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CryptoIberian Review - is it scam or safe?

CryptoIberian Review - is cryptoIberian.com scam or good forex broker?

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

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Trading Accounts and Conditions

 

Trading account  Min. deposit Max. leverage Spread
Basic  $250 1:500 N/A
Professional  $500 1:500 N/A
Silver  $1 000 1:500 N/A
Gold  $5 000 1:500 N/A
Platinum  $25 000 1:500 N/A
VIP  $500 000 1:500 N/A

 

CryptoIberian is an offshore forex and CFD broker that offers the above account types. As its name suggests, this provider focuses on cryptocurrency trading and targets mainly European investors.

 

If you are wondering whether investing with CryptoIberian is a good idea, make sure you read this review first.

 

 

CryptoIberian Advantages

 

Leverage up to 1:500

CryptoIberian provides leverage up to 1:500 for forex trading. Although leverage ratios that high hide risks of losing more than the initial deposit, we still consider it a good option, as such levels should be enough to suit all trading styles.

 

Diversified product portfolio, many coins available

Another possible benefit of using this broker is its rich product portfolio. CryptoIberian offers a couple of conventional forex pairs and CFDs on precious metals, Brent, some stocks and indices. The main asset class in its portfolio, however, is cryptocurrency in the form of CFDs. The latter group includes Bitcoin, Ethereum Classic, Litecoin, Bitcoin Cash, Dash, EOS, Golem, IOTA, Neo, Doge Coin, Qtum, Tron, Monero, Paragon, Bytecoin, Bancor, OX and Cindicator.

 

Sadly, some major coins like Ethereum and Ripple are not available for trade at CryptoIberian. Anyway, some major reputable forex brokers also offer solid choice of cryptocurrency CFDs.

 

 

>> Trade cryptocurrencies with a regulated forex broker <<

 

 

CryptoIberian Disadvantages

 

Not licensed, blacklisted by several regulators

According to the information on its website, CryptoIberian is owned and operated by Outsource Your Marketing Now Ltd., an offshore company registered in St. Vincent and the Grenadines (SVG). Brokers in such offshore zones are not licensed, nor supervised by any authority, and many of them are engaged in fraudulent practices. That is why we advise traders to avoid offshore brokers as a general rule.

 

What is worse, we found out that that both the Comisión Nacional del Mercado de Valores (CNMV) in Spain and the Commissione Nazionale per le Societa e la Borsa (CONSOB) in Italy have issued warnings against Cryptoiberian. The broker obviously targets European investors, while it is not authorized to offer financial services on regulated markets such as the European Union.

 

MetaTrader not supported

Unlike the vast majority of forex brokers, CryptoIberian does not support the MetaTrader 4 (MT4) trading platform.

 

 

Judging by the above image of the broker’s platform uploaded on its website, CryptoIberian’s platform is web-based and oversimplified. It would better serve a binary options broker.

 

By comparison, the MT4 offers numerous features and options, with great charting and useful analysis tools. Besides, it is very popular for its auto trading bots, called Expert Advisors.

 


>> Prefer trading on the MT4? <<

 

 

Spreads not specified, no demo accounts

CryptoIberian has not mentioned any reference spreads, nor offers free testing service. Lack of essential information such as the cost of trading in a broker’s website is always a worrisome sign. Most con-artists would not share such data, because some inconsistencies and irregularities might show up and expose the whole set-up.

 

Managed accounts available

This broker does not offer free demo accounts but managed account are available. This is a highly controversial practice which by definition has a great potential for a conflict of interest and therefore requires strict regulatory oversight.

 

 

Conclusion

 

We cannot recommend CryptoIberian for two main reasons: it is not regulated and not transparent about its offer. With no regulatory oversight we can’t be certain about the company behind the broker and whether it will fulfill its obligation towards clients. Furthermore, there is not authority to turn to in case clients fall victim to a scam.

 

In order to avoid being scammed, you’d better only deal with entities holding licenses from reputable financial regulators like UK’s FCA, or Cyprus’ CySEC (in Europe). These regulatory agencies require compliance with a number of strict rules that give significant assurance for the security of the clients funds.

 

 

>> Trade with a CySEC regulated broker <<

 

 

To sum up our review of CryptoIberian in a few words:

 

Pros Cons
Leverage up to 1:500 Not licensed, regulatory warnings against it
Diversified product portfolio, many coins available No info on spreads, no demo accounts
  MT4 not supported
  Managed accounts available

 

Latest news about CryptoIberian
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Traders` reviews for CryptoIberian

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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