Best Cryptocurrency Broker Review
- Simple & easy to use website and platform
- Not regulated
- Slow/nonexistent customer support
- Not transparent with services and fees
- Simple trading platform which lacks basic features
BestCryptocurrencyBroker.com is a very new online trading brokerage for the trading of cryptocurrencies. The brokerage was recently established in 2018 with their main headquarters being located at P.O. Box 1239, Offshore Incorporations Centre, Victoria, 391, Mahe, Republic of Seychelles. Though the name of this brokerage is BestCryptocurrencyBroker.com, we highly doubt this is the case. The brokerages website is very simple and appears to be newly made with not much thought put into it. However, it is very easy to use as everything is located on the homepage. There are no links to other pages and there is very limited information about the company and the services they provide.
BestCryptocurrencyBroker.com is not a regulated broker and appears to be offering their services to everyone, no matter which jurisdiction you reside. They claim to be regulated in some countries, but do not state which ones or under what regulation. The website and their services are currently only available in English. There is a language toggler in the top right corner, but has no other options so they may be supporting more languages in the future. Though BestCryptocurrencyBroker.com is a new and relatively unheard-of cryptocurrency broker, could this broker be right for you? In the following review we’ll delve deep into the aspects that make up this online cryptocurrency trading brokerage and see what sets them apart from the competition and whether or not they can be trusted.
BestCryptocurrencyBroker.com features their very own proprietary web-based trading platform for the buying and selling of cryptocurrencies. The platform is accessible to traders once they sign up and register their account by providing an email address and phone number. Once your account is created, there is a minimum deposit of $250 to begin trading. Traders can make deposits with all major credit cards (Visa, Switch, JCB, Diners, Discover & Mastercard), e-wallets (Skrill, Neteller, Webmoney, Paysafecard, PerfectMoney, Qiwi) and Bank wire transfer. It is unclear whether traders can deposit cryptocurrencies for trading, or even withdrawal cryptocurrencies.
The platform is very simple and easy to use but lacks depth and sophisticated features. Traders have access to a small chart in the top right corner, but there are no technical indicators or drawing tools available. Also, the platform supports only simple buy and sell orders and the option to trade with leverage of up to 1:10. Overall, BestCryptocurrencyBroker.com’s trading platform is very poor and does not stand up to the competition.
BestCryptocurrencyBroker.com is strictly a cryptocurrency trading brokerage, but for some reason they mention on their website that they support 40+ tradeable assets including Cryptocurrencies, Indices, Commodities, Stocks and Forex. This is simply not the case, as BestCryptocurrencyBroker.com supports the buying and selling of 8 cryptocurrencies including Bitcoin, Bitcoin Cash, Stellar, Zcash, Monero, Litecoin, Ethereum & Ethereum Classic. Also, it is very unclear as to whether traders actually buy and sell the cryptocurrencies or do so through Contracts For Difference (CFDs). The lack of transparency and clarity with BestCryptocurrencyBroker.com is very unsettling.
Fees and commission
BestCryptocurrencyBroker.com does not disclose any information regarding fees or commissions on their website. Upon contacting the broker for this information, we received no response. Therefore, we are highly skeptical on the legitimacy of BestCryptocurrencyBroker.com and urge all users to either stay away from this broker or proceed with extreme caution.
Security and fairness
BestCryptocurrencyBroker.com has very little experience in the industry as they were only recently established in 2018. The broker has yet to build up any sort of reputation, and there is absolutely no information regarding the security of their services. For instance, it is unclear whether traders actually buy and hold cryptocurrency on their platform, and if so where this is stored. At first glance, this online trading brokerage appears to be a scam and we urge traders to stay clear from using them. BestCryptocurrencyBroker.com is not regulated and they have no reputation to prove they are safe and secure.
BestCryptocurrencyBroker.com only offers support via email. Upon testing this broker out, we inquired via email about some things and have yet to receive a response. It appears that BestCryptocurrencyBroker.com’s support is either very slow or nonexistent. Additional methods of support include a simple FAQ section with answers to 6 questions. Overall, the level of support is very disappointing, much like other aspects of this cryptocurrency brokerage.
In our opinion, BestCryptocurrencyBroker.com has yet to build a viable reputation in order to trust them with your money for the buying and selling of cryptocurrencies. The brokerage is so new that even the website appears to be unfinished. Also, they are not regulated and there are no details on the security of information and funds. BestCryptocurrencyBroker.com is not transparent whatsoever and many question remain. Only time will tell if this broker can be trusted, until then we urge traders to remain cautious about BestCryptocurrencyBroker.com.
The following are the common questions that customers inquired about BestCryptocurrencyBroker.com.
Is BestCryptocurrencyBroker.com regulated?
No, they are not regulated but claim to be in some jurisdictions.
Is BestCryptocurrencyBroker.com a scam?
Maybe. It is too early to say, but we believe BestCryptocurrencyBroker.com may be a scam.
Where is BestCryptocurrencyBroker.com based?
BestCryptocurrencyBroker.com is based at at P.O. Box 1239, Offshore Incorporations Centre, Victoria, 391, Mahe, Republic of Seychelles.