Online trading has brought the financial markets right at our fingertips. Gone are the days when you could only wish about trading one instrument or the other, as it has become increasingly simple and convenient for anyone to give it a try. But, how do you gain access online? This is where a broker comes in, as it provides the platform, feature and tools that are integral to the process. Today, the markets are filled to the brim with companies that claim to offer you exceptional trading services, like CryptSparkFX promises to boost your future success by bringing trading power at your fingertips. But, you have to go through this CryptSparkFX review to know if it can do so.
After all, it is very simple for anyone to make a website on the internet nowadays and claim to do anything. Whether they can actually accomplish it or not is a whole different ballgame and this is exactly how scams happen. You will find many brokers that promise you the world and are really fraudulent and unfortunately, you will discover that CryptSparkFX is one of them. How? Let’s unearth the truth.
The first thing you would want to know about a brokerage is where it is based and whether it is licensed. In the case of CryptSparkFX, their website states that the brokerage is located in London, United Kingdom. In order to operate in the UK, a broker has to be licensed by the Financial Conduct Authority (FCA), which is the country’s regulator. But, if you run a check in the online register, you will not find the broker mentioned anywhere. Moreover, you will also discover that the website of the company is more or less anonymous. They don’t give any information about the parent company, or a contact number and this is obviously a big red flag.
Once you complete the registration process at CryptSparkFX, you will find that they offer a number of investment plans on their website. These plans are quite unrealistic because they are already promising minimum and maximum returns to the users upon making a certain investment. Considering how unpredictable and volatile the financial markets are, it is just not possible for any broker to promise any kind of returns to their clients. If they are guaranteeing returns, it is undoubtedly a red flag. Things will go smoothly for you under these investment plans until you decide to withdraw the ‘returns’ and that’s when you realize you have been taken for a ride.
Trading Platform and Conditions
Another issue that you will encounter when you go through the CryptSparkFX website is that there is no information about the trading platform they offer. Regulated and reliable brokers offer the MT4, or the MT5, but there is no software available on their website. Likewise, you will not find any mention of the trading conditions that CryptSparkFX offers. There are no specifics, such as transaction fees, leverage levels, or spreads.
It is normal for brokers to ask their clients to make a minimum deposit and CryptSparkFX is asking for $500. This is on the high side because the standard is between $200 and $250 and some companies have stopped asking for it altogether. Another problem with CryptSparkFX is that once you have registered on their website, it becomes obvious that their cheapest package needs a minimum investment of $5,000. This is extremely high for an initial deposit and raises a red flag.
You will find that CryptSparkFX only accepts payments in Bitcoin, which is a point of concern because crypto payments are the preferred method of scammers. These deposits are untraceable and non-refundable, which means if something goes wrong, you will not be able to get your money back.
After taking a look at the problems associated with CryptSparkFX, it can be concluded that this broker is no good and you should look for a different option.