CryptoIFX Review and Website Analysis

The forex industry is full of fraudulent brokerage companies. In this CryptoIFX review, we will examine yet another pseudo-secure platform for trading CFDs that claims reliability and various advantages but in reality scams its clients. There are several such brokers, and if you want to know the details, you are in the right place.

Brief Overview

• 🖥Official Website: cryptoifx.com
• ✈️Contact Address: Stoney Ground Road, St. Vincent & the Grenadines
• 📞Customer Support: +18008268126, [email protected], [email protected]
• 🔐Licensing and Accreditation: no
• ⏳Track Record: 2021
• 🧰Specialization: brokerage service
• 🤝Terms of Cooperation: $250, 1:400
• 💰Additional Services: education materials

Cryptoifx.com Examination

The design of the official website is not interesting, beautiful, or stylish. As usual, upon entering the site, you can see a moving menu with motivational phrases and the opportunities offered to clients. At the top, there is a panel with some statistics, where you can see that over 200,000 people are allegedly trading here, which seems like a lie. There is also the current price of Bitcoin, buttons for registration and login, and just below the main panel with sections about the broker’s activities, trading conditions, additional tools, and contacts.

Scrolling down the main page, you can learn about some of the company’s so-called advantages, which actually offer no benefit to the client and cannot really be called advantages since similar conditions are offered by every online broker. You can also find information about the tradable asset classes, a bit about the platform, and try out the Bitcoin calculator. In the footer, there is a small risk warning and the legal address of CryptoIFX.

The website is made in purple tones, which looks cheap. In addition to English, several other languages are supported, such as Russian, German, Chinese, Turkish, and others. The images used are either generated by artificial intelligence or taken from a free photo stock. In short, it is an unattractive resource into which little effort and resources have been invested.

Company Contacts

You can try to contact the managers of CryptoIFX via one of the two provided email addresses or by phone. Additionally, there is an online chat and a phone number available. Users can also leave a message in a special form in the contacts section. There is nothing remarkable here, and checking the contacts revealed nothing significant. The only downside is that the site displays social media logos, but the links lead back to the main page instead of to a Facebook or Instagram account.

Key Conditions

You can only trade CFDs here, and order processing happens within the platform. CryptoIFX lies about ECN/NDD as it cannot even disclose the names of liquidity providers, and the company inherently cannot have access to ECN, but we will discuss this later. Moreover, the firm promises no requotes and no slippage, which is only possible with a dealing desk business model. Therefore, a conflict of interest between traders and the platform is guaranteed.

The minimum deposit is high — $250. At the same time, there is no cent account type, which allows clients without large sums to start trading with real money instead of a demo account. By the way, the demo account also seems to be absent. The size of the minimum deposit depends on the chosen account type. However, something interesting was found. If the official website is set to English, the user sees 8 types of accounts; if it is set to another language, like German or Russian, there are only 5. Is this a random error or something else?

Above is a screenshot of the range of tariffs on the German version of the site. Below is the English version.

Overall, the company contradicts itself, but some conditions are common. For example, leverage is 1:400. Not only is this a huge leverage ratio that significantly increases the level of risk for traders, but serious regulators also prohibit brokers from offering such leverage. However, CryptoIFX ignores this, which means it is unlikely to have any licenses.

Additional services include educational materials, technical support, and mobile trading. Nothing interesting or unique. And finally, there are hidden commissions and spreads, which is a significant drawback of the platform.

Exposing CryptoIFX

It’s time to check the legal status of the company and finally determine whether the firm is a scam or not. The broker shows a legal address in Saint Vincent and the Grenadines. This is true because checking the SVGFSA registry showed that CryptoIFX was registered there in 2021.

However, the Financial Services Authority of Saint Vincent and the Grenadines (SVGFSA) states that it does not regulate the activities of forex brokers. This means that if the company deceives traders, they will not be able to seek help from the regulator. Can registration in SVG be considered a positive sign? Of course not. On the contrary, this is a serious downside, and such a firm cannot be trusted as reliability is simply absent.

These were the initial concerns, but there is more ahead. CryptoIFX does not exist in isolation. There are at least three such companies. The first is TradersHome with the official website tradershome.com, and the second is MediaHomeLife (mediahomelife.com). Look closely at how similar their websites are. All these organizations list a legal address in Saint Vincent and the Grenadines, have the same website structure, and the same statistics at the top of the page.

How many such platforms exist? And how can this be interpreted? Only negatively. Most likely, these companies are owned by the same entity. Why? To more actively and effectively defraud traders of their money. It is unlikely that this is a network of safe and verified brokers; such schemes are only carried out by scammers.

Finally, it is important to consider the deceptive practices of the firm. It claims to operate on an ECN/NDD business model, but this is not true. As mentioned earlier, liquidity providers are not specified, and there are no requotes or slippage, which can only occur in a dealing desk (DD) business model. Furthermore, the company does not disclose spreads or commissions, which is also a hallmark of a dealing desk.

What Reviews Do Users Leave?

There are suspiciously few reviews about CryptoIFX on the internet, although the platform launched in 2021, as indicated by the domain registration date and the legal entity in Saint Vincent and the Grenadines. Has the broker not been able to earn the trust of traders in several years? Or is the company paying to have negative reviews removed? Possibly. All of this speaks negatively about the firm.

Conclusions

CryptoIFX is definitely engaged in fraudulent activities. There are several such platforms, all created to steal money from traders. The company has offshore registration and lacks licenses, meaning there are no safety guarantees for clients. Other negative factors and issues have also been identified. Do not risk your money with an illegal organization.

Pros/Cons

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