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Go4Cryptos Review - is it scam or safe?

Go4Cryptos Review - is go4cryptos.com scam or good cryptocurrency exchange?

RATING: 1 / 1 REVIEWS ForexBrokerz Go4Cryptos
Go4Cryptos is not regulated. We cannot guarantee your money is safe.

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Trading Accounts & Conditions

 

Account type Leverage Buyer Fee Seller Fee Deposit/Withdrawal Fees
Standard   0.00%* 0.20%* Not specified

 

*BTC/ETH pair involves 0.40% Buyer/Seller Fee.

 

Go4Cryptos is the in-house crypto trading platform developed by the team that created AlpCoin – a coin that seems quite shady and is not traded on any other exchange.

 

Apart from AlpCoin, clients of Go4Cryptos can also trade Bitcoin (BTC) and Ethereum (ETH) and the company also works with several fiat currencies.



Go4Cryptos Advantages

 

Fiat support

As we mentioned, Go4Cryptos accepts traditional money, and more specifically Euros, US dollars and Swiss francs. Supporting fiat currencies is an advantage, especially for beginners, who don't have any coins yet. However, a lot of details regarding fiat payments are not specified on Go4Cryptos’ website (deposit and withdrawal methods and fees).

 

Competitive trading fees

When it comes to the costs of trading, the fees charged by Go4Cryptos appear in line with the . They currently charge buyers with 0.20% and sellers are not charged. Only trading in BTC/ETH pair involves higher fees.

 

Some info on the company and the security measures

Go4Cryptos is allegedly owned by Cryptocurrencies Consulting s.r.o. - a company based in Prague, Czech Republic, which also claims to be a member of a Swiss self-regulatory organization (SRO). Although the Swiss financial services regulator FINMA imposes a set of rules for SROs, it does not have specific requirements and regulatory reach over the cryptocurrency exchanges in the country.

 

There are also some team members mentioned on Go4Cryptos’ website: Cristiano Carlesi and Francesco Polzella. While this isn’t much some companies in the crypto sector do not provide any information on the firm that owns them, nor their headquarters.

 

Besides, the company claims to keep customer’s funds in cold storage, which (if true) is a good security measure against hacks



Go4Cryptos Disadvantages

 

Focus on a shady coin, a lot of negative reviews

It seems that the main purpose of the Go4Cryptos is to facilitate trading in the ALP token, and the majority of the comments we found in the web regarding both the coin and the exchange are negative. Actually, most of the crypto enthusiasts who expressed their opinion on Go4Cryptos and the AlpCoin say that the whole project is a pyramid (MLM) scheme, and that AlpCoin is just a “klepto” currency the company uses to scam people.

 

A lot of important details missing, platform inaccessible

While Go4Cryptos works with several fiat currencies, the payment methods accepted are not mentioned on its website, nor the transaction fees that usually apply. This is an obvious disadvantage, as one cannot calculate his or her trading costs at this exchange in advance.

 

Besides, as we also mentioned, one cannot even take a look at the trading interface offered by Go4Cryptos, unless it undergoes full verification.

 

Full ID verification required

You cannot trade on Go4Cryptos, not even take a look at their trading platform before you undergo verification (including uploading your ID). This is not the case with most exchanges, which only require an e-mail and occasionally a two-factor authentication connection (a smartphone, with the appropriate app).

 

The company claims that it requires ID verification in order to compliant with Swiss KYC requirements. Indeed, SRO members have to comply with the local Anti-Money Laundering Act.


No margin trading

Вike most exchanges, Go4Cryptos does not offer trading on margin. If you would like to play the crypto-space more aggressively, some forex brokers offer a better environment for short term speculation.

 


>> Forex brokers offering Bitcoin CFDs <<

 


Note that trading with such companies is done via Contracts for Difference (CFDs), which means you will not be buying or selling any coin, but a derivative asset based on it. Read this post for the full details.

 

A few coins listed

As we have already pointed out, clients of Go4Cryptos can only trade in AlpCoin, Bitcoin, and Ethereum. This is a very limited altcoin offering.

 

 

Conclusion

 

Go4Cryptos is a cryptocurrency exchange that does not seem very popular among crypto investors, although its has listed the two most popular coins and its trading fees seem competitive. The reason for this is that this platform is a part of the AlpCoin project. The said coin is only traded at Go4Cryptos, and according to most people who have invested in it, it is not a coin, but a payment means in a Ponzi scheme.

 

This may be true, as the exchange is not regulated. It claims to be based in Prague and it seems to be registered in the Swiss Canton of Zug (according to its Terms and Conditions) as a member of a self-regulatory organization (SRO). Its members are financial intermediaries that are not licensed by FINMA; they only have to comply with the AML law applicable.

 

Considering the above said, you’d better find a major reputable exchange or sign up with a forex broker that offers trading in cryptocurrency CFDs. Here is a list of such brokers that are duly licensed in the countries of their operation:

 


>> Regulated Bitcoin forex brokers <<

 

 

Here are, in a nutshell, the advantages and disadvantages of Go4Cryptos:

 

Pros Cons
Fiat support Focus on a shady coin, a lot of negative reviews
Competitive trading fees A lot of important details missing, platform inaccessible
Some info on the company and the security measures Full verification required
  No margin trading
  A few coins listed

 

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Traders` reviews for Go4Cryptos

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