Cryptocurrencies are one of the best assets for trading in South Africa.
The South African Reserve Bank (SARB) recognizes these digital assets as a legal means of payment and investment.
Due to their popularity, many crypto trading platforms have sprung up in the South African financial markets.
The Berry Crypto Trading Platform is one of these. However, can you trust this platform or is putting your hard-earned money to this exchange a one-way ticket to financial ruin? Explore this TRU Insight to discern the credibility of the platform.
What Is the Berry Crypto Trading Platform in South Africa?
The Berry Crypto Trading Platform is a cryptocurrency exchange platform.
It offers its services in many South African countries, including Botswana, South Africa, and Zimbabwe.
The platform claims to provide the following services for its clientele:
- Buying and selling of cryptocurrencies
- Earning through referrals
- Spot trading
- Initial Coin Offerings (ICO) events
Clients can avail of the Berry Crypto Trading Platform’s VIP services to gain access to even more services, such as:
- Sign-in rewards
- Special trading rights
- Proprietary trading activities
- Eligibility to become Berry Global Partners and attend in-person Berry events
The Berry Crypto Trading Platform has a minimum deposit amount of 50 USDT for first-time users.
Is the Berry Crypto Trading Platform Legit in South Africa?
According to a public notice released by Botswana’s Non-Bank Financial Institutions Regulatory Authority (NBFIR), Berry Crypto Trading Platform does not have a license to provide virtual asset business services in the country.
The NBFIR urges the public to refrain from doing any business with the platform.
Berry Max, Berry Crypt Trading Platform’s rebranded name, has also failed to register with South Africa’s Financial Sector Conduct Authority (FSCA).
In short, all operations of the Berry Crypto Trading Platform in South Africa are illegal and unregulated.
Read here the full public warning of NBFIR against the Berry crypto trading platform:
Additionally, the Berry Crypto Trading Platform has received mostly negative feedback on numerous unrelated review websites.
Many of the reviewers claim to have been personally scammed by Berry Crypto Trading Platform or personally know someone who was.
Their reports of the platform’s fraudulent behaviors include:
- Not being able to withdraw funds
- Being asked to deposit more funds for unclear reasons
- The Berry Crypto Trading Platform website (https://www.berry.im) is now inaccessible
- The platform’s CEO or other executives are not known
Many reviewers from different and unrelated review websites claim that the Berry Crypto Trading Platform is not South African but a Chinese-run Ponzi scheme.
How to Spot Scam Crypto Trading Platforms
Scam trading platforms prey on the uninformed and vulnerable.
Knowing how to spot the tell-tale signs of scam platforms can help you avoid becoming a victim.
Below are some characteristics that will raise a red flag regarding a crypto trading platform’s legitimacy.
Makes Promises of Easy Money for Minimal Risks and Effort
When dealing with investments, always remember the old saying, “If something is too good to be true, it probably is.”
Trading in the financial markets is always risky.
Whether you’re trading cryptocurrencies, forex, or stocks, there is always an element of risk when you enter a trade.
When crypto exchanges claim they can help you earn money easily and without risking your capital, you may want to take that promise with a grain of salt.
These claims are often the first signs of a Ponzi or pyramid scheme.
Not Registered to Trade in the Assets They Offer
Financial regulatory authorities exist for the sole reason of protecting consumers and investors from unfair, exploitative, or fraudulent practices.
Almost all countries require exchanges to register with the relevant authorities, such as the South Africa’s FSCA or the US Securities and Exchange Commission (SEC).
When a cryptocurrency exchange platform is not regulated by an oversight committee or institution, it opens possibilities for fraud and other illegal activities (e.g., money laundering).
Withdrawing Your Funds Is Always a Drag, If Not Impossible
Another hallmark of scam crypto trading platforms is the challenges clients face when trying to withdraw funds or profits.
These difficulties are almost never an outright refusal to let you withdraw your money.
Instead, they can be masked as excessive red tape, arbitrary restrictions, or ridiculously high withdrawal fees.
Whatever form these hurdles take, the goal remains the same: to prevent or discourage clients from withdrawing their money.
There Is No Customer Support
A lack of customer support is another way for scam crypto trading platforms to dissuade you from following up or raising concerns.
Scam crypto exchanges often make the customer support process tedious to discourage clients from seeking it in the first place.
Often, you’ll experience long waiting periods before their customer support contacts you or gives an update on your concerns.
How to Avoid Scam Crypto Trading Platforms
One of the surest ways to avoid becoming a victim of cryptocurrency scams is by dealing exclusively with trusted and regulated platforms.
Some of the well-known cryptocurrency exchanges in South Africa include:
- Binance
- Coinbase
- VALR
- Kraken
- Luno
If you want to make sure you’re not putting your money in some platform that will ultimately run off with it, trading on these exchanges is your best bet.
Are you interested in learning more about cryptocurrencies and conversing with other crypto traders? Become a CommuniTrade member and connect with cryptocurrency enthusiasts worldwide!
