Cryptxpress review – 5 things you should know about cryptxpress.com

Beware! Cryptxpress 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.

Cryptxpress is a typical example of an online scam trying to cash in on the excitement surrounding cryptocurrencies. While the website promises secure and safe trading, its sole purpose is to scam inexperienced people out of their money. In this review, we’ll show you how to recognize this type of scam and how to find a legitimate forex broker suitable for your needs.

Cryptxpress Regulation and safety of funds

The first thing to look for in a forex broker’s website is which legal entity runs it, where it is based and what regulatory oversight it is subject to. Licensed companies are also required to provide 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.

According to the homepage of the website, this broker is run by a company called Cryptxpress Ltd. But we have not found any evidence that this legal entity actually exists. The Terms and Conditions are only a few paragraphs long and do not meet the standards for legal documentation.

An incomplete United States contact address is provided. This address is undoubtedly fake because such an anonymous website cannot legally offer financial services in a highly regulated jurisdiction.

The United Kingdom’s financial regulator has issued a warning to investors that Cryptxpress is a scam.

If you intend to invest in financial instruments, you should beware of the many fake brokers lurking online. Always check carefully whether the broker you choose really has the necessary licences. There are numerous benefits to working with a company that is truly authorised and supervised by a regulatory institution such as the Commodity Futures Trading Commission (CFTC) in the US, Australian Securities and Exchanges Commission (ASIC), UK’s Financial Conduct Authority (FCA) or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).

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.

Cryptxpress Trading software

Cryptxpress does not have any trading software at all. This shows that we are dealing with a low-effort scam that relies on fooling people who don’t know what to expect from a genuine forex broker.

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).

Cryptxpress Trading instruments

Cryptxpress has neither the legal authorization nor the technological capacity to offer the services it advertises. There is no good reason to trust your money to such a fishy website when you can become a client of a licensed and reputable broker.

Cryptxpress Spreads and cost of trading

Cryptxpress does not provide any information about the terms of the trade it claims to offer. Legitimate forex brokers offer a variety of trading account types tailored to the needs of clients with different capital and investment intentions. These brokers also provide clear and detailed information on trading parameters – leverage, spread, commissions, order execution method, etc.

Cryptxpress Maximum leverage

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.

Cryptxpress Deposit and withdrawal methods

Cryptxpress only allows the deposit of funds with cryptocurrencies. This is typical of financial scammers. Cryptocurrencies are their payment method of choice because on the one hand they allow the scammer a degree of anonymity, and on the other hand they do not allow the scammed to ask for a refund.

While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Neteller or Skrill.

Cryptxpress Minimum deposit

The leading brands in the industry offer beginner traders starter accounts with a very low minimum deposit. You have no good reason to take chances with shady brokers like Cryptxpress.

Cryptxpress Withdrawal requirements

Since Cryptxpress 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.