Cryptonix Team Review
Cryptonix Team is the United Kingdom-based Cryptocurrency CFD brokerage provider that presents itself as a cryptocurrency exchange. The real problem here is that the cryptocurrency trading market is new and mostly unregulated. Cryptonix Team is an unregulated broker with three trading accounts. This Cryptonix Team review will help traders to get a complete analysis of this broker and its advantages and disadvantages. Read the full review.
About Cryptonix Team:
The official website of Cryptonix Team gives an impression of cryptocurrency exchange but on the contrary, the minimum deposit required for three trading account mentioned in USD. A cryptocurrency exchange or broker offers traders e-wallet to store and trade cryptos that can not be seen on the website. Also, the broker claims to operate from London, UK. So, any broker operational in the UK must register themselves with the Financial Conduct Authority a local financial regulator. FCA is a strict regulator, and if brokers are involved in a scam or declare bankruptcy, every trader will be offered compensation of British Pound 50,000 from the broker.
The trading platform we came across was web-based and was lacking several advanced functions. That means traders of Cryptonix Team will not get access to the MetaTrader trading platform. Another problem with Cryptonix Team is its withdrawal and procession charges. The broker applies $50 withdrawal charge plus $10 procession fees on every withdrawal. The legit brokers do not such withdrawal charges.
Furthermore, the spreads on bitcoin trading are high at $100. Many brokers provide lower spreads at $50. Higher spreads are always considered disadvantageous as it drives up trading cost. Also, the payments at Cryptonix Team is made via only one method, and that is Credit Cards. Many brokers provide other options like bank wire transfer and e-wallets.
That being said, the broker Cryptonix Team does have some advantages. It provides CFDs for almost all cryptos in the market including Bitcoin, Ethereum, Litecoin and several other. The minimum initial deposit required is according to the market, and $250 is needed to trade on the primary account. However, the minimum deposit does not overcome the fact that the broker is unregulated. Unregulated brokers always possess a high risk of scam.
Is Cryptonix Team scam or legit?
The broker misleads traders, and it is unregulated. MetaTrader is not available, and minimal payment options are provided. It also applies withdrawal and procession charges. Spreads are two times higher than the market average. All these aspects of Cryptonix Team lead us to believe it is a potential cryptocurrency scam broker. Trading with this broker is risk-oriented.