For a firm that claims to offer the possibility to trade and invest with multiple assets and have gains, CryptoIFX has a lot of negative feedback. They are available worldwide, have tempting offers (for the untrained eye), and could seem like a professional broker at a first glance. However, dig a little deeper and you will see where all those negative comments come from.
Even if they promote trustworthiness and integrity, their word should never be enough for you to start giving them money. In this CryptoIFX review, we will discuss the reasons why you should avoid this broker like the plague. There are multiple red flags that we have noticed during our research and we will be talking about them now.
With over one hundred tradable assets available for clients, a payout calculator, and an overall attractive website, CryptoIFX could seem like a good choice. What’s even more interesting is their claim that they have achieved success during the Covid-19 worldwide pandemic. Their strategy is interesting because it’s believable, especially considering how popular crypto trading has recently become.
Still, this doesn’t change the fact that they don’t have a trading history. They don’t display any trading results and only seem to make great promises. When it comes to their trading offer, the leverage is apparently 1:400. Considering that the European Union limits leverage at 1:30 and the United States and Canada at 1:50, there is something fishy here. These are fake numbers thrown in there to attract clients.
Plus, they don’t display their spreads and they don’t explain what kind of trading platform they use. This is a huge red flag because there might not even be a platform at all. If this broker is indeed a scam, like we think it is, they only want you to make deposits so they can steal your money.
About their deposit and withdrawal procedures
When it comes to deposits, CryptoIFX allows clients to pay using their credit/debit cards and through wire transfers. The minimum required deposit is $250. Unfortunately, there is absolutely no info whatsoever concerning withdrawals from their platforms. Nobody knows how it’s done, how quickly, or if withdrawals are possible at all. From our research, we have found no proof of anyone being able to get their money back from this broker.
Some of CryptoIFX’s locations include Kingstown, St. Vincent, and Grenadines. Does it sound familiar? That’s because these are safe havens for scammers. Moreover, the social media pages displayed on the website do not lead anywhere but back on the home page. So, this broker doesn’t have any public presence because they don’t want to be found.
The only way you can contact CryptoIFX is via an e-mail address that seems to be inactive. There is no other communication channel available for clients and no customer support. If this doesn’t convince you to avoid giving them money, what follows might.
An unregulated broker
CryptoIFX is an unregulated broker based in areas where trading companies do not receive licenses. Plus, that area is famous for protecting scam-like financial activities. The only thing this broker wants is to trick people into giving them money. Once they do that, they will disappear with your funds and probably with your personal and bank details too.
Giving such important data to unregulated companies is a big mistake. Apart from losing money, you can lose your identity and house. There are also many negative comments on this broker all over the internet. Many people have been tricked and are now telling others about their experiences.
CryptoIFX review conclusion
All in all, CryptoIFX is a scam broker created to make its owners rich in an illegal manner. The entire team behind it is anonymous and cannot be traced. This is clearly a Ponzi-type scheme that everyone should avoid at all costs. We hope that this CryptoIFX review has offered you enough information and that, from now on, you will pay more attention to where you deposit money.
To find reliable brokers, check our list of top brokers.