Ideal for beginners!
Free Demo Account + Free Trading Education!
Get a Sign-up Bonus:
2nd place in the ranking!
CryptoFXoption Review – is cryptofxoption.com scam or good forex broker?
Beware! CryptoFXOption is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
CryptoFXoption is a CFD brokerage supposedly based in Bulgaria. It provides a web-based trading platform, not the the MetaTrader 4 platform. The required minimum deposit is the standard $250 but further trading conditions remain undisclosed.
CryptoFXOption regulation & safety of funds
The corporate information of the brokerage is quite chaotic and unclear. We could not find a company name on the webpage, however, we did stumble upon a UK address. Furthermore, while reading through the terms and conditions of the brokerage we discern that the website is actually owned by the company Orion Services EOOD and governed by the laws of Balkan country Bulgaria. We remind readers that Bulgaria is a member-state of the European Union and online Forex trading is duly integrated within its regulatory framework which is modeled after the ESMA guidelines.
However, we find no mention of a license by the UK or Bulgarian authorities – thus we may safely conclude that the brokerage CryptoFXOption does not fall under any regulatory oversight whatsoever. For the sake of diligence we ran a quick search on the online registry and can confirm that the brokerage is not licensed. This leads us to conclude that trading with it may be tied with a substantial amount of risk.
Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.
CryptoFXOption trading software
The brokerage does not provide the MetaTrader 4 trading platform which we always consider a huge disadvantage since it is the foremost trading terminal at the moment equipped with features such as almost a 100 market indicators, as well as customizable trading robots. It is also the preferred choice for more than 80 percent of the traders in Forex. Instead, CryptoFXOption presumably supports a web-based platform, however, there is no demo account available which we consider a huge blow for the legitimacy of the brokerage since a test-drive is the most transparent way of getting a hold of the trading conditions of the broker. Furthermore, there is no information presented on the website regarding the trading conditions which leaves us pretty much in the dark regarding the offer of the brokerage.
CryptoFXOption deposit/withdrawal methods and fees
Clients may deposit or withdraw via the standard Visa and MasterCard, as well as bank-wire. Going through the terms and conditions of the brokerage we did come upon provisions which are worth noting.
There is a withdrawal fee of 3.5 percent which is quite excessive and definitely raises the cost of trading with the brokerage. Furthermore, there is a clearance fee of 5 percent, as well as an unspecified monthly dormant account fee. We consider such an amalgam of fees to be a characteristic of shady brokerages whose goal is to siphon the client’s funds once they have been deposited.
Ideal for beginners!
Free Demo Account + Free Trading Education!
Get a Sign-up Bonus:
2nd place in the ranking!
There are also withdrawal conditions pertaining to accounts that have taken advantage of the bonus promotion which are extremely vague and unclear but there are always purposefully excessive in order to impede any trader from actually receiving his money. We warn readers no to fall in the trap and not to take advantage of a bonus promotion.
This is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.
How does the scam work?
Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:
Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Cashless PayGroup where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.
After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.
Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.
It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.
What to do when scammed?
As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.
You may contact your bank or credit card provider and file a chargeback.
If, however, you have provided the broker with your credit card details, immediately cancel your credit card.
If you have given information regarding your online banking pass – you should switch it asap!
Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!
Cryptofxoption Review: Is Cryptofxoption.com A Scam?
After doing some research, we found out that a lot of traders are reporting CryptoFxOption and writting bad reviews about it.
It seems like they are not happy about it and they warn others not to trade with them.
It’s always important to know what other traders are thinking about a broker before using it and we can say that they are not saying good things about CryptoFxOption.
What do regulators say about CryptoFxOption ?
This is the most important thing you need to know about a broker before using it. Is CryptoFxOption regulated ? Is it an offshore company ?
Most brokers are unregulated or regulated by an offshore regulation authority which won’t help you in case of problem. Keep in mind that if a broker steal your funds, you won’t be able to complaint about it unless they are licensed by a serious regulator such as the CySEC (Cyprus Securities and Exchange Commission).
An unregulated broker is clearly not authorized to operate in any regulated country and you should definitely not put any money into it.
CryptoFxOption is an unregulated broker located at 229 Shoreditch High Street, E1 6PJ London UK.
