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CryptoClubFX Review - is it scam or safe?

CryptoClubFX review - Is cryptoclubfx.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz CryptoClubFX
CryptoClubFX is an offshore broker. Your money is not safe.

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CryptoClubFX is an offshore forex and CFD broker, with no license to operate on regulated markets such as the European Union. The broker, however, has violated that restriction and the Italian Commissione Nazionale per le Società e la Borsa (CONSOB) has issued a recent warning against it.

 

Account type Min. deposit Max. leverage Spreads
Standard Account $250 1:200 1,6 pips
Classic Account $2500 1:200 n/a
Gold Account $20 000 1:200 n/a
Premium Account $50 000 1:200 n/a

 

CryptoClubFX Advantages:

 

Over 60 currency pairs

 

The selection of forex pairs with CryptoClubFX is impressive – over 60, with a number of exotic currencies including Mexican Peso, Hungarian Forint, Hong Kong Dollar, Danish Krone, Czech Krona, Philippine Peso, South African Rand, Turkish Lira, Singapore Dollar, Swedish Krona, Russian Ruble, Polish Zloty and Norwegian Krone. And there are also CFDs on commodities, indices, stocks, oil, natural gas,  gold, silver, platinum, palladium and even crypto coins like Bitcoin, Ethereum, Litecoin, Monero, Ripple, Zcahs, Dash, IOTA and Stellar. Besides, if you want to trade crypto assets, you can always check our list of brokers offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 1:200

 

After leverage levels were restricted in Europe the USA, Japan and other major markets, Australia remained the last regulatory hub where you can trade with a leverage as high as 1:200, as offered by CryptoClubFX. Unfortunately CryptoClubFX is not regulated by the Australian Securities and Investments Commission (ASIC) or any other official regulator for that matter. In any case, if you are tempted by the idea of trading with higher leverage, here you can check our list of brokers regulated in Australia:

 

>>Brokers regulated in Australia<<

 

Reasonable minimum deposit requirement

 

CryptoClubFX requires you to deposit at least 250 USD and that is more or less a standard amount with most brokers. Some big well established brokers like FBS and IG, however, do not have a minimum deposit requirement at all.

 

Competitive spreads

 

As tested with a demo account the bench mark EURUSD spread on the CryptoClubFX trading platform was just 0,1 pips, which is basically a raw spread. And besides there is no trading commission and that makes things look too good to be true even with one of the premium accounts. 

 

On the other hand on their website CryptoClubFX advertises spreads starting at 1,6 pips, which is just 0,1 pip higher than the standard starting spreads, offered by most brokers. In any case, here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

MetaTrader4 supported

 

MetaTrader4 is a popular user friendly platform with versatile functionalities, including the option to run automated trading sessions with the help of customizable trading bots. MT4 also sports a package of advanced charting tools and over 50 market indicators.

 

Our only problem here is that the MetaTrader4 we downloaded with CryptoClubFX was actually provided by another company - West Media Group, and that is not a standard practice.

 

Besides, here you may check our list of brokers, also offering MT4:

 

 >>MT4 Brokers<<

 

Various payment methods

 

CryptoClubFX accepts payments with major cards like VISA and MasterCard,  Neteller, AstroPay and bitcoins. We miss, however Skrill, and that is an interesting point as recently Skrill adopted a new anti – scam policy to require all brokers, using its services and targeting customers in the EU, to prove they hold a legit license. As we noted CryptoClubFX does not have a legit license. And besides, here you may also check our list of brokers accepting payments with bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

CryptoClubFX Disadvantages:

 

Warning by CONSOB

 

That is a major issue. As we noted the Italian Commissione Nazionale per le Società e la Borsa (CONSOB)  has black listed CryptoClubFX for targeting EU traders without proper authorization. The retail forex and CFD market in the EU is well regulated, and only licensed brokers are allowed to trade on it. 

 

CryptoClubFX is owned by a company named Game Capital Ads Limited., which is based on St. Vincent and the Grenadines. Neither the company nor the broker has a legit license and that significantly lowers their reputation.  Besides, the same company - Game Capital Ads Limited. also operates a couple of other unregulated web sites like SmartProFX, FirstFXClub, 360SmartFX, and  GameBtcFx, which are also blacklisted by the Italian Commission.

 

Have in mind that your funds can be secure solely with brokers regulated by official financial authorities such as the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority in the UK or the Cyprus Securities and Exchange Commission (CySEC). 

 

Regulated brokers are subject to strict supervision and strict rules, among which to file regular reports, to allow external audits, to maintain a certain minimum operational capital, to provide traders with a negative balance protection and to keep their funds in a segregated, trust account. With all regulators throughout Europe traders are even protected by client compensation funds.

 

Thus, if you trade with a FCA broker your capital will be protected for up to 50 000 GBP, even if your broker files for bankruptcy. Similarly, with all CySEC brokers your funds will be insured for up to 20 000 EUR. Here you may also check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Unusual withdraw conditions

 

Be aware that if you accept a trading bonus by CryptoClubFX, you will not be able to withdraw any of your funds until you trade at least 3,3 standard lots for every 10 USD of bonus you have accepted. One standard lot equals 100 000 USD and as an example, if you are granted just 30 USD as a bonus, you will have to trade at least 1 000 000 USD before you will be able to request a withdraw. 

 

Conclusion:

 

As we noted CryptoClubFX is blacklisted by CONSOB, because it has no license and legal right to target customers in the EU. Once again, be aware that trading with unregulated brokers comes with extremely high risk of loosing you money to scammers.

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Traders` reviews for CryptoClubFX

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