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Crypto-FX Review - is it scam or safe?

Crypto-FX Review - is crypto-fx.com scam or good forex broker?

RATING: 1 / 3 REVIEWS Crypto-FX
Crypto-FX is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread
Standard  $100 1:500 2 pips fixed

  

Crypto-FX is a forex broker that uses the MT5 trading platform. It does not seem to offer its clients different trading accounts. Unfortunately, the broker is not regulated, and that rises some serious issues, which we will discuss in the following review.

 

 

Crypto-FX Advantages

 

Trading on the MT5

Crypto-FX may not score highly in our review due to multiple issues, but the platform they offer isn’t one of them. The MetaTrader5 (MT5), along with the MT4 is among the finest trading solutions on the market. 

 

The platform features excellent charting tools, and numerous market indicators and trading bots, designed to help you run automated trading sessions. Besides, the platform is easy to use and easily customizable.

 

 

>> Check out the best MT5 Brokers <<

 

 

Seemingly good trading conditions

Clients of Crypto-FX are extended generous leverage of up to 1:500, and can open a live trading account by depositing $100, which is not a high amount to start with. Although Crypto-FX has not disclosed any reference spreads on the website, they offer free demo accounts. So, we saw the spreads offered by the broker are in line with the average in the industry, fixed at 2 pips on EUR/USD.

 

 

Crypto-FX'` demo web MT4. Click on the image to view larger.

 

Keep in mind, however, that the cost of trading is not as important as the security of your funds. Below, you may check out the real time spreads of some reliable forex brokers.

 

 

>> Spreads of top brokers compared <<

 

 

Crypto-FX Disadvantages

 

No contact number, no headquarters mentioned. Not regulated

Crypto-FX says to be owned and operated by Axelrod Limited or Axelrod Holdings Ltd. 
It also claims to be authorized a by some “Financial Authority”, but it does not become clear which one, as the broker has not mentioned any headquarters nor jurisdiction of operation. Contact telephone number is not provided either.

 

So, we can safely conclude that Crypto-FX is not regulated, nor overseen by any financial authority. With no regulatory oversight we can’t be certain about the company behind the operation and whether it will fulfill its obligation towards clients. This also means that potential clients (or victims) have no one to turn to in case they have legitimate grievances.

 

Spreads not mentioned on website

Crypto-FX has not mentioned any reference spreads on its website, which is yet another worrisome sign, as it shows lack of transparency regarding the broker’s pricing.

 

Limited CFD offering

While their name suggests a connection to the world of cryptocurrencies and they claim to offer more than 300 trading instruments, Crypto-FX’ MT5 platform did not provide access to any cryptocurrency CFDs as trading instruments. On the demo platform clients of the broker are only offered 20 something currency pairs, silver and gold. Popular instruments such as CFDs on indices, stocks and cryptocurrencies are not available for trading on demo. Of course, it is possible that these instruments are offered to live account holders.

 

 

Conclusion

 

Overall, Crypto-FX is a dubious and unregulated forex broker. It does not provide any information on essential matters like the country of its operation, regulation and security of funds. That being said, the seemingly good trading conditions seem matters of lesser importance.

 

As usual, our best advice for forex traders is to invest solely in reliable brokers, duly licensed by reputable financial authorities, such as ASIC in Australia or the Financial Conduct Authority (FCA) in the UK.

 

For example, the FCA requires frequent reporting on activities and enforces a lot of rules. When looking at it from a security of funds perspective, the most important ones are the following: segregation of client accounts, and the coverage of the FSCS compensation scheme. All FCA-regulated brokers are required to participate in the Financial Services Compensation Scheme (FSCS) - a system, which guarantees clients’ trading capital against broker bankruptcy. If you trade with an FCA-regulated broker which happens to become insolvent, you will be able to claim 90% of your account value, up to £85,000 from the FSCS.

 

 

>> A list of brokers licensed by the UK’s FCA <<

 

 

To sum up our review of Crypto-FX in a few words:

 

Pros Cons
MT5 available No contact number, no headquarters mentioned. Not regulated
Seemingly good trading conditions Spreads not mentioned on website
  Limited CFD offering

 

Latest news about Crypto-FX
No news about Crypto-FX . Check back later.
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Traders` reviews for Crypto-FX

Spread

Pros

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Slippage

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Requotes

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Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Bunch of Crooks!

CRYPTO-FX-Trade is nothing less of scum of the earth!
These bastards crooked me out of $300 and i will spread the news far and wide about your scheme -- its a scam and trust me i will not rest until ive informed every one i know -- i will also post a review on your unethical manner of cheating people out of there money by insisting they pay an upgrade fee of $655 before they can withdraw funds -- absolute rubbish --
Crypto-Fx-Trade should be ashamed of themselves by leading people into this terrible trap to believe they can earn 10% per day and then lose it all... bunch of CROOKS!!

Martin Nel 08/09/2019

cryptofx.com is nothing but a scam

First they will promise you that if you send them $100 worth of bitcoin you will be able to withdraw $500 in 7 days with the promise of give them 10% of your money. Then after that they will say there is a special promotion for the week where you will be able to make $25000 or more if you deposit $100 more. If you say no because you don't have any more money they will say you can pay them back after you withdraw in 7 days. After a couple of days they will inform you there is a change in the company policy and now you need to pay them $100 in order for you to withdraw your money. Their English is terrible, they communicate thru a WhatsApp number,etc, etc. Nothing but a big bunch of thiefs...

Julio E torrens 08/03/2019

Confirmed Another Scam Broker (crypto-fx.com)

Hi,
Crypto-fx.com is confirmed another scam broker. Recently, I have tried to withdraw some funds from my account but they did not pursue my request of withdrawal. In fact, I have even paid the deposit for the 12% ccommissions but still they did not make the payout to my bank account. Also nowadays brokers are smarter, they used the ANYDESK App to go through our PC to take as much money out from our bank account. Therefore, please be careful with crypto-fx.com!!!

Badron 06/15/2019
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