CryptoBase Review Is Crytobase.ltd A Legit Broker

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CryptoBase Review: Is Crytobase.ltd A Legit Broker?

Crytobase.biz Review: this is the website of a broker that mentions that it is based in Switzerland. Is CryptoBase a scam broker? There are many Forex brokers vying for clients in the market today, before choosing one, ensure you know all the important details. Read this review to know more about this broker.

The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.

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CryptoBase provides an address that allows us place it in Switzerland. However, the broker does not mention any commission or authority that licenses it or authorize it to trade. When we checked the Switzerland Financial Market Supervisory Authority, we didn’t find the broker listed among registered brokers.

Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.

Advantages of CryptoBase

It is open to clients with any amount of free time and initial training. They claim that all sorts of traders are accepted and they provide a trading analyst to help them know when to buy or sell with “signals”.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

Their trading system is also said to be “automated”. The website says it uses “artificial intelligence” to make transactions on its own.

CryptoBase Trading Platform

CryptoBase does not use any trading platform that we are familiar with. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

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Trading instruments offered to traders are: Forex, cryptocurrencies, and CFDs on many commodities, stocks and so on. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

Maximum leverage offered to clients is not disclosed and while some may seem generous, it is not advisable. High leverages can lead to huge loss of funds as well. Spreads are also not mentioned on the EURUSD pairs, which is quite hard to believe.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on CryptoBase

The means that traders are to use to make deposits and withdrawals are said to be allowed via dollars and cryptocurrencies. We find it discouraging that common transaction means are not allowed by this company.

This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required is not talked about on the website and we cannot tell if it is within the obtainable of average of $100 to $250 that is common among legit brokers or not. Withdrawal fees are not disclosed; we find this to be shady.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is CryptoBase Licensed?

No. CryptoBase is not a properly licensed and registered broker. It is not regulated by the Switzerland Financial Market Supervisory Authority.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

We found no means of making contact with the broker or a customer representative, which is unusual and discouraging.

Conclusion

There is nothing encouraging about this broker and we do not recommend it to our readers. CryptoBase is not licensed and withholds vital information from the public giving it a bad image.

If the team running this service wants better ratings in future, they should be more transparent with details. If you have anything to add to this broker review, do so in the comment section.

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Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

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