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CryptopMarket Review - is it scam or safe?

CryptopMarket review - Is cryptopmarket.com scam or good forex broker?

RATING: 1 / 6 REVIEWS CryptopMarket
CryptopMarket is an offshore broker. Your money is not safe.

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CryptopMarket is a forex and CFD borker that also claims to be offering crypto coins. However, we should note that there is a fundamental difference between buying an asset like a crypto coin and making a bet with a Contract for Difference - the kind of service CryptopMarket provides. For more information you may check our article on the subject:

 

Account type Min. deposit Max. leverage Spreads
Standard Account $250 1:200 3 pips, fixed

 

CryptopMarket Advantages:

 

Various trading instruments

 

CryptopMarket are offering their clients a variety of trading instruments, including over 30 forex pairs, with some exotic currencies like the Turkish Lira and the South African Rand, CFDs on spot metals including, gold, silver and copper, CFDs on agricultural and energy commodities - oil, natural gas, corn, coffee and wheat, as well as crypto CFDs with coins like Dash, Ripple, Bitcoin Cash, Ethereum, Bitcoin, Litecoin and Monero. The broker also offers CFDs on indices and stocks and even an instrument called Simplified Fx, which turned out to be a sort of a binary options bet. 

 

Acceptable minimum deposit requirement

 

You can open a starting account with CryptopMarket with 250 USD, which is basically in line with the market average. Still, have in mind that some well established players, like FBS and IG does not have a minimum deposit requirement at all.  

 

Leverage of up to 1:200

 

The maximum leverage offered by CryptopMarket is up to 1:200 and this is generous enough to fit any trading style. Yet we should note that most experienced traders rarely use leverage of more than 1:100, as higher leverage comes with an implied risk of loosing your funds much faster. 

 

Popular e-wallets accepted as a payment method

 

With CryptopMarket you can deposit and withdraw funds using all major credit or debit cards like VISA and MasterCard, bank wire, as well as e-wallets including Neteller, Skrill, WebMoney, QIWI, Yandex, AstroPay and PaySafe. Still, as payments with crypto coins are getting more and more popular, here you may check our list of brokers, accepting bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

CryptopMarket Disadvantages:

 

No license

 

From the presentation on their website we learn that CryptopMarket is operated by Melgreg services OU, with an address in Tallinn, Estonia. However, as the broker mentions nothing about a license or regulation,  we diligently checked the registers of the Estonian Financial Supervision Authority – Finantsinspektsioon and neither CryptopMarket nor Melgreg services OU showed up.

 

On top of that in the contact section of the CryptopMarket website we came across an address in Moscow, Russia of a completely different company. See for your self:

 

 

That leaves us with no choice but to regard CryptopMarket as an unregulated broker and that is unfortunate, as unregulated brokers have very limited credibility and more often than not are involved in scam. 

 

Keep in mind that regulation is crucial for the safety of any investment and only well respected financial institutions like the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) can provide sufficient security to traders. 

 

Licensed brokers are obliged to follow strict fiscal and ethical rules, including to maintain a minimum capital adequacy ratio, to keep all clients money in protected, segregated accounts and in some cases even to insure traders capital. 

 

With the FCA backed Financial Services Compensation Scheme for example, in case the broker goes insolvent, traders can receive back up to 50 000 GBP of their capital. Similar compensation scheme with the CySEC in the Cyprus guarantees traders up to 20 000 EUR of their investment. Here you may check our list of brokers, also licensed by FCA:

 

>>FCA Regulated Forex Brokers<<

 

CryptopMarket wants us to believe they trade with real crypto coins

 

CryptopMarket are the latest of a series of unregulated CFD brokers, posing as a crypto exchange to take advantage of the huge interest toward the crypto markets since late 2017. Here you can check our list of brokers also offering Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Absurdly high spreads

 

When we tested CryptopMarket's trading platform with a Demo account the EURUSD spread was fixed at 3 pips, which in our opinion is absurdly high. To be considered competitive, spreads with a standard account should start below 1,5 pips. Here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Unusual withdrawal fees

 

CryptopMarket has a series of unusual fees and commissions, including a Maintenance Fee, Profit Clearance Fee and a Withdrawal Fee. 

 

We just want to point out that is not in line with the general practice on the market. 

 

MetaTrader4 not available

 

CryptopMarket offers a web based trading platform, which looks pretty familiar to us, as we have seen a similar version being used for binary options trading.

 

 

The platform is overly simplified and lacks lots of features, including the automated trading option, supported by well known platforms like the MetaTrader4. Here you may check our list of brokers, offering MetaTrader4: 

 

>>MT4 Brokers<<

 

Conclusion:

 

CryptopMarket is a low credibility, unregulated broker, which offers unreasonably high spreads and has some rather unusual withdrawal and maintenance fees. As we have already discussed, investing with unregulated companies comes with a significant degree of risk of loosing your money to scammers.

Latest news about CryptopMarket
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Traders` reviews for CryptopMarket

Spread

Pros

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Slippage

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Requotes

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Price feed

Pros

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Platform

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Cons

 

 

Deposit/Withdraw

Pros

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Customer service

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Summary

Pros

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Quiero mi dinero

Mal muy mal te engañan y se quedan tu dinero estafa total

Translated by Google:

I want my money
Bad very bad cheat you and your money is left total scam

Julián Lozano 05/29/2019

Scam!!!

I have beendealing with Cryptopmarket since end of Jan 2019. I felt it was a little dodgy when I couldn’t ring back on the number they rang me on. I didn’t pay much attention and carried in trading. They entice you with additional equity for instance double up or even 300% extra on top of your deposit. All goes smoothly, I made some profit and i wanted to withdraw some of my profit. That’s when you realise the scam you are faced with. They kept blaming Lyfinance which is supposedly their bank, that the money doesn’t come through. After much fight, and pleading, i managed to get half of my money and its been over a month and i’m still pursuing the rest of my money.
My advice is not to deal with them as they gonna have your address and more credentials and these type of company areusually run by mafias. So for your own security, stay away.

Jumshid Bholah 04/04/2019

A get poor quick scheme

Do not invest in this... It is a get poor quick scheme... I have lost thousands of my hard earned saving to this corrupt trading centre. I have been conned by a convincing con man called Zak Goldberg. Probably not his real name so BE WARNED

elizabeth 03/16/2019

I want my remaining money

I wish to close my account no :-190125712018.Can you please send instructions
on how to proceed.

I have tried many times via email to contact mr Michael katz for help but he refuses to reply as does your help line via the form you provide.

I now consider this a bogus company and a scam . I want my remaining money ASAP.

Wilfred Foster 03/06/2019

CryptopMarket complaint

I have been with this company for 4 weeks, I have placed £10000 with them and have made £500. Every time they phone me something great is going to happen and they want me to put in more money which they will add to. My balance with them is £10349 not sure if this includes their part.How do I get out without losing too much money

Mrs Julia Bridgman 02/20/2019

Cryptopmarket avoid avoid avoid

This company is a scam. i was scammed out of $35,000.

they are so nice with you at the start then they ramp up the pressure to put more and more money down, they do not allow you to remove it whatsoever.

avoid avoid avoid Crytopmarket.

jonathan paxton 10/08/2018
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