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CryptoExp Review - is it scam or safe?

CryptoExp Review - is cryptoexp.com scam or good forex broker?

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

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Trading Accounts & Conditions

 

Account type Minimum deposit Maximum leverage Commission*
Green  €5 000 1:40 6%
Premium  €10 000  1:40 5%
Platinum   €50 000 1:40 4%
Executive   €100 000 1:40 3%
Presidential  €250 000 Custom Custom

 

 

* CryptoExp offers 0 spreads on all account types.

 

CryptoExp is a Bulgaria-based broker that offers margin trading in cryptocurrency CFDs. Its clients are able to choose among 5 account types, but the question is: Is it safe to invest it? Check out the full review to get all the details about CryptoExp and understand why we gave it such a low rating.

 

 

CryptoExp Advantages

 

Up to 1:40 in leverage

In our opinion, the only possible benefit of using this broker, if any at all, is the leverage up to 1:40 provided. When it comes to trading in cryptocurrencies, not all venues offer any leverage at all, and those who do usually provide lower levels.

 

 

CryptoExp Disadvantages

 

Not regulated, blacklisted by the FCA

CryptoExp is owned and operated by a company with the funny name O. M. G. Markets Ltd., which is allegedly based in, Bulgaria. CFD providers in Bulgaria have to be licensed by the local Financial Supervision Commission or by another EU financial regulator, however, that is not the case with CryptoExp.

 

What is worse, the broker is in the focus of an ongoing investigation by the UK’s Financial Conduct Authority (FCA). Obviously, it targets UK investors without an authorization. As the UK financial regulator warns, some of the firms that act without its authorisation and knowingly run investment scams.

 

Poor variety of financial instruments 

CryptoExp’s product portfolio basically comprises of 8 crypto pairs, including some of the most popular coins: Bitcoin, Ethereum, Ethereum Classic, Dash, Monero, Augur, and Gnosis. These are being traded against USDT and each other, so you cannot deal in conventional forex pairs, nor other popular instruments such as CFDs on indices, commodities or stocks.

 

 

>> Bitcoin CFD brokers, which also offer forex and more <<

 

 

Unproven web platform

As we already mentioned, CryptoExp uses a web-based platform. It is actually not bad, with analytics and charting powered by TradingView. Here is a snapshot:

 

 

Click to zoom in.

 

Nonetheless, this trading interface cannot be compared to the most popular platform in forex trading, the MetaTrader4 (MT4). The MT4 has many unique features such as the MQL programming language which allows traders to design and back test their own auto-trading bots or run ready-made ones. It also offers advanced analysis tools, charts, signals and indicators, all of which make it the preferred trading platform at the moment. 

 

 

>> A List of MT4 forex brokers <<

 

 

Excessive initial deposit, unusual withdrawal fees

In order to open an CryptoExp, one has to deposit at least €5 000, which is a very high amount to start with, By comparison, most brokers ask for $100-$200 for opening an account with them, including licensed and reliable companies.

 

On top of that, this broker applies some unusual withdrawal conditions, which are, in our view, unfavorable to traders. Clients of CryptoExp who have not traded a minimum of 1% of their deposit in standard lots, will be charged 4,5% or higher fee on the amount they have requested to withdraw.

 

 

Conclusion

 

CryptoExp is an unregulated crypto CFD broker whose offer isn’t impressive by any means. Although it is not entitled to operate on any regulated financial market, this broker obviously targets European investors. It was recently flagged by the UK financial watchdog as a possible scam. That being said, it is obvious why CryptoExp is not recommended as a trading partner.

 

We keep reiterating the importance of regulation in the wild west of forex and cryptocurrency trading. Regulation is crucial for the safety of any investment and only well-established financial institutions like the UK’sFCA, the Cyprus Securities and Exchange Commission (CySEC), or the Australian Securities and Investments Commission (ASIC) can provide sufficient security to traders. 

 

 

>> Reliable forex brokers offering BTC trades <<

 

 

To sum up our recap of CryptoExp in a few words:

 

Pros Cons
Leverage up to 1:40 Not regulated, blacklisted by the FCA
  Limited product portfolio
  Unproven web platform
  High deposit, unusual withdrawal fees

 

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Traders` reviews for CryptoExp

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