Cryptx – Can You Trust Them?

Website URL: https://cryptxpress.com

Founded: 2023

Regulations: Unregulated

Languages: English, All Google Translate Languages

Deposit Methods: Cryptocurrencies

Minimum Deposit: Unknown

Free Demo Account: N/A

Number of Assets: Unknown

Types of Assets: Fiat Currencies, Crypto Currencies, Stocks

Trading Accounts and Conditions

There is no information given about the types of trading accounts this broker offers. From what we can make out, Cryptx offers only a single, basic trading account for all their clients.

We also do not have any information about the kind of trading conditions this broker offers. We do not know what the minimum deposit requirement is, what the spreads and commissions, or even the leverage ratios are.

Cryptx – Advantages

There are no advantages to trading with Cryptx.

Cryptx – Disadvantages

Here is a list of the reasons why we believe Cryptx is a scammer and should be avoided by all traders:

• Lies About Regulation Status

The first, and most glaring, indication of Cryptx’s scam is their lack of regulation and the lies they have told everyone about their status.

This broker claims to be owned by a company called cryptxpress LTD, which is supposedly registered in the United States. The broker substantiates this claim by listing a Georgia, US address and a telephone number from that country. However, the broker completely omits the most important pieces of information – the name of the authority where they are registered, their license number and the name of the authority that has authorized them to offer their financial services in the US.

For a broker to operate legally in the United States, they need to be authorized by not one, but two authorities – the National Futures Association (where they need to obtain membership) and the Commodity Futures Trading Commission (from where they need to get their license). Without both these permissions, no broker may operate in the US. And the conditions to getting these two permissions are so stringent that most brokers prefer to simply avoid doing business in the US market.

Just to be sure, we checked the online registers of the NFA and the CFTC. Sure enough, we came up blank. This broker is not registered with any US authority. So, this broker is lying about being registered and based out of this country. And this makes this broker a scammer.

Plus500

$100

Minimum Deposit

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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

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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.

• Blacklisted by FCA

While checking up on Cryptx’s regulation status, we came across a warning from the FCA. The FCA, or the Financial Conduct Authority, is the United Kingdom’s financial regulator and is one of the most respected authorities in the world.

According to the warning given by the FCA, this broker is operating in the UK without proper authorization. When a respected authority such as the FCA warns traders against a broker, it is best to listen. The authority clearly states that Cryptx is a scammer and dealing with this broker would lead to loss of protection from the authority.

• Issues with Trading Platform

When a broker demands that you submit personal identification documents before they will allow you to see their trading platform, then you know that things are not right with that broker.

Legitimate brokers make it easy for potential customers to check their trading platform. After all, that product is their main offering. Such brokers also offer their clients a demo version of their platform so that their future customers can actually check their platform and even the trading conditions they offer. Personal data is only requested during the verification process once a client has created an account and deposited funds into their account.

Because of the fact that Cryptx would not allow us to register for an account without us giving away sensitive personal information, we did not get to check out what kind of a trading platform they offer. And the broker does not give us that information freely on their website either. This lack of information and access to their trading platform is another red flag that tells us that we cannot trust this broker.

• No Trading Conditions

Since we were unable to access this broker’s trading platform we could not check Cryptx’s trading conditions for ourselves. And once again, this broker keeps all this critical information to themselves.

The trading conditions, together with the broker’s trading platform, are what traders look for when signing up with a broker. So, legitimate brokers ensure that these conditions are clearly and prominently spelled out on their websites. And they allow their potential customers to use a demo account to test these trading conditions (as we already mentioned).

So, when even such basic information is missing from a broker’s website, then it is clear that we are dealing with a scammer.

• Single Payment Method

Another sign to watch out for is the lack of a variety of payment options. Legitimate brokers offer their clients every possible method to make their payments. These options range from traditional methods such as credit cards, debit cards, bank transfers, wire transfers to the latest options such as a variety of e-wallets (Skrill, Neteller, PayPal, and so on) and cryptocurrencies.

Cryptx allows their customers to make payments using a single payment method – cryptocurrencies. This is a danger sign in two ways. First, the lack of payment options for their clients. And second, the payment method itself. Cryptocurrency payments are all permanent and anonymous, which means that once you carry out a transaction using crypto, you can never get your money back, and you cannot trace it. Now, if you are dealing with a trusted broker, then this is not an issue. However, if you are dealing with a new broker or a shady broker such as Cryptx, then it is very dangerous, and a sure way to lose your funds. 

Conclusion

Cryptx is a scammer and must be avoided by all traders at all costs; they are not trustworthy.

Cryptx

2.4

User Experience

2.0/10

Payment Options

2.2/10

Security

3.0/10

Support

2.0/10

Reputation

2.6/10

Pros

• None

Cons

• Lies About Regulation Status
• Blacklisted by FCA
• Issues with Trading Platform
• No Trading Conditions
• Single Payment Method