Read our Cryptohold review to see if this broker is a scam or legit. Just to clear doubts, this is a cryptohold.pro review.
If you want to trade online, you will need to find a broker that can give you access to the markets and instruments you want. This does not sound too complicated because all you have to do is search on Google to find pretty much anything online. Sure enough, when you run a search, you will find a long list of companies that are offering you their trading services. This is where you have to navigate carefully because not every platform you find can offer you the required services. This Cryptohold review reveals how there can be a lot of problems with a brokerage.
When you decide to venture into the world of online trading, you have to remember that even though it does not seem very important, the broker you select can play a crucial role in your trading journey. Even a slight miscalculation can affect your performance and outcomes and this is something you don’t want. Anyone who decides to trade is looking to make money and the right broker can help you achieve these goals. But, not all companies are the right fit and this is something to bear in mind when you go looking for a broker.
This is not just about high quality and low quality services, but about the legitimacy of the company. There are fake and fraudulent platforms that have become quite common in the markets and many people have suffered at their hands. Do you want to be one of them? No one wants to do so because it means losing your hard-earned money and that can be quite devastating for people who are investing their entire savings. In order to prevent this, you have to ensure that you choose the right broker.
How do you do that? It is not that complicated because all you have to do is check the offerings of a broker thoroughly. This means not just believing everything they put on their website and verifying their claims. The same should be done where Cryptohold is concerned, which claims to be an investment firm, but gives access to CFD trading. It comes off as very peculiar, so you need to ensure you are making the right choice and you can go over their offerings to do so. Let’s get started:
Licensing and regulation
First things first, you should never sign up with any broker without taking a look at their licensing and regulation. This is key to keeping yourself safe and protected because licensed companies obtain authorization only after meeting certain requirements and criteria. They have to maintain quality standards, ensure safety of funds and have to be transparent and fair with their clients. They can also be held accountable by the regulatory authority in the jurisdiction they are in. So, is Cryptohold licensed and regulated?
When you check the Cryptohold website to find out information about their regulation, you will find that they have clearly stated they are not licensed. While it is certainly a good thing that the company is open about its lack of license, it does nothing to reassure you because you do not want to deal with such a firm. Moreover, when you go through their website, you will not find any information about the company that owns and operates the broker.
There is no such contact information available either on the Cryptohold website and this is a problem because it means that you are essentially dealing with a virtually anonymous broker. You do not want to make that mistake because such companies cannot be trusted.
You need to further assess the offerings of Cryptohold to find more information about the company. Doing so reveals that the broker is engaging in a practice that is no longer permitted in a number of jurisdictions that are well-regulated. They are offering a deposit bonus to their clients. These bonuses are meant to be lucrative and convince people to sign up with the company offering them.
But, this is exactly what you need to resist because trading bonuses were banned as they have strings attached. These were conditions that traders have to fulfill and they were definitely not any good or fair to them. The problem with Cryptohold is that while they do offer trading bonuses, they have failed to mention their policies. This means you have to idea what you will be required to do. Usually, a turnover requirement has to be fulfilled before withdrawals are allowed and these are never achievable, so you cannot get your funds.
Checking the trading platform offered by an online broker is of the utmost importance because you have to use it for your trading activities. It has to be a quality platform with the best technology and tools, but you will find that Cryptohold does not offer you much in this area either. There is a web trading platform available and this is pretty basic and oversimplified.
The MT4 and MT5 are the top trading platforms in the market and recognized for their top-notch features and technology, but you will not find it at Cryptohold. They have offered a basic platform, which is quite common amongst scam brokers.
The trading conditions of a broker affect your bottom line, so you do need to take a look and that’s when you find that Cryptohold offers terrible trading conditions. Their spreads reach as high as 4 pips for the EUR/USD pair, which is more than 4 times what brokers typically offer. This means that it is not a competitive broker at all.
The payment methods that are available at Cryptohold are also disappointing because they only allow you to use cryptocurrencies. These payments are final and irreversible and you cannot file a chargeback either, which means there can be no refund and you will not get your money back.
If you are thinking about signing up with Cryptohold, it should be apparent by now that it is not the right choice at all.