Cryptokartal Forex Broker

CryptoKartal Forex Broker - Complete Information Guide

1. Broker Overview

　　CryptoKartal, established in November 2018, is a trading name of Elmond Enterprise Ltd, which operates as an unregulated forex and CFD broker. The company is headquartered in Saint Vincent and the Grenadines and also claims operational ties to Fukazawa Partnership OU based in Estonia. As a privately held entity, CryptoKartal provides trading services primarily to retail clients interested in forex, stocks, and cryptocurrencies.

　　Since its inception, CryptoKartal has aimed to cater to a diverse clientele by offering a wide range of trading instruments and account types. The broker has developed a reputation for providing a user-friendly trading platform, although it has faced scrutiny regarding its regulatory status and transparency. The business model primarily focuses on retail forex trading and CFDs, allowing clients to leverage various financial instruments.

　　The journey of CryptoKartal has been marked by significant milestones, including the introduction of its trading platform and the expansion of its product offerings. However, it has also encountered challenges, particularly related to regulatory compliance and customer trust.

2. Regulatory and Compliance Information

　　CryptoKartal operates without a valid regulatory license, which raises concerns about the safety of client funds. According to various sources, including Scam Broker Investigator, the broker is not regulated by any recognized financial authority, and there is no evidence of a valid regulatory number or license. The lack of regulation means that client funds are not guaranteed, and there are no investor compensation schemes in place.

　　The company's terms and conditions indicate that it is based in Saint Vincent and the Grenadines, a jurisdiction known for its lenient regulatory environment. This absence of oversight poses significant risks to investors, as unregulated brokers can operate without adhering to strict financial standards.

　　Furthermore, CryptoKartal does not provide clear information regarding its Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. This lack of transparency is a red flag for potential clients, as effective KYC and AML measures are crucial for protecting against fraud and ensuring compliance with international standards.

3. Trading Products and Services

　　CryptoKartal offers a diverse range of trading products, including:

• 　　Forex Pairs: The broker provides access to a variety of major and minor currency pairs, enabling traders to engage in forex trading.

• 　　CFDs on Indices: Clients can trade Contracts for Difference (CFDs) on various indices, allowing them to speculate on market movements without owning the underlying assets.

• 　　CFDs on Commodities and Precious Metals: CryptoKartal includes commodities such as gold and silver in its product lineup, providing additional trading opportunities.

• 　　Stocks and ETFs: The broker claims to offer trading in stocks and Exchange-Traded Funds (ETFs), although specific details on available stocks are not consistently provided.

• 　　Cryptocurrencies: Traders can access cryptocurrency CFDs, including popular digital assets like Bitcoin.

　　Despite the wide range of products, the broker has been criticized for not offering a demo account, which limits the ability of potential clients to test the platform before committing funds. Moreover, the product offerings are subject to change, and updates on new instruments are not consistently communicated.

4. Trading Platform and Technology

　　CryptoKartal utilizes the Activ8 trading platform developed by Leverate. This platform is designed to be user-friendly and accessible for both beginner and experienced traders. Key features of the Activ8 platform include:

• 　　Web-Based Interface: The platform can be accessed via web browsers, allowing for convenient trading without the need for downloads.

• 　　Mobile Application: CryptoKartal offers a mobile app compatible with iOS and Android devices, enabling traders to manage their accounts on the go.

• 　　No MetaTrader Support: Unlike many brokers, CryptoKartal does not support the widely recognized MetaTrader 4 (MT4) or MetaTrader 5 (MT5) platforms, which are favored by many traders for their robust features and functionalities.

• 　　Execution Model: The broker operates as a market maker, which means it may take the other side of clients' trades, potentially leading to conflicts of interest.

• 　　Server Infrastructure: While specific details about server locations and technology infrastructure are not disclosed, the broker emphasizes the importance of a stable trading environment.

• 　　API and Automation: Information about API access and automated trading support is limited, which may deter algorithmic traders seeking advanced trading solutions.

  　　

5. Account Types and Trading Conditions

　　CryptoKartal offers several account types tailored to different trading needs:

• 　　Micro Account: Requires a minimum deposit of $250. This account type is designed for novice traders looking to start with a smaller investment.

• 　　Standard Account: Requires a minimum deposit of $5,000. This account may offer additional features and support for more experienced traders.

• 　　Premium Account: Requires a significant minimum deposit of $50,000. This account is aimed at high-net-worth individuals and institutional clients.

　　The broker does not provide free demo accounts, limiting the ability for potential clients to familiarize themselves with the trading platform. The leverage offered is up to 1:200, but the spreads can be wide, particularly for cryptocurrency pairs, which may affect trading profitability.

　　Additionally, CryptoKartal imposes overnight fees and other charges, including a 10% dormant account fee for accounts that remain inactive for six months.

6. Fund Management

　　CryptoKartal supports various deposit and withdrawal methods, including:

• Bank Transfers
• Credit Cards (Visa, MasterCard)
• E-Wallets (e.g., OK Pay, Flexepin)
• Cryptocurrency Payments

　　The minimum deposit requirement is $250 for the Micro Account, while the minimum withdrawal amount varies depending on the method used. Withdrawal processing times can be lengthy, and the broker charges fees for withdrawals, which can amount to $50 for wire transfers and $25 for credit card transactions plus processing fees.

　　Clients should be aware that the broker may impose additional restrictions on withdrawals, particularly for accounts that have not met certain trading volumes.

7. Customer Support and Educational Resources

　　Customer support at CryptoKartal is primarily accessible via email, with limited options for direct contact through phone or live chat. The support email is compliance@cryptokartal.co. The operating hours and response times are not explicitly stated, which may lead to delays in assistance.

　　The broker claims to provide educational resources, including:

• Webinars and Tutorials
• E-books
• Market Analysis Services (daily analysis, news, and research reports)

　　However, the availability and comprehensiveness of these resources are not well-documented, which could limit the effectiveness of client education.

8. Regional Coverage and Restrictions

　　CryptoKartal serves a global market, focusing on retail clients interested in forex and cryptocurrency trading. However, the broker does not explicitly state its regional coverage or any specific countries it may not accept clients from.

　　Given its unregulated status and the nature of its operations, it is advisable for potential clients to check local laws and regulations regarding forex and CFD trading before engaging with the broker.

　　In summary, while CryptoKartal offers a range of trading products and services, potential clients should exercise caution due to the broker's unregulated status and the associated risks. The information presented here aims to provide a comprehensive overview of the CryptoKartal broker and its operations.