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Cryptos Planet (Cryptos-planet.com) – Unbiased Review
Crypto Planet is a relatively new crypto exchange which has gotten a lot of attention in some regions around Portugal. They are licensed under SEC and have offices in London and Switzerland. There are some drawbacks of joining this platform, but they depend upon your personal trading style and preference.
Nowadays amidst hundreds of choices, it is really crucial for every retail investor to make sure that they deal only with the ones who have stood the test of time.
To know whether if this platform will help you in your trading or investing endeavour, read our unbiased review till the end.
License, Regulation and Support Team
Ever since the cryptocurrency broke new heights in 2020, the masses have immense interest in them. While many people understand the true way the blockchain system works, many of them are still under the impression that it is a ticket to get rich quick.
The major conflict of interest between the parties has made regulatory bodies enforce strict rules to brokerages. Crypto Planet, license number – SEC/13246348. We couldn’t find any details about them on FINRA. However, for precise information on this matter, you have to contact the support team of the firm.
Due to the lack of testimonials and information, we do not know the timings of the employees of this institution or the way they handle the clients. Here are their contact details.
Headquarters Office – Staffelstrasse 3, Zurich, Switzerland.
United Kingdom Branch – Westminster, SWA1A 3BE, London, United Kingdom.
Asset Class and Charting Platform
Before we dive into the trading instruments available, note that this platform is an exchange which unlike the broker will obviously have less available options. If you are someone who relies on trading bots or softwares, then this platform will not be of much importance to you.
However, if you are trading only the top cryptos or looking for a reliable platform to store your coins for the long term, then this exchange is all you need. There are only 5 crypto pairs to choose from and the fees for the transaction are unfortunately not stated anywhere on their website.
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They do provide tick data on their dashboard. Since it is impossible to trade without indicators, you will need to use an additional platform such as Tradingview to make your decisions.
On the bright side, the TradingView allows the users to input custom indicators. So, it can be customized to whatever setting you might ever need.
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Below we have gathered the generic information about this website using alexa.com and whois.com.
Registered On – 12/04/2020
Alexa Global Rank – 6,425,070
Deposits and Withdrawals
The deposits to this exchange can be made via Bitcoin or Ethereum only. On the dashboard, the amount by default will be shown in EUR value. The minimum deposit amount is $60 equivalent in BTC or ETH.
There might be fees involved on the transactions and as there is no FAQ section on their site, we do not have any idea about how long they take to process withdrawals. Usually, for Bitcoin transaction, the average time required to confirm transaction is 2 to 4 hours, but it might take longer in some cases.
Crypto Planet Review Conclusion
Crypto Planet appears to be a reputable broker and the security measures they have in place is also top of the class. However, the only reason as to why we have slight hesitation to give it a green signal is because of the lack of testimonials.
We are sure that with time, the customer feedback will increase which will provide a clear overall picture about their service. Right now, if you wish to get started with them, then start with investing the bare minimum capital to test them out. Once you are happy with the service, then it will be easy to scale up eventually.
Cryptos-Planet.com Review: Is Cryptosplanet A Scam?
Cryptosplanet Review: as the name suggests this is a cryptocurrency brokerage but offers a platform for trading the major digital assets. Is cryptos-planet.com a legit broker or a scam? With the continuing rise in illegal and fraudulent cryptocurrency companies, it is vital that you read this review before opting to trade with this broker.
On the website of this broker what we find is an address in Zurich, Switzerland. It claims that the company is licensed in Switzerland where the headquarters is located. However, when we did a little investigation, we found that Cryptosplanet is not a licensed company.
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In addition, we uncovered releases showing that it is actually a blacklisted brokerage. The Financial Market Supervisory Authority that should license trading companies in the Swiss region have warned residents to avoid the company. This is not all, the Italian trading authority, CONSOB, have also announced that the brokerage be avoided by people living in Italy.
Clearly showing that this dangerous company is operating without a proper license and is not under the jurisdiction of any respectable commission.
Advantages of Cryptosplanet
It claims that once traders create an account using their name, email, phone number and a unique password, they only need to fund their accounts to start trading and making profits.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
Cryptosplanet claims that traders using them do so because their platform is: easy to use, safe & secure, fully decentralized, and require low fees.
