Every trader will tell you the same story – the importance of making the right decision at the right moment. Arguably, the most important decision can make in 2020 is selecting the right brokerage. With so many options out there, what may seem like a no-brainer, might end up being a nightmare in a long run. In order to make this choice easier, we have taken upon ourselves to highlight the best ones and point out the scammers. In this CryptoAltum review, we will examine its features and determine in which category it falls into.
CryptoAltum was founded in March 2020 and is a unique blend of Crypto and Forex broker. It’s normal to feel scepticism towards these newly established brokerages, especially the ones with such a wide range of features. Are any of them actually any good? Continue reading our CryptoAltum review to find out for yourself.
Quality of service
When navigating the homepage, we have to admit we were impressed by how everything looked and felt contemporary. There is plenty of information, but much of it is pure marketing talk, lacking any helpful shortcuts that you might actually use. Sure, once you get used to the menu layout you will have no issue, but there is definitely a learning curve. It’s obvious who CryptoAltum is targeting by looking at the available languages. You can navigate their website in English, Japanese, Portuguese and Chinese.
We always highly spoke about brokerages who want to establish a quality relationship with their clients by proving support at every step of their trading career. Offering an abundance of educational tools goes a long way to making beginner traders start their journey. CryptoAltum does offer a hub that contains information hub, market analysis and company announcements. We would have loved to see some downloadable materials such as eBooks, but this is nowhere to be found.
Speed of response
When it comes to customer support, CryptoAltum continues to give us mixed feelings. While the live chat feature is more advanced than any we have seen before, the lack of some fundamental communication channels such as phone lines left us baffled. For a quick reply, you can hit the pop-up balloon to contact CryptoAltum representatives on WhatsApp, Facebook Messenger, Telegram or on the website itself. If you have no time to chat in real-time, you can always write an email, but we would not recommend it as you will need to wait a considerable amount of time for a reply.
Unlike most brokerages that opened in the past few years, CryptoAltum decided to forego the browser-based platform to offer the full experience with Meta Trader 5. More experienced traders will welcome this, as the MT5 has been the industry standard for a long time. Its complexity could prove to be too big of a challenge for beginners though. As there is no alternative at the moment, the only option for novice traders is to spend some time familiarizing themselves with the platform and get better with practice. While there is no doubting the technical capabilities of MT5, we would like to see some alternative for inexperienced traders who might find platform’s density off-putting.
Hidden fees should be a point of contempt for every trader, and every brokerage who lacks transparency when it comes to trading costs should be avoided in our opinion. CryptoAltum lacks any real information regarding its fees. In its Terms and Conditions, you can read about the type of fees you might encounter, but there is little information on just how much you can expect to be charged. What is more, there is some confronting information when it comes to deposit and withdrawal fees. While the FAQ page notes there are no charges when transferring your funds from and to your account, the terms and conditions clearly states that “The Company reserves the right to change, from time to time, any of the costs, fees and charges applicable to Clients when trading Cryptocurrencies and other Financial Instruments without prior notice”. This should be a reason for great concern, and traders should proceed at their own risk.
Like so many of newly founded brokerages, CryptoAltum hasn’t bothered with obtaining a trading licence. For now, there are no regulatory bodies that oversee its operations. This has practically become a standard over the last few years for new brokerages, so this shouldn’t be perceived as a red flag, but traders should be aware of this before committing their time and money.
Variety of Payment Methods
Even though CryptoAltum offer both Crypto and Forex trading, they only accept deposits in Cryptocurrencies. This will undoubtedly discourage many traders who don’t want to bother with eWallets. The only positive side to this is efficiency when it comes to withdrawals, as all requests are processed within the hour.
To sum up, CryptoAltum is a new broker that offers Crypto and Forex trading but falls short on several key segments. The lack of regulation, cost transparency and lack of traditional communication channels means this broker should be avoided.