Cresen Review: 5 red flags about cresenltd.com

 If the claims on the Cresen website are to be believed, this is an established forex broker based in a leading financial centre. But if you believe these claims without verifying them and entrusting your money to Cresen, you will end up getting scammed. This website is actually yet another online scam disguised as a financial services provider. In this review, we will show you how to differentiate the scams from the trustworthy brokers, using the Cresen as an example.

Cresen Regulation

Guaranteed Funds    Segregated Accounts    Negative balance protection

Cresen    ❌    ❌    ❌

UK regulated brokers    £85 000    Yes    Yes

EU regulated brokers    €20 000    Yes    Yes

AU regulated brokers    No    Yes    Yes

US regulted brokers    Yes    Yes    No

The first thing to look for in a forex broker’s website is which legal entity runs it, where it is based and what regulatory oversight it is subject to. Licensed companies are also required to provide a comprehensive set of legal documentation.

Cresen is anonymous. Judging by the domain and logo, the company behind this alleged broker is supposed to be called Cresen Ltd, but this is not actually stated anywhere. The link to the Client Agreement you agree to when signing up for an account doesn’t actually lead to such a company document, but to guidance notes on digital assets of the offshore financial regulator – Vanuatu Financial Services Commission.

Meanwhile, Cresen claims to be based in the UK and has a representative office in Dubai.

Verification shows that there is no authorised broker using the name and domain of Cresen on the registry of the financial regulators of the three jurisdictions mentioned.

Since the website is available in English and Russian, we also checked the Central Bank of Russia database, where we found a warning that Cresen is not a licensed financial services provider.

If you want to trade on financial markets without being scammed, you can turn to some of the legitimate brokers that actually operate from established financial hubs like the UK. These brokers have to meet stringent requirements for financial stability and transparency of operations imposed by the Financial Conduct Authority (FCA). They must provide clients with negative balance protection and to participate in a guarantee fund that covers up to GBP 85,000 of a client’s investment should the broker go into insolvency. These brokers are also required to keep their clients’ money segregated from their own operating funds in separate bank accounts.

Cresen Trading platform

Advanced tools    Auto trading    Custom indicators    Mobile versions

Cresen platform    ❌    ❌    ❌    ❌

MT4    30+ indicators    ✅    ✅    Android and iOS

MT5    50+ indicators    ✅    ✅    Android and iOS

cTrader    40+ indicators    ✅    ✅    Android and iOS

After registering an account, we get access to a pretty basic web trading platform that doesn’t feature extensive customization options or advanced functionality. We’ve seen the exact same platform being used by multiple fake brokers we’ve encountered. Scammers are using rigged trading software to fool their victims into believing that their money is really being invested and even turning a profit.

While the platform has the basic features for placing orders, customising charts and application of technical indicators, it lacks the more advanced functionality found in the most widely used trading platforms in the industry, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

Cresen Minimum deposit

Cresen    FP Markets    XM    Hot Forex

Minimum deposit    $2500    $100    $5    $5

According to the descriptions of the trading account types, Cresen requires a ridiculously high minimum deposit of 2,500 USD. For ten times less, you could start trading through almost any licensed broker, including the leading brands in the industry.

Cresen Payment methods

Deposit time    Withdrawal time    Price

Bank wire    2-5 business days    5-10 business days    $25+

Credit card    Instant    24 hours    Free

PayPal    1 hour    24 hours    2%

Skrill    1 hour    24 hours    2%

Neteller    1 hour    24 hours    2%

Crypto    24 hours    24 hours    Fee depends on crypto

At the time of writing this review, the deposit menu of Cresen was not functional, but the website only advertises crypto payments.

Scammers prefer cryptocurrencies because these transactions are not subject to refunds. While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Neteller or Skrill.

Cresen Trading Instruments

Currency    Stocks    Indices    Crypto    Commodities

Cresen    Yes    Yes    Yes    Yes    Yes

FP Markets    Yes    Yes    Yes    Yes    Yes

XM    Yes    Yes    Yes    Yes    Yes

Hot Forex    Yes    Yes    Yes    Yes    Yes

The Cresen trading platform includes a large number of symbols from all major asset classes. But the trading offered by this scam website is undoubtedly fictitious. It is in your best interest to invest in financial assets only through duly licensed brokers.

Cresen Spread

Cresen    FP Markets    XM    Hot Forex

Spread EURUSD    0.8    1.0    1.1    0.9

Spread GBPUSD    0.8    1.2    1.3    1.2

Spread USDJPY    0.8    1.2    1.3    1.1

In the trading platform we see a spread of 0.8 pips, but the website claims that the starter account is selling a much higher and unfavorable spread of 2.6 pips. Cresen does not provide information on additional commissions.

Cresen Leverage

Currency    Stocks    Crypto    Gold    Indices

Cresen    300:1    300:1    300:1    300:1    300:1

UK regulated brokers    30:1    5:1    ❌    20:1    20:1

EU regulated brokers    30:1    5:1    2:1    20:1    20:1

AU regulated brokers    30:1    5:1    2:1    20:1    20:1

US regulated brokers    50:1    ❌    ❌    ❌    ❌

Cresen advertises leverage between 1:100 and 1:300 for different account types. It is not possible for a UK licensed broker to offer such risky levels of leverage.

High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders. The FCA, like EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets. The same rules currently apply to Australia. In the US, the maximum limit is slightly higher at 1:50.

Cresen Withdrawal requirements

Trading volume requirement    Fee/Tax on withdrawal    Minimum withdrawal

Cresen    Not specified    Not specified    Not specified

UK regulated brokers    No    No    No

EU regulated brokers    No    No    No

AU regulated brokers    No    No    No

US regulated brokers    No    No    No

Since Cresen does not provide proper legal documentation, it is unclear what traps the fraudsters may have set. Typically, fake brokers make withdrawing money impossible through huge fees and impossible-to-fulfil traded volume conditions.

Cresen Pros and Cons

Pros    Cons

Notning to mention    Anonimous

Unregulated

Fake legal details

No proper legal documentation

Blacklisted