Cryptos Market foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://cryptosmarket.com/register, about the company's legal and temporary regulatory information, the company's address 14 Mallow Street, Flat 1, London, United Kingdom, EC1Y 8RQ.
Cryptos Market Forex Broker
Basic Information
United Kingdom
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
Cryptos Market Forex Broker - Complete Information Guide
1. Broker Overview
Cryptos Market, officially known as Crypto Services UK Ltd, was established in 2022. The company claims to be headquartered in London, United Kingdom, at 14 Mallow Street, Flat 1, London, United Kingdom, EC1Y 8RQ. It operates as a private entity, focusing primarily on the retail forex market and cryptocurrency trading.
The broker aims to cater to a diverse clientele, including individual traders and investors interested in cryptocurrency and forex trading. Its development journey has been marked by the introduction of various trading products and services, although it has faced significant scrutiny due to regulatory concerns. The business model of Cryptos Market includes offering trading services across multiple asset classes, including forex, cryptocurrencies, commodities, indices, and stocks.
Despite its relatively short history, Cryptos Market has made strides in establishing its presence in the online trading space. However, it has not been without challenges, notably the lack of regulatory oversight and the associated risks that come with it. As a broker, it positions itself to provide an accessible trading platform for users looking to engage in various financial markets.
2. Regulatory and Compliance Information
Cryptos Market operates without any recognized regulatory oversight, which raises significant concerns regarding its legitimacy. The primary regulatory body in the UK, the Financial Conduct Authority (FCA), has issued warnings against Cryptos Market, indicating that it is not authorized to provide financial services. This lack of regulation means that the broker does not have a regulatory number or license, which is a critical factor for investor protection.
The absence of regulatory compliance also implies that customer funds are not protected under any investor compensation schemes, making it risky for clients to entrust their funds to this broker. Furthermore, the broker does not appear to implement robust Know Your Customer (KYC) and Anti-Money Laundering (AML) measures, which are essential for maintaining the integrity of financial operations.
Given these circumstances, potential investors should be aware that engaging with Cryptos Market could expose them to substantial financial risks due to the unregulated nature of its operations.
3. Trading Products and Services
Cryptos Market offers a range of trading products across various asset classes. The broker provides access to over 50 currency pairs, including major currencies like the EUR/USD, GBP/USD, and USD/JPY. Additionally, it offers Contract for Difference (CFD) products, allowing traders to speculate on price movements in various indices, commodities, stocks, and cryptocurrencies.
The platform claims to support trading in popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), among others. However, the specific availability of these assets may vary, and potential investors should verify the current offerings directly on the broker's platform.
The frequency of product updates and the introduction of new trading instruments have not been clearly outlined, leading to uncertainty about the broker's commitment to expanding its product range. While Cryptos Market targets retail traders, it does not explicitly mention services tailored for institutional clients or white-label solutions.
4. Trading Platform and Technology
Cryptos Market primarily utilizes a web-based trading platform known as Cryptos Market WebTrader. This platform is designed to be user-friendly, providing traders with access to various financial instruments and market data. However, it does not support popular trading platforms like MetaTrader 4 (MT4) or MetaTrader 5 (MT5), which are widely recognized for their advanced trading features.
The broker does not offer a dedicated mobile application for trading, which may limit accessibility for traders who prefer to manage their accounts on mobile devices. The execution model employed by Cryptos Market has not been explicitly stated, raising questions about the transparency of trade execution and order handling.
Regarding the technical infrastructure, there is limited information available about the server locations or the technology stack used by Cryptos Market. Additionally, there is no mention of API access or support for automated trading, which are features that many traders look for in a modern trading platform.
5. Account Types and Trading Conditions
Cryptos Market offers several account types, each with varying minimum deposit requirements and trading conditions. The Galileo account requires a minimum deposit of €250, while the Newton account demands €1,000. Higher-tier accounts like the Einstein and Michelangelo accounts require minimum deposits of €25,000 and €100,000, respectively.
The broker claims to provide a fixed spread of 0.2 pips on the EUR/USD pair across all account types, which may be attractive for traders seeking low trading costs. However, the lack of clarity regarding commission structures and other fees may lead to confusion for potential clients.
While the specifics of leverage options have not been clearly defined, Cryptos Market does indicate that it offers leverage up to 1:500, which may appeal to traders looking to maximize their trading potential. The minimum trade size and overnight fees associated with holding positions overnight remain unspecified, adding to the uncertainty surrounding trading conditions.
6. Fund Management
Cryptos Market supports various deposit methods, including bank transfers, credit cards, and electronic wallets. The minimum deposit requirement varies by account type, with the Galileo account starting at €250. The processing time for deposits is generally instant for credit card transactions, while bank transfers may take 2-5 business days.
The broker does not impose any deposit fees, aligning with its commitment to transparency. However, the withdrawal methods and associated limitations are less clear. Withdrawal requests may incur fees depending on the method used, with bank wire withdrawals typically attracting a $50 processing fee. The minimum withdrawal amount is set at $250 for wire transfers and $100 for other methods.
Withdrawal processing times can vary, with credit card withdrawals taking up to 24 hours, while bank wire withdrawals may take 5-10 business days. This lack of clarity regarding withdrawal policies may deter potential clients from engaging with the broker.
7. Customer Support and Educational Resources
Cryptos Market provides customer support through various channels, including email, SMS, phone, and live chat. The support team is available 24/5, which may be beneficial for traders operating in different time zones. However, the lack of clarity regarding language support may limit accessibility for non-English speaking clients.
The broker does not appear to offer extensive educational resources, such as webinars, tutorials, or e-books, which are essential for traders looking to enhance their knowledge and skills. Additionally, there is no mention of market analysis services, daily updates, or research reports, which could provide valuable insights to traders.
While the availability of trading tools such as calculators and economic calendars is mentioned, details on their functionality and access remain vague, indicating a potential gap in the support offered to traders.
8. Regional Coverage and Restrictions
Cryptos Market claims to serve a global clientele, with a primary focus on the European market. However, specific details regarding the distribution of regional offices or any local representatives are not provided. The broker is reportedly not accepting clients from certain jurisdictions, although the exact countries or regions excluded from service are not specified.
The lack of regulatory compliance and the warnings issued by the FCA may further restrict its ability to operate in specific regions. Potential clients should conduct thorough research to ensure they understand any legal implications of trading with Cryptos Market based on their location.
In summary, while Cryptos Market presents itself as a broker offering diverse trading options and a user-friendly platform, the absence of regulatory oversight, limited educational resources, and unclear trading conditions raise significant concerns for potential investors. As such, it is crucial for individuals considering engagement with the cryptos market broker to exercise caution and conduct comprehensive due diligence.