Cryptosfxpro review – 5 things you should know about cryptosfxpro.com

Beware! Cryptosfxpro is an offshore broker! Your investment may be at risk.

RECOMMENDED FOREX BROKERS

Visit Site

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Cryptosfxpro exposed itself as a fraud by claiming to offer prohibited financial services in a regulated jurisdiction. In this review, we’ll show you how to tell the fake brokers from the trustworthy companies, using Cryptosfxpro as an example.

Cryptosfxpro Regulation and safety of funds

If a financial services provider is legitimate, you will find on its website clear and detailed information about the company that owns and operates it, where it is based, and what licences it has. Genuine brokers also provide access to a comprehensive set of legal documentation. The availability of such information does not guarantee that it is not false or misleading. But the absence of these elements is very indicative that in all likelihood you are dealing with scammers.

Cryptosfxpro is completely anonymous and does not provide access to the Terms and Conditions, Customer Agreement, Privacy Policy and other mandatory documentation.  If you don’t know exactly who you are dealing with and what the terms of the deal are it would be an obvious mistake to put your money on the line.

Cryptosfxpro provides a UK contact address.

Such an anonymous website cannot operate as a broker in a regulated jurisdiction. A check of the UK’s Financial Conduct Authority (FCA) database confirms that there is no licensed broker using the Cryptosfxpro trading name and domain.

Financial authorities in two other European countries, the Netherlands and Spain, have blacklisted Cryptosfxpro.

Under no circumstances should you trust your money to such anonymous websites full of false and contradictory information. Instead, you can turn to one of the many companies that really work under the supervision of respected regulatory bodies like Cyprus Securities and Exchange Commission (CySEC) or Financial Conduct Authority (FCA) in the UK.

As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK. Regulations in the UK and EU include some important measures designed to improve investor protection and promote market integrity and transparency, such as transaction reporting. Regulated brokers are also required to segregate their operational funds from the client’s money.

Cryptosfxpro Trading software

Cryptosfxpro promises three advanced trading platforms, but after signing up for an account we only get access to a poor imitation of trading software that lacks even basic functionality.

But even if Cryptosfxpro had a more convincing platform, that would not make this website credible. Fake brokers use rigged trading software to mislead their victims that their money is really being invested. But this trade is entirely sham.

Legitimate brokers offer clients a wide selection of trading software, including desktop, mobile apps and web-based platforms. The most widely used 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.

Cryptosfxpro Trading instruments

Cryptosfxpro advertises cryptocurrency and binary options trading. Both are banned by UK financial regulators. So these claims are further proof that Cryptosfxpro is not what it claims to be.

Cryptosfxpro Spreads and cost of trading

Cryptosfxpro does not provide the information regarding forex trading that it claims to offer. In terms of binary options trading, it promises a high payout of 95%. But we have no reason to believe that this trade is real.

Cryptosfxpro Maximum leverage

When registering for an account, you can choose a leverage level up to 1:500. This again is proof that we are dealing with a scam.

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. The FCA, like EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets.

If you are willing to take the risk of trading with high leverage and benefit from bonuses and promotions, the best option is to invest through an offshore division of an established brand.

Cryptosfxpro Deposit and withdrawal methods

There is a choice of Bitcoin, Scrill, Western Union and MoneyGram on the deposit menu of Cryptosfxpro. But in practice only the first option is functional. Scammers prefer cryptocurrencies because these transactions are not subject to refunds.

If you’re interested in legitimate brokers that accept digital currency payments alongside conventional methods, check out this list.

Cryptosfxpro Minimum deposit

Cryptosfxpro requires a minimum investment of 1,000 USD. For a considerably lower amount, sometimes even 10 USD or 1 USD, you could start trading through a reputable and established forex broker.

Cryptosfxpro Withdrawal requirements

Since Cryptosfxpro does not provide proper legal documentation, it is unclear what traps the fraudsters may have set. Typically, fake brokers make withdrawing money impossible through huge fees and impossible-to-fulfil traded volume conditions.