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CryptoBroker Review - is it scam or safe?

CryptoBroker Review - is cryptobroker.io scam or good cryptocurrency exchange?

RATING: 3 / 0 REVIEWS CryptoBroker

RECOMMENDED BITCOIN BROKERS


 

Trading Accounts and Conditions

 

Account type Leverage Trading Fees Withdrawal Fees
Standard N/A 0.20% 0.001 BTC / 0.005 ETH

 

CryptoBroker is a Canadian cryptocurrency exchange that offers spot trading in around 15 coins against BTC. Although it does not work with fiat currencies, its users must provide some personal information.



CryptoBroker Advantages

 

- Decent amount of altcoins

At CryptoBroker one can trade in Ethereum, Litecoin, Zcash, Dogecoin, Litecoin Cash, and more. Although some brokers offer much more coins for trade, this is a solid amount of digital assets.

 

- Competitive fees

CryptoBroker applies a flat fee of 0.20% to all trades, without differentiating market “takers from market “makers”. Such trading fee is average for the crypto industry.

 

Besides, deposits to this exchange are free, while withdrawals are charged with some fees, which are not very high. For example, withdrawals in Bitcoin are charged 0.001 BTC. Here are the full details:

 

 

- Nice trading interface

Similarly to most other exchanges, CryptoBroker offers its own trading web interface. It has some price charts, market depth chart, order book, recent trades window with trend indication and a chat window for connecting with the customer support.

 

 

- Good location

As we mentioned in the beginning, CryptoBroker is a Canadian cryptocurrency exchange. Canada has the reputation of a developed country with country with a sound financial and regulatory environment.

 

 

CryptoBroker Disadvantages

 

- No fiat currencies

This exchange does not accept “traditional” money, such as EUR, CAD or USD. This means that it is not easily accessible for those who don’t have any coins yet. Other Canadian exchanges, such as Coinsquare or QuadrigaCX work with fiat.

 

- One base cryptocurrency, some major coins unavailable

Trading at this exchange is done solely against Bitcoin. Although this is the case with a cumber of coin-to-coin trading platforms, having the option to also trade against other cryptocurrencies is nice.

 

Besides, some crypto-traders might not like the fact that popular altcoins such as Ripple, Bitcoin Cash, Stellar, EOS and others are not listed on CryptoBroker.

 

- No leveraged trading

CryptoBroker offers only spot exchange services, which is not uncommon. There are other companies operating in Canada, like Kraken, who offer leveraged trading on digital assets. Besides, there are a number of “traditional” forex brokers who provide margin trading on cryptocurrency CFDs.

 

 

>> Forex brokers offering Bitcoin leveraged trading <<

 

 

- Limited withdrawals to external wallets

Withdrawals from CryptoBroker exchange to external wallets are limited to $2500 daily, which is rather uncommon. Most exchanges have such limitations for unverified users only.

 

- No anonymity

CryptoBroker requires that its users verify their IDs to protect against fraud and money laundering and generally comply with relevant laws

 

 

Conclusion

 

CryptoBroker is a Canadian coin-to-coin exchange with nice interface and competitive fees. It has been operating for several years now and has listed a decent amount of altcoins, although some popular digital assets are not available for trade on the platform.

 

Canada has already amended some laws regarding the record keeping, money laundering, terrorist financing and identity verification requirements for cryptocurrency marketplaces, but currently there are no specific legal requirements for this type of service. Nonetheless, many Canadian exchanges have some sort of licenses. For example, one of the first crypto exchanges in the country, Morrex, has two licenses – FINTRAC on a federal level as a money service business and a regional license from the Quebec Authorite des Marches Financiers. Allcoin exchange is also registered on a federal level as a money services business by FINTRAC ( the Financial Transactions and Reports Analysis Centre).

 

CryptoBroker, however, is not licensed by any authority. If you would rather speculate on the price of Bitcoin with higher leverage provided, it may be better for you to open an account with a forex broker.

 

 

>> Well-regulated forex brokers that offer trading in Bitcoin <<

 

 

Here are, once again, the advantages and disadvantages of CryptoBroker:

 

Pros

Cons

Decent amount of altcoins

No fiat currencies

Competitive fees

Trading only against BTC

Nice trading interface

No Ripple, EOS, Stellar

Good location

No margin trading

 

Limited withdrawals to ext. wallets

 

No anonymity

 

 

 

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Traders` reviews for CryptoBroker

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