The broker Cryptec is operational from the Republic of Dominica with five trading accounts with expertise in cryptocurrencies. The broker offers to trade on a web-based trading platform with market indicators. Variable leverages are provided on different trading accounts. However, trading with Cryptec is not advised as the broker is unregulated. In this Cryptec review, we will talk about everything you should know. Please follow it thoroughly.
The offered five trading accounts are Basic, Silver, Gold, VIP, and Black Dimond Account. The minimum deposit for each trading account is $250, $10000, $25000, $50000, and $500000, respectively. The maximum leverage of 1:10, 1:20, 1:30, 1:40, and 1:40. The values of the spreads offered are not available on the official website of the broker.
We believe in an unbiased review, and for the same purpose, we will talk about the advantages and disadvantages simultaneously.
The advantage of Cryptec includes a comprehensive selection of 120 cryptocurrencies. These include Bitcoin, Litecoin, Ethereum, Zcoin, IOTA, NEM, Ripple, and others. The broker also provides a high leverage ratio starting from 1:10 to 1:40. The leverage ratio offered are lucrative and helps in attracting many traders. Nevertheless, cryptocurrencies are intangible assets, and high leverages are not favourable to them. Generally, leverage of 1:2 to 1:10 is preferred on crypto coins.
The disadvantages of Cryptec are many, and we will start with the brokers’ legitimacy. The company, named Point Place LTD, situated in the Commonwealth of Dominica, owns the brand Cryptec. Also, the payment process is performed by the company name Meantech OU located in Estonia. The problem here is neither of the companies mentioned above is licensed and regulated. The unregulated broker is not trustworthy. Also, investments in these brokers are not safe.
The broker also has unaccepted fees, like 10% on dormant accounts. It also offers trading bonuses. The trading bonuses have unusual terms and conditions. It requires a high trading volume fulfilment before eligible for withdrawals. The withdrawals take ten business days, and it’s not acceptable.
The Cryptec does not offer the trading platform MetaTrader. The absence of MetaTrader lowers the credibility of any broker.
Is Cryptec scam or legit?
The broker operates from an overseas territory of the Commonwealth of Dominica. Cryptec is not a regulated broker, and trading conditions are not good. The broker Cryptec is a potential Australian trading scam.