Cryptopmarket Review Scam Complaint

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Overview:

Cryptopmarket is a forex, CFD and crypto broker established in 2018. The broker is located in Estonia but the contact number they have provioded is UK based. Cryptopmarket is owned and operated by Melgarg Services OU. Cryptopmarket is an unlicensed broker that offers only one type of account for trading which is sandard Account. Moreover, in the contact section of their website, the address they mentioned in Moscow, Russia of a totally different company.

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About the Cryptopmarket:

Cryptopmarket provides their clients trading platform by TraderSoft instead of Metatrader 4 which is a most widely used effective platform. The broker offers their clients various financial assets including more than 30 forex pairs with exotic currencies like South African Rand and Turkish Lira. It provides CFDs on metals like Silver, Gold and Copper, also CFDs on energy and agricultural commodities like natural gas, oil, corn, coffee and wheat. CFDs on coins like ripple, dash, cash, Bitcoin, Litecoin and Ethereum along with CFDs on indices and stocks. Even the broker offers CFD on an instrument called SimplifiedFX which is a kind of binary option bet. As said earlier, Cryotopmarkets provides only one type of account, Standard, and the minimum deposit for the same is $250. The minimum deposit requirement is pretty reasonable and according to the market.

The leverage that the broker offers is upto 1:200 and this is generous considering the market but it should also be noted that most experienced brokers still don’t use more than 1:100 leverage, as higher leverage has higher risk implications. Cryptopmarket has popular e-wallets along with basic modes of payments like debit/credit cards and bank wire. Cryptopmarket make you believe that they trade in real crypto coins, as the broker is from a latest series of unregulated brokers pretending as a crypto exchange to take advantage of the huge interest of trades in crypto.

Is Cryptopmarket legit or scam?

Cryptopmarket is an unregulated broker and an unregulated broker has very less creditability. Regulation is important for the safety of trader’s investment. Cryptopmarket’s trading platform gives spreads fixed at 3 pips which is extremely high and seems fishy intentions behind it. Financial Authority Commission in February 2020 has warned the investors to not use Cryptopmarket. Additionally, the information provided by the broker is confusing and misleading, the trading conditions are not according to the market and on top of all it is not licensed to run the brokerage services. Therefore, it is a scam broker.

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