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CryptoGo Review - is it scam or safe?

CryptoGo Review - Is cryptogo.com scam or safe cryptocurrency exchange?

RATING: 3.2 / 2 REVIEWS ForexBrokerz CryptoGo
CryptoGo is not regulated. We cannot guarantee your money is safe.

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Trading Accounts & Conditions

 

Account type Leverage  Minimum transaction Standard
Standard 1:1 £500/$500 Approx. 30% for BTC

 

CryptoGo is a UK-based cryptocurrency entry level service. Calling them an exchange will be a bit of a stretch, since they don’t provide a trading venue, but are an “exchanger”. One can send a fiat transfer to the company and receive his desired digital asset or vice versa. Read the full review, to see how we feel about their offer. 

 

CryptoGo Advantages

 

Simple service and interface – as we stated beforehand, the thing which  CryptoGo offers is rather straightforward. The “platform” used to provide the service is basically an order entry box, which those who have shopped online (basically everybody) will feel very familiar with. Here is a preview:

 

The order entry box at CryptoGo

 

Credit cards and wire transfers accepted – one of the major advantages of  CryptoGo, when compared to other similar services is the fact they provide both of the popular payment methods. Most other exchanges accept either one or the other.

 

>>Places where you to buy Bitcoin with a Credit Card?<<

 

Virtually all virtual coins offered – definitely the most unique aspect of this service. A lot of entry level companies only offer Bitcoin, while the list of available altcoins at CryptoGo is over 100 long. Additionally the company claims you can get in touch with one of their brokers if you are looking for an even more exotic asset.

 

CryptoGo Disadvantages

 

Limited background, strange presentation – CryptoGo appears to be a new player in the space, but we can’t exactly determine since when they are operating. Oddly enough, they present themselves as a “brokerage”, which may have a different connotation to some people (especially ones like us, who deal with financial markets). It even looks as if they would offer clients advice on how and when to invest in the various coins, which sounds a bit supspicious.

 

Substantial makrup – the second and perhaps more important significant factor, when it comes to this company is the incredibly high mark up, The price which we saw when browsing their website as around €7,500 per Bitcoin, while the coin was traded on other exchanges around €5700-€5800. Other entry-level “exchanges” charge 2%, 3% or even go as high as 10%, but the effective rate at CryptoGo is close to 30%.

 

Even we were initially confused with this offer, as we thought the price is in US dollars. Had that been the case the markup would have been around 11% (which is still rather high), but this one is very high.

 

No wallet provided – when placing an order with this “brokerage” one has to provide his own wallet, for the coins in question. This makes the service not that attractive to total newcomers, but learning about the various wallets and ways to protect your digital assets is highly recommended.

 

High minimum transaction – the entry bar at CryptoGo is set at £500/$500, which is more than what some people would be willing to invest in crypto. Still, other companies like Coinbase offer access to a broad range of individuals, based on their location and financial status. Remember to only risk funds you can afford to loose.

 

Not an "exchange" –  CryptoGo’s entire offer doesn’t present a trading venue i.e. something suitable for active, short term speculation. Luckily, there are other exchanges which provide such capabilities, including margin trading. However, the most simple imaginable way to access the volatile crypto markets, as an active trader is still CFD trading.

 

>>Forex brokers, offering Bitcoin<<

 

Some of the world’s leading (and not so impressive) forex brokers feature Bitcoin, Ethereum, Ripple and more. As we alluded to, their service is a totally different one – Contracts For Difference (CFD) allow you to use leverage and take short positions, but don’t grant you any ownership of the actual coins in question. You can find more info here.

 

Conclusion

 

CryptoGo is UK-based entry level cryptocurrency “exchange”. The service they offer may be very simple – you send cash and they send coins to your wallet. That being said, the price you will get is probably one of the worst ones we have ever seen (and we have reviewed over 200 crypto-exchanges). A markup of nearly 30%, makes using their service borderline useless.

 

Keep in mind, when using even the most reputable of exchanges (or “brokerages”) one always takes some form of risk in the world of digital assets. If you are only looking for the volatility, but want to minimize your counterparty risk, a forex broker may be the way to go. That being said, a lot of them aren’t very trustworthy and we would recommend looking at the tightly regulated ones.

 

>>Well regulated Bitcoin forex brokers<< 

 

 

The pros and cons of CryptoGo:
 

Pros Cons
Simple service and interface Limited background, strange presentation
Credit cards and wire transfers accepted Substantial makrup
Virtually all virtual coins offered No wallet provided
  High minimum transaction
  Not an "exchange"

 

 

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Traders` reviews for CryptoGo

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Cryptogo is a scam

This neat operation claims they are based in the uk and that may be the case but be wary where you send you hard earned money, they have a tendency for receiving your payments and not delivering your coins, keep your money in your wallets and do not I repeat DO not try to make a single transaction with these scam artists. Take it from a person who's already been burned.

Barakat 08/08/2018
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