Can't Cash Out Crypto From CV Markets

I have put all my savings into cryptocurrency. For that, I have used CV Markets platform. One of my workmate told me. I have made a profit from crypto but can't withdraw. On their website, you can see your profit and loss.

As soon I start asking for money withdraw, they stop calling me and responding to my emails. Now it been like two weeks, I have not heard anything from them. That's means, I have lost all my money? I do have all the proves and transaction statements. I have no idea, what am I supposed to do now?

Any suggestions, please?

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    Let this post be a warning to new money. ALWAYS DYOR before entering this game. Use an Australian CEX that is regulated by AUSTRAC, ASIC and subject to the AML/CTF Act.

    • Good call but actually this a a warning not to use either but rather when buying crypto you should use your own wallet and store your own keys..
      That way you're not relying on Australia either.

      • There is no legal way to buy digital assets with fiat without first using an on-ramp. All legally operated on-ramps require KYC and the use of their wallet before withdrawing to a private wallet.

        It sounds like op is stuck with the CEX wallet. They now have the ops funds and KYC.

        • So it's illegal to buy some for cash off a mate?

        • If they've made it illegal… Some would argue why (and maybe even more reason why they should go private).
          Makes you wonder what they're protecting you from.

          Not me, of course. I so happy the government is here to build roads and protect me.

          • @HiDave: They may be able to ban it, but they can't stop people from using it. It is better for them to accept, regulate and tax it.

            • @whooah1979: Totally, India's banned it about five times haha

              • @HiDave: India’s government is as dodgy as they come. They took away cash from the poor and is now doing the same with digital assets.


                What happened?
                In an unscheduled televised address on 8 November Prime Minister Narendra Modi gave the nation just four hours notice that 500 ($7.30; £6) and 1,000 rupee notes would no longer be legal tender.
                People were told they could deposit or change their old notes in banks until 30 December and new 500 and 2,000 rupee notes would be issued.
                Until 24 November Indians will also be able to change a small sum of old cash into legal tender as long as they produce ID. This amount was reduced from a total of 4,500 rupees to 2,000 rupees on 17 November. Anything above this needs to be credited to a bank account.

                • @whooah1979: Nothing of what you have said has happened. The demonetisation was done to flush out all the black money out of the economy.
                  There were plenty of opportunities for people especially poor people to convert their hard earned money in old notes into new currency.
                  Yes, there were inconveniences to people while exchanging the old notes, but something of that sort is bound to happen when you take such strong measures.
                  The people who opposed this scheme were mainly the ones who had this 'black money' and lost all of it , or who were associated with corruption, illegal activities, tax evasion thus reducing the gap between the rich and poor to a certain extent.
                  This also wasn't the first time it has happened in India.

                • @whooah1979: Right.. I remember this.. Insane!

      • 100% agree - had a friend who had substantial amounts hosted on an exchange who got "hacked" and all his crypto disappeared with it. Over $100k gone. He knew he should have his own wallet but liked the convenience and payed heavily for it.

        • I wonder how many of these "hacks" are legit and not some insider scam.

          I gather the use of "hacks" vs hacks implies you feel the same way as me.

          • @mrhugo: Yeah the owner took the money and disappeared is what it looked like. Can't remember the name of the exchange, it wasn't Mt Gov…

    • I looked on the CV Markets website and in the help section regarding Withdrawing they mention all the forms of ID you would need to provide them in order to withdraw.

      Is it common that they would require all the same documentation that is required when you register for a passport? That seems insane to me.

  • Dude….

  • Yikes. That website screams scam.

    Please tell me you didn't put more than a few hundred into this.

    • yeah about that… "I have put all my savings into cryptocurrency."

      • What if their savings is a few hundred?

        • Exactly. Some people have zero or negative savings, some have millions, some have a few hundred.

          • @brendanm: Don't most Aussies have a (liquid) savings of $5,000-$50,000 though?

            • +3 votes

              @Kangal: No - most people live pay to pay. It's even fairly common for high income earners to be like that.

              • @Tyrx: Sounds like we need a new thread/poll for this question!!

