According to the website of Blucryptofx, investors can trade Forex, 128 stocks (CFDs) and different kinds of Crypto.
Yes, newbie investors can trade but it can be quite overwhelming without training and experience.
So even if Blu Crypto FX turns out to be legitimate, we would recommend training, managed accounts or at least automated trading tools because these can shorten the learning curve and also free up time for other things like spending time with your family.
Blucryptofx.com also feels that they’re the only broker that offers the “number 1 mobile trading platform” and can process withdrawals instantly.
In fact, their promotion materials suggest that they are the only “award-winning trading platform” which can guarantee trading with confidence, cutting-edge technology and universal customer support.
Blucryptofx also promised to provide a trading environment with fast execution, industry leading tools and data, segregated accounts and security.
There are a bunch of promises on this website just to attract customers.
But our review will answer your question in the most transparent of ways.
Is Blucryptofx legit or scam? Should you deposit money into this platform so you can trade live?
The broker appears to be concentrating on promises of what they have and what they can do for us.
However, most of the time brokers who engage in aggressive promotion end up delivering services that don’t live up to expectations.
The broker is showcasing multiple “awards” that they allegedly won from various organizations.
Some of those “awards” don’t seem legitimate because their sources are not known to issue any awards to Forex brokers.
The company is also claiming to operate from two addresses.
These include 3797 Oakmound Drive, NY 42321 and 3368 Felosa San Angelo.
They also engage customers through live chat 24/7. However, they fail to disclose names of company executives or people in charge of this website.
If they are willing to serve the community, the number one thing they should do is to ensure their service is 100% transparent.
They should just provide names of the people who run the company. Otherwise verifying the background of this business will be difficult.
They claim that Blucryptofx is a recognized leader in online trading with years of experience and a global presence.
This is fine and dandy, but where is the proof? Who are their customers?
Is Blucryptofx a regulated broker?
The answer is no, and this is a good question because the broker stated that their clients’ funds are held in a segregated account.
We know that this is a requirement of financial regulators.
So brokers who are not regulated like Blu Crypto FX do not have the obligation to use segregated accounts for storing their customers’ money.
So clearly this broker is lying to its audience. If they are not regulated, they are simply operating this business illegally.
We also doubt their physical address because if indeed they have a physical presence in the US, the CFTC should be aware of their business activities.
A word on deposits and withdrawals
Blucryptofx is accepting payments in Western Union, Money Gram, Bitcoin, Skrill and Perfect Money.
Their FAQ page states very clearly that you can only withdraw at least 70% of your traded account in USD.
The question is why can’t we withdraw all the deposit?
There is no valid reason why a professional broker should introduce this clause when the client is legally allowed to withdraw all their money from the platform if they wish.
Also, some of the deposit methods listed above are associated with scams.
This is because once money is transferred, no chargebacks can be initiated.
The company claims that they process withdrawals instantly and sometimes it takes up to 48 hours.
In a world where brokers are becoming more efficient to get even more clients, no broker should hold your money for 48 hours. This is bad.
A demo on the Blucryptofx.com website
The broker has integrated a trading platform on the homepage of their website.
We can literally “test our skills” by just clicking “Will go up” or “Will go down” buttons.
Do not be fooled by this trading simulator. Out of 10 trades, we only “lost” 1 trade.
We feel that this simulator is rigged so that even newbies can win all trades they execute.
This way, the newbie can be enticed to create an account and actually deposit money to begin trading.
Don’t attempt it as trades will all of a sudden work against you. It’s just a trick.
Blucryptofx is not a trustworthy broker. They are not registered or regulated.
Why would we trust them when the website is even telling lies?
We do not trade with brokers whose credibility is questionable.
Even the testimonials you see on the Blucryptofx website are nothing but pure fabrication.
Stay away from this broker.