Cryptofxmate.com Review Is CRYPTOFXMATE A Scam Forex Broker

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Cryptofxmate.com Review: Is CRYPTOFXMATE A Scam Forex Broker?

CRYPTOFXMATE Review: this is the name of a Forex broker that claims to be located in the United Kingdom. Is Cryptofxmate.com a legit Forex broker or a scam? This is an unlicensed broker, be careful as no authority guarantees safety of your funds.

The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.

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CRYPTOFXMATE claims that it is a brokerage that is located in the United Kingdom. The Financial Conduct Authority (FCA) is in charge of monitoring trades in the country. Checking the list online provided by the commission showed that the company is not truly licensed and registered. This is a discouraging find.

Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.

Advantages of CRYPTOFXMATE

They claim to be offering traders a secure and easy way to trade using Bitcoin. “Your profit is our mission” is what the broker uses as its motto. It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

Other advantages listed on the page are: strong security, world coverage, many payment options, mobile app, cost efficiency and high liquidity.

CRYPTOFXMATE Trading Platform

The trading platform offered by this broker is not mentioned on the page. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

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Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders seem to be cryptocurrency only as what we find is Bitcoin being mentioned all over. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

Maximum leverage offered to clients is not disclosed and while and while some may seem generous, it is not advisable. High leverages can lead to huge loss of funds as well. Spreads are 0.7 pips plus commission charges.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on CRYPTOFXMATE

The means that traders are to use to make deposits and withdrawals are: Bank wire transfer, VISA, MasterCard, and cryptocurrency like Bitcoin. We are used to seeing this made known by brokers and we also find the missing e-wallets options discouraging.

This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required is left out or hidden. We always encourage brokers to make this detail public as we know that the average of $100 to $250 is what is obtainable among brokers. Withdrawal fees are not mentioned and this may be because they do not apply. However, we will appreciate it if this is stated. But commissions apply.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is CRYPTOFXMATE Licensed?

No. CRYPTOFXMATE is not a properly licensed and registered broker. The brokerage falsely claims to be licensed in the UK but it is not so. Misinformation is not to be taken lightly as it is a tactic of scam brokers.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

If you want to get more information from this broker, contact the customer support by sending an email to: [email protected]

Conclusion

CRYPTOFXMATE is not to be trusted as they falsely claim to have a license in the UK which we found out was a lie. Trading conditions are not disclosed and we find this discouraging. If you have anything to say about this broker, do so in the comment section.

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Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

CRYPTOFXMATE review – Is cryptofxmate.com scam or good forex broker?

The CRYPTOFXMATE website is presented as a UK based broker offering forex pairs and various other CFDs, including indices and crypto coins, with a proprietary web based platform. And CRYPTOFXMATE also says to be regulated by the British Financial Conduct Authority (FCA), but unfortunately that information turned out be false.

Account type Min. deposit Max. leverage Spread s/ Payout
Standard Account n/a 0,7 pips

If you are considering depositing any funds with them be sure to check this review first.

CRYPTOFXMATE Advantages:

In the beginning of our reviews we always try to come up with any possible advantages a broker might offer its clients, but with CRYPTOFXMATE we simply can not find anything worth mentioning.

CRYPTOFXMATE Disadvantages:

Anonymous website, falsely claims to be regulated

The CRYPTOFXMATE website is virtually anonymous – we are not told the name of the company that operates the website, nor their contact address or phone number. And what is even worse, the people running the website are deliberately trying to mislead investors that they are regulated by the Financial Conduct Authority (FCA) in the UK – we diligently checked the FCA registers, but there was no trace of CRYPTOFXMATE there. See for yourself:

So basically, what we are dealing here is an anonymous website most probably run by scammers.

Bear in mind that proper regulation is of utmost importance for the safety of your funds. Regulated brokers, licensed and authorized by the FCA in the UK for example, are subject to strict financial and ethical rules, among which to maintain at all times at least 730 000 EUR as an operational capital, dedicated to meet all outstanding payments to clients, to provide clients with a negative balance protection, meaning that no one will lose more money than he or she has deposited, to keep all clients’ funds in a segregated, protected form creditors trust account, to file regular reports, to allow external audits and even to participate in a client compensation fund, basically insuring all trading accounts for up to 85 000 GBP. Here you may check our list of brokers, regulated in the UK:

Terms and Conditions missing

The client agreement or the Terms and Conditions is a key legal document, which establishes the contractual relations between the broker and the trader. On the CRYPTOFXMATE website that document is simply missing, so basically when you open a trading account with them you will have to agree with something you have not read. Besides, this is yet another indication that here we are dealing with scammers.

No demo account

CRYPTOFXMATE says to be offering spreads starting as low as 0,7 pips. Unfortunately, as we were not able to open a demo account, we can not confirm this. Also, CRYPTOFXMATE does not say anything about the leverage they offer. Just keep in mind that on the European market the maximum leverage allowed with forex transactions is capped at 1:30, in the U.S. at 1:50, while in Canada at 1:75. And here you may check as well our list of brokers, offering tighter spreads:

CRYPTOFXMATE is not a broker we can recommend for obvious reasons. This is a unregulated, anonymous website, which most probably is involved in scam. As usually in such cases our best advise is to trade only with regulated brokers, licensed and authorized by a well known financial institution such as the FCA in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).

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