They can be contacted by phone at this number : +447434566948 or you can send an email to [email protected]
You should definitely avoid any unregulated or offshore broker and CryptoFxOption is one of them.
Have you been Scammed by CryptoFxOption ?
Have you been victim of this company ? Did you lose money with them ? Everyone does mistakes. Don’t worry, you are not alone, and we are here to help you.
Our team of experts is available 24/7 in order to help you recovering your hard-earned money.
After asking you some questions, they will be able to build a chargeback case to fight the broker and get your money back as soon as possible.
Chargeback is the solution
As we said before, the good news is that there is a solution and it’s called a Chargeback.
But what is a Chargeback ?
A Chargeback is the retroactive cancellation and refund of a charge made using your credit card.
Not a lot of people know that, but there is a high probability of getting your money back when you build a Chargeback case as long as it is built correctly from the beginning to the end.
Using a chargeback service like MyChargeBack may be the only way to build a correct Chargeback case in order to get your money back as fast as possible.
Get your money back NOW !
Fill out the form below and get a FREE consultation today
CryptoFXoption Review – is it scam or safe?
RECOMMENDED FOREX BROKERS
Trading Accounts and Conditions
|Trading account||Min. deposit||Max. leverage||Spread|
CryptoFXoption says to offer the 5 account types and trading in wide range of assets on some web-based platform. As you can guess by the gaps in the above table, the trading conditions remain largely unclear, and we also couldn’t access any platform whatsoever. That being said, we have far more serious concerns regarding this broker, which will be highlighted in the below review.
No info about the company nor regulation
The only thing we read on the website is an address in London, UK, which is little to go on. Meanwhile, the terms and conditions mention the laws of Bulgaria as governing. Furthermore, the name of the company operating CryptoFXoption is not mentioned anywhere on the broker’s website which makes it impossible to ascertain the legitimacy of the website. So, the people behind the brokerage remain completely anonymous and traders have no way of contacting them.
We remind readers that anonymity is as big a red flag as any in online trading since the people providing the financial service answer to no known authority which leaves them free to conduct business as they see fit.
Trading conditions and platform unclear
The website of CryptoFXoption has a lot of unclear information not only regarding the entity behind the brand, but also the trading conditions. The broker has only disclosed the bonuses their clients are promised, and that is all. The cost of trading is not specified, nor other important details such as the leverage levels provided, initial deposits required, commission fees, etc.
We always view the lack of information as huge negative, but having in mind the regulatory status of the brokerage, it is no surprising it is missing. We would advise clients to always be as informed as possible before deciding to trade with a brokerage.
ID verification required after signup
CryptoFXoption not offer demo accounts either, so we signed for a live trading account in order to get some more information for the purposes of this review. Even then, we didn’t get access to any trading interface, as the broker requires identity verification.
Click on the image to zoom in.
Remember, never give you ID and personal details to an unregulated broker, because they will use these details against you once you file for a chargeback. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
That said, most forex brokers support the popular MetaTrader4 (MT4) platform. The MT4 is famous for its top-notch charting, the automatic trading bots called Exert Advisors (EAs), and the customization options, which allow traders to create technical analysis indicators and EAs of their own.
On top of all the negatives listed above, CryptoFXoption charges some extra fees, which are unusual and quite hefty. For example the monthly account dormant fee amounts to $200. There is also a monthly maintenance fee of 0.5%, and a clearance fee of 0.5% on every trade, both winning and losing, up to 1000$. Trades that are more than 1000$ are subjected to a fixed 5$ clearance fee.
Click on the image to zoom in.
CryptoFXoption is an unregulated and anonymous brokerage that is anything but transparent regarding its services and pricing. Overall, it seems like one of the many fraudsters on the financial market, trying to rip off misinform=ed investors in every possible way.
As always, we recommend that you only deal with well-established and licensed forex brokers. That being said, one of the most trustworthy authorities in Europe are the UK’s Financial Conduct Authority and the Cyprus Securities and Exchange Commission (CySEC).
And finally, here are the highlights of the present review of HandelFX:
|None||No financial regulation|
|Trading conditions and platform unclear|
|ID verification required after signup|
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Best Binary Options Brokers 2020: