CryptoAltum is a Crypto and Forex broker established as recently as March 2020. Amid the pandemic fear, they have managed to create a name for themselves. How much of this is really justified, and how good their trading conditions really are? In our CryptoAltum review, we tried to find answers to all these questions.
Let’s get the obvious thing out of the way. CryptoAltum does not hold any type of trading licence. However, this wasn’t the biggest problem we had with this brokerage. Our entire experience was quite polarizing. User experience inconsistency is what bugged us the most. Continue reading our CryptoAltum review to find out what feature gave us the most headache.
Quality of service
The website seems decent enough, with modern design and a plethora of features. However smooth navigation is still something to be desired. A lot of times we felt lost in menus and sub-menus, as there are no clear shortcuts on the homepage. One time we even had to contact the support because we couldn’t locate the page that addressed the trading cost.
We continued to be baffled when we found out how basic the education centre is. Novice traders learn about some fundamentals in the information hub, and then follow the latest trends in the market analysis tab. However, the topics are very limited and there aren’t even any eBooks for traders to read offline. If you have experience trading Forex or Crypto, you won’t mind this, but inexperienced traders will be disappointed and will have to look elsewhere to complete their education.
Speed of response
Probably the worst aspect we encountered in our CryptoAltum review is the support system. While the live-chat feature has to be commended due to its integration with WhatsApp, Facebook Messenger and Telegram, the rest of the communication channels are surprisingly lacking. If you wish to contact a CryptoAltum representative via telephone, you will be out of luck. The F.A.Q. page is simply not enough to address all potential questions or issues that might arise. Until this is resolved, most traders will feel abandoned when they inevitably encounter a problem they need help with.
CryptoAltum offers the latest Meta Trader 5 platform. Unlike many brokerages founded in recent years who offer a simplified web-based platform, CryptoAltum offers the most complex solution that has been a standard in the trading industry for years. This, however, can be a blessing and a curse for many traders. While no one can doubt the advanced features MT5 offers, beginners often find this complexity off-putting. Ideally, there would be two solutions, but we are at least happy to see a Demo account, where novice traders can and should spend a lot of time practicing before they experience the live version.
There is very little transparency to speak of when it comes to CryptoAltum trading fees. You need to dig deep to find any information. In the end, there is a note in Terms and condition that points out that CryptoAltum has the right to alter all and any fee on the fly. This is definitely not customer friendly behaviour and we would advise caution when trading with this brokerage.
There are no regulatory bodies overlooking the operations of CryptoAltum. While this is the case with most newly opened brokerages, and we don’t take it too seriously, traders should always be extra careful. While we experienced no wrongdoing, there is no sure guarantee the same will happen to you, as there are no government-based assurances your funds will be safe.
Variety of Payment Methods
Unfortunately, there is little variety when it comes to deposit and withdrawal methods. CryptoAltum only accepts deposits in Cryptocurrency (BTC, ETH, LTC, XRP, BCH and USDT). The upside to this is that when it comes to transferring your money to and from your eWallets, there are no waiting times as requests are processed almost instantly.
At the end of our CryptoAltum Review, we are confident in saying that traders should avoid this brokerage for the time being. While we have witnessed many positive things, there are just too many negative facts that we cannot overlook. Until we see drastic improvements in the support system and overall transparency, it is just too risky, especially for inexperienced traders.