CryptoPoint Review
- Excellent trading platform
- Decent variety of cryptocurrency assets
- Good customer support
- CFD Trading
- Not a regulated trading brokerage
- Relatively new Exchange
CryptoPoint was established in October of 2017 and is owned and operated by GPAY Ltd. The brokerage is based out of the United Kingdom with their headquarters located at 18 Stoke Road, Slough, SL2 5AG United Kingdom. CryptoPoint is a unique cryptocurrency trading brokerage that enables traders to execute their trades with cryptocurrencies as their underlying asset. The brokerage differs from other cryptocurrency exchanges because their traders never actually own the cryptocurrency assets their trading by trading on Contracts For Difference (CFDs), rather than buying and selling the cryptocurrencies. The brokerage utilizes their very own Tradologic CFD Crypto trading software which enables completely automated cryptocurrency trading and therefore provides an attractive opportunity for both beginner and advanced traders.
CryptoPoint is an international trading brokerage who accepts traders from all over the world except for traders from the USA, France, Israel, and Israel. While they accept traders from many countries, their services are offered in the English, German, and Russian languages.
Unfortunately, CryptoPoint has yet to become regulated by any reputable regulatory authorities. However, this comes as no surprise as most cryptocurrency exchanges and trading brokerages are not yet regulated due to the cryptocurrency space being so new. So, as the exchange is relatively new and unregulated, how do you know if they are reliable and can be trusted? Well, in the following review we delve deep into the aspects that make up this cryptocurrency brokerage and see what sets CryptoPoint apart from the competition and whether or not they can be trusted.
Exchange Platform
CryptoPoint utilizes the Tradologic platform which is quite popular among many online trading brokers. The platform is very well designed and is easy to use for beginner traders and complex enough for advanced traders. The platform is primarily used by Forex trading brokerages rather than cryptocurrency exchanges, so it is already very attractive to a large audience of traders. Some of the most popular tools traders can utilize are:
- A Take Profit tool which closes a position automatically when your set level of profit is reached.
- A Stop loss tool which automatically closes a position when it reaches a certain level in an unwanted direction.
An Order Info tool which delivers more information about the contract.
The Tradologic platform also has a sophisticated charting package that utilizes various tools, technical indicators, and features. For instance, traders can view charts with bars, candles, lines, area, and heikin aishi. Also, the charting analysis package includes over 30 technical indicators and numerous drawing and analysis tools. Another impressive feature of the Tradologic platform is the ability to switch between their Simplex or Pro platform layout. As well, the platform is web-based and is fully compatible for use on both Apple and Android smart devices.
Markets
CryptoPoint may look and feel like a regular forex and CFDs trading brokerage but they strictly deal in cryptocurrency trading with crypto to crypto and crypto to fiat trading pairs. See below a list of the available cryptocurrency trading pairs available at CryptoPoint:
- BTC/USD
- LTC/USD
- LTC/BTC
- DASH/BTC
- DASH/USD
- ETH/BTC
- ETH/USD
- NMC/BTC
- PPC/BTC
- ETC/USD
- GNT/BTC
- XMR/BTC
- XRB/BTC
- XRP/USD
- ZEC/USD
As mentioned earlier, CryptoPoint is a cryptocurrency CFD trading platform which means traders never have to actually own the underlying cryptocurrency asset. They are simply trading on contracts and can easily buy and sell dependent on market conditions and the traders wishes. Trading cryptocurrencies this way simplifies things greatly and is much more attractive to more traditional traders and investors.
Fees
CryptoPoint does not clearly state the trading fees on their website and we were unable to dig up any information regarding commissions or trading fees. However, other account fees are stated. For instance, deposits are free, but withdrawals are subject to a £20 fee for withdrawals via debit/credit card. Withdrawals via bank wire transfers incur fees of £20 + 1% of the total withdrawal amount. Another fee traders may incur is a £50 account inactivity fee.
Support
CryptoPoint offers 24/7 support via email, telephone, and live chat powered by Zendesk. The contact page features a contact form where users can provide their number, email, and a message to easily receive the support they need. Here, users can select 1 of 4 categories of support so that they can better be served by a representative. Support is available in English, German, and Russian, but only English is supported by telephone support. Additionally, traders have access to numerous resources such as an education center which features webinars, articles, a glossary, market news, tutorials, and educational videos.
Security & Fairness
CryptoPoint integrates the latest security measures and protocols to keep their trader’s personal information and funds safe. They utilize SSL encryption on their servers and are PCI DSS compliant. An advantage that CryptoPoint has over other cryptocurrency exchanges is the fact that traders never actually own the cryptocurrencies they’re trading, so there is no risk of loosing them to a hack on the exchange. As for the brokerages fairness between traders, they are all treated equally and have access the same tools and features. There is only one type of trading account with all the same requirements for opening one. Traders have the ability to trade on different leverage amounts, and have access to bonuses, and promotions. However, these features are dependent on the trader’s performance and amount of capital invested.
Conclusion
All in all, CryptoPoint is a reputable cryptocurrency trading brokerage that offers a platform and service which is similar to traditional forex trading. They feature a variety of cryptocurrency assets which can be traded on CFDs. CryptoPoint’s platform is the popular web-based Tradologic platform which is perfect for both beginner and advanced cryptocurrency traders. The brokerage is not yet regulated and is fairly new, so we advise traders to proceed with caution as CryptoPoint has not built up their reputation quite yet.
