Cryptonix Team is a London based unregulated cryptocurrency exchange and CFDs provider. The broker is trying very hard to look legit and famous such attempts are performed by several other brokers as well. These brokers want to encash new and evergrowing market of cryptocurrency. In this Cryptonix Team review, we will tell you the reality of this broker. It advised to read it thoroughly.
About Cryptonix Team:
As discussed above the broker is unregulated and does not have any of the registration mentioned on its official website. The overall layout of the official website of Cryptonix Team is attractive and gives an impression of a legit cryptocurrency website. The most disappointing thing about the site is it reads different account types with required minimum deposit in US dollars. But the company situated and operates in London. Also, the crypto exchange provides eWallets to its client to store cryptocurrencies. Cryptonix Team does not offer such an eWallet. Therefore it is hard to believe that this broker is legitimate. The broker provides a web-based trading platform. Clients of Cryptonix Team certainly do not have access to the most popular trading platform MetaTrader. And it is considered one of the disadvantages of Cryptonix Team. The broker also charges several withdrawal and procession fees. In our experience, no legit and regulated broker has such kinds of expenses. It applies a $50 withdrawal fee and addition $10 for the procession. Also, the broker provides CFDs on Bitcoins and the spread available is $100. The presented spread is two times higher than average market spreads. These higher spreads increase the Cost of Trading significantly. The broker offers very few payment methods and this is disadvantageous to many traders. Cryptonix Team has some advantages as well. It provides CFDs for a wide range of cryptocurrencies including Bitcoin, Ethereum, Ripple, Litecoin and several others. The diverse product portfolio is always welcome by traders. It helps in risk management. The basic account of Cryptonix Team required descent amount of initial deposit of $250. This amount is acceptable as most of the brokers have the same kind of initial deposit.
Is Cryptonix Team scam or legit?
The Cryptonix Team is unregulated cryptocurrency broker that misleads its clients. The broker is not a crypto exchange but a CFDs provider. Also, the trading conditions are not attractive. The provided spread is high and will not favour traders at all. It has very few payment methods this will also restrict traders. The additional burden of withdrawal and procession fees is also there. It is a potential cryptocurrency scam broker, and traders advised to stay away.