The CryptoFX is overseas-based forex and cryptocurrency CFDs broker that provides trading on the MetaTrader trading platform. The broker offers a single trading account with unmentioned trading conditions. Apart from the unmentioned trading conditions, the broker is unlicensed and raises serious concerns. All of this will be discussed in a detailed fashion in this CryptoFX review, so make sure to read it thoroughly.
The single trading account provided is called a Standard Account that requires a minimum deposit of $100. The leverage offered on this account is generous at 1:500 and spread offered fixed at two pips. The only positive aspect of CryptoFX is that it has provided a trading platform. The platform provided is MetaTrader, and the platform has won millions of traders’ hearts due to its uniqueness and simplicity. The platform is enriched with several advanced features like EA, Automatic Trading, Multiple Account Management, many market indicators, and out of the class charting. The MetaTrader can be customized according to the exact need of the trader. The provided trading conditions are attractive, but there is a catch. The high leverages mean high loss. Also, higher trading spread means high trading costs. The only benefit of the provided trading condition is the required minimum deposit. However, many legit brokers offer the same trading environment at a low minimum deposit. The broker CryptoFX wants to hide its true identity. We can see the only name of the owner company on the official website – Axelrod Limited. From where it is operational is not mentioned, also the customer support number ii missing. The broker claims to be regulated but fails to provide the name of any financial authority. The above discussion leads us to believe that the broker is neither licensed nor regulated. In the trading market licensing and regulation are prime, and CryptoFX fails in these criteria. Such scam brokers are hard to catch after the fraud, and fund recovery is impossible. Traders are requested to trade only with regulated brokers from the elite financial watchdog like FCA, UK, and CySEC from Cyprus. The broker also falsely claims to provide over 300 trading assets, but the few assets can be seen on the MetaTrader platform.
Is CryptoFX scam or legit?
Every aspect of CryptoFX is falsely claimed. The broker is unlicensed and unregulated. From where it operates is unknown, and trading conditions are unprofitable. In our view, the broker is a potential cryptocurrency scam broker. Please avoid CryptoFX.