                • @Kangal: Interesting, i saw some numbers a few years ago that had it well under 5,000.

         has the most recent survey. Which has the average savings in the the mid30ks.It varies a lot by age and gender. Women under 20years about 7k average, and men under 20 about 12k average. People over 50 had about 45k on average. That being said it wasnt an incredibly large survey. I think teh results are screwed by being an average, a median or mean would have been a more interesting number. Also above 50k in cash, i start to wonder why you arent investing it.

                  Anyway by comparison "According to Mozo's recent survey with 1,233 Australians, only 25% have the savings to stay afloat when faced with unforeseen circumstances.*

                  Meanwhile, 1 in 5 respondents admitted they turned to lines of credit to support themselves through difficult times.

                  This isn’t surprising, given that half of all working households surveyed had less than $7,000 in their bank, while 1 in 10 had as little as under $90. "

                  This is much closer to what I had seen a few years ago. Most people are living effectively pay check to pay check, perhaps some have the ability to survive 1-2 months with no income.

                  • @modiika: I think there's an issue in your analysis.
                    If I have $1k in a Bank Account and $39k in Stocks, well then I have $40k in Savings. I can liquidate the Stocks within 24h in need of emergency. This doesn't include Superannuation, and it doesn't include property like houses or High Yield Investments.

                    I know there's lots of people living paycheck to paycheck, and there's some people investing big game. I feel like the majority of Aussies aren't living paycheck to paycheck, and aren't into investigating, but have some savings.

                    • @Kangal: The analysis was others not mine. My comment at the end was more a feeling based on the financial literacy i see out there.

                      I'd say in the example you gave you have 40k in assets, not 40k in savings. The difference is you'd have to liquidate your shares to access that savings. It's worse if its a property or other high yield investments as being forced to sell because you didnt have sufficient 'savings' undermines the investmetn almost completely. It basically does mean you are living paycheck to paycheck, if you have to sell your assets to deal with a minor unexpected expense. Shares are kind of a weird middle ground, as you know its a bit easier to liquidate a few thousand worth, the cost is relatively low, and if they were a stable investment you had held awhile its probably not that big a deal to draw down a little.

                      To me paycheck to paycheck means that if you miss a paycheck you cant cover all your expenses. Just because you can sell your tv and car (also assets) to cover gap, doesnt mean you arent paycheck to paycheck. THere are some who are happy with that risk, becuase they have got a margin loan (or nab equity builder loan) and dont mind the risk of having say only $1000 savings at a time. But I think the issue is more people are in that situation unintentionally, or at least without fully realising teh risk. Particularly when we have record low interest rates and pretty solid stockmarket growth even accounting for the big drop last feb-april.

                      The problem for most people living paycheck to paycheck, is apart from maybe a house they probably arent investing. So they are living at the very end of their means. And when they do get a payrise, they just increase their lifestyle. Anyway, it makes me very glad we have a mandatory super scheme. I have no doubt 10-20% of the population could do slightly better for themselves if they were just paid that money instead, but for the vast majority, they'd end up at retirement with very little to show for it, which would end up costing all of us more.

                      • @modiika: Yes, but having $39k in you Bank Account and having $1k in Stocks is idiotic. The opposite makes sense.

                        So I don't concede the point, that individual has $40k Savings. Look at it from another perspective, imagine you didn't trust the Stocks so you kept $1k in your Bank Account, and put the rest of your earnings/savings into Gold Bullion. According to your logic, that person only has $1k, despite the fact that Gold can be liquidated very easily (just like Stocks) within 24h and for it's current value. This is not the case for a house, boat, car, other belongings as they require active buyer participation. Even then there's no guarantee that you'll get your values worth. Heck, gold is even an acceptable form of Legal Tender in Australia.

                        • @Kangal: I think we'll have to agree to disagree.

                          Largely money is kept in the bank to keep it safe and available and maybe earn nominal interest.

                          Stocks are primarily an investment. Gold is a hedge and is probably the most like currency, assuming you actually held the physical gold, although that would be harder to dispose of.

