Increasing trading opportunities have given birth to many market platforms. With many variants, there might be trust issues. Therefore, it is very important to have a data transparency. Since half-knowledge can be dangerous, you must have the relevant information beforehand. Keeping all aspects into account, we brought you a detailed analysis. Hopefully, it will save you from being a victim of the scam Cryptocurrency brokers.
Founded in 2019, Cryptonxt is one of the Cryptocurrency sites, ranking 141st among all. Furthermore, it is owned by the Best Media Ltd company. The company claims to have offices in the United Kingdom, Switzerland, the US, and Canada. Just like other trading platforms, the site offers stocks, CFDs, shares, and cryptocurrencies.
Is Cryptonxt a scam or a legit broker?
So, is Cryptonxt a scam or a legit broker? Well, it is entirely up to you to decide. Below mentioned are some Cryptonxt facts that will help you make a wise judgment.
- The company claims that there are offices in UK, US, Switzerland, and Canada. However, there is no relevant information regarding a legitimate registration. Usually, the brokerages of the UK must be regulated by FCA. However, there is no registration of any broker named Cryptonxt by Best Media Ltd. Overall, the registration data remains anonymous.
- The transaction method is only through cryptocurrencies. Unlike other trading platforms, there is no provision of authentic payment methods such as VISA, MasterCard, or Bank Wire. Moreover, the broker doesn’t support e-wallets like Skrill and Neteller. Since the transaction happens on as cryptocurrency medium, there isn’t any chance of refund.
- Coming to the withdrawal process, the site doesn’t reveal any withdrawal fees. Moreover, there isn’t further information on terms and conditions applied to these methods. Forex brokerages have proper statement regarding withdrawal charges, and this facility lacks that.
- When it comes to facilities, this brokerage platform provides trading bonuses to its customers without revealing the number of assets. Moreover, the company doesn’t provide any demo account.
- All forex trading platforms disclose the minimum deposit amount to its customers openly. On the contrary, the Cryptonxt broker doesn’t have any disclosure regarding the minimum deposit.
- When it comes to the terminals, the Cryptonxt broker doesn’t rely upon Metatrader 4. However, it has a web-based terminal that remains anonymous. The MT4 facilitates the broker platforms with faculties like charging package and expert advice. Due to the absence of MT4, this broker lacks all these faculties.