Cryptoallday Review: Crypto All Day is a Scam - Topedgefx.com

Cryptoallday Review: Crypto All Day is a Scam

Welcome to the Cryptoallday review.

One might think that Crypto All Day is a Crypto exchange or a broker offering CFDs for trading.

However, when we take a closer look, we deduce that the website is also claiming to manage their clients’ investments, which raises doubts as to whether Cryptoallday is a genuine trading or investment operation.

We’re therefore interested in finding out what is going on here since the operations of this website are covered in obscurity.

Read this Cryptoallday review to find out the truth because we see signs of this company operating dubiously like Forex92, West Capital Trading and many others.

Crypto All Day review

In as much as this company shows multiple disadvantages which could affect traders in one way or the other, they still have some strong points to mention in this review.

The first one is that Crypto All Day has a nice charting package to start with.

We know that old-school traders love MT4 trading software for technical analysis. However, Crypto All Day uses TradingView charts.

TradingView is not all that good for Forex trading but at least we can say that it is way ahead that most of the below-average trading platforms.

Trading pairs at CryptoAllDay

Like the name suggests, CryptoAllDay deals in Crypto trading only. These pairs include Bitcoin, Bitcoin cash, Ethereum, Dash, Monero and so on.

In as much as CryptoAllDay is offering multiple Crypto pairs for trading, users are not actually holding the coins like in an exchange.

Instead, they’re using Crypto All Day just like a CFDs Forex broker.

CRYPTOALLDAY review

And of course Crypto All Day accepts multiple different payment methods. Apart from bank transfers and credit card payments, they accept BTC, ETH, BCH, Litcoin and Dash

However, the very fact that Crypto All Day broker does not have each of these individual coins going to their own wallets is worrying.

A decent broker must designate Crypto payments in such a way that they can go to their respective customer wallets. Failure to do this automatically disqualifies a “broker”.

Now the disadvantages of investing with Crypto All Day

They claim that they’ll trade for their customers.

Their managed account service is not crystal clear and until investors dig into the company’s terms and conditions, they can’t really know whether this is a broker, a managed account service or both.

While some investors may believe that this is advantageous, the truth is that Crypto All Day is engaging in a too controversial subject.

The first thing that investors need to know is that managed trading account providers need some sort of authorization from the financial regulators especially if they come from the United States.

Secondly, they need to prove to their investors that their manged trading accounts are yielding stable and consistent returns.

And thirdly, we need to know whether this “broker” is a market marker or not. In this case, it means that the “broker” is basically taking the other side of their clients’ trades which results in conflict of interest.

When this happens, the obvious outcome would be that clients are losing their investments altogether.

Business strategy of CryptoAllDay not crystal clear

Believe it or not. It’s still not clear whether this is a Forex or CFDs broker.

They don’t offer traditional assets for trading.

There’s some reference for options trading, bonuses and account manager helping investors utilize the Crypto All Day platform to its maximum potential.

At the bottom of the website, they claim that CryptoAllDay is a CFDs broker. We do not know which of their statements to believe.

CryptoAllDay review: Offshore unregulated broker

While European financial regulators such as European Securities and Markets Authority ESMA have stated that derivatives in Cryptocurrencies need to be regulated, Crypto All Day does not have any regulator’s license yet they seem to provide the regulated product.

They claim to be based in Seychelles. Nobody knows the truth as far as their exact location is concerned.

At the same time, we know that Cryptocurrencies are largely not regulated for lack of a proper regulatory framework.

However, scammers and illegal brokers need not to take advantage of this.

In short, it’s too dangerous to trade or invest with a “broker” like CryptoAllDay.

Crypto All Day has no true PAMM account

They claim to offer managed Crypto accounts but the truth is that a PAMM account must have ownership in the name of the client.

In their case, their so-called PAMM accounts do not allow customers to have the accounts in their own name and secondly, the team at Crypto All Day are the ones who “trade’ these accounts.

A genuine PAMM account is provided by a reliable broker. This facility connects a master account (from an independent trader) to a “slave account” so that trades can be directly mirrored on the slave.

No information regarding the cost of trading

Since Crypto All day is thriving on obscurity, we didn’t expect them to be transparent at all.

That’s the reason they didn’t provide information concerning the cost of trading or investing on their platform.

The only thing they can reveal is that CryptoAllDay is accepting a minimum deposit of $250 which is very high for a platform like this.

Take note of this though: Crypto All Day says there’s a withdrawal limit for credit card and bank transfers.

Credit card users have been slapped with a limit of $100, meaning they can’t cash out unless their balance is $100 or more.

Aside from this, Crypto All Day says customers who have done wire transfers cannot cash out unless their balance is $1000 or more.

This is definitely a serious barrier used by unreliable and scam brokers such as CryptoAllDay.

In case a trader starts to lose his funds, the next thing he will think of is to withdraw whatever balance he has.

When this situation comes, the trader will automatically be denied his funds in which case he will feel disappointed because of the daylight robbery.

Conclusion

Since they’re offering derivatives in Crypto, they need to be regulated.

There’s no excuse for Crypto All Day or any other investment operation that claim to deal in Crypto.

Also, it took us a long time to learn that this is a broker offering trading in Crypto derivatives. They ought to have revealed this earlier on.

They also claim to trade on behalf of investors. The reason they fail to disclose this earlier on is quite disturbing. We strongly believe that Crypto All day is a scam.

Thanks for reading this CryptoAllDay review. We look forward to your comments.

Note: Spam comments from people who promote fund recovery programs will not be approved.

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