In this review we provide reasons for not to trade financial markets with KryptoFX.
KryptoFX is a broker that allows its customers to trade cryptocurrencies. It has its own trading platform, but according to its presentation it will allow you to connect to crypto exchanges.
Should you consider trading with KryptoFX?
Table of Contents
KryptoFX scam
We examined KryptoFX and our conclusion is that it is a scam broker.
Fake testimonials
The proof that KryptoFX is a scam broker is in their testimonials. They are fake.
Check our picture to see that stock photos are presented as picture of real clients, which of course is fraud.
Not regulated
Another problem of KryptoFX is that it is obviously offering CFD trading, not real and direct crypto trading, without being authorized to do so.
The broker is based in the UK and CFD brokers in the UK need a licence from the Financial Conduct Authority. But KryptoFX has no licence, therefore it is an illegal broker.
Exchange API?
When testing the KryptoFX platform, we did not find the function to connect to real crypto exchanges.
But if it is hidden somewhere, it is another dangerous thing, because you would have to provide your API keys, which would effectively give full control over your money on exchanges to KryptoFX.
Conclusion
KryptoFX is a scam and unregulated crypto broker, so we recommend staying away from it.
If you want to trade cryptocurrencies with a broker, start on a free demo with a regulated one.
With regulated brokers your money is insured.
I have dealt with 1 st Trade Options , from Panama with Meridian S A as their clearing firm . All promises ,lies and no payout. Scam and Fraud. Be advised.