CryptoFxBinary is the platform listed as a scam by the Financial Conduct Authority. Here’s the full cryptofxbinary.com review.
CryptoFxBinary (cryptofxbinary.com) is a platform on the radar of the Financial Conduct Authority. Over the past few weeks, the platform has failed to allow members to withdraw funds. These members have turned to regulators for help. Crypto FX Binary is a platform whose interest is to rip off anyone who invests with them. Despite its profit margin appeal, the platform is a complete hoax. Here’s what you need to know in our detailed CRYPTOFXBINARY REVIEW.
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A Closer Analysis of CryptoFxBinary
CryptoFxBinary tries to appear like an impressive trading platform on the about us page. But instead, you get a platform promising high leveraged trading on leading crypto assets. And it’s in that section that we first spot the mistakes.
No expert would allow a website to go live with grammar errors. Instead, it points to a hurried platform whose intent is to fleece funds from as many investors as possible. That said. Crypto FX Binary is another exit scam.
It will close as fast as it opened shop. The about us page tells us little about the mission statement. There’s no background and history of the platform anywhere on the entire website. We have a platform that wants us to take their word for it.
Most investors make the mistake of not diving deeper into the details. For us, we feel we have to protect investors. Those who claim to offer such trading platforms often steal from the members.
As is the case with cryptofxbinary.com. No one has come out heaping praise on the platform. On the contrary, the platform is a complete insult to the crypto fraternity. You won’t get anywhere with the platform as it’s a fraud.
Before you commit funds to any platform, experts recommend doing due diligence. Try and find out what makes the platform tick. It’s the only way to guarantee safety. You can also reach out and request we do a review on your behalf.
CryptoFxBinary offers four investment platforms to choose from. These include Starter, Platinum, Bronze, and Gold accounts. Each of these accounts shares one feature; they all promise a considerable profit margin.
Here’s a closer look at each of these accounts;
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You have to deposit between $500 and $1,499 to start the starter account. The account guarantees 2.5 percent daily profit for an unknown vesting period. In addition, members get a promise of receiving daily analytical market updates and customer support.
For the platinum account holder, there’s a minimum deposit requirement of $1,500 to $4,499. Members get the exact account features as the starter account. The only difference is the guaranteed daily profit margin of 5 percent.
There’s a minimum investment requirement of $4,500 to $9,999. Members get the promise of making a 7 percent daily profit margin. You also get a one-month free daily signal and reliable customer support.
It’s the most exclusive account, with investors having to deposit $10,000 to $14,999. In addition, the account promises members a guarantee of making 10 percent of daily profit. It also shares other features with the other three mentioned accounts.
We have to highlight the problems found with these accounts. These include the fact that there’s no vesting period. The platform fails to mention the vesting period for all these accounts. And that’s a huge problem.
The minimum vesting period is three to four months in the Crypto space. Any platform asking for less than that is taking advantage of investors. We have to expose the store for failing to offer real features.
The platform also claims to offer forex trading, yet there are no features for such. Despite claiming to offer leverage of 1:100, it’s not for trading assets. There are no spreads or acceptable minimum deposits for forex trading.
Another issue with the platform is the failure to offer a reliable demo account. The demo account on offer is another buy/sell option. Unfortunately, you don’t get a demo account with a reliable integrated trading terminal.
Despite promising low trading fees, that’s not the case. Even a user-friendly interface is not the case with the platform. The charting engine is far from reliable as it’s full of inaccuracy. It would be best if you stayed away from the platform.
Account opening process
Opening an account with the platform is another huge deal. Unfortunately, the platform fails to offer any safety measures when opening an account. Members get to fill in their address, contacts, and full names.
You get an email confirmation of opening an account. Once you do so, funding these accounts is the next option. Your balance will reflect after 24 hours, depending on the deposit method. And herein the problem with their account opening process.
The platform fails to verify your account during the opening process. You have to hit the withdrawal tab for the platform to verify your account. The platform insists on members sending valuable information to members.
These include a copy of your ID, bank statements, and credit card information. We don’t see why the platform would need such documents. The platform could use a two-factor authentication process for such.
We suspect the platform wants to hold your documents for a reason. First, the platform will likely sell them to third parties. These parties will use your documents to create a new online persona.
Assets and trading instruments
There are five classes of trading instruments available on the platform. These include commodities, crypto, forex, indices, and stocks. Some of the commodities to find include metals and natural gas.
Crypto assets are a winner, thanks to the volatility of the market. You can trade leading cryptos such as Bitcoin, DOGE, Ethereum, Litecoin, and Ripple. The platform also pairs these cryptos with major currencies such as EUR, GBP, and USD.
Talking of currencies, the platform’s center is forex trading. The platform offers major and minor currency pairs. However, the number of currency pairs or the features such as leverage and spreads is unknown.
Indices play an integral part for the day trader. Some of the indices include DAX, Dow Jones, FTSE, and NIKKEI. You get to trade on the world’s biggest trading market. It dictates the prices of global commodities.
The platform hides all information about the people behind it. And that makes CryptoFxBinary an anonymous investment platform. So you need to stay away from such platforms or risk losing everything.
The platform posts comments from unknown users to try and hold sway with members. Yes, we call them unknown as these are stock images. In addition, the platform uses these images to post positive comments about the platform.
You won’t get to see anyone heaping praise on the platform on any independent website. The platform doesn’t even have any online footprint. We have a platform that doesn’t have social media accounts.
Compliance, License, and Regulation CryptoFxBinary
CryptoFxBinary is not a compliant trading platform. The Financial Conduct Authority issued a warning regarding the platform. Please stay away from platforms blacklisted by regulators. Confirm whether a platform complies before signing up.
Please stay away from cryptofxbinary.com.
PS: You need to invest in proven crypto investments.
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