Home Broker Reviews CryptoX100 Review

CryptoX100 Review

48
0

Founded in 2017, CryptoX100 offers Forex trading services to residents in over 190 countries around the globe. CryptoX100.com is owned and operated by NDG Trading Corp., a company based in St. Vincent and the Grenadines. In this CryptoX100 review, we’ll take a look at the assets, platforms and trading conditions that this FX broker offers, as well as their banking procedures, trading tools, trading costs and more.

Account Types

CryptoX100 chooses to keep things simple by offering only one account type. All of the details regarding funding, assets, leverage, platforms, trade requirements, costs and more will apply to the one account type. If you’re a fan of account tiers, you will not find them here. This brokerage is about as straightforward as it gets and upon visiting their website, you’ll quickly see that they have taken the “no frills” approach to offering FX trading services.

Platforms

CryptoX100 provides clients with access to the cTrader platform. The screenshot below is of the actual WebTrader platform setup (at the time of this writing). WebTrader requires no download and can be accessed directly from most web browsers. Platform apps are available for Desktop, Android, and iOS, each of which can be downloaded directly from the broker’s website. The cTrader platform is available in 25 different languages and provides a host of analysis and automated trading tools.

Leverage

The maximum leverage ratio within the CryptoX100 platform is based upon the asset chosen. On all of the currency pairs, the leverage maximum is 1:500. On all other asset categories, including metals, oil, indices and digital assets, the maximum is 1:100. What is notable here is the higher than average leverage on cryptocurrencies. We often see Forex brokers capping leverage at lower levels when it comes to crypto trading. Those who are particularly interested in trading digital assets and do plan on using leverage to stretch their trade sizes will want to take note of this.

Trade Sizes

The smallest allowed trade size is based upon selected asset. All of the currency pairs carry a minimum of only 0.01 micro lot, with the maximum on these assets being 100,000 lots. One micro lots is also the minimum on metals, but the maximum varies by specific underlying asset, as shown below. Other assets also vary, with some micro lot trading being allow on certain assets, while others require a minimum position size of 1 lot. Please see the photos below for the specific breakdown for each underlying asset.

Trading Costs

CryptoX100 does charge commissions, with those costs varying by asset. Because of this, we highly recommend that you create either a live or demo account in order to view this important information. The screenshot shown below is an example of the details that are provided along with each asset. To access this information, simply hover your mouse over the asset (if using a PC), or click on the asset in order to view its specifications. This is simply the best option for viewing crucial details when making a decision about selecting a FX broker. Note that swap charges also apply and can also be viewed within the platform.

Assets

There is no shortage of available assets within the CryptoX100 platform. Although this FX broker primarily focuses on currency pairs, they do also offer several other types of assets. The entire asset list can be viewed in the broker’s website, as well as within any of the provided platform versions using a demo account.

  • 90+ Currency Pairs
  • 6 Cryptocurrency Pairs
  • 12 Indices
  • 4 Spot Metals
  • 2 Commodities

Spreads

The spreads offered by CryptoX100 are quite competitive, starting at 0.0 pips. All spreads within the platform are floating rather than fixed and they do of course vary by asset. As such, we recommend the same steps mentioned in the ‘Trading Costs’ area above. Paying a visit to the platform is simply the best way to see the specifics for each currency pair or asset. As there is only one account type, all traders will have access to the same spreads.

Minimum Deposit

The lowest accepted deposit is 0.0001 BTC, which at the time of this writing equals out to approximately $1.05. Clearly, it would be difficult (if not impossible) to trade with such a small amount, so do consider making a deposit in a larger amount so as not to limit your trading abilities should you decide to trade with CryptoX100.

Deposit Methods & Costs

In order to allow for private trading, this broker is forced to limit their banking options. This means that Bitcoin is the only accepted deposit method. CryptoX100 does not charge any fees on deposits, and makes the process easy by providing a Bitcoin e-wallet address and QR code within the account deposit area. In this same area, your previous deposit history can be viewed at any time. A deposit usually takes 20-30 minutes (2 network confirmations) to clear and be credited to your trading account.

Withdrawal Methods & Costs

Bitcoin will also be the only available withdrawal method and the minimum withdrawal amount is set to 100 mBTC or 350 USD. In the payments area, Bitcoin is shown as mBTC, with 1 Bitcoin being equal to 1000 mBTC. All USD withdrawal requests are converted over to mBTC, so do keep this in mind when performing banking procedures within the back office.

Withdrawal Processing & Wait Time

For security reasons CryptoX100 processes withdrawal requests through manual review once per day. They ask that all clients submit their withdrawal requests by 13:00 UTC each day in order to be included in that days batch of payments. Once a withdrawal request is approved and the payment is processed, it should arrive to your e-Wallet instantly. From there, it will likely need to clear a set number of confirmations before it can be moved to your designated exterior account(s).

Bonuses & Promotions

There are no deposit bonuses or other types of promotions offered by this Forex broker. While we often tell readers to check back to see if this changes, it does not seem likely in the case of CryptoX100. This broker is very straightforward in their approach to offering FX services and does not seem the type to rely on bonuses and promotions in order to bring clients in.

Educational & Trading Tools

There are no educational tools provided, so you will need to look elsewhere if you need to learn how to trade Forex. However, there are several key trading tools offered, including the following:

Automated Trading: Access a trading robot that can execute and manage your trades whenever you are away from your computer or mobile device.

Copy Trading: This feature allows traders to connect with and copy the trades of other traders and investors. CTraders’ cCopy provides a smarter way of investing by automatically copying the top traders within the CTrader community. In addition, CryptoX100.com exposes you to market trends and keeps you well-informed about market conditions.

Algorithmic Trading: cTrader comes equipped with analytics and algorithm trading. Enjoy a flexible and interactive trading environment. Create your very own trading bot or use any of the ones which have already been created.

Customer Service

Customer support is offered in English only, which could be a problem for some. Another potential drawback is the fact that phone support is not offered. Clients can, however, reach out for help using email or live chat. A ticket system is also in place, with it being possible to open new tickets directly from the contact area of the website. You can reach the support via the following Telegram link: https://t.me/cryptox100support

Emails and tickets are responded to within 24-hours. For a faster response, consider using the live chat function, but be sure to reach out during business hours, as live chat support is not offered around the clock.

Demo Accounts

CryptoX100 does provide demo accounts and it is quite easy to create one. It is possible to go straight into the platform to create a demo, but the easiest path to demo account creation is to simply click the appropriate link on the broker’s homepage, as shown below.

Countries Accepted

As mentioned in the opening, CryptoX100 accepts clients in over 190 countries, including those who reside in the United States. This broker allows for anonymous trading, which means that they do not require that clients provide them with lots of personal details. They do not request your address or telephone number. When testing the account creation process, we found that it was possible to open a new account in under one minute, with the process even creating a live trading account and dispatching an email immediately.

Conclusion

Let’s be brutally honest here, shall we? CryptoX100’s website closely resembles those which one might see on the net back in the early 90’s. It’s not colorful and not flashy. In fact, it could even be described as depressing. Having said that, once you dig deeper, it becomes quite clear that the only goal this broker has is to provide direct, private access to a well-designed platform. Where the website lacks the bells and whistles, the cTrader platform makes up for it. If you’re looking for a place to trade anonymously, devoid of all the sales calls and ultra-strict rules and regulations, CryptoX100 is worthy of your attention.

LEAVE A REPLY

Please enter your comment!
Please enter your name here