Cryptonxt – Is This a Scam?

| Publish date: 04/07/2020 (Last updated: April 07, 2020 05:24 AM)
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Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

Cryptonxt - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Deposit
X

updated 2020

Despite the fact that there is no registration information given on Cryptonxt’s website, we decided to reconfirm the broker’s regulation status. Since the broker mentioned that it had offices in 4 different locations around the world, we checked the online registries of the financial regulators in the UK, Switzerland, the US and Canada.

Unsurprisingly, we found that Cryptonxt’s parent company was not listed on any of these registries, meaning that this broker is completely unregulated.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker
Europe's #1 CFD Trading Platform

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

Website URL: https://cryptonxt.io/

Founded: 2019

Regulations: Unregulated

Languages: English

Deposit Methods: Cryptocurrencies

Minimum Deposit: Unknown

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Cryptocurrency CFDs

 

Trading Accounts and Conditions

Cryptonxt has given no information about the kinds of trading accounts they offer. The broker has also not given any information about their trading conditions – their leverage ratios or spreads.

Cryptonxt – Advantages

We would like to warn all traders that there are absolutely no advantages to trading with Cryptonxt.

Cryptonxt – Disadvantages

Here are the reasons why all traders need to avoid trading with Cryptonxt:

  • Anonymous Broker

Cryptonxt claims that they are owned and operated by a company called Best Media Ltd that supposedly has offices in London, Zurich, Canada and the United States. However, there is no more corporate information about this company. There is no physical address, just a couple of random phone numbers, which means that this broker is actually anonymous.

Plus500
$100
Minimum Deposit

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

AvaTrade
$100
Minimum Deposit

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

 

  • Unregulated Broker

Despite the fact that there is no registration information given on Cryptonxt’s website, we decided to reconfirm the broker’s regulation status. Since the broker mentioned that it had offices in 4 different locations around the world, we checked the online registries of the financial regulators in the UK, Switzerland, the US and Canada.

Unsurprisingly, we found that Cryptonxt’s parent company was not listed on any of these registries, meaning that this broker is completely unregulated.

It is wise to keep in mind that unregulated brokers function outside the bounds of the law, which means they are no accountable for the manner in which they handle their customers’ money. Most of the time, unregulated brokers are also scammers, who use their brokerage to rob people of their hard-earned money.

Properly regulated brokers, on the other hand, are bound by the law to protect their clients’ interests.

  • Trading Bonuses Offered

Cryptonxt also offers its clients trading bonuses, which to us is just another sign that this broker is a scammer.

In general, trading bonuses are mostly disadvantageous for traders. This is because such promotions come attached with the condition that a trader meet a certain trading turnover target. And if the trader does not meet that target, then their withdrawal requests are usually denied by the broker.

The catch is that those trading turnover targets are usually so high that they are almost impossible to meet. Which means that the broker gets to keep all the money the trader invested in the first place.

And that’s exactly what this broker has also done. If you look at the Bonuses and Promotions section in the Terms and Conditions page, Cryptonxt states that if you do not meet the trading volume targets, you will not be allowed to withdraw any funds from your account – not even your initial deposit.

Legitimate brokers would never put such limits on your being able to withdraw money from your own trading account. Which is the reason why financial authorities in the UK, Europe, US and Canada have banned brokers from offering trading bonuses.

  • No Demo Account Available

Cryptonxt does something else that raises suspicions about its legitimacy. The broker does not offer its clients a free demo account. A demo account is the one way that traders can assess the trading conditions as well as the trading platform offered by a broker. They will be able to see for themselves whether the broker is fair and if it is advantageous for them to contract with the brokerage.

Scammers, on the other hand, do not offer demo accounts for precisely this reason – they do not want their customers to find out how unfair and disadvantageous their trading conditions actually are.

  • No MetaTrader 4 Offered

Cryptonxt does not offer support for the MetaTrader 4 trading platform, which is another red mark against this broker. The MT4 terminal is the world’s favorite, with more than 80% of all traders using this platform for their trades.

There are many reasons why the MT4 platform is so popular – charting options, automated trading robots and market indicators, all of which are customizable to suit your trading needs.

What we do get from this broker is some kind of unknown web-based trading platform. We do not know how it functions or if it actually exists since we were unable to access it.

  • Cryptocurrencies are the Only Payment Method

The only way you can make deposit or carry out withdrawals from your account with Cryptonxt is through cryptocurrencies. The traditional payment methods such as Visa, MasterCard and Bank Wire are all missing. You don’t even have the option of using e-wallets such as Skrill and Neteller.

This raises a lot of concerns for us since cryptocurrency payments are almost completely anonymous, untraceable and irreversible. This means that once you have made a payment to Cryptonxt, there is pretty much no way to get your money back.

Traditional payment methods allow you to file for a chargeback if you feel that you have been scammed. It may take a long time, but there is a chance that you can get your money back. But with cryptocurrencies, there is no way you will ever see your money again.

  • No Information on Minimum Deposit

We do not know what the minimum deposit requirement is. Most broker mention this as a standard practice, so that clients know how much they need to put in to begin trading.

With this broker, you will only find out when you register for an account.

Conclusion 

So, is Cryptonxt a scam? Yes. It has all the signs that lead us to believe that this broker is a scammer and that if you invest your money with them, you are definitely going to lose all your money. Do not contract with this broker at any time.

Cryptonxt

2.4

User Experience

2.9/10

Payment Options

2.3/10

Security

2.4/10

Support

2.4/10

Reputation

2.2/10

Pros

  • None

Cons

  • Anonymous Broker
  • Unregulated Broker
  • Trading Bonuses Offered
  • No Demo Account Available
  • Cryptocurrencies are the Only Payment Method

Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:

Plus500
$100
Minimum Deposit

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

AvaTrade
$100
Minimum Deposit

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

eToro
$200
Minimum Deposit

eToro is a multi-asset platform which offers CFD and non CFD products. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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