Today we will review the broker CryptoIFX, which, judging by the name, specializes in cryptocurrency trading, but this is not the case. The company boldly claims that it processes clients’ trades through NDD/ECN, but at the same time, it is registered in an offshore zone and does not own any licenses, and also offers CFDs, so it’s quite amusing to look at such a business model. We don’t think that’s true. And yet, can such a firm be trusted with money? Or should one not take such a serious risk?

How to Trade

The broker promises traders the absence of requotes and slippages, but this is impossible with NDD/ECN, so this once again proves that we are dealing with an ordinary dealing desk. Meanwhile, CryptoIFX offers a huge leverage of 1:400.

Clients have access to 8 types of accounts, but without a demo. So, to test the CryptoIFX platform, you’ll have to invest at least $250, as this is the threshold for the minimum deposit.

CryptoIFX does not disclose commissions and spreads but promises to provide responsive support, secure ordering, and basic training. The higher the account type, the more services are available, for example, more advanced training courses, private strategy, and Islamic account.

If the official website is to be believed, the trading platform at CryptoIFX is available in all versions: WebTrader, Mobile Application, and Desktop.

CryptoIFX Vital Info

The main question is when the firm began its operations. It would be great if the company indicated its founding date and provided some evidence, such as registration documents. However, CryptoIFX has chosen to remain silent, so we can only determine the platform’s launch date by the domain registration date. This happened in 2021, specifically in March.

Regulation is no less important than the duration of operation. CryptoIFX tells us nothing about its licenses. Yet, any regulated broker would surely display its license prominently, with numbers, links, and the regulator’s name.

We checked the registers of SVGFSA, as the headquarters are located in Saint Vincent and the Grenadines. CryptoIFX is indeed registered with SVGFSA, but this regulator does not oversee the activities of forex brokers. Therefore, this has nothing to do with licenses.


What are the key facts about CryptoIFX?

So, we understand that the company was founded in 2021. It is indicated by the domain registration date and the date of registration in the SVGFSA registry. Well, this is neither a young nor an old broker, so it's not appropriate to think of it as solid or highly experienced. Besides, the organization does not possess any licenses. Yes, it's registered in SVGFSA, but this does not mean it is regulated. Hence, its operation is illegal. Also, the claims about ECN/NDD are highly doubtful. It's unlikely that an offshore platform without a license and with 1:400 leverage would have access to interbank liquidity. Most likely, it's a mere marketing ploy to attract traders' attention, and in reality, it's a 100% B-Book.

What's the risk to my wallet when working with this broker?

First and foremost, we want to remind you that margin trading with up to 1:400 leverage is a very risky business. Statistics show that more than 76% of users lose their money, so trading is not suitable for everyone. We also want to warn that CryptoIFX is not a safe place to open a brokerage account. Despite the official registration in Saint Vincent and the Grenadines, the platform does not have a license and cannot provide guarantees of reliability. This jurisdiction is teeming with scammers, as it is very quick and cheap to open a legal entity there.

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