The offshore-based cryptocurrencies broker Crypto SFS is the short form of Crypto Smart Financial Services. The broker is operational from Estonia. The broker offers only one trading account. The leverage provided on a single account is 1:100 with a minimum deposit of $500. Also, a higher spread of 3 pips is offered. Read the full Crypto SFS review here. The website of Crypto SFS misses on terms and conditions section. Furthermore, we have other concerns about this broker, such as registration and legitimacy. In this Crypto SFS review, we will cover all useful information to make our readers aware of this broker. So without fail, please read it thoroughly.
About Crypto SFS:
The possible pros of the Crypto SFS are its wide range of offered tradable assets. Apart from forex trading, the broker offers CFDs on different assets such as indexes, shares, various products and range of crypto coins. The trading platform provided is not up to the MetaTrader but provided with descent and simple platform. The leverages offered are at the level of 1:100 for FX and 1:25 ratio on Cryptocurrencies. The leverages on FX is acceptable but leverages on cryptocurrencies are high, considering the volatile nature of cryptos. These higher leverage can make traders funds vanish as vapours. The Crypto SFS claims to be registered under the regulation of Cyprus based CySEC. However, Estonia based broker must be registered with Estonian Financial Regulator the Finantsinspektsioon. While rechecking with Finantsinspektsioon, we could not find Crypto SFS’s record. So it is evident that the broker is unregulated to provide brokerage services in regulated markets. Also, the broker is red-flagged by the Belgian Financial Body called Financial Services and Markets Authority. What is sad about Crypto SFS is its services, and trading conditions are not disclosed on the official website. Such brokers with fewer pieces of information are potential scam brokers. The broker also refuses to provide a demo account, and this fact is worrying because no trader can see the trading conditions before investing. The spread provided 3 pips on USD-EUR FX pair is high and increases the cost of trading. Also, the withdrawal terms and conditions are very salty.
Is Crypto SFS scam or legit?
The broker Crypto SFS is situated in Estonia and not regulated. The trading condition is not that attractive. Also, red-flagged status is worrisome. MetaTrader is not provided. All of these conditions of this broker leads us to believe us the broker Crypto SFS is a potential cryptocurrency scam broker.