CipherTracers

Over two years I have been answering so many questions put forward by the Ombudsman via Ciphertracers. Of course wanted to answer and did but to no avail. However, when it came to updates I always had to chase Ciphertracers. A lot of money was involved and I truly felt and still do that I should have achieved some money back through lack of care and insight from my banks. Have now been informed by Ciphertracers in so many words the case is closed with a negative response from the Ombudsman, although not legally binding. Very very disappointed. I do hope Ciphertracers do not reply to uphold their reputation but understand the shock, and extreme sadness and fear I am now experiencing to go forth as I now have little money.

Until this very moment, my issue remains unresolved.

 Support continues to provide generic responses such as “under review” and “relevant team,” without any clear deadline, transparent explanation, or documented breakdown of the balance adjustments made to my account. 

This is no longer about waiting 1–3 business days.
 This is about the absence of clarity and accountability.

 I was instructed to withdraw my remaining balance after my account was terminated under Clause 24.7. However, when I attempted to do so, the balance had already been removed. No detailed transaction report, no prior transparent explanation, and no professional breakdown were provided.

 Even more concerning:

Profits can be removed unilaterally under internal clauses. 

Funds were internally transferred to offset a negative balance without clear prior clarification.

 During high volatility in Gold (XAUUSD), spreads widened significantly and slippage repeatedly occurred — which directly impacted my equity.

 Every trader understands that Gold is volatile. It can generate large profit in seconds — and it can also cause margin calls in seconds. That is the nature of the market. A professional broker should understand this dynamic and operate with transparency, especially during extreme volatility.

 If a trader can lose everything in seconds, then profit in seconds should not automatically be treated as suspicious.

 To fellow traders:
 Please be very cautious, especially if you are planning to deposit large funds. From my experience, even small balance withdrawals became problematic. Imagine the risk with larger capital.

 A reputable broker should not risk its credibility over retail-level withdrawals. Transparency, clear documentation, and professional communication are basic standards in this industry.

 I am still waiting for:

A detailed explanation of balance deductions

A full breakdown of internal transfers

. A clear resolution timeline

. Restoration of funds if improperly adjusted. 

Until a real and documented resolution is provided, this issue remains open.

This review reflects my ongoing personal experience.

My experience with Ciphertracers was better than expected. I contacted them with concerns about a crypto issue, and they handled it professionally. They kept me informed, and the outcome was successful in my situation. I’m sharing this based on my own experience.

Ciphertracers is a scam also I gave them $1500.00 Iv never got my money back iv lost $15k from a bitcoin scam it’s been over a year I lost money to Ciphertracers and that scam. Ciphertrace stopped messaging me back i can't get ahold of them anymore do not trust Ciphertracers they scammers too they sound like there helping at first sounds they really nice but don't trust them.

I would have even given zero stars if i had been able to do so. First, the app removed my access rights by blocking my account for no reason whatsover inclding no failed password attempts. It just blocked my account out of the blue. After 5 attempts of password recovery and app re-installing, the problem solved. After that, I ordered 2 coupons with my points over years and years of accumulations. The app says that the ordered ONLINE coupons will be available next working day. As if it`s not strange enough to wait 1 workign day to have your ONLINE coupons to be sent to you, it does not even work like that. I finally reached the customer support center for this issue and the person on the call said that "yes its super annoying the app says that but it actually takes 3 to 4 days until you receive your ONLINE coupon.". Today is the day 5, and i receive an e-mail from Payback that says my ONLINE coupons are now ready. I checked and only saw that they are still not ready at all! The app has the absolutely the worst user access / login credentials system and absolutely the worst synchronization for coupon delivery / verification.

It’s especially easy to hand over your data in this and sign up promises but their selected partners are a good indicator of the practice of that organization. Beware of their promises. They’re not your friends.