                          For me it comes down to the purpose. Savings is readily accessible money, and investments are not. Some investmetns are easier and quicker to get out of than others, but doing so is a bad idea. The costs for getting out of your stocks is not 0, particularly when you consider the opportunity cost.

                          Having $1000 in a bank or cash and $39,000 in stocks is not a safe way for most people to act. Let's assume you have an emergency and you need an extra $2,100, you cant liquidate $2,100 worth of shares, maybe you have to liquidate $3,000 of shares and pay a $10 fee to do so, and if the market has taken a dip that day because Trump took a shit, you've maybe lost $50 on that transaction.

                          I wonder if you feel the same way if they had $1000 in the bank and $39,000 in crypto. It's just as quick to liquidate most crypto as shares. But, the volatility is such I don't think many people would consider that 'savings'.

                          Ultimately it is all academic. In any truly catastrophic scenario, gold, cash and even stocks are likely worthless. And a specific catastrophe could strike any one of them and make that specific asset/holding worthless. Likewise in a personal crisis, you probably do have time to sell all your assets including house and car if necessary. Likewise, most people have access to a few thousand in credit cards.

                          I guess ultimately for me, by your logic, all shares and no money in the bank would still be savings. But it'd be an insane way to live for most people. There is nothing wrong if you someone wants to consider it part of their capital available to them and consider, yes I can access 39k in stocks if i needed to, therefore i'm happy holding less in cash. That's fine. I just dont think when we are considering savings for the average person, their investments should be counted and i include shares in that.

                          Really i'm not even sure what we are disagreeing on, the amount of liquidity that the average Australian has ? Those surveys just used the words savings, so every respondent answered it in their own way with their own interpretation. I think looking at the survey data, the answer is most people dont have much of a buffer as they rent, save up for holidays and big planned expenses, and otherwise spend what they earn. Some are more savy and invest some in shares, and some do realestate, and others both. But i think from that survey data, that's not the majority of Australians, even if it is a large number. I mean plenty of people think oh im ok , i have 5k in my emergency fund, but dont consider they own 7k on their credit cards.

                          • @modiika: Yeah, agreed/disagreed.
                            I wouldn't personally go $1k/$39k split, it would be more along the lines of $5k/$35k and I would look at this as $40k savings.

                            All/Mostly shares, and No/Few money in the bank IS an insane way to live. But it is these insane people that pull themselves out of poverty and into the middle/upper classes of wealth. It's quite rare, I do believe. However, inflation is a real thing and a danger to the savings of most people.

                            By Stocks I don't mean individual units like GME or Crypto. I mean stable long-term portfolios or bonds that invest in the top 100 companies from Australia, NZ, UK, CAN, USA, JPY, etc etc. Basically it's "Voluntary Super", if that helps. If these stocks lose value in the long-term, or if they drop in value by a significant amount too quickly…. your "savings" is going to be the least of your problems (think civil war, genocide, world war, zombies etc etc).

                            So your analogy of having these Stocks as assets is not very accurate when comparing it to a house, car, or beanie baby collection. These are almost as good as cash, and cash itself is almost as good as Gold. Gold is the gold standard.

                            The only reason I was discussing the semantics is because, some of these surveys are done by the government or by the banks. If the banks see people having less than $1k in their account, in the statistics it's going to show like poverty. When in-reality it's that many many wealthy peoples savings aren't taken into account due to their investments. Now you may ask, what is the point of having inaccurate surveys like this? Well, politicians might use these as excuses to implement changes, and banks may get opportunities to sell products they may otherwise have-not. It's a problem looking for a solution.

                            I do think the lower class don't have savings, and the upper class do have savings. The bulk of the population that lives in between, well, I think most of their wealth is tied up in Real Estate and Super…. but their "emergency fund" or Savings would be composed of cash they can have access to within 24h time. So that's physical gold, physical cash, bank account, and anything they can liquidate in full-value (ie Not your Used iPhone) that quickly which is basically the Stocks.

                            Do most Australians, or what percentage, participate in Stocks/Investigating: I have no idea.

