Cryptoiberian.com Review is Cryptoiberian a Scam or Reliable Forex Broker

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CryptoIberian Review – is it scam or safe?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread
Basic $250 1:500 N/A
Professional $500 1:500 N/A
Silver $1 000 1:500 N/A
Gold $5 000 1:500 N/A
Platinum $25 000 1:500 N/A
VIP $500 000 1:500 N/A

CryptoIberian is an offshore forex and CFD broker that offers the above account types. As its name suggests, this provider focuses on cryptocurrency trading and targets mainly European investors.

If you are wondering whether investing with CryptoIberian is a good idea, make sure you read this review first.

CryptoIberian Advantages

Leverage up to 1:500

CryptoIberian provides leverage up to 1:500 for forex trading. Although leverage ratios that high hide risks of losing more than the initial deposit, we still consider it a good option, as such levels should be enough to suit all trading styles.

Diversified product portfolio, many coins available

Another possible benefit of using this broker is its rich product portfolio. CryptoIberian offers a couple of conventional forex pairs and CFDs on precious metals, Brent, some stocks and indices. The main asset class in its portfolio, however, is cryptocurrency in the form of CFDs. The latter group includes Bitcoin, Ethereum Classic, Litecoin, Bitcoin Cash, Dash, EOS, Golem, IOTA, Neo, Doge Coin, Qtum, Tron, Monero, Paragon, Bytecoin, Bancor, OX and Cindicator.

Sadly, some major coins like Ethereum and Ripple are not available for trade at CryptoIberian. Anyway, some major reputable forex brokers also offer solid choice of cryptocurrency CFDs.

CryptoIberian Disadvantages

Not licensed, blacklisted by several regulators

According to the information on its website, CryptoIberian is owned and operated by Outsource Your Marketing Now Ltd., an offshore company registered in St. Vincent and the Grenadines (SVG). Brokers in such offshore zones are not licensed, nor supervised by any authority, and many of them are engaged in fraudulent practices. That is why we advise traders to avoid offshore brokers as a general rule.

What is worse, we found out that that both the Comisión Nacional del Mercado de Valores (CNMV) in Spain and the Commissione Nazionale per le Societa e la Borsa (CONSOB) in Italy have issued warnings against Cryptoiberian. The broker obviously targets European investors, while it is not authorized to offer financial services on regulated markets such as the European Union.

MetaTrader not supported

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Unlike the vast majority of forex brokers, CryptoIberian does not support the MetaTrader 4 (MT4) trading platform.

Judging by the above image of the broker’s platform uploaded on its website, CryptoIberian’s platform is web-based and oversimplified. It would better serve a binary options broker.

By comparison, the MT4 offers numerous features and options, with great charting and useful analysis tools. Besides, it is very popular for its auto trading bots, called Expert Advisors.

Spreads not specified, no demo accounts

CryptoIberian has not mentioned any reference spreads, nor offers free testing service. Lack of essential information such as the cost of trading in a broker’s website is always a worrisome sign. Most con-artists would not share such data, because some inconsistencies and irregularities might show up and expose the whole set-up.

Managed accounts available

This broker does not offer free demo accounts but managed account are available. This is a highly controversial practice which by definition has a great potential for a conflict of interest and therefore requires strict regulatory oversight.

Conclusion

We cannot recommend CryptoIberian for two main reasons: it is not regulated and not transparent about its offer. With no regulatory oversight we can’t be certain about the company behind the broker and whether it will fulfill its obligation towards clients. Furthermore, there is not authority to turn to in case clients fall victim to a scam.

In order to avoid being scammed, you’d better only deal with entities holding licenses from reputable financial regulators like UK’s FCA, or Cyprus’ CySEC (in Europe). These regulatory agencies require compliance with a number of strict rules that give significant assurance for the security of the clients funds.

To sum up our review of CryptoIberian in a few words:

Pros Cons
Leverage up to 1:500 Not licensed, regulatory warnings against it
Diversified product portfolio, many coins available No info on spreads, no demo accounts
MT4 not supported
Managed accounts available
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

Cryptoiberian Review – 5 things you should know about cryptoiberian.com

Beware! Cryptoiberian is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Cryptoiberian is an offshore broker with a focus on the crypto market, offering 6 account types with a leverage of up to 500:1 and a web based trading platform.

