Cryptosplanet Review: as the name suggests this is a cryptocurrency brokerage but offers a platform for trading the major digital assets. Is cryptos-planet.com a legit broker or a scam? With the continuing rise in illegal and fraudulent cryptocurrency companies, it is vital that you read this review before opting to trade with this broker.
On the website of this broker what we find is an address in Zurich, Switzerland. It claims that the company is licensed in Switzerland where the headquarters is located. However, when we did a little investigation, we found that Cryptosplanet is not a licensed company.
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In addition, we uncovered releases showing that it is actually a blacklisted brokerage. The Financial Market Supervisory Authority that should license trading companies in the Swiss region have warned residents to avoid the company. This is not all, the Italian trading authority, CONSOB, have also announced that the brokerage be avoided by people living in Italy.
Clearly showing that this dangerous company is operating without a proper license and is not under the jurisdiction of any respectable commission.
Advantages of Cryptosplanet
It claims that once traders create an account using their name, email, phone number and a unique password, they only need to fund their accounts to start trading and making profits.
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.
Cryptosplanet claims that traders using them do so because their platform is: easy to use, safe & secure, fully decentralized, and require low fees.
Cryptosplanet Trading Platform
The platform that is offered by Cryptosplanet to their client turns out not to be the MT4 platform. 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 system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes 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 majorly digital assets like: Bitcoin, Ethereum, Litecoin, Ripple, Bitcoincash and more. 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.
Maximum leverages offered is not mentioned and while some may seem generous, they could pose danger. High leverages can lead to huge loss of funds as well. Spreads are not made available to the public.
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 Cryptosplanet
Deposits can be made by using either credit cards or transferring digital currencies like Bitcoin or Ethereum.
The fact that e-wallets are left out is disturbing because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is $60 which is within the obtainable average of $100 – $250 among brokers. Withdrawal fees are not mentioned and it is stated that there are no commissions.
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 Cryptosplanet Licensed?
No. Cryptosplanet is not a licensed brokerage. Even the website does not provide much relating to the corporate information of the company. Like we mentioned above, the region where it is based is regulated by the Financial Market Supervisory Authority and instead of finding a license we find a warning against it.
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 contact the broker or get in touch with an agent of the customer support service, no means is provided on the website. This is discouraging as some interested clients may have inquiries to make.
What we have on our hands here is not just an unlicensed brokerage but one that is blacklisted by two regulatory authorities. We clearly see that Cryptosplanet is bad news and should not be trusted with funds. Even most of the trading conditions are not revealed on the page. If you have anything to add to this crypto broker review, do so via the comment section.
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