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CryptoIFX Review | A Top-Notch Broker or a SCAM?

by Kevin Berry
Rating: 
  1.3/5   Reviews: 2
CryptoIFX Logotype

CryptoIFX is an obscure broker offering trading in over 400 financial instruments under favorable conditions and with guaranteed security. However, we recommend not rushing to open a brokerage account but instead thoroughly researching the company and reviews, as it potentially could be a scam. It’s an offshore organization, and such ones are rarely reliable. Despite the stated NDD/ECN business model, the intermediary has not obtained a license to operate for some reason. Meanwhile, client funds are stored in segregated accounts, and the total number of users exceeds 200,000. Let’s delve into what this platform is about.

Highlights

🏛️ Country St. Vincent & the Grenadines
⚠️ Regulation
🖥️ Website https://cryptoifx.com/
🎲 Demo Account No
⏳ Start Time 2021
💲 Minimum Deposit $250
⚖️ Minimum and Maximum Leverage 1:400
⚙️ Trading Platform WebTrader
📨 E-mail information@cryptoifx.com, backoffice@cryptoifx.com
📞 Phone +18008268126

First Impression of Cryptoifx.com

Our review starts with the official CryptoIFX website, which made absolutely no impression on us. A typical, boring, and template resource that we have already encountered multiple times. It feels like scammers are picking up ready-made templates from the same place.

Thanks to the website, you can learn what assets traders are trading here, under what conditions, and also the tariff plans. Besides, CryptoIFX shares legal documents and addresses in Saint Vincent and the Grenadines. However, not a word about the foundation date or regulation. Even the business model is stated to be NDD/ECN, but we don’t believe this because the firm cannot provide proof of which liquidity providers it works with.

CryptoIFX - site

The site supports 8 languages besides English, which is commendable. Most of the text makes no sense – these are cliched sentences and pseudo-motivational phrases written with the aim of igniting in the visitor the desire to open an account and replenish the deposit. Although CryptoIFX warns about the risks of margin trading and even indicates that more than 65% of users lose their money, this still does not make it safe and verified.

Partnership and Bonuses

Clients can receive bonuses on deposit replenishment. However, CryptoIFX will not allow these to be withdrawn until a certain trading volume has been reached within a specific period. The exact conditions are unknown, and it is recommended to inquire with the managers. It’s also worth adding that this applies not only to bonus funds but also to the profits earned with them.

Nothing is known about the affiliate program. Looking ahead, we noticed that at the moment of account registration, CryptoIFX asks to enter a promo code, so it’s very likely that an affiliate program does exist here. Well, the main question is – under what conditions is it offered? Why does the company not disclose this information?

Account Opening on Cryptoifx.com

Since we’ve touched upon registration in the previous paragraph, let’s examine it in full. Thus, CryptoIFX requires not only the name and contact details but also the full address of residence. Why? We don’t know. It would be much more logical and correct to request this information at the time of identity verification. Thus, a quick and easy registration procedure turns into a lengthy process where the user must provide a detailed address of their residence, including the zip code.

CryptoIFX - registration

After entering all the data, it was expected that the personal cabinet would open, but this did not happen. Just a waste of time, as the system returned an error.

CryptoIFX does not freely allow creating an account. Instead, it asks to either try again or seek help from technical support. We understand perfectly that trying again is pointless, and in technical support, a “kind and friendly” manager is happily ready to process clients, trying to extract as much money from them as possible. Even trying out a demo account is not possible, as such a feature simply does not exist.

Verification

CryptoIFX collects all information about its clients, including documents verifying their identity, as it adheres to AML&KYC policies. Essentially, the verification procedure here is quite standard and does not differ from other brokers. It’s also necessary to provide documents certifying the user’s identity and place of residence, a photo/scan of the bank card if it is used for depositing. The organization promises to verify the documents within 24 hours, but the reality of this claim is unknown.

Pros
  • None.
Cons
  • It is unclear whether it is convenient to upload documents.
  • The firm requires a photo of a bank card.

Trading Software

According to the official website, the CryptoIFX platform supports all types of devices: WebTrader, desktop, and mobile phone (Android/iOS). Links are available only to those who have managed to perform a miracle, i.e., register an account. Those without an account cannot download the platform or access WebTrader to explore the interface and capabilities of the terminal. Thus, we cannot accurately evaluate this broker’s platform.

CryptoIFX - terminal

CryptoIFX calls its software the most popular in the world, but we understand that this is a falsehood. Essentially, the broker does not describe the capabilities and functionalities of its terminal. Presumably, it includes basic options, such as limit orders, technical and graphical analysis, several timeframes, and chart types, as well as indicators. Advanced tools, such as auto-trading, open interest, or order book, are unlikely to be available.

Features CryptoIFX Ixxen Fundiza
Demo Account ✔️ ✔️
Mobile App ✔️ ✔️ ✔️
Own Development ✔️ ✔️

How Can I Trade With CryptoIFX?

This is a typical CFD broker, although the company’s name might suggest that the firm specializes in cryptocurrency trading, but that’s not the case. Clients are given access to forex, metals, commodities, stocks, indices, and digital currencies. The conditions depend on the chosen tariff plan, which we will look into further.

All Info About Accounts

CryptoIFX has created 8 types of accounts, which primarily differ in the minimum deposit required and then in the set of additional services. The minimum tariff has the following characteristics:

  • The minimum deposit is $250.
  • Mobile trading.
  • Responsive support.
  • Leverage up to 1:200 for currencies.
  • Platform introduction.

High minimum deposit and zero interesting additional possibilities. The second tariff at CryptoIFX starts at $2,500, differing only by the inclusion of education tools. The third account type requires $10,000, with additional functionality including full training. Also nothing special, but the amount required for opening is colossal.

