Cryptofxoption.com Review: this is the website of a broker promising “easy-to-use trading platform”. Is it safe to invest funds in Cryptofxoption? Read what our investigation reveals about this company before doing anything else.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
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Cryptofxoption provides an address that allegedly places it in the United Kingdom. Since Forex trading in the UK is under the watch of the Financial Conduct Authority (FCA), this broker should be licensed by it. But there is no mention of the broker among legit brokers in the region. Since there is no information about the company that owns or operates it, we can conclude it is not registered.
Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Advantages of Cryptofxoption
The Cryptofx Option website mentions that clients are offered a bonus of $250 to start trading. A trading mentor is also said to be on hand to render assistance and a good trading strategy is offered to traders. Fast market execution along with about 200 assets are also offered.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
Cryptofxoption Trading Platform
There is no worthy information about the trading platform used by the broker. Usually, readers and traders are advised to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are not mentioned. It seems crypto coins are available but it is not stated. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
The maximum leverage offered and spreads used are not mentioned. So, basically, trading conditions are left out of its presentation.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on Cryptofxoption
The means of making deposits and withdrawals with this broker are not mentioned. We are discouraged that e-wallets are not named because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.
The minimum deposit required to trade with the Forex broker is $250 which is within the average of $100 – $250 common among legit brokers or not. Withdrawal fees are not stated and we don’t appreciate this kind of anonymity.
There is also an offer of welcome bonuses. This is suspicious because some brokers use this tactic to tie down the funds of clients with unrealistic trading volume requirements.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is Cryptofxoption Licensed?
No, Cryptofxoption is not a properly licensed or registered broker. It is not permitted to trade or target citizens of the United Kingdom by the FCA.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To get in touch with the broker or a customer care agent, call +44 74 34 566 948, or send an email to firstname.lastname@example.org.
The Cryptofxoption Forex broker is not properly licensed and thus gets a low rating from us. There is a lack of trading information also and this is discouraging. Despite it requiring an affordable minimum, we do not appreciate not knowing what transaction means are allowed.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
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- Affordable Minimum Deposit Requirement
- Unclear Trading Conditions
- Unlicensed Forex Broker
- Undisclosed Transaction Methods
- MetaTrader Trading Platform Not Supported