                            • @Kangal:

                              Do most Australians, or what percentage, participate in Stocks/Investigating: I have no idea.

                              Main stat i can see is ASX report listing 33% of Adult Australians own shares directly. However, this includes SMSFs though not other superfunds.

                              It seems incredibly high to me.

                              This article indicates another survey found about 25% of adults had or do own shares. Though it looks like a puff piece for Fintech so they may have a vested interested in playing up the difficulty for regular people to invest.

                              I do think ETFs are not a particularly common strategy in Australia, at least yet. I do think the A200, Vanguards, even Argos are fairly safe investments, that I would also be comfortable treating as a fairly stable resource I just dont think i'm willing to make this assumption for the vast majority of Australians.

                              I agree those industry surveys are suspect AF. We would probably be better off looking at ABS data on wealth and poverty.

                              • @modiika: 25% and higher seems like a lot. I know the mathematics, even so, was never taught about Stock market in school. Nor had I known anyone that participated in it, until way way later when I was grown. Still I don't know many in my circle that do it, maybe 5% or so.

                                Yeah, I was thinking of judging wealth based on tax payed… but even that's suss with some/many wealthy individuals showing themselves as modest by claiming heaps through their small businesses. That's to decrease their tax payed ofcourse.

                                Don't like how every 2-years or so, the gov and media spin how good/bad Aussies are based on flawed data. The biggest offender is "Average Income" where it is far far removed from the actual "Median Income". Our wealth or class differences might not be as bad as USA or many other countries, but it certainly isn't represented accurately for many.

                                • @Kangal: Yeah Agree.

                                  We also apparently have the highest average wealth in the world or some non-sense. Of course this is based almost entirely on the value of property.

  • Unlucky. What's happened with your friend?

  • damn…

  • Try a chargeback.

  • +12 votes

    I have put all my savings into cryptocurrency

    oh crap.

    As soon I start asking for money withdraw, they stop calling me and responding to my emails.

    sounds like ponzi

  • How much money are we talking here?

  • The only logical route now is to YOLO on DOGE and hope for papa Elon to pump it.

  • @op if you’ve been a victim of cyber crime , there’s probably not a lot you can do about it- at least report it to the government and maybe they’ll help take down the operation.

    I guess if you ever get back into investing you can write off your losses against any positive CGT events…

  • There are so many reputable exchanges you could have chosen, even Binance lets you deposit AUD now. This is grand parent levels of failure.

      • Well I agree with you, because my comment was actually trying to say that buying bitcoin from an obvious scam website is the kind of thing old people that don't know how to use a computer and fall victim to internet scams would do.

      • The wealth of older generations has less to do with smart investment and largely due to simply being alive during the 20th century. My parents have far more assets than I ever will because they purchased a house in inner Sydney when such things were affordable to the middle class, and negatively geared it into several others. They're the last people I'd take financial advice from because the rules under which they played, simply don't exist anymore.

        • They exist, it is just the smart kid have arbitraged away the profits.

          If you think Sydney at 1.2m. how does anyone think we are going to get to 2.4m in 7 years without the RBA paying us or salaries magically doubling.

        • As opposed to the careful investment analysis Bitcoin buyers have engaged in?

      • That's the most eloquent boomer take on crypto I've read on ages.

        • Can't argue with the conclusion that you made money in crypto because of your finely honed investment analysis, but a boomer who made money in real estate was just in the right place at the right time.

  • Looks like they write their own reviews on Trust Pilot?

    • Read the links in the first message. They ghost you when you try to withdraw.
      Read their website, no address, names, anything.
      It’s not a disorganised business, it’s a scam.

  • Any reputable places I can deposit all my prepaid Mastercards ?

    IG not allowed .

    • Just post the numbers here, ozbargain is very reputable.
      And if one of them is lucky…

  • RIP

  • Hard lesson which I also learned back in the October 1987 crash, consider Investing 101, be very careful to invest zeroing in on where you get a 'return of your money' rather than one eyed chasing 'returns on your money.'