. All we know is that it’s a live trading platform that implements “cutting-edge technology” and “accurate indicators.”
The website promises a hands-off trading experience that will return significant profits, but we know its intentions lie elsewhere.
Crypto Engine Fees
CE claims not to have any registration costs or ongoing fees for using its service. However, you have to pay a separate buy/sell spread fee for every transaction.
Endorsed by Celebrities and TV Shows
Before you sign up for a service, what do you do? Many people look to see what famous individuals have to say about it. If someone in the public eye approves of a company, why shouldn’t you?
Unfortunately, it’s easy to counterfeit a celebrity endorsement. All you have to do is slap some quotes around a phrase and post it to your website — and that’s what the CE platform does.
Below, we’ll provide some examples of the celebrity and TV show endorsements that the CE con artists have circulated in the past:
CE has tried to say that Bear Grylls, a famous outdoorsman and TV personality, endorses its services. It chose Grylls as a fake endorsement to appeal to a larger audience, as Grylls is an adventurer and not a financial expert.
On the opposite end of the spectrum, Crypto Engine hasn’t been shy about proclaiming Bill Gates’ supposed support. Gates, one of the world’s wealthiest individuals, has been neutral about Bitcoin because of its environmental impact. However, there’s no record of him saying anything about the CE platform.
This Morning is a popular British daytime TV show that attracts nearly one million viewers every day. Despite widespread claims about its discussion of the Crypto Engine website, there is no proof.
Crypto Engine attempts to attract investors from all geographic locations. It has tried to say that The Project, an Australian talk show, has promoted its services. However, we know that no reputable program would discuss a fraudulent service like Crypto Engine.
Fake Crypto Engine Reviews and Reputation
If you Google “Crypto Engine reviews,” you’ll see a mixture of positive and negative ones. Some do-gooders publish truthful reviews highlighting Crypto Engine’s fraudulent nature, while some affiliate marketers talk about the platform in a good light. This latter group will say anything to make money at the expense of other people.
Unfortunately, Crypto Engine has an overwhelmingly positive reputation on Trustpilot. Most positive CE reviews on Trustpilot come from accounts with no other posts. And, the genuine negative reviews complain of relentless phone calls and fraudulent activity.
Crypto Engine Security
Crypto Engine asserts that it uses SSL technology to encrypt users’ private information, but there is no solid proof of this security measure.
The platform also claims to have approval from the Financial Services Board (in South Africa), the Australian Securities and Investment Commission, and the Financial Conduct Authority (in the UK). However, these bodies do not list CE as a regulated platform.
Crypto Engine uses enticing Bitcoin Engine Crypto bonuses and other apparent perks to attract unsuspecting investors, but you shouldn’t use this platform to participate in any crypto trading. It’ll only lock up your money and harass you to send more, giving you no chances ever to get it back.
Crypto Engine FAQs
Is Crypto Engine legit?
No, this platform is a sham that reels customers in under multiple URLs and cons them out of hundreds and thousands of dollars.
What is Crypto Engine?
Crypto Engine is a sham trading platform that takes advantage of optimistic, trusting investors.
How to withdraw money from Crypto Engine?
The platform lies during the registration process and tells users they can take out money at any time they’d like. Once you want to withdraw money, you’ll find it impossible to do so.
How to remove the Crypto Engine app?
You can delete the mobile app from your smartphone just like you would with any other application.
Can you make money with Crypto Engine?
The app will deceive you by “increasing” your initial investment. Then, it’ll encourage you to deposit more funds to your Crypto Engine account to maintain the growth. However, you’ll likely lose all (or a significant portion) of your initial investment.
How does Crypto Engine make money?
The platform’s operators make money by keeping your cash locked up and charging fees on any lucrative trades it completes on your behalf.
How much is the Crypto Engine minimum deposit?
Most users report that the minimum deposit is £250, but the platform will sometimes require you to send more.
Is Crypto Engine a fraud?
Yes, the platform is a fraud. It implements questionable strategies, including bogus testimonials and devious advertising, to lure victims.