Cryptomonedas Review

Cryptomonedas Review by professional Forex trading experts the “” FX trading team, Finding out everything you need to know about the broker is in this Cryptomonedas Review.

Cryptomonedas Review

Cryptomonedas is a broker which only offers cryptocurrencies as tradable instruments. This sounds interesting, although we would prefer the more classic FX pairs and some CFDs. We have some additional issues with the company which we will address in the review. That being said, the project appears be rather new, so we may revisit this review in the future.

Cryptomonedas Advantages

Variety of instruments
All the coins at Cryptomonedas are traded against fiat currencies. Bitcoin is paired against most majors, while the more exotic coins are only traded vs the USD. All the crypto assets available are: BTC, ETH, TRA, FAC, LT, RIP, STE, WAV and MON.

Tight spreads (on paper)
The company’s website states the spread on all pairs is tighter than 0.2%. This is the typical commission charged by cryptocurrency exchanges on top of an already existing (depending on the liquidity) spread. This means the company has to frequently reevaluate the spread, as the coins may change value drastically.

1:100 leverage for crypto
With such a level Cryptomonedas offers the aggressive trader ample opportunity to trade. Most brokerages have limited the ratio for such instruments a lot, with some even requiring full coverage of the position (1:1). That being said, one must take extra caution when dealing with these highly volatile assets.

MetaTrader4 platform
Cryptomonedas facilitates trading via the proven MT4 platform. This makes their service very stable broker, such a platform can handle all types of trading. Its other main advatages include the stellar charting and support for automated trading systems (or Expert Advisors). Sadly we couldn’t download the version provided by this broker.

PAMM/MAM accounts available
These are slightly different “investment schemes” – an experienced trader manages the funds of his investors (and his own), while taking a percentage of the profit. You can read all about them and the brokers who provide this service at topforexbrokers.com website.

Cryptomonedas Disadvantages

Unregulated broker
Rather unfortunately, given their interesting offer, Cryptomonedas is an unregulated company. This basically lowers their credibility to the point where we would hesitate to recommend them.

Account creation is slow
When we registered an account with Cryptomonedas we didn’t receive a response for several hours. This is not that surprising, given the fact the whole project appears to be new, but the fact they didn’t automate the process seems bad.

No clarity on actual instruments
Most forex brokers provide cryptocurrency trading via CFDs. We have covered this topic here. Cryptomonedas does not clarify if this is the case with them or the coins are traded directly. Usually this wouldn’t be an issue, as we could assume this is the case. However, given their specific offering, one is left wondering.

Few payment methods
The ways to fund your account at this broker are Bank Transfer, Credit Cards, Bitcoin or Ethereum. The support for cryptocurrencies is to be expected, but the lack of e-wallets, such as Skrill and Neteller is disappointing.

Cryptomonedas is an unregulated cryptocurrency broker. This is not an actual Bitcoin exchange, but a forex broker, which only offers cryptocurrencies. This interesting offer is mainly targeted towards the Spanish-speaking part of the world, as the entire website is in the language. We have many issues with this project and the lack of regulation definitely the most important one.
To clarify for the less experienced ones of you – when trading with an unregulated company, one has no security for his investment. Such brokerages are frequently scammers. Honest brokers are always regulated by an appropriate agency. We often give the United Kingdom’s Financial Conduct Authority (FCA) as an example of such an institution. Here we will illustrate this with a few rules, imposed by it.

Companies registered with the FCA have to report the activities of their clients directly to the “watchdog”. They must also be a part of the Financial Services Compensation Scheme (FSCS). Think of it as an insurance company, to which brokers must make periodic payments. The funds are then used to compensate traders in case their broker becomes insolvent. One can claim up to £50,000 (presuming he had the funds in his account beforehand).

Instead of the cryptocurrency broker you can use Plus500, XM, eToro, Fxpro or AvaTrade crypto currency brokers.

Cryptomonedas Review Conclusion

For more information about currency trading brokers visit forex brokers comparison website, Tip foreign exchange trading experts please by share this article about Cryptomonedas Review.