Today’s review is about Cryptofxinvest, which is a British Virgin Islands based broker offering 52 currency pairs, precious metals, American shares CFDs, Brent and WTI oil.
The minimum deposit for trading a live account with Cryptofxinvest is only $1.
Withdrawal time is 30 minutes of submitting a request.
Leverage is up to 1:1000 which is quite common with offshore brokers.
Therefore, Cryptofxinvest does not surprise me with this unusual leverage.
Among the features and advantages that Cryptofxinvest broker offers include:
MT4 trading platform, Webtrader, FX Lite (another trading platform), ECN trading environment, unique loyalty trading program, auto trading, signals and education.
Cryptofxinvest broker also claims that their platform is as a result of 12 years of work.
But according to who.is, this broker’s website is very new. The domain was actually registered in December 2019.
Is Cryptofxinvest broker legit?
We start this review by discussing licensing of this broker.
According to the information found on the footer of their website, Crypto FX Invest is a trading name of Cryptofxinvest Corp in conjunction with Existrade LTD.
Existrade Ltd is registered and regulated in Vanuatu by the VFSC.
This might look like the firm is actually regulated when that is actually not the case.
Licensing in these offshore regions is not strict and brokers can basically obtain “licensing” any time and set up shop immediately.
The brokers who choose these licensing organizations know that regulators like VFSC don’t require high capital adequacy.
Brokers are not even required to implement client protection or submit regular reports of their transactions.
Cryptofxinvest is basically regulated with pieces of shiny papers.
And being that they’re associated with Existrade LTD, it means the broker is using a white label service of Existrade Limited.
Without proper regulation, a broker cannot qualify in this list of recommended brokers.
Should you sign up with Cryptofxinvest?
Their website looks incomplete. Some pages are blank and others lead to nowhere.
They’ve only setup pages for digital contracts, account types, market overview, company news and a few other pages.
This is of course going to change in the future.
With regards to whether or not you should sign up, my advice is not to sign up at all.
Due to the weak regulations of this company, I do not have confidence that your money will be safe.
Their website may be attractive and they may even offer 100% bonus in addition to trading competition where prizes run up to $1400, but that does not mean they’re the best.
Cryptofxinvest claims to have over 350k clients in over 50 countries.
They even claim to be the best Forex broker for digital contracts since 2015.
All of these statements are lies. They just want to look bigger than they actually are.
I don’t have faith in this broker. Thanks for reading the Cryptofxinvest review.