Thinking of getting into business with CryptospotFX? Here is what you must know about this broker. Carefully read this review to find out if cryptospotfx.com is the trading platform you will want to trade with.
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About CryptospotFX
CryptospotFX is an offshore brokerage company with a lot of promises for traders. The address of the broker is missing on its webpage. To begin with, this is a red flag that reminds us of similar fraudulent scheme of scam brokers.
The broker claims licenses under Cyprus Security and Exchange Commission CySEC and Australian Securities and Exchanges Commission(ASIC). Further, it claims to be under the laws of United Kingdom.
Added, it trades on the following instruments like forex, stocks, crypto and Binary options.
To clarify, regardless of the trading instruments CryptospotFX claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
cryptospotfx.com: Reasons to Avoid This Broker
Firstly, cryptospotfx.com is a platform with no financial authority overseeing its financial services. CryptospotFX is not worth your money as we have dug into the date base of Cyprus Security and Exchange Commission CySEC, but nothing is found. To be more certain about the broker’s claims, we looked into Financial Conduct Authority (FCA) date base for license approval, see what we found.
Secondly, we noticed cryptospotfx.com has no demo account for traders. Since traders can’t test the broker on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
CryptospotFX withdrawal process takes 5 to 7 business days. There is no info to discuss on withdrawal fees. However, traders should expect to be charged an unspecific fee on any withdrawal request.
Minimum Deposit
CryptospotFX minimum deposit is not available.
As for the payment methods, there is nothing to discuss. Truly, you should not consider making any payment with this broker because it is a risk. So beware!
CryptospotFX Platform
CryptospotFX claims to offer MT4 and MT5 (Industry standard trading platform), however, the option of both platforms doesn’t make the broker legit because any scam broker can do the same to lure forex traders.
As for the leverage, it can get up to 1:1000. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
CryptospotFX Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
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1:500
Conclusion: Is cryptospotfx.com a Reliable Broker?
No, cryptospotfx.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
We owe our readers the duty to fish out scam forex brokers as well as share reasons to avoid fraudulent schemes. Meanwhile, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.