Updated on January 4, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding CryptoAltum due to the issues we've identified.
Is CryptoAltum Scam or Legit Broker? ▲
CryptoAltum is not regarded as a trustworthy brokerage firm. With its registration in the Marshall Islands, the broker operates outside the purview of stringent regulatory oversight. The absence of an authoritative license from a top-tier regulatory body signifies potential hazards for investors' capital when engaging in transactions through this broker.
It has been observed that brokers not subject to regulation often pose a greater risk to investors than their regulated counterparts. This is primarily due to the lack of accountability and standards they are held to, making it prudent for traders to opt for brokers under the regulation of esteemed authorities. These regulators ensure a level of conduct and fiscal responsibility that unregulated entities do not.
CryptoAltum is a broker that emerged on the scene relatively recently, basing its operations in the Marshall Islands, a location known for its offshore financial services. The brokerage specializes in the trading of cryptocurrency CFDs and boasts an impressive leverage ratio of up to 1:500. Their offering includes over 60 cryptocurrency pairs, available for trading against major fiat currencies like the US dollar, Japanese yen, and euro, as well as other cryptocurrencies. Besides cryptocurrencies, the broker also provides access to a variety of other assets, including forex pairs, major stock indices, and gold.
Further scrutiny into CryptoAltum's operations has unearthed additional details, painting a fuller picture of what traders can expect. The broker's unregulated status, operating from an offshore jurisdiction with no regulatory oversight, flags significant concerns. This lack of regulation can expose traders to numerous risks, including inadequate fund protection, opacity issues, and a scarcity of recourse in the event of disputes or misconduct. The unregulated nature of CryptoAltum necessitates a cautious approach from investors contemplating trading with the broker.
Market manipulation, an issue that erodes the integrity and fairness of the forex market, is another concern. Such practices can diminish trust among market participants and inflict considerable financial losses. Additionally, client feedback on CryptoAltum offers a diverse range of opinions, with some clients expressing dissatisfaction regarding the broker's regulation, customer service, withdrawal processes, and high spreads on certain instruments.
Withdrawal issues have been highlighted as a significant problem, underscoring the importance of reliable withdrawal processes in safeguarding investments and profits. Thus, caution is advised when dealing with an unregulated broker like CryptoAltum, especially in light of negative client feedback.
Upon an exhaustive review and evaluation of CryptoAltum, significant concerns have been raised regarding the broker's reliability and adherence to regulatory standards. As a result, CryptoAltum's overall ranking is disappointingly low at 2 out of 5, reflecting the issues uncovered during our analysis. This rating positions CryptoAltum unfavorably when compared to over 1000 other brokers we have examined. Traders are encouraged to exercise discretion and explore alternative trading platforms that emphasize transparency, regulatory compliance, and the safeguarding of client interests.
The comprehensive review conducted on CryptoAltum has unearthed several critical issues that cannot be overlooked. Despite some appealing features and trading conditions offered by the broker, the overarching concerns about its legitimacy and reliability take precedence. The fact that CryptoAltum is registered in an offshore jurisdiction without a license from a reputable regulatory authority is a major cause for alarm.
Given these substantial risks, it is imperative for traders to exercise caution and perhaps reconsider their choice of broker. It is highly recommended to opt for brokers that are regulated by esteemed authorities, such as the FCA, ASIC, or CySEC. Many regulated brokers exist that offer favorable trading conditions while adhering to the rigorous standards set forth by top-tier regulatory bodies, thus ensuring a more secure and safer trading environment.
Our overall assessment of CryptoAltum is decidedly negative, urging traders to seek alternative options that prioritize their safety and interests in the trading environment.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
CryptoAltum Review 2024
