CryptoIFX

Investigating CryptoIFX: A Comprehensive Review

The CFD broker CryptoIFX, like hundreds of other scam projects, promises traders incredible benefits. These include a high level of security for client funds, liquidity from the most renowned providers, access to hundreds of trading instruments, etc. However, we see behind all this yet another scam devised by fraudsters to collect money from novice traders. Retrieving these funds, of course, won’t be possible. Don’t want to lose your funds irreversibly? Read the review below and draw your own conclusions.

Overview of CryptoIFX

To form an initial impression of the broker, traders are recommended to explore its official website. It’s here that one can see the official offerings of the platform. This is where our introduction to CryptoIFX begins.

Broker History

The project has decided not to disclose any information about its own history. The website lacks any mention of the company’s establishment date, achievements and awards, or future plans. Even on “About Us” page, there are only a couple of paragraphs, each consisting of a few sentences, in which the broker talks about how good it is. As a confirmation of this, the developers published some trading conditions below. It didn’t impress us.

We are confident that CryptoIFX has nothing more to say about itself. Well, of course, we will look for information about its online existence from open sources. This will give us at least the opportunity to see how honest the broker is with its clients.

Cryptoifx.com Website

At first glance, the company’s official website looks quite attractive. Pleasant colors, successful layout of materials on pages, and fast loading indicate that webmasters made every effort to justify the funds spent on creating the web resource.

At the same time, the content turned out to be of poor quality despite the high-quality design. It’s worth starting with the fact that the project creators themselves don’t know how many trading instruments they offer to traders. For example, on the homepage banner, there’s talk of 400+ assets. The list of available instruments mentions over 1000 stocks only. The “About Us” page mentions 250+ products, and the trading conditions description mentions over 500. This fact alone speaks volumes about the “professionalism” of the CryptoIFX team and raises doubts about whether it’s worth opening an account here.

Other examples of page content are no less impressive. For instance:

• The broker talks about trading stocks, indices, and commodities in spot mode. However, at the same time, it mentions the NDD/ECN execution model, which is characteristic exclusively of Forex and CFD brokers. It seems they can’t even figure out the trading modes here.
• On the page with trading conditions, everything is mixed up — from the maximum leverage to promises of free educational materials and analytical materials.
• The “Reasons To Trade” page lists reasons for choosing CryptoIFX, which 99% of scam brokers can refer to. It remains unclear why one should choose this company in particular.

Similar comments can be made about almost every page. Overall, the website has virtually no informational value. It creates a strong impression that it was created just to indicate the platform’s presence on the internet. It definitely won’t attract clients. The project team will have to use other methods, such as calling potential clients from phone number databases.

Registration Process and Personal Account

To get started with CryptoIFX, a prospective client will need about 5 minutes. They are required to fill out a simple form.

It includes:

• First and last name.
• Date of birth.
• Phone number (selecting the country code from the list).
• Country of residence.
• Full postal address.
• Email address.
• Referral code.
• Account currency (choose from the list).

A user also needs to confirm that they are not a resident (including tax) of the USA and agree to the text of the documents: Terms of Use, Risk Disclosure, as well as Order Execution, AML, and KYC Policies. Consent to receive promotional materials from the company and SMS notifications is also required.

It takes about a minute to fill out the form. The rest of the time will be spent communicating with CryptoIFX support. The thing is, after submitting the filled form, a client receives an error message without any indication of what went wrong and is advised to seek help in Live Chat.

Here, traders will have to prove that they are interested in the services of this broker and are willing to deposit at least the minimum amount with them. Without this, it will be impossible to get an account with the company.

Overall, we were not surprised by this approach from CryptoIFX. Hundreds of scam platforms use it. It’s used to weed out experienced traders who easily recognize scammers. However, for beginners who don’t even know how to check project information online, the doors are always open. The outcome of their “collaboration” with this broker is clear without explanation.

Unfortunately, we were unable to create a CryptoIFX account. As a result, we were unable to thoroughly explore the client workspace and its functionality. However, it’s unlikely that the broker would have been able to surprise us.

Trading Platform

Unfortunately, the absence of an active account prevented us from thoroughly examining the CryptoIFX trading terminal. Therefore, we were left only to study the texts on the thematic page of the website. Here, the broker was extremely stingy with information, offering only to download desktop and mobile applications or launch the Webtrader.

However, we were unable to do even that. All links lead to the login page. We cannot pass it without an open account. Nevertheless, we have questions about the software:

• Why, with a full set of trading programs, does the broker not offer a demo version? Perhaps they are afraid that after getting acquainted with the software, clients will refuse further cooperation.
• Why are the mobile versions of the software not available in the Google PlayMarket and AppStore? Is this not related to the ability to view reviews in stores? Or do the programs not meet the requirements of the platforms? Or perhaps they have complaints against the developer?

Regardless, these questions remain unanswered by the company. We are entitled to assume that something is amiss with the software. Another possibility is that the software developer is not CryptoIFX itself. In that case, the availability of the programs for public access would demonstrate that the broker has appropriated another company’s results. And if they can do that, what’s to stop them from appropriating clients’ funds?

