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BestCryptocurrencyBroker Review - is it scam or safe?

BestCryptocurrencyBroker Review - is bestcryptocurrencybroker.com scam or good forex broker?

RATING: 1 / 0 REVIEWS BestCryptocurrencyBroker
BestCryptocurrencyBroker is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Minimum deposit Maximum leverage Spread
Standard $250 1:10 N/A

 

BestCryptocurrencyBroker is one of the many unregulated CFD brokerages that appeared recently, trying to get an advantage of the cryptocurrency boom. As the company is not regulated and its trading offer is quite unclear, we would not recommend investing in it. Read the full review for all the details on BestCryptocurrencyBroker and why we don’t think it is the best crypto broker indeed.

 

BestCryptocurrencyBroker Advantages

 

Wide range of CFDs, including cryptocurrencies

BestCryptocurrencyBroker claims to offers more than 40 trading instruments, including CFDs on indices, commodities, stocks, forex, and cryptocurrencies. The latter include Bitcoin, Ethereum, Dash, Ripple, BitcoinCash, Ethereum Classic, Litecoin, Monero, Stellar and ZCash.

 

Although such offering might seem attractive to some crypto enthusiasts, keep in mind that BestCryptocurrencyBroker is not licensed, nor overseen by any governmental agency. You’d better choose among some of the brokers from the below link.

 

 

>> Tightly regulated Bitcoin forex brokers <<

 

 

Convenient payment methods

Clients of BestCryptocurrencyBroker can use all major credit cards (Visa, Switch, JCB, Diners, Discover & Mastercard), e-wallets (Skrill, Neteller, Webmoney, Paysafecard, PerfectMoney, Qiwi) and Bank wire transfer. This is a decent line-up which will suit most investors.

 

Reasonable leverage levels

The maximum leverage level provided by BestCryptocurrencyBroker is 1:10, which is on the high end of average for this sector. Most real crypto exchanges don’t support margin trading, while the majority of crypto CFD and forex brokers do, and the usual levels are 1:2 up to 1:10.

 

 

BestCryptocurrencyBroker Disadvantages

 

Not regulated

This broker is allegedly operated by Clicks Limited, a company registered in the Seychelles – a famous offshore zone where forex brokers are not licensed, nor overseen by any governmental agency. That is why we find rather amusing the allegations of BestCryptocurrencyBroker that it is regulated “In some countries”.

 



Not clear these are CFDs, spreads not indicted

Very much like other similar venues, BestCryptocurrencyBroker does not state clearly that it actually offers cryptocurrency CFDs. Inexperienced investors might take it for a real crypto exchange. However, as it also offers forex and other CFDs, and accepts only real fiat money, it is not a crypto exchange. Check the link below for our detailed explanation on the differences between crypto CFD providers and cryptocurrency exchanges.

 

 

>> Bitcoin CFDs trading vs trading Bitcoin on an exchange<<

 

 

In addition, BestCryptocurrencyBroker has not announced any pricing, fees, spreads, etc., which is yet another major disadvantage. Potential clients have the right to know what is the nature of the company’s services and what are the trading costs.

 

Basic web-based platform, high spread

We could not register an account with BestCryptocurrencyBroker (the broker’s website might be blocked in our country), but judging by the image uploaded on its website, the platform it uses is too simple. It looks similar to a binary options trading interface, and besides, we can see a spread of around $100 on BTC/USD, which is higher than what most crypto CFD providers offer.

 

 

Conclusion

 

BestCryptocurrencyBroker is an offshore forex and CFD provider that appears to target English-speaking investors who are into cryptocurrencies. What bothers us most regarding this broker is the fact that it is not regulated, and also the lack of transparency and clarity regarding the nature of its services and the pricing.

 

It is very likely that BestCryptocurrencyBroker is yet another scam crypto broker, so we advise our readers to stay away from it and to invest only with reliable and regulated companies.

 

To sum up the above:

 

Pros Cons
Solid choice of trading instruments Registered offshore
Various and convenient payment methods Not clear these are CFDs, spreads not indicted
Reasonable leverage Platform too simple, high spread

 

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Traders` reviews for BestCryptocurrencyBroker

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