Cryptoiberian do offer some conventional forex pairs with a couple of exotic currencies like Russian Ruble and Mexican Peso and CFDs on gold, silver, stocks and indices. The main asset class in its portfolio, however, is the selection of crypro CFDs with coins like Bitcoin, Bitcoin Cash, Dash, Doge Coin, EOS, Ethereum Classic, Golem, IOTA, Litecoin, Neo, Paragon, Qtum, Tron, Monero, Bytecoin, Bancor, OX and Cindicator.

Unfortunately no demo account was directly available so we can not comment on their trading conditions. On top of that the broker offers managed accounts – a highly controversial practice which by definition leads to a conflict of interest – Cryptoiberian is a market maker, meaning that they profit, when you loose money.

The main problem with Cryptoiberian, however is that there are some recent warnings against them, issued by a couple of regulators throughout Europe, so if you are thinking about opening a trading account be sure to read this review first.

Cryptoiberian regulation & safety of funds

As we already noted this is an offshore broker – the company behind it, OUTSOURCE YOUR MARKETING NOW LTD is located in St, Vicente and the Grenadines. They are not licensed and authorized to offer financial services on regulated markets such as the European Union, the US, Australia or Japan and it is not a surprise that both the Comisión Nacional del Mercado de Valores (CNMV) in Spain and the Commissione Nazionale per le Societa e la Borsa in Italy have issued warnings against Cryptoiberian.

Bear in mind that trading with unregulated brokers has always been extremely risky as the safety of your deposit is guaranteed solely by the integrity of the people, who run those brokers.

Properly licensed brokers on the other hand are ruled by strict regulations and are subject to strict oversight by official financial authorities such as the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA) in the UK or the Cyprus Securities and Exchange Commission (CySEC).

And besides, with all regulators throughout the European Union brokers are obliged to participate in traders compensation schemes, which technically insure traders funds.

For example, if you are trading with a FCA broker your funds will be insured up to 50 000 GBP, even if your broker happens to be insolvent. Similarly with CySEC brokers the insurance will cover up to 20 000 EUR of your funds.

Cryptoiberian deposit/withdrawal methods and fees

Cryptoiberian accepts payments with credit cards like VISA and MasterCard, bank wire, e-wallets including Neteller and Skrill and even bitcoins. The minimum deposit requirement is 250 USD, which is in line with what most other broker would ask you for.

However, you should be aware of any trading bonuses that the broker may offer you as they are always linked to additional withdraw conditions, such as trade volume requirements, which too often prove quite challenging to fulfill.

How does the scam work?

Con artists use elaborate schemes to rob careless investors. According to the official statistics of the Financial Conduct Authority in the UK in 2020 alone British investors were scammed with 197 million pounds.

But how does a scam usually happen? Surfing on the internet you will probably come across one of the so called robo scam websites like Crypto Revolt and Bitcoin Evolution, where you will be tempted to invest with some innovative trading app or a platform. There will be a video and you will be assured that many prominent investors are using the same trading algorithm, that everything is completely risk free, and that you can get rich in a matter of days or weeks, if you only leave your e-mail and phone, filling a simple registration form. Now, if you do that, you will automatically be transferred to the web page of a unregulated, offshore scam broker where you will be asked to deposit your first 250 USD.

Besides, you will be getting a lot of phone calls as well. It will be your “senior account manager”, who will offer you trading signals, but basically will try to convince you to invest a larger sum. You may even be offered a managed account, which as we already noted, is just part of the scam.

In any case scammers will try to make you deposit at least 10 000 USD. To convince you, they may even manipulate your trading results, so that it will seem that you are making a lot of money. And all that will continue until you decide to withdraw some of your funds. Than it will suddenly turn out you do not have the right to withdraw, because of some minimum trade volume requirement you have not reached, possibly linked to the welcoming bonus you have so gladly accepted in the first place.

The excuse certainly might be different, but the result will always be the same – you will be ignored and scammers will not give you a single dollar back.

What to do if scammed?

If you are a victim of a scam, honestly you do not have too many options. The one real chance you have to get your deposit back, however, is to file for a charge back with your credit card company. Luckily, recently both VISA and MasterCard extended the period in which you will be able do that to 540 days.

And also, if by any means scammers have managed to trick you to tell them your credit card number and online banking password, be sure to immediately cancel your credit card and change your password.

And one final piece of advice. If you do not want to get scammed a second time, do not trust the so called recovery agencies. They will simply collect some fees in advance, without recovering you a single penny and basically that will be the end of the story.

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