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CryptoRocket Review

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In an age where there are lots of Forex brokerages in operation, it’s refreshing to be able to review a broker that truly offers something new and different from the rest. CryptoRocket is among the new brokers to enter into the industry and is an offshore brokerage, being based out of St. Vincent and the Grenadines. They offer a comprehensive list of currency pairs, the same as most, but as the name suggests, excel in the area of cryptocurrencies. Within this CrytpoRocket review, you’ll learn exactly what it is that makes them different, as well all of the specific details that go into helping an individual to select a suitable broker.

Account Types

After a quick look around the CryptoRocket website, one thing was immediately clear – they value simplicity and straightforwardness. This approach extends to account types, of which there exists only one. All who trade with this FX broker are viewed as equals, with no one being provided with extra perks of benefits based on making larger deposits. Whether you choose to deposit $10 or $10,000, you will have access to the same exact platform, spreads, leverage and withdrawal processing times.

As mentioned above, there are some areas in which this broker differs from most. This is most notable during the account creation process, which only requires that the trader provide an email address and password. You see, CryptoRocket allows for plenty of anonymity. Tired of having to hand over tons of information to Forex brokers? CryptoRocket very well may be the best choice for you. Do keep in mind however that while they can offer a private trading environment, they are not allowed to bypass the KYC process. You still may be asked to upload proof of residence and identification prior to being allowed to withdraw. Even so, you will be able to deposit and withdraw without having to share any card number or bank information. More on that below.

Platforms

The chosen platform is MetaTrader 4. In this area CryptoRocket does not differ from the rest, but this is a good thing. Anyone who has even considered trading Forex well knows that MT4 is the preferred trading platform of the vast majority of traders. The platform is provided in four formats including:

  • Software Download
  • Web Trader
  • iPhone (iOS) App
  • Android App

If for some reason you are not yet familiar with MetaTrader 4, just know that this trading platform provides a vast array of trading tools, allows for the use of various auto-trading systems, and is basically the best thing to happen to FX traders in years. MT5 is officially live, but we continue to see most brokers continuing to offer MT4. It remains to be seen if and when traders will finally embrace MetaTrader 5 en mass. For now, MT4 continues to be the platform that traders know and love for a plethora of reasons.

Leverage

When trading with CryptoRocket, traders are free to select a leverage ratio of as high as 1:500. This is a substantial amount of leverage for those who wish to stretch their trading dollar to the maximum. It is possible to select lower leverage levels. This change can be made when creating an account or at a later time. Should you decide to trade with this broker and need assistance with making changes to your leverage settings, contact one of their many support agents.

Trade Sizes

Not ready to commit to large trades? No worries. CryptoRocket allows for trade sizes as small as 0.01 lot (or one micro lot). The maximum trade size is 1,000 lots, which should be large enough for even the professional trader. Seeing as this FX broker does place so much focus on cryptocurrency trading, it’s worth noting here that even the smallest of cryptocurrency trades can require a minimum which exceeds that of standard pairings. If you’re trying to make a decision regarding your first deposit and know in advance which digital assets you’d most like to trade, we’d recommend using a demo account to set up at least a few trade scenarios in order to see what the cost to open each position will be.

Trading Costs

One of the primary advantages of trading with CryptoRocket is the fact that they do not charge any commission on trades. This of course means that they do earn a profit on their spreads, so we headed over to their spreads area to see just how wide they actually were. Much to our surprise, they were quite fair, with most being very competitive. Spreads on cryptocurrency pairings are notorious for being quite high, but these too were reasonable. Swap charges do apply when positions remain open overnight. These charges vary by asset and can be viewed at any time within MT4.

Educational & Trading Tools

The trading tools offered by CryptoRocket are those we mentioned in the ‘Platforms’ area of this review. These include plenty of tools for studying price action and analyzing the markets, along with tools designed for the use of automated systems and various EAs. This broker does not have a designated area set aside for teaching new traders the basics of trading or how to use strategies. Obviously, there are thousands upon thousands of these tutorials available online so there is no requirement that a broker offer them. It’s simply nice to see them being offered as a courtesy. What CR does offer is an ‘Industry News’ area. Here, traders will find in-depth reports which pertain to happenings in and around the global markets.

Assets

As of this writing, Crypto Rocket is offering the following types of assets:

  • Currencies: 55
  • Stocks: 104
  • Cryptos: 30

Clearly, it is the number of cryptocurrencies which truly stands out here. Many brokers have yet to make the changes necessary in order to allow their clients to trade digital currencies and those that have tend to offer very few options. If you are someone who is serious about trading cryptos (and the number of crypto traders is growing by leaps and bounds), then you must at least consider teaming up with a broker such as CryptoRocket. This is not only due to the number of pairs that they offer, but also because of their tight spreads and relationships with some of the top liquidity providers.

Spreads

So, what are these great spreads of which we speak? Spreads vary with time, of course, and thus are always changing. We felt that it was important to study the spreads being offered by CryptoRocket for quite some time since they do not profit from commissions. The spreads on the majors seemed to be undeniably low (the EUR/USD spread remained near 0.01 pip throughout the composition of this review). At one point we noticed that the spread on the BTC/USD pair was quite high, but after comparing the rate with that of other brokers at the same time, we noted that all were offering a higher spread on that pair at that moment. As mentioned above, we always encourage future traders to check out spreads for themselves by visiting the website of FX brokers.

