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CryptoCapitalFX Review - is it scam or safe?

CryptoCapitalFX Review - is cryptocapitalfx.com scam or good forex broker?

RATING: 1 / 0 REVIEWS CryptoCapitalFX
CryptoCapitalFX 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  $250  1:200 2.4 pips, fixed
Classic  $2 500  1:200 2.4 pips, floating or fixed
Premium  $20 000 1:200 0.6 pips
Gold  $50 000 Adjustable  0.6 pips

 

CryptoCapitalFX offers its clients a choice of four accounts for trading in forex and CFDs on the MetaTrader 4 platform. Although the its trading conditions don’t seem bad, we would not recommend this broker. CryptoCapitalFX is not licensed to provide financial services, and could be involved in scam.

 

Read on to get all the details regarding this broker before you invest any money.

 

 

CryptoCapitalFX Advantages

 

MT4 available

The presence of this trading platform is always appreciated. Easy to use, fast, and reliable, the MT4 is the most widely used trading platform in the forex industry. This piece of trading software is especially popular for its top-notch charting, automated trading bots also known as Expert Advisors (EAs), MQL marketplace, customization options and more. Besides, the MT4 is available in all forms and shapes – desktop download, web-based version and mobile apps.

 

 

>> Choose a better MT4 broker <<

 

 

Huge selection of CFDs, up to 1:200 in leverage

CryptoCapitalFX’s offer is also very broad in terms of assets available for trade. It includes a many currency pairs, and an array of CFDs – on indices, commodities, stocks, and the most popular cryptocurrencies. In case you are a crypto enthusiast, however, we would advise you to trade Bitcoin or other digital assets on a regulated exchange or with a licensed forex broker in the form of CFDs.

 

 

>> A list of reliable forex brokers offering crypto CFDs <<

 

 

Another possible benefit of CryptoCapitalFX, provided that it is not a scam, is that the broker offers solid leverage levels, up to 1:200. Leverage that high will suffice even the needs of most traders, and are not dangerously high.

 

 

CryptoCapitalFX Disadvantages

 

A clone firm, blacklisted by CySEC

CryptoCapitalFX claims to be owned and operated by Eternity Capital Management Ltd, a company authorized by the Cyprus Securities and Exchange Commission (CySEC). However, cryptocapitalfx.com is not present in the list of approved domains in the regulator’s register.

 

 

What makes us certain that CryptoCapitalFX is a clone firm is the fact that the Cypriot financial watchdog has issued a warning against this broker, because it illegally uses the name of a legit company with which it is not related in any way. This is a popular scam tactic commonly referred to as a “clone firm”. 

 

High spreads announced, demo ones don’t match

According to the information on its website, the spreads CryptoCapitalFX offers on EUR/USD are 2.4 pips, which is around two times higher than the average in the industry. When we tested the broker’s MT4, we found the benchmark EUR/USD spread floating around 0.2 – 0.3 pips, and no commission applied.

 

If trading costs are the same in live trading environment, there is no way for CryptoCapitalFX to be profitable. We suppose that the lack of commission fees and the tight spreads on demo accounts are just a trick to attract customers.

 

 

>> Compare real-time spreads of the best FX brokers <<

 

 

Related to shady company West Media Group Limited

Another thing we mentioned while testing CryptoCapitalFX’ demo MT4 is that the platform is provided by a third party, West Media Group limited. This company is not unknown to us, as it partners with other unregulated brokers like FirstBTCfx, WinCapitalPro, SmartProFX, 360SmartFX, CapitalFXClub, FirstFXClub, CapitalBTCfx, CryptoClubFX, SmartBTCfx, GameBtcFx, and more. All of these brokers, as well as West Media Group limited, are also blacklisted by CONSOB.

 

As we have reviewed the abovementioned brokers, we spotted that the websites of some of them are almost identical in terms of both lay-out and trading conditions, which inclines us to suspect that they are involved in a seral scam scheme.

 

For example, the account types and the trading conditions of CryptoCapitalFX and SmartProFX are almost the same too. See for yourselves:

 

 

 

 

Conclusion

 

As we already noted, CryptoCapitalFX appears like a clone firm that is involved in a serial scam. It was blacklisted by one of the most reputable EU financial regulators and this should be enough to prevent anyone from opening an account with it.

 

There are better and legitimate forex trading intermediaries, which are licensed and overseen by trustworthy governmental agencies such as CySEC, the FCA in the UK or ASIC in Australia.

 

 

>> Trade with a CySEC-regulated broker <<

 

 

Here is a summary of our review on CryptoCapitalFX:

 

Pros Cons
MT4 available A clone firm, blacklisted by CySEC
Wide range of CFDs, solid leverage Related to shady company West Media Group Limited
  High spreads announced
  Demo spreads unrealistic, don’t match paper ones

 

Latest news about CryptoCapitalFX
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Traders` reviews for CryptoCapitalFX

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