Contacts

On “Get in Touch” page, CryptoIFX publishes a full list of its contacts. It includes:

• Feedback form.
• Support hotline number +18008268126.
• Email addresses information@cryptoifx.com, backoffice@cryptoifx.com.
• Links to public pages on social networks Facebook, X (Twitter), Instagram (in the website footer).

At first glance, this seems more than enough. Especially considering that on any page of the website, you can launch Live Chat and ask any questions to support representatives.

However, not everything is so simple. Waiting for a response in the chat sometimes stretches for a couple of hours. And the links to groups and channels on social networks lead nowhere. Obviously, the company considered creating and maintaining them active to be an irrational expenditure of resources and effort.

There’s also a question about the CryptoIFX address displayed in the website footer. Project representatives write that the company can be found at Stoney Ground Road, St. Vincent & the Grenadines. Indeed, why should traders know the building number or in which city it’s located? It’s no secret that in this state of the Caribbean Basin, there’s exactly one street where the only building is located. And that’s where the broker is (sarcasm, of course).

Analysis of Services Offered by CryptoIFX

After acquainting themselves with the official website, users would like to see the trading and financial transaction terms. What can this firm offer to traders?

Funding and Withdrawal

CryptoIFX does not mention the execution of non-trading operations. The only mention of available payment methods is placed in the footer of the pages in the form of logos for Bitcoin, VISA, and MasterCard. Essentially, the conclusion from this is only one: the platform works with payments via credit and debit cards and cryptocurrencies.

We cannot verify this statement in our personal account due to the lack of an active account on the platform. However, we have no doubts that these transfer options are the main ones since they allow hiding details from controlling financial and tax authorities. From the broker’s point of view, transaction characteristics are absolutely unimportant. No commissions will stop those who want to deposit funds, and nobody is going to withdraw money anyway.

CryptoIFX Trading Conditions

The project creators mentioned trading conditions quite often. As a result, scattered information about the following can be collected from all pages:

• The maximum leverage is 1:400.
• Spreads depend on the chosen instrument and range from 0.3 pips for currency pairs, 0.4 pips for spot gold, 3 pips for spot silver, and 6 pips for oil trading.

There are no other transaction characteristics for traders at the broker. About the trade sizes, swaps, order limits, participants of trading will find out independently when opening and closing positions. Whether they make a profit or incur losses due to lack of information, the platform’s staff is not concerned.

However, CryptoIFX offers users a total of 8 types of accounts, primarily differing in minimum deposit.

Clients can choose:

• Rookie with a deposit from $250.
• Basic with a deposit from $2,500.
• Trader with a deposit from $10,000.
• Elite with a deposit from $25,000.
• Elite Plus with a deposit from $50,000.
• Premium with a deposit from $100,000.
• Investor with a deposit from $250,000.
• VIP with a deposit from $1,000,000.

One thing is unclear: why does the company show the maximum leverage for all types of accounts as 1:200? Meanwhile, the texts on other pages mention 1:400. Again, are we facing a lack of knowledge about their own trading conditions?

The other options in the tariff plans are unlikely to interest experienced traders. Most of them are designed for beginners who lack the confidence to make trading decisions. They can make use of a personal manager, educational materials, special training sessions, etc.

Is CryptoIFX Trustworthy and Reliable

We are almost certain that the broker was created by scammers to misappropriate traders’ funds. The final confirmation should come from analyzing the legal information.

Assessing Legitimacy

In the footer, the owners state that their project is located in Saint Vincent and The Grenadines. This is also confirmed in the “Terms of Use” text. All that remains is for us to check the registers of local regulatory bodies, particularly the financial regulator SVGFSA.

As we can see, an organization CryptoIFX LTD did indeed register in this country in April 2021. However, the regulator officially states that any activity in Forex or CFD trading is conducted without a license from this jurisdiction. Traders enter into transactions with it at their own risk and cannot rely on legal protection in the courts of Saint Vincent and The Grenadines.

Established Track Record

All that remains is for us to look at the date of the company’s foundation and the start of its activities online. This can be done using the Whois service, where you can find the domain registration date.

We see that CryptoIFX is using a domain created in March 2021. This aligns well with the company’s registration date (the domain appeared slightly earlier). Moreover, checking web archive snapshots shows that the broker has been operating on this domain throughout its existence.

There is only one problem. The data in the page header has not changed since its creation. It turns out that the information posted there, such as the number of clients, is still unreliable.

Implications for Traders

We have almost no doubts that CryptoIFX is a fraudulent project created to attract traders’ funds. Even the official registration in Saint Vincent and The Grenadines does not change our attitude towards it. The offshore financial regulator SVGFSA neither regulates nor licenses the work of Forex and CFD brokers, nor does it protect traders’ rights. Judging by data that has not changed for almost 3 years, the company provides clients with unreliable information. Depositing funds here is done at your own risk. We would recommend refraining from this, but thrill-seekers may risk amounts they can afford to lose.

Strengths and Weaknesses