CCX Crypto is an offshore based Forex broker with three attractive trading accounts. As the name of this broker suggests, the main focus of CCX Crypto is on Cryptocurrencies. However, the broker under consideration is not regulated by any financial body and some of them red-flagged CCX Crypto as a potential scam broker. In this CCX Crypto review, we will provide you with all the necessary data to decide is this broker beneficial for you or not. Read the full CCX Crypto review here.
About CCX Crypto:
This broker offers ACTIV8 trading platform to its clients. It is one of the promising trading platforms. It is bundled with useful charts, automatic strategies, and market analysis. This trading platform can be synced with MetaTrader. The product portfolio offered by CCX Crypto is vast, including many FX pairs, CFDs on indexes, shares, commodities and cryptos. The leverages offered on each of the trading accounts are solid 1:100. The offered leverage ratio is moderate and can be accepted by many traders. The official website of CCX Crypto gives details of two companies. Bonatech LTD from the Marshall Islands and Mitchel Group EOOD from Bulgaria. Nevertheless, the website fails to mention any regulation. The concern here is that the Marshall Islands-based brokers do not fall under any regulation. Also, the Bulgarian company must be regulated as a forex broker by the Financial Supervision Commission. Being unregulated broker CCX Crypto’s client’s investment posses the higher risk of scam. Furthermore, Spain’s local financial regulator CNMV and FinaCom an external dispute resolution company has red-flagged this broker. It is another indication that leads us to believe the broker is a potential scam. Also, the broker applies massive fees on the traders. It charges 10% of the withdrawal amount. The withdrawal amount is fixed for wire as well as other methods. $250 is capped for wire transfer, and $100 is for other methods. Also, the provided trading platform is not as great as MetaTrader. The spreads available at CCX Crypto are capped at 3 pips on Euro-USD FX pair. This spread is high and does not favour the broker’s clients. Many legitimate brokers provide spreads below 2 pips on same FX pair.
Is CCX Crypto scam or legit?
The broker is situated on offshore. It does not have a valid licence and not regulated by any financial regulator. The spreads provided are high and unfavourable to traders. In our view, CCX Crypto is a potential cryptocurrency scam broker. Avoiding it should be the policy of the traders.