Beware! Buycryptomarket is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Buycryptomarket presents itself as an award-winning forex and CFD broker but provides no evidence that this is true.
On the contrary, in preparing this review, we have found the only evidence that under no circumstances should you trust your money to Buycryptomarket. Let’s take a detailed look at how to distinguish similar scams from legitimate brokers.
Buycryptomarket Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
The most important information about a financial services provider is its regulatory status. Licensed brokers provide detailed information about which company runs them, where it is based, which jurisdictions it is authorised in and which regulatory bodies oversee its activities.
Buycryptomarket promises to be as transparent as possible, but the truth is quite the opposite. Buycryptomarket does not disclose which company owns and operates this website. Even the text of the Terms and Conditions does not mention any company name or applicable jurisdiction. Buycryptomarket does not provide a contact address or any information regarding regulatory licences. In fact, the Belgian financial regulator has spotted this dubious website and blacklisted it.
Before investing your money in financial instruments, it is imperative to make sure you do so through a licensed intermediary and not one of the many scammers lurking online.
You should only trust legitimate brokers operating in one of the established financial centres like the UK, EU, USA or Australia. There, the activities of brokers are controlled by powerful regulatory bodies such as UK’s Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Commodity Futures Trading Commission (CFTC) in US or Australian Securities and Exchanges Commission (ASIC). Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.
In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.
Buycryptomarket Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|MT4||30+ indicators||✅||✅||Android and iOS|
|MT5||50+ indicators||✅||✅||Android and iOS|
|cTrader||40+ indicators||✅||✅||Android and iOS|
On the Buycryptomarket website, we see a menu for logging in to an existing account, but no form for registering a new one. This lack of basic functionality is also a clue that we are dealing with a scam.
Some fraud schemes prefer to handpick their potential victims through online forums and social networks, which is why they do not allow free registration. Genuine brokers offer easy Demo account registration.
Due to this inability to register an account, we were unable to determine if Buycryptomarket was indeed offering the trading software advertised on the website homepage.
If you use the services of a licensed broker, you will get the opportunity to use established software with advanced features and versions for all types of devices and operating systems. The most widely used trading platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
Buycryptomarket Trading instruments
Buycryptomarket advertises trading in all major asset classes. But we have no reason to believe that this anonymous, unlicensed website offers real trading.
Buycryptomarket Spreads and cost of trading
Genuine forex brokers provide detailed information about the trading conditions. Legitimate companies also offer different account types to suit clients with different experience, capital and investment intentions. Buycryptomarket does not provide any specific information on trading conditions.
Buycryptomarket Maximum leverage
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders.
Regulated brokers offer higher leverage only to professional clients who must meet very high standards for capital and experience and forgo the guarantees enjoyed by retail traders.
If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.
Buycryptomarket Deposit and withdrawal methods
Due to our inability to register an account, we were unable to ascertain what payment methods Buycryptomarket uses. Experience has shown that fraudsters direct their potential victims to cryptocurrency transactions that do not allow refunds to be requested.
Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill or Neteller. If you’re interested in legitimate brokers that accept digital currency payments alongside conventional methods, check out this list.
Buycryptomarket Minimum deposit
If you use the services of a duly licensed broker, you will be able to take advantage of offers for Micro accounts suitable for beginner investors. There is no good reason to take chances with fishy websites like Buycryptomarket.
Buycryptomarket Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|Buycryptomarket||Not specified||Not specified||Not specified|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
The lack of a publicly available Terms and Conditions or Client Agreement means that scammers may have set many traps such as hidden fees and impossible-to-meet withdrawal terms.