Minimum Deposit

CryptoRocket asks for a minimum deposit in the amount of $50 USD. While not as low as the $10 minimum that many brokers allow for, we know all too well that an amount this low will allow for only restricted trading opportunities. There is plenty more to be said about payment processing with this brokerage, as it is yet another area in which they differ from other brokers, but we’ll continue on with this topic in the areas below.

Deposit Methods & Costs

CryptoRocket asks for a minimum deposit in the amount of $50 USD. While not as low as the $10 minimum that many brokers allow for, we know all too well that an amount this low will allow for only restricted trading opportunities. There is plenty more to be said about payment processing with this brokerage, as it is yet another area in which they differ from other brokers, but we’ll continue on with this topic in the areas below.

We promised you that CryptoRocket was one-of-a-kind and they certainly prove that once again by accepting only Bitcoin deposits. This is done in keeping with the promise of allowing a higher level of anonymity, one which is not allowed when sharing your credit/debit card numbers or bank account information. There will always be those who prefer to use their credit or debit card to fund their trading account, which is understandable. These payment options are not completely removed from the picture, however, as cards can be used to directly purchase Bitcoin. There is no fee associated with making a deposit with CR and due to the fact that crypto payments are transferred quickly, deposits are quickly received and credited to trading accounts.

Withdrawal Methods & Costs

Here again, Bitcoin is the only method used to process payments. There is no fee associated with making a withdrawal but do keep in mind that some e-wallet providers do charge a fee for exchanging cryptocurrencies over to cash and then sending those funds to a bank account. If you use a service such as Coinbase, there will be an exchange fee to be paid. Check with your preferred e-wallet service provider to inquire about any service charges that you may incur.

Withdrawal Processing & Wait Time

Speed is the number one benefit of depositing and withdrawing with Bitcoin. Deposits are typically received, cleared and added to a trading account in one hour or less. Withdrawals take up to 24-hours, but this is due to the fact that each and every withdrawal request must be manually approved and then paid out. This process can take some time, but once the ‘Send’ button is clicked upon, the money should arrive to you quickly. The bottom line with all of this payments talk is that cryptocurrencies provide a level of privacy that more and more individuals not only want, but now demand.

Bonuses & Promotions

We spoke with one of the owners of CryptoRocket to confirm that the company does not have any plans to offer deposit bonuses (or other similar bonuses) at this time. While there is nothing wrong with a bonus, the bottom line is that they are primarily a marketing technique used to draw in new traders. There is no such thing as free money and each deposit bonus must be earned through trade volume requirements before it is made fully available for withdrawal. As for promotions, we were told that nothing is in the works at the moment, but trading contests were being discussed and might be offered in the future. Stay tuned.

Customer Service

CryptoRocket has customer service agents manning their live chat service 24-hours a day. To open a live chat session, simply open the chat box in the bottom right corner of the CR website. No telephone number is provided for direct incoming calls. We were told that it is simply too tough to offer dedicated cost-free contact numbers for the huge number of service areas, so instead, clients are able to request to be phoned at any time by simply sending their phone number and desired timeframe for a call. Email is also an option. An email form can be accessed on the following web page: https://www.cryptorocket.com/contact-us.

Demo Account

It is possible to create a demo account with CryptoRocket. Each individual may have up to three demo (and live) accounts for each of the three accepted currency options. The three currency options for trading include USD, EUR and GBP. This select can be made at the time an account is created. The use of a demo account is always recommended, as these accounts can be used to get a feel for the live platform, as well as to check out average spreads through various market sessions. A demo account can be created at any time within any MT4 format, including software, application and WebTrader.

Countries Accepted

CryptoRocket accepts traders from around the globe and is a viable option for U.S. traders who are looking for a home for cryptocurrency trading. As mentioned previously, there is no need to select a country of residence during the account registration process and in accepting only Bitcoin payments, a lot of the red tape that typically leads to location restrictions is eliminated. Contact the CryptoRocket support staff should you have any questions regarding their privacy and location rules.

Conclusion

If the goal of the owners of CryptoRocket was to create a truly private environment for trading Forex, they succeeded. This is the first and only time that we had not been asked to provide a contact number when creating an account with a FX broker. If you don’t want that obligatory sales call and don’t fancy sharing your private payment information, you just may feel at home with CryptoRocket. While their claim to fame may be privacy provisions, they also do an excellent job of meeting the needs of traders by providing a solid platform, asking for a realistic minimum deposit and processing both deposits and withdrawals quickly. As of now, we’re giving this FX brokerage two thumbs up.

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Jennifer Mitchell is an entrepreneur, business analyst and writer for DittoTrade. Professionally, Jennifer has published pieces on over forty financial websites throughout the web. Her passion for all things business flows through the content she provides. In her free time, you'll find her well, working, because her hobbies and career are one in the same.

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