Why CryptoBO Definitely Sucks In 50 Words
Well, You can risk your money joining this broker if you want to, but I don’t think I’m going to. Being unregulated is one thing, but this broker doesn’t even show the name of the company that owns it. It’s like giving your money to a complete stranger you’ve just met on the street.
Why CryptoBO Might Not Suck In 50 Words
They offer a lot of cryptocurrency pairs… but the same is true for brokers who actually give information about their owners.
Is CryptoBO A Scam?
If you think that CryptoBO is a scam you might just be right. This broker is flying some red flags that anyone with binary options experience should recognize. First of all, there is no info about the company, second of all it is using the same old bonus terms to lock in deposits. Finally, it’s an “old school” binary options style platform where you can profit on 60-second options. Need I say more?
Should I Open An Account With CryptoBO?
CryptoBO is a shady binary options broker that claims to be the first ever cryptocurrency based binary options broker. That’s false in so many ways it could fill up an article just by itself. Anyway, there is no information listed about the company behind this broker, where it is headquartered, who opened it, what entity owns it, or if it is regulated.
This broker is masquerading as a few things I think you should be aware of. I get the impression from reading the front page that it might be a block-chain powered broker, i.e. trustworthy, but it’s not. At least there is no evidence of it and no reason to believe that it is true. Along with that, you might assume from reading the info that you can buy Bitcoin on this platform and you can’t. This is simply a binary options platform with a lot of cryptocurrency pairs.
You can trade short term as low as 60 seconds and longer term out to the end of the day or so. It also supports other assets such as forex, commodities, stocks, and indices but only as binary options trades. The platform is not bad looking, it is easy to use and entertaining as well so I give it a thumbs up, as far as that goes.
Their sales pitch revolves around the fact that you will receive 500 satoshis on your real account as soon as you open an account. Well… WOW! Do you know what that’s worth? About 0.25 US Dollars at Bitcoin’s current price of around $51K. So they are literally giving us pennies…
As mentioned before, there is no company info, no address, no phone but they do have an email: [email protected], so at least there’s a way of contacting them (if they answer, of course).
CryptoBO gets a fair share of complaints. I couldn’t find anything about withdrawals and profits but there is a lot of chatter about how glitchy the platform and charts are. I will say too that a lot of the chatter in the forums appears to be from paid comments or people working with the broker.
CryptoBO Regulatory Warnings
There are no warnings against CryptoBO specifically, yet the French AMF and Belgium FSA have both issued warnings about scam cryptocurrency brokers in recent months.
Trading Bitcoin With CryptoBO
Of course, you can trade Bitcoin with CryptoBO, that is what it is for. They have a dozen pairs based on BTC, LTC, and ETH crossed with the USD, EUR, JPY, and other cryptocurrencies.
CryptoBO Overall Ratings
User Friendliness 11/20
The platform is decent but the complaints about a glitchy platform and sketchy charts have me worried. There is a lot of information but some of it is very hard to find, notably missing is information about who owns this broker. The website is only translated in 2 languages, US traders are not accepted, demo accounts and mobile apps are not available.
Number of Assets And Expiry 14/20
They have a wide range of assets, and cryptocurrency, so they score points here; there are only a few of each category so they get points taken away. Expiry is binary with times as short as 60 seconds and up to a day or more.
Commissions, Support And Effective Return 10/20
Returns are only average for a binary broker if you trust you’ll get them when you withdraw. The commissions are not specified and support is only available via email, albeit we do not know how responsive they are.
Deposit, Payment And Bonus 10/20
Deposit is available via Bitcoin. If you want to use your credit card, they will direct you to a third party website where you can buy Bitcoin and then use it to deposit on their platform. The bonus terms suck, the exact percentages are not specified, the turnover is high, the bonus is cancelled if you withdraw early, and your money is lost first. No way.
Website Extras 4/20
Nothing is extra really, we’ve seen all this before, they just took a new approach to marketing.