ProrateCrypto Review – is Prorate Crypto a SCAM?

Prorate Crypto (proratecrypto dot com) is a platform that lets you trade cryptocurrencies, such as Bitcoin, Ethereum, and Bitcoin Cash, with a leverage. Basically, it’s a Forex/CFDs trading platform that allowes trading cryptocurrency.

According to the company description,

Prorate Crypto is a privately-owned investment management company that was Established in 2017 by Digital Currency Group, Prorate Crypto is a trusted authority on digital currency investing as a mutual fund company. Prorate Crypto offers a range of services including fund distribution and investment advice, wealth management, life insurance.

However, we fear that Prorate Crypto might be a SCAM. Find out if you can trust ProrateCrypto by reading our comprehensive review.

Preliminary Checks

The domain proratecrypto.com was registered on June 16, 2021 for one year, about a month before this review was written.

The owners of the site use a privacy service to mask their identity.

Both of these are clear red flags. You do not want to use a platform that is so new because there are probably not enough customer reviews out there to indicate it’s a legitimate service.

Luckily for you, you have stumbled upon this Prorate Crypto review.

Allow us to inform you also that not only is this website unpopular to say the least, it also has 0 backlinks from other sites, making this practically a phantom website.

Website

Now, we’re ready to visit the website.

Many browsers have built-in features designed to alert you about dangerous or deceptive websites.

No engine has blacklisted proratecrypto.com to this day, however this is not surprising given the novelty of the website.

They also have a valid SSL certificate, which must be present in any site where you have to input your personal details, otherwise a third party may tap into your connection and steal your information.

Who is Behind Prorate Crypto?

According to proratecrypto.com, Prorate Crypto is a registered company with Australian Company Number (ACN): 600 486 860.

Alarmingly, this ACN number belongs to a company called GLOBAL TRADES PTY LIMITED, according to asic.gov.au, a company which has been deregistered since September 30, 2020.

Contact Information

Their listed contact details are:

Mail: support@onlinetrader.com (Strange, that it’s not @proratecrypto.com; also onlinetrader.com is not a working domain name, meaning this email address may not be valid.)

Address: 10 Mission Road, Nigeria. (A city is not mentioned)

They also provide a contact form and a live chat widget.

Connection with AllCoinsExchange

A legal document found on proratecrypto.com states the following:

You agree to be of legal age in your country to partake in this program, and in all the cases your minimal age must be 18 years [www.allcoinsexchange.com] is available to the general public and is opened only to the qualified members of [www.allcoinsexchange.com], the use of this site is restricted to our members and to individuals personally invited by them. Every deposit is considered to be a private transaction between the [Prorate Crypto] and its Member As a private transaction, this program is exempt from the US Securities Act of 1933, the US Securities Exchange Act of 1934 and the US Investment Company Act of 1940 and all other rules, regulations and amendments thereof. We are not FDIC insured. We are not a licensed bank or a security firm

What is allcoinsexchange.com you might be wondering?

Apparently, it’s a very similar website. The differences (besides the domain name and website name) include:

Email address – support@allcoinsexchange.com

Address – Paul’s Ave, Kingstown, St Vincent & Grenadines

They also claim to have the same ASIC number:

All Coins Exchange is a registered company with Australian Company Number (ACN): 600 486 860.

Concerning Features & Redflags

Regarding customer funds, Prorate Crypto says:

All clients’ funds are held in segregated accounts, meaning completely separate from the company’s accounts. Clients’ funds are kept by ICC Intercertus Capital Limited in first class banks.

ICC Intercertus Capital Limited is a CySEC regulated investment firm which only authorized to work with the following domains:

• www.everfx.eu
• www.inflyx.com

In short, no verifiable business contact information is listed. Reputable businesses provide legitimate contact information. We have no way of finding out who is behind the company. They offer no registered address, LinkedIn profiles, or any other social media profiles.)

Also, some of their text contains grammatical and spelling errors. Communications from legitimate websites undergo an editing process, and should be more or less perfect.

Using a fake ASIC number however is the main indication that we’re dealing with a scam.

And that is before we even took a look at what they offer.

Basically, just invest a minimum of $1,000 and get automatic payouts.

The standard plan allegedly generates 0.83% per hour, so basically for a $1,000 investment, they want you to believe you will be earning $8.3 per hour, which totals at around $72,000 per year.

The premium plan requires a minimum deposit of $6,000 and generates 1.25% per hour.

The ultimate plan requires a $15,000 investment and returns 1.7% per hour.

And finally, the retirement plan costs a minimum of $30,000 and generates 2.1% per hour. Meaning, for the minimal investment, you will allegedly be earning $630 per hour (or more than $5.5 million per year.)

If that’s not the definition of a too good to be true offer, then we don’t know what is!

There’s truth in the old saying that if something seems too good to be true, it probably is.

The most concerning aspect of proratecrypto.com and allcoinsexchange.com is that they only accept deposits using non-secure payment method: Bitcoin, Ethereum, and Bitcoin Cash.

This means that it will be extremely difficult if not impossible to track and recover money sent this way. Basically, if you lost money to them, you will most likely have to resort to a fund retrieval company.

Community

A Google search for Prorate Crypto or AllCoinsExchange returns no relevant results.

However, by now we are almost 100% certain that we’re dealing with a scam.

One person who allegedly lost $12,000 to Prorate Crypto left the following review at the Better Business Bureau on July 21, 2021:

This company operates through its scam platform https://proratecrypto.com/ and its telegram chat +1 304-787-1138 Promising investors that if you buy their packages of 1,000 dlls they will return 10,000 in a week When they have to pay your money with the return of interest, they will ask you to deposit up to 500 and 1,500 dollars to give you back your earnings in bitcoin. After you make the payment of the 500 or 1,500 dlls they ask you for 500 more dollars for a withdrawal code and then is suppouse you can access your earnings. They never pay you back your money.

Prorate Crypto Review Conclusion

Based on our investigation, we are pretty certain that Prorate Crypto is an online trading scam that should not be trusted.

Do not send them any money and if you have been scammed by them, please comment below this review so that we can offer you assistance.