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CryptoAltum is a cryptocurrency and forex trading broker that accepts clients from anywhere. The founders of this platform claim that it is the leading choice for crypto and forex traders. They claim to make trading easy for everyone.
There are many people making money from the cryptocurrency and forex markets. However, it is important to trade using a legitimate broker. This is because there are many scammers out there only interested in making money off of people.
CryptoAltum is one of the brokers that you cannot trust. They claim to provide the best services compared to their competitors. However, when you dig deeper, you find a lot of red flags concerning this trading platform. This is why research is crucial before choosing a broker to make online investments.
This company makes trading sound very easy. However, this is just a tool to attract customers onto their platform. They only have a little over a year in their track record. However, they already claim to be the best in the cryptocurrency and forex space. It is impossible to see how they managed this accomplishment in this little time.
The only way you will make money online is by investing in legitimate forex and cryptocurrency brokers. Such companies have an impressive track record and are trustworthy.
CryptoAltum offers clients trading for several assets. On this platform, you can trade cryptocurrencies, forex pairs, gold, and indices. The website claims to offer over 60 pairs of cryptocurrencies. This is a great feature. Traders will have several assets to trade under one platform.
Further, the website claims to offer the best leverages and spreads. These are great features that can attract any trader. Moreover, the developers claim to provide a safe and secure environment for trading.
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However, making claims and delivering services are two completely different things. The design of operations of the CryptoAltum platform is worrying, saying the least. The only good thing they seem to offer is competitive leverages and spreads. They promise to remain committed to providing the best and most fair pricing. Further, they claim to offer a high level of transparency.
However, there is no mention of the founders of this platform. They operate anonymously. There are many reasons not to invest with mysterious individuals on the internet. They could quickly disappear with your money. It is very critical that a company like this discloses the team members. That is the least they can do when asking for people’s money.
One of the attractive features of this platform is the leverage and spread it offers. It offers spreads from $1.75 for Bitcoin trading. Additionally, they offer a maximum leverage of 1:500 for crypto pairs.
For forex pairs, the minimum spread is 1.4 pips, and the maximum leverage is 1:500. On the other hand, the minimum spread for gold trading is 0.3 pips. Additionally, the maximum leverage stands at 1:100.
For indices, traders enjoy a minimum spread of 2.8 points and maximum leverage of 1:100. This is a competitive structure. Many traders can quickly get behind such a platform. However, other features of the platform are causes of concern
The biggest red flag about this company is the regulatory status. The registration of this company is from the Marshall Islands. This country has very lax laws. Anyone can register and run a company there. It does not matter what the activities of the company entail.
Moreover, there is no regulatory body that oversees the operations of CryptoAltum. It is a bad idea to invest in companies that have no regulation. Such companies can do anything they want. They can quickly disappear with clients’ funds.
Further, this company cannot offer you fund safety. They promise to have the best and most advanced security practices. However, this is not enough to bring peace of mind. The individuals running this company have total control of user assets. They are free to do with the funds whatever they like. Therefore, you cannot trust them.
They have total control of the private keys to access clients’ assets. Whoever keeps the private keys has full control of the funds. Therefore, depositing your money with these mysterious individuals is a bad idea. It is the same as surrendering it to them.
Moreover, they only make claims to protect their systems from hackers. However, they do not reveal the software or hardware they use for protection.
CryptoAltum only accepts deposits in cryptocurrencies. This is the other huge red flag about this company. Cryptocurrency deposits pose a massive risk to traders. This is because it is impossible to trace or recover your funds. Once you send your funds to a wallet that is it. You cannot make a chargeback or trace the funds.
There are no deposit fees, and you can deposit up to six different cryptocurrencies. The minimum deposit depends on the cryptocurrency you are depositing.
Further, there are no withdrawal fees. The only charges that apply are miner fees. Minimum withdrawal amounts also depend on the cryptocurrency you are withdrawing. However, the withdrawal process is not as simple as the deposit process.
The website states that they may require you to present documentation from time to time. This may include identification and proof of residence. The developers do not say when they require documentation. Moreover, this process may take a lot of time. Therefore, your withdrawal may take longer than you expect.
As mentioned, CryptoAltum operates from the Marshall Islands. They give their physical address as Trust Company Complex, Ajeltake Road Majuro, Ajeltake Island. However, it is difficult to trust this information.
Marshal Island has very lax laws. This means that anyone can apply for a business registration over the Internet. They can do this without ever stepping on the Island. Therefore, it is difficult to verify the headquarters of this company.
In terms of customer support, CryptoAltum provides an email address. Customers can get in touch with the company via [email protected]. This is encouraging to see. However, they do not say how long it takes to respond to customer queries. Therefore, there is no guarantee that they will answer your queries.
The official domain for CryptoAltum is cryptoaltum.com. Whois records reveal the registration date as 17th August 2019. The owners updated the registration on 18th August 2020. The expiration of this registration stands at 17th August 2021.
It is worrying that they take only one-year registrations. This shows that they do not plan to be around for long. They remain ready to scrap everything and leave.
CryptoAltum is offering services that every trader is looking for. However, the company has many red flags that make it not trustworthy. The founders operate anonymously without transparency. They can quickly disappear with people’s funds. Moreover, it is impossible to trace or recover cryptocurrency deposits.
Even worse, this company does not have a regulatory body overseeing its operations. They can do whatever they want with customer funds. Moreover, they have full control of clients’ funds. Therefore, they cannot assure anyone of their funds’ safety.
There are better companies that have better services. Only use the best cryptocurrency and forex brokers in the market. Such companies operate in full transparency and are trustworthy.
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