CryptoIFX - account types

There’s no point in examining the rest of the tariffs, as the requirements for the minimum deposit get higher and higher. Clearly, CryptoIFX adheres to an approach favored by fraudulent companies. In short, this approach is called: “If you want more services and more favorable conditions, then pay more money”. Even an Islamic account is available only from $25,000, although such an option should be open to all clients.

It’s unclear what leverage is available if the tariff plan descriptions indicate 1:200, but elsewhere on the site, it’s 1:400. Moreover, CryptoIFX does not specify the size of commissions and spreads, leaving this under a veil of secrecy. The broker also promises no requotes and slippages, but this should not be taken at face value. There’s no clarity whether trading here is profitable or not, as many conditions are simply not disclosed, and those that are known contradict each other.

Pros
  • Swap-free option.
Cons
  • Inadequate minimum deposit requirements.
  • Commissions and spreads are not specified.
  • No demo.

Market Analysis and Education With Cryptoifx.com

The company offers free educational courses and resources. Additionally, at the top of the official website’s page, one can observe online quotes for Bitcoin, volume, and the number of active traders. CryptoIFX also provides access to economic and expiration calendars. On the homepage, users can calculate how much 1 BTC is worth in various currencies.

Deposit, Withdrawal, and Fees

A separate section dedicated to deposit/withdrawal is missing, but the website mentions credit/debit cards and Bitcoin as payment methods. Bank wire transfers are also mentioned in the user agreement. Meanwhile, CryptoIFX does not charge transaction fees.

Features CryptoIFX Arbitrage Markets Kane LPI Solutions Limited
Debit/Credit Cards ✔️ ✔️
Electronic Payments
Crypto Transfers ✔️ ✔️
Deposit Fee
Withdrawal Fee

How Can I Contact It?

Two email addresses are available for contact, as well as a phone number and online chat. The first email, intended for general information, is real, but the second backoffice@cryptoifx.com turned out to be fake. The phone number for CryptoIFX is not widely known, at least, Google only refers to this firm.

We also tried to contact a manager through online chat to find out how to register an account. However, quite some time has passed and there is still no response from support. Social media logos are supposed to lead us to the accounts, but instead, they redirect back to the official website. Apparently, CryptoIFX added the logos of Instagram, X (Twitter), and Facebook just for show.

Pros
  • None.
Cons
  • One of the emails listed is fake.
  • Online chat is not answered.
  • No social media accounts, despite the presence of logos.

Is CryptoIFX Dangerous?

The firm appears very suspicious. Although we do not yet have 100% proof that it is a scam, we still lean towards such an outcome. After all, the presence of fake contact data, hidden trading conditions, and the absence of free registration do not allow us to fully trust the platform. So, how can we thoroughly check CryptoIFX for red flags? It’s enough to understand when the organization was founded and what licenses it holds.

How Long Does The Broker Work?

The website mentions the year 2021 as the presumed date of the company’s founding. Notably, the domain of the official website was registered in March 2021. Despite this, there are very few customer reviews online. Could it be that CryptoIFX has not gained popularity among traders over the years?

Incidentally, snapshots from the Web Archive dated 2021 also confirmed that the platform was operational at that time. So, the company was founded in 2021.

How Is CryptoIFX Regulated?

The official website lists a legal address at Tony Ground Road, St. Vincent & the Grenadines. Therefore, we need to check the SVGFSA registry for the presence of such an organization. The check showed that CryptoIFX is there, with the entry appearing in 2021, which means we were correct regarding the foundation date.

Don’t rush to rejoice and go replenish your deposits. Despite CryptoIFX indeed being in the SVGFSA registry, the level of security for client funds remains low. The regulator of Saint Vincent and the Grenadines does not control the activities of forex brokers, so traders’ money is not protected. Thus, the fact that the broker is in the SVGFSA registry is absolutely meaningless.

Features CryptoIFX AllCapitalInc Reltex Group
European Zone
Asian Zone
American Zone
African Zone
Offshore

Frequently Asked Questions (FAQ)

Kevin Berry
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Expert Opinion

I want to warn anyone considering starting a cooperation with CryptoIFX – do not do it. You are making a mistake. The broker cannot provide guarantees of reliability, so your deposit will be in great danger. There is no license or insurance, and the firm is unknown, lacking a reputation. The operational period is short, and offshore registration, especially in Saint Vincent and the Grenadines, is a red flag. Moreover, the organization lies about NDD/ECN since it inherently cannot route trades to interbank liquidity or providers. In short, there are too many negative factors, so it’s not worth such reckless risk-taking.

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CryptoIFX rating

The level of trust
Quick withdrawal of funds
Efficiency of technical support
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The level of trust
Quick withdrawal of funds
Efficiency of technical support

2 reviews about CryptoIFX

Henry Watson March 1, 2024 - 07:10
It's a scam, no doubt.
The level of trust

I really don’t understand how one can fall for such an obvious fraud as cryptoifx.com. There’s no license, lots of lies, plus the trading conditions cannot be called favorable or pleasant at all. There’s no demo account, and a minimum deposit of $250 – classic signs of a fraudulent brokerage intermediary. I don’t even see reviews; they’re almost non-existent.
No one trades here. The scam is not popular. In general, it’s clear that this is a scam.

Reply
Hero March 3, 2024 - 14:32
I got scammed, minus $10000
The level of trust
Quick withdrawal of funds
Efficiency of technical support

I don’t know what I was thinking when I transferred money to cryptoifx. I gave outright scammers exactly $10000, which I can now forget about forever because the withdrawal of funds simply does not work. The fraudsters began to ignore me, as there are no responses either by email or in online chat. Therefore, I want to warn all other traders that it is not possible to trade here. It’s just an ordinary fake scam broker that scams money from beginners. I fell for the scam and lost $10000.

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