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Cryptex Markets Review - is it scam or safe?

Cryptex Markets review - is cryptexmarkets.com scam or safe binary broker?

RATING: 1.2 / 1 REVIEWS Cryptex Markets
Cryptex Markets is not regulated. We cannot guarantee your money is safe.

Cryptex Markets is а binary options broker brand owned and operated by the Dominican company Options Tech Limited. It’s stated address is at 8 Copthall, Rosean Valley. We have come across a few brands of the same company and we highly recommend traders avoid them– read the whole review to find out why! 

 

Disadvantages 

 

Major concerns about the company

 

In our research we came across disturbing details about the brokerage. First of all, not only does the government of Dominica not regulate binary options, but, furthermore, prestigious regulatory agency FCA has issued a warning regarding Options Tech Limited – which is the owner of the brokerage. We read that “This firm is not authorized or registered by us but has been targeting people in the UK, claiming to be an authorized firm”, and then they go on to say that traders should stay away from it since it is most likely a fraud.

 

This should raise red flags immediately and further cements our suspicion that we have no assurance for the safety of the clients funds.

 

The lack of regulation exposes potential traders to many risks. Due diligence requires us to state them. Without regulation, we have no guarantee of the segregation of accounts i.e. the clients funds may well be mixed with those of the company and liable to all sort of illegal encroachments on part of the broker. Compliance with the highest regulatory standards also offers potential clients of the brokerage participation in a compensatory scheme by which, in the unlikely case of the broker’s bankruptcy, the losses of traders will be covered by up to 50 000 GBP per person. We would suggest interested traders take a look at our list of recommended FCA-regulated brokerages that provide such important safety nests: 

 

>>List of FCA-regulated brokerages<<

 

 

Not enough information 

 

There is no information to be found on the website regarding account types, minimum deposits, leverage, all in all, we learn nothing about the trading conditions of the brokerage. The lack of information shouldn’t be a surprise, having in mind the lack of regulation, but, nevertheless, it is a huge negative. Cryptex Markets does not even disclose what sort of payment methods are available for potential clients. We would advise clients to always be as informed as possible before deciding to trade with a brokerage. 
 

Restrictive withdrawal conditions 

 

The withdrawal conditions is pretty much the same as other broker brands of the company we have reviewed. We read in the Terms and Conditions of the brokerage that there is a turnover requirement for withdrawal. The exact words are "Turn over requirements: 3 times over without bonus and 30 times over with allocated bonus." This means that a trader must achieve a turn over of three times the initial deposit, or thirty times the deposit if they have recieved a bonus. This is a highly restrictive measure and traders should take notice of it. Here is a screenshot: 

Click to zoom.

Advantages 

 

Nice web-based trading platform 

 

After registering for a demo account and activating it through email, we were granted access to the trading platform of the brokerage. On it we could see that the brokerage is in fact a binary options brokerage that seems to have a wide range of trading options, but we see information about the pricing only on a few items, mostly cryptos. Here is a screenshot: 

Click to zoom.

Wide variety of crypto-currencies 

 

On the trading platform we could see a number of financial instruments which we always view positively. Although, there is information on a limited number of forex products. Potential clients of the brokerage may trade all the most popular coins such as Ripple, Litecoin, Bitcoin and many more. However, having in mind the troubling security status of the company behind the brokerage, we recommend interested traders check out our list of binary options brokers: 


>>List of binary options brokers<<

 

Conclusion 

 

Going through the brokers website and its trading platform – we found many disconcerting things. Pretty much everything about the lay-ouf of the website screams “scam”.However, what we must most emphasize is that the FCA has issued a warning about the company behind the brokerage, telling traders it is most likely a fraud-operation. All this compels us to say that traders should not risk investing with Cryptex Markets.

 
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Traders` reviews for Cryptex Markets

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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I lose all

they ask you lot of money.. slowly they show your deposit grow.. grow.. 10% every week.. incredible! infact, dont' believe. somehow, they call you and giving some good news, they ask you to deposit a little bit more..
they disappears in the summer of 2018, i tried to withdraw a part of the deposit.. the amount is still in "working" status.

flavio 05/15/2019
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