Crypto Banc Review
- Very simple and easy to use trading platform
- Quick and easy deposits and withdrawals
- Forex and CFD trading for cryptocurrencies
- Large amount of cryptocurrency assets
- Relatively high account fees compared to the competition
- Trading platform is not advanced
- Not regulated
Crypto Banc is a new online trading brokerage who offers both forex and cryptocurrency trading. The exchange was launched in January of 2018 and is owned and operated by a company called Ftm Consulting Eood and is based out of Bulgaria. Their headquarters are located at Kranso Selo Region, Borovo Estate, 8A Gen Stefan Toshev St, Sofia, 1000, Bulgaria. Like most other cryptocurrency exchanges, Crypto Banc is not yet regulated but claims to provide traders with the safest, most convenient, and best trading experience possible. Though Crypto Bank offers the trading of cryptocurrencies, traders don’t actually own the crypto they buy and sell, but rather trade cryptocurrencies on Contracts For Difference (CFDs). Many traders prefer this method of cryptocurrency trading as it presents a familiar trading experience to traditional assets. As well, traders are not required to learn the complicated details for using and storing cryptocurrencies.
Crypto Banc is an international trading brokerage who accepts traders from all over the world, but currently only offer their services in English. While Crypto Bank is a relatively new trading brokerage, they have built up an excellent reputation thus far. Users of the brokerage have nothing but good things to say and the broker has been very successful at providing excellent security, various features, tools, a user-friendly interface, and an extensive education center. In the following review we’ll delve deep into the aspects that make up this online trading brokerage and see what sets Crypto Banc apart from the competition and whether or not they can be trusted.
Crypto Banc utilizes a web-based trading platform developed by the Finantick company. The platform is extremely user friendly and easy to understand. Traders can easily switch between trading forex and cryptocurrencies with the click of a button, and choose their market, place their orders, and analyze the charts all on the same page. The platform is clearly designed and developed for beginner traders as it’s very easy to use and understand with limiting features. Experienced traders may find the platform lacking some important features as the charting window is very basic with no technical indicators or drawing tools for technical analysis. Also, the order window is very basic but sufficient for CFD trading. As for the technical aspects of the platform, such as speed and execution, the platform is excellent. Traders receive live and accurate data streams and can execute trades in an instant. All in all, the platform looks and operates great but is lacking some advanced trading and analysis features.
Crypto Banc is not only a cryptocurrency trading brokerage but a forex brokerage as well. The forex currency pairs offered by them include majors and minors such as: AUD/USD, EUR/AUD, EUR/USD, GBP/AUD, NZD/USD, USD/JPY. Crypto Banc is still relatively new and plans to add more currency pairs in the future. As for the cryptocurrency assets available, there are 28 cryptocurrencies paired with the US Dollar or Euro. None of these cryptocurrencies can actually be bought or sold as the brokerage only offers CFD trading on these cryptocurrency assets. Traders simply deposit USD or EUR into their account for trading.
Crypto Banc charges trading fees through the spread for both the forex and cryptocurrency markets. These fees vary for each currency pair and cryptocurrencies but are always clearly shown when trading the particular asset. Other fees that a trader may incur include withdrawal and account inactivity fees. There are no fees charged by the broker for deposits, but withdrawals come with a processing fee of $25 for bank wire transfers. Surprisingly, there are no fees for withdrawals via credit card, but if users do not verify their accounts upon signing up, they are subject to withdrawal fees of 12% + $25 on their withdrawal once verified. E-wallet withdrawals are charged 4% on the withdrawal amount, which we found to be extremely high compared with the competition. Account inactivity fees are $25 plus 12% of every withdrawal transaction. Traders must be careful with this brokerage in regard to fees as they can be quite high if the rules are not followed.
Crypto Banc offers support that’s available 24/7 via email and telephone. The support representatives have been reported to be very friendly, professional, and timely with their responses. In addition to the contact support, Crypto Banc also features guided trading with the help of a skilled trading advisor which is available for all types of accounts. Overall support offered by Crypto Banc is very good, however, Crypto Banc does not offer any additional support resources such as an FAQ page, education center, blog, or social media channels.
Security & Fairness
Crypto Banc takes security very seriously and implements the latest and greatest security measures such as advanced encryption technologies for the protection of user data and holds a EV SSL certificate which is globally recognized for trusted and vetted websites. The brokerage also has a compliance team which is trained to look out for suspicious activity and ensure there is no fraudulent practices. As for user fairness, all users have access to the same basic features that enable users to trade on their platform. For users who wish to sign up for higher level accounts by depositing a greater sum of funds, they have access to some more advanced features such as technical indicators, 1 on 1 training, and increased deposit bonuses.
Crypto Banc may be a relatively new online trading broker but is quickly making a name for themselves. The brokerage offers the trading of both forex and cryptocurrencies and features 3 different levels of trading accounts. The trading platform utilized by Crypto Banc is very simple and easy to use, making it a great option for beginner traders. Crypto Banc differs from other cryptocurrency exchanges because traders can only trade these digital assets on contracts (CFDs). Crypto Banc has thus far proven themselves to be a reliable exchange, but they still have some things to work on before they compete with the best.