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CryptoRocket Review - is it scam or safe?

CryptoRocket review - Is cryptorocket.com scam or good forex broker?

RATING: 1.4 / 1 REVIEWS ForexBrokerz CryptoRocket
CryptoRocket is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


CryptoRocket is an offshore forex and CFD broker based in St. Vincent and the Grenadines. They offer over 50 currency pairs and lots of CFDs with a leverage of up to 1:500 and the MetaTrader4 platform.

 

Unfortunately they are not licensed to offer brokerage services on regulated markets like the European Union, the United States, Canada, Japan or Australia, as they should be, so before depositing your funds with them better read this review.

 

Account type Min. deposit Max. leverage Spreads
Standard Account $1 1:500 0,9 pips + $6 per lot

 

CryptoRocket Advantages:

 

55 forex pairs and lots of crypto CFDs

 

As we already noted the broker offers quite a selection of trading instruments, including 55 forex pairs, many of which minor or exotic like USDZAR, USDTRY, USDSGD, USDSEK, USDRUB, USDPLN, USDNOK, USDMXN, USDHUF, USDHKD, USDDKK, USDCZK and USDCNH. On top of that, when we tested their trading platform with a demo account we came across a variety of CFDs on spot metals like silver, gold, platinum and palladium, energy commodities like oil and natural gas, 11 indices, stocks and a number of crypto coins, including Bitcoin, Ethereum, Litecoin, Ripple, Dash, Bitcoin Cash, NEO, Monero, Zcash, IOTA, EOS, Santiment, OmiseGO, Eidoo, Metaverse and Tron. And here you may also check our list of forex brokers trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage as high as 1:500

 

This is basically as good as it can get. Higher leverage is not that common those days, especially after the European Securities and Markets Authority (ESMA) capped the maximum leverage allowed with forex transaction at 1:30, following similar moves by the regulators in the U.S., Japan and Canada, basically leaving Australia the only regulatory hub still permitting unrestricted leverage trade. So if you are willing to risk trading with higher leverage, here you may also check our list of brokers, licensed by the Australian Securities and Investments Commission (ASIC):

    

 

>>Brokers regulated in Australia<<

 

No minimum deposit requirement

 

The broker dose not require any fixed minimum deposit to let you trade and that is in line with the best practices on the market – big and well established brokers like FBS and IG do not have a minimum deposit requirement as well.

 

Good spreads

 

When we tested CryptoRocket's trading platform with a demo account the benchmark EURUSD spread floated about 0,8 pips – 0,9 pips and that looks good, even with the trading commission of 6 USD per standard lot (round trip), which the broker charges.

 

Basically a commission of 6 USD per standard lot of 100 000 USD will add another 0,6 pips to the actual spread, in this case around 1,4 pips – 1,5 pips - in line with what traders usually consider acceptable with a standard account. In any case here you may also check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

MetaTrader4 supported

 

And that is definitely another positive point. CryptoRocket supports the MetaTrader4 and that is good news. The platform is light, fast, has a user friendly interface and features numerous market indicators, advanced charting tools and even customizable trading robots, with the help of which one can run automated trading sessions. So here you may also take a look at our list of brokers, supporting MT4 as well:

 

>>MT4 Brokers<<

 

CryptoRocket Disadvantages:

 

No regulation

 

CryptoRocket says that their website “is not intended for any use that would be contrary to local law or regulation” and that is fine. If you are on St. Vincent and the Grenadines it will be perfectly legal to trade with them (safety of funds put aside), but we opened a demo account with CryptoRocket from the UK and there it is illegal to offer brokerage services to British customers, if you are not licensed and authorized by the local Financial Conduct Authority (FCA).

 

The general issue with all unregulated brokers is that, unlike properly licensed companies, they are completely unaccountable for the way they handle your money.

 

And with a FCA broker you will even get an insurance on your account for up to 85 000 GBP, so here you may also check our list of brokers, regulated in the UK:

 

>>FCA Regulated Forex Brokers<<

 

Otherwise CryptoRocket is owned by CryptoRocket Limited, which as we already noted is based on St. Vincent and the Grenadines.

 

Only bitcoins accepted as a payment method

 

This is definitely inconvenient. Most brokers accept transfers with major cards like VISA and MasterCard, bank wire and various e-wallets like NetellerSkrill and PayPal. Of course, some accept bitcoin as well, so here you may also check our list of brokers, where you can pay with bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Conclusion:

 

Despite the relatively attractive trading conditions we can not recommend you CryptoRocket for a simple reason – it is not regulated by any reliable financial authority, such as the FCA in the UK, BaFin in Germany, ASIC in Australia or the Cyprus Securities Exchange Commission (CySEC) and that significantly lowers their credibility.

Latest news about CryptoRocket
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Traders` reviews for CryptoRocket

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