CryptoAllDay – Beware Of this Broker Scam!

It can be overwhelming for people when they begin searching for a cryptocurrency broker and discