CryptoExp is an offer-based broker that provides CFDs for cryptocurrencies. The broker is operational in Bulgaria with five trading accounts to offer. Interestingly, CryptoExp’s trading account has zero spreads on all of the five trading accounts. It is crucial to know all the aspects of any broker before investing. Here, in this CryptoExp review, we will ensure to provide all the essential information about this broker. It will ensure the safety of investor’s funds in many ways. So, without further ado, let’s get started.
The only beneficial, as well as the worrying aspect of CryptoExp, is its provided leverage ration. The broker offers a leverage ratio of 1:40 on all the available trading account types. The presented leverage ratio of 1:40 is somewhat beneficial to tangible assets such as commodities, fx and more. However, many traders will see it on the far lover side, as many brokers present above 1:100 leverage ratio. Besides, for the intangible assets like cryptocurrencies, the provided leverage is on the higher side. Meaning trader’s cryptos may vanish in minutes if not traded with caution. The unique named company O. M. G. Markets LTD is the proud owner of CryptoExp brand. The company allegedly claims to be from Bulgaria. The Bulgarian forex brokers need to be licensed and regulated by any of the Financial Regulation Authorities present in the EU zone. Unfortunately, the broker does not hold any regulation by such entities. The worst part is, the UK’s local Financial Regulator FCA, issued a potential scam warning against CryptoExp. Also, the broker offers a fundamental product portfolio of only eight crypto coins. The cryptos included are traded against USDT only. The trading platform provided for trading is web-based, imperfect and unproven. It will not be compared against most trusted and popular the MetaTrader. Another concern of this broker is its initial deposits. For the primary account type, the required minimum investment is Euro 5,000. It is more than hundreds of times what regular broker charges for a basic account. Also, the withdrawal terms and conditions of CryptoExp are unusual. The 4.5% of withdrawal amount is charged on each withdrawal.
Is CryptoExp scam or legit?
CryptoExp is Bulgaria based unregulated CFDs broker that deals with cryptocurrencies. The local financial authority of the UK has issued a warning against it. The product portfolio is underlying. We could not recommend CryptoExp to you as it is a potential cryptocurrency scam broker.