CryptoFXBase Review (2020): Scam Broker Found?
Cryptofxbase.com poses itself as a forex broker, presenting us with tempting binary and crypto trading offers. However, we were able to see through this scam of a broker. Read this review before you think of trading with CryptoFXBase brokers.
Whether you’re an experienced trader or not, your first intention in forex trading is to make profit. To do this, you have to trade with the right forex brokers. Our job here is to review various websites that claim to be forex brokers, then help you tell which is real and which is not. This review tells you all you need to know about CryptoFXBase Brokers.
About CryptoFXBase Brokers
Based in Kentucky, United States of America, CryptoFXBase claims to be a leading exchange trader offering binary and cryptocurrencies. They claim to be regulated by the CTFC, USto trade as a financial service provider. They offer no background information whatsoever on themselves. We have no idea what company they operate under, their founder, how long they’ve been around, etc.
Lack of transparency such as this should not be seen among brokers. This is why we did out own check and found some interesting things about them.
Why You Should Avoid Cryptofxbase.com
Cryptofxbase is nothing more than a poser, not even fit to be called a broker. Here’s why;
CryptoFXBase Brokers Withdrawal and Deposit Info
One way to easily detect scam brokers is by going through their withdrawal policy. Sadly, cryptofxbase.com doesn’t even have Terms and conditions, a gigantic red flag by the way. So we had to get the info we could from FAQ and user dashboard.
First of all, the minimum deposit amount is $300. This is already three times the minimum deposit legit brokers charge. On top of that, the only available deposit method is Bitcoin; an untraceable, hence non-retractable transactions. This is a common practice among scam brokers.
Secondly, the withdrawal minimum is $500. This is an extremely high minimum for withdrawal. Not only does it prevent clients complete freedom with their funds, it also puts them under the pressure of making such an amount just to withdraw. An unacceptable practise by scam brokers.
Due to the absence of terms and conditions, there are no deposit or withdrawal fees stated, or any other kinds of fees. But this does not prevent them from charging you for those either, only this time, they’ll do it as they please. Stay away from cryptofxbase.
CryptoFXBase Trading Platform
What cryptofxbase.com refers to as their trading platform is the point we lost it. This software is nothing but a binary options demo trader. It has absolutely nothing to do with a real forex trading platform. This is why we always advise readers to trade with platforms that use the MT4 or MT5 trading platforms. The importance cannot be emphasized enough.
The supposed platform for CryptoFXBase brokers doesn’t even mention margins or spreads or any other thing that’s got to do with forex. And being a demo trading platform, the figures are obviously manipulated. RED FLAG!!!
CryptoFXBase Licensing and Regulation
Cryptofxtrade.com claims to be located in the Unites States. At first glance, there’s nothing odd about this, considering binary options are legal there. But when you remember that binary options require a special licensing from the NFA on be half of the CFTC, you understand our suspicion.
There are no legal documents whatsoever on the website, to back up their claim of regulation. As a matter of fact, they do not even have Terms and Conditions on the website. The section tagged, “Terms” is nothing more than a bunch of disclaimers to protect them from exposure or legal action.
Upon checking the NFA registry, we were unable to find any record of them. It is quite clear at this point, that cryptofxbase is unregulated, hence an illegal broker.
Conclusion: Is Cryptofxbase.com a Scam?
Yes! Cryptofxbase brokers are nothing but a giant, misleading scam. You would be putting your funds at great risk if you trade with this UNLICESED broker. We advise you deal with a transparent broker who’s licensed by a reputable agency.
Nevertheless, if you have anything else to say about this broker, do mention it in the comments section.
Our Recommendation For You
You can make money online by trading with reputable, reliable and trustworthy brokers. We’ve been trading with the Fortrade broker below for sometime now and we have no regrets!
FORTRADE- One of the Top rated brokers and a good choice for new traders. This broker is Licensed in UK(FCA), Australia(ASIC) and Belarus(NBRB). Guess what? you can trade from any part of the world as it accepts Traders Worldwide. Interested in trading with one of the best Forex brokers? Head Over to Fortrade and start trading!
