CryptosPlanet is an offshore forex broker operational from Zurich, Switzerland and claims to be licenced and regulated by Switzerland’s local financial authority. The trading conditions are absent from the official website. Read the full CryptosPlanet review here.The broker provides a single trading account to its trader with initial deposits of only $60. Regardless of its strong regulated claim, the broker is unregulated and unlicensed. Furthermore, there are many problems associated with this broker. In this CryptosPlanet review, we will shed light on all the possible aspect of this broker to provide unbiased information. To make most from this review, read it thoroughly.
The possible advantage of CryptosPlanet can be the minimum initial deposit. To perform trading with CryptosPlanet clients require only $60. The deposit is shallow when compared to other brokers deposits. Furthermore, other regulated brokers provide trading with the minimum deposits of 10$. A Danish company called Cryptos Planet APS is the owner of CryptosPlanet trademark, and the company is situated in Zurich, Switzerland. The broker also claims to be a legit license holder from Swiss local financial regulator. Unfortunately, Swiss Financial Regulator the Financial Market Supervisory Authority (FMSA) blacklisted this broker. Also, Italian financial regulator CONSOB gave red flag status to CryptosPlanet for performing unauthorized brokerage operation in the Europian Union. Another fact of worry about CryptosPlanet is that it acts as a Market Maker. It means that the broker manages traders account on behalf of trades and benefits from the trader’s loss. Such Market Makers cause the Conflict of Interest, and it is an unethical practice. The unethical brokers are always involved in scams. The payments accepted by CryptosPlanet are many like credit cards, bank wire transfer, also Bitcoin and Ethereum. It does not support payments via e-Wallets like Skrill and Neteller. It is not surprising not to have Skrill as a payment option as Skrill has adopted new anti-scam policy and it restricts many scam brokers. Also, most anticipated trading platform MetaTrader is not provided by CryptosPlanet. Instead, the broker offers some unproven web-based trading platform. The traders at CryptosPlanet will not be able to access MrtaTrader’s high-end features like Auto Trading, Expert Advice, and many more.
Is CryptosPlanet scam or legit?
The only advantage of CryptosPlanet is that it required a minimum deposit of $60. Unfortunately, the broker is unregulated and operates without a license, and it makes any other advantage worthless. The broker has been red-flagged and blacklisted by many financial regulators. The broker here, CryptosPlanet is a potential cryptocurrency scam broker. Please avoid it.