Cryptosplanet Trading Platform
The platform that is offered by Cryptosplanet to their client turns out not to be the MT4 platform. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are majorly digital assets like: Bitcoin, Ethereum, Litecoin, Ripple, Bitcoincash and more. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverages offered is not mentioned and while some may seem generous, they could pose danger. High leverages can lead to huge loss of funds as well. Spreads are not made available to the public.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on Cryptosplanet
Deposits can be made by using either credit cards or transferring digital currencies like Bitcoin or Ethereum.
The fact that e-wallets are left out is disturbing because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is $60 which is within the obtainable average of $100 – $250 among brokers. Withdrawal fees are not mentioned and it is stated that there are no commissions.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is Cryptosplanet Licensed?
No. Cryptosplanet is not a licensed brokerage. Even the website does not provide much relating to the corporate information of the company. Like we mentioned above, the region where it is based is regulated by the Financial Market Supervisory Authority and instead of finding a license we find a warning against it.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To contact the broker or get in touch with an agent of the customer support service, no means is provided on the website. This is discouraging as some interested clients may have inquiries to make.
What we have on our hands here is not just an unlicensed brokerage but one that is blacklisted by two regulatory authorities. We clearly see that Cryptosplanet is bad news and should not be trusted with funds. Even most of the trading conditions are not revealed on the page. If you have anything to add to this crypto broker review, do so via the comment section.
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Cryptosplanet Review – is it scam or safe?
RECOMMENDED FOREX BROKERS
Cryptosplanet says to be a full featured spot trading platform for major digital assets and crypto currencies, including Bitcoin, Etherum, Litecoin, Ripple, Bitcoin Cash and Stellar. And they say to be based in Zurich, Switzerland and to be licensed by the local financial authorities.
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Unfortunately that turned out not to be true and what is worse, a number of financial regulators in Europe including the Swiss Financial Market Supervisory Authority have issued warnings against Cryptosplanet. So if you are considering depositing any funds with them be sure to read the following lines.
Low minimum deposit requirement
As we usually start our reviews with any possible advantages a broker might offer its clients, here with Cryptosplanet, although, it is blacklisted as a potential scam broker by several European regulators, we should mention the relatively low minimum deposit requirement – just 60 USD. Still, bear in mind that with some well known players like FBS and IG you will be able to open a trading account with just 5 USD or even less.
Blacklisted in Switzerland and Italy
Cryptosplanet is owned by a Danish company – Cryptos Planet ApS, which is said to be based in Zurich, Switzerland. And they claim to posses a license by the Swiss financial authorities. That however, as we already noted, turned out not to be true. Not only Cryptos Planet ApS is not licensed by the Swiss Financial Market Supervisory Authority (FMSA), but actually they have been blacklisted by the regulator, as well as by the CONSOB – the financial watchdog in Italy – for targeting EU and Swiss customers without proper authorization, and possibly being involved in scam See for your self:
Besides the requirements for obtaining a Swiss forex license are pretty tough. A broker should hold at all times an operational capital of no less than 20 000 000 Swiss Franks – a prohibitively high amount compared to the European standards, where brokers are required to hold a minimum operational capital of 730 000 EUR.
So it is not a surprise that only a few brokers are regulated in Switzerland and Cryptosplanet is not one of those.
Cryptosplanet says they will help to manage your trading account and that is another reason why you should avoid websites like this. See fr yourself:
Bear in mind that virtually all brokers, including legit ones, act as market makers, which means that they make money whenever the traders lose. And if market makers like Cryptosplanet offer to manage, or to help manage your account, this is called a conflict of interest, as they will simply have an incentive to lose your money in their own pockets.
Few payment methods
Cryptosplanet accepts deposits with major cards like VISA and MasterCard, bank wire and crypto currencies like Bitcoin and Ethereum. We should note however that Cryptosplanet does not accept payments with e-wallets like Neteller and Skrill, and that is intriguing in the light of the new anti scam policy adopted by Skrill in October 2020. According it the money transfer company works only with legit and properly regulated brokers. We already discussed that Cryptosplanet is not a licensed website. Here you may always check our list of brokers accepting payments with Skrill:
Cryptosplanet is an obvious scam website – they deliberately try to mislead their clients by falsely claiming to be regulated in Switzerland. On top of that the website appears in the blacklists of several regulators including the Swiss FINMA and the CONSOB in Italy. Our advise here is always to double check any information a broker might publish on its homepage and to make sure that you never deposit any funds with companies that does not hold a legit forex license by an official institutions such as FINMA in Switzerland, CONSOB in Italy, or let say the Financial Conduct Authority in the UK, the Australian Securities and Investments Commission or the Cyprus Securities and Exchange Commission.
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.
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