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CRYPTOFXMATE Review - is it scam or safe?

CRYPTOFXMATE review - Is cryptofxmate.com scam or good forex broker?

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

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The CRYPTOFXMATE website is presented as a UK based broker offering forex pairs and various other CFDs, including indices and crypto coins, with a proprietary web based platform. And  CRYPTOFXMATE also says to be regulated by the British Financial Conduct Authority (FCA), but unfortunately that information turned out be false. 

 

Account type Min. deposit Max. leverage Spreads/ Payout
Standard Account n/a

n/a

0,7 pips

 

If you are considering depositing any funds with them be sure to check this review first.

 

CRYPTOFXMATE Advantages:

 

In the beginning of our reviews we always try to come up with any possible advantages a broker might offer its clients, but with CRYPTOFXMATE we simply can not find anything worth mentioning.

 

CRYPTOFXMATE Disadvantages:

 

Anonymous website, falsely claims to be regulated

 

The CRYPTOFXMATE website is virtually anonymous – we are not told the name of the company that operates the website, nor their contact address or phone number. And what is even worse, the people running the website are deliberately trying to mislead investors that they are regulated by the Financial Conduct Authority (FCA) in the UK – we diligently checked the FCA registers, but there was no trace of CRYPTOFXMATE there. See for yourself:

 

 

So basically, what we are dealing here is an anonymous website most probably run by scammers.

 

Bear in mind that proper regulation is of utmost importance for the safety of your funds. Regulated brokers, licensed and authorized by the FCA in the UK for example, are subject to strict financial and ethical rules, among which to maintain at all times at least 730 000 EUR as an operational capital, dedicated to meet all outstanding payments to clients, to provide clients with a negative balance protection, meaning that no one will lose more money than he or she has deposited, to keep all clients' funds in a segregated, protected form creditors trust account, to file regular reports, to allow external audits and even to participate in a client compensation fund, basically insuring all trading accounts for up to 85 000 GBP. Here you may check our list of brokers, regulated in the UK:

 

>>FCA Regulated Forex Brokers<< 

 

Terms and Conditions missing

 

The client agreement or the Terms and Conditions is a key legal document, which establishes the contractual relations between the broker and the trader. On the CRYPTOFXMATE website that document is simply missing, so basically when you open a trading account with them you will have to agree with something you have not read. Besides, this is yet another indication that here we are dealing with scammers.

 

No demo account 

 

CRYPTOFXMATE says to be offering spreads starting as low as 0,7 pips. Unfortunately, as we were not able to open a demo account, we can not confirm this. Also, CRYPTOFXMATE does not say anything about the leverage they offer. Just keep in mind that on the European market the maximum leverage allowed with forex transactions is capped at 1:30, in the U.S. at 1:50, while in Canada at 1:75. And here you may check as well our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Skrill not accepted as payment method

 

CRYPTOFXMATE says they accept payments with credit cards like VISA and MasterCard, bank wire and some crypto coins, but they do not mention popular e-wallets like Neteller and Skrill and that is notable, especially in the light of the new anti-scam rules adopted by Skrill. According to their new policy Skrill partners only with properly regulated brokers, but as we already established CRYPTOFXMATE is a unregulated, anonymous website. In any case here you may check our list of brokers, which do accept Skrill payments:

 

>>Brokers accepting Skrill<<

 

No information about the minimum deposit requirement

 

Just bear in mind that with most brokers you will be able to open a trading account with about 250 USD, while with some big and popular companies like IG and FSB you will be able to start trading with just 5 USD or so.

 

MetaTrader4 not available

 

MetaTrader4 is probably the most popular trading platform on the market, offering many advantages as for example the option to run automated trading sessions with the help of customizable trading robots and numerous market indicators. The platform also supports an excellent set of advanced charting tools, so here you may check as well our list of brokers offering MetaTrader4:

 

>>MT4 Brokers<<

 

Conclusion:

 

CRYPTOFXMATE is not a broker we can recommend for obvious reasons. This is a unregulated, anonymous website, which most probably is involved in scam. As usually in such cases our best advise is to trade only with regulated brokers, licensed and authorized by a well known financial institution such as the FCA in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).

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Traders` reviews for CRYPTOFXMATE

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