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CryptoMB Review - is it scam or safe?

CryptoMB Review - is cryptomb.cc scam or good forex broker?

RATING: 1 / 3 REVIEWS ForexBrokerz CryptoMB
CryptoMB is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit  Max. leverage Spread
Bronze  $250 1:500 2 pips, fixed
Silver  $1 000 N/A N/A
Gold  $10 000 N/A N/A
Platinum  $25 000 N/A N/A
VIP  $100 000 N/A N/A

 

CryptoMB is an offshore forex broker offering the above account types and using two domains: www.cryptomb.cc and www.cryptomb.io. Here are our impressions of this broker, after we made a thorough research on the company and tested its platform.

 

If you are going to skim through the review, make sure you read at least the first two negative points, as we have major concerns regarding CryptoMB.

 

 

CryptoMB Advantages

 

MT4 supported, spreads not bad

allows you to access the global financial markets via MetaTrader4 (MT4), the most widely used software in the forex industry. It is easy to use and popular for its advanced charting tools, a number of technical analysis indicators, wide range of Expert Advisors (EA), as well as extensive back-testing options for them.

 

 

CryptoMB’ demo web MT4. Click on the image to zoom-in

 

Besides, when we tested CryptoMB’ MT4 in demo mode, we found the spread on EUR/USD fixed at 2.0 pips, which is in line with most fixed-spread brokers offer. Yet, considering that broker is not regulated and very likely a scam, you’d better check out the pricing of some top-notch brokers instead:

 

 

>> Compare the spreads of the best brokers in real time <<

 

 

Generous leverage

As an offshore broker, CryptoMB can give away any leverage value the want. And it provides levels as high as 1:500, as seen on the broker’s demo MT4 platform.

 

We generally consider the availability of high leverage levels as an advantage, because some traders enjoy using such. However, such leverage ratios involve greater risk and you can lose your entire investment in a matter of minutes.

 

 

CryptoMB Disadvantages

 

Registered offshore, notorious address

CryptoMB is a trading name of Columbia Capital Group LTD, located in Trust company complex, Ajeltake road, Ajeltake Islands, Majuro, Marshall Islands MH96960.

 

 

Click to view larger.

 

Financial services providers in this offshore zone are not regulated. Furthermore, we have reviewed a number of shady brokers with the same address, most of which have turned out to be scams -  iForex24, FXG Invest and PBN Trade, to name a few. Judging by the negative comments submitted by people who claim to be clients of some of these brokers, they are all a bunch of scammers, so you’d better stay away from CryptoMB and, actually, all the rest.

 

Blacklisted by the CNMV

Another major red flag regarding CryptoMB is that it was flagged by the Spanish financial regulator, the CNMV, as a potential scammer.

 

 

Click on the image to view full size.

 

Also, we should note that Columbia Capital Group LTD. operates another brokerage brand, CryptoEU, which was blacklisted by the CNMV, as well as by the Italy's Commissione Nazionale per le Societa e la Borsa (CONSOB). Actually, CONSOB went as far as ordering the company to cease operating illegally in the country. 

 

No info on the trading conditions

This is an obvious disadvantage that is actually very common among scam brokers. CryptoMB has not presented on its website any trading conditions, other than the initial investment required. The lack of clarity and transparency regarding a forex broker’s key trading conditions such as spreads, leverage levels, etc., always leaves a bad impression.

 

MT4 provided by a third party, limited CFD offering

This is not a major flaw, yet we decided to mention it nonetheless. This broker’s MT4 is actually provided by Gelko Partners, an offshore company that operates EU Capital, which appears to be a total scam. You are more than welcome to read all the user complaints posted as comments to our review.

 

Here is another thing we spotted while testing CryptoMB’s MT4. Although the broker markets itself as “the most profitable way to earn money via cryptocurrency”, it doesn’t offer trading in any coins on demo accounts. When we tested the broker’s MT4, we could see 20-something forex pairs, as well as silver and gold available for trade.

 

 

Conclusion

 

CryptoMB presents itself as a cryptocurrency trading venue, but actually offers trading in forex and CFDs. Although the broker is registered offshore and is not entitled to provide financial services on any regulated financial market, it illegally targets European investors, and was blacklisted by several EU financial authorities.

 

This, as well as several other disadvantages of CryptoMB incline us to suspect that this broker could be one of the many fraudsters on the forex market. As always, our best advice for investors is to go with brokers that are regulated by trustworthy organizations like the UK’s FCA or CySEC in Europe.

 

 

>> Trade with a CySEC-regulated broker <<

 

 

To sum up the Pros on Cons regarding CryptoMB in a few words:

 

Pros Cons
MT4 supported, spreads not bad An offshore broker
High leverage Company blacklisted by several EU regulators
  Trading conditions not disclosed
  MT4 provided by a third party. Limited CFD offering

 

Latest news about CryptoMB
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Traders` reviews for CryptoMB

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Fake

Cryptomb and cryptobase Ltd are completely fake and conned me out of a fortune! I dealt with William Bradley who is a professional con-man or better known as a thief and liar!!

Jade 10/20/2019

cryptomb is a scam

is a scam let's make viral that this is not a trusthworthy company

here also a video latin american scammed persons by crypto mb

https://www.youtube.com/watch?v=YodMFjzmwcI&feature=em-comments

we should all sue this fraudsters

Alfred C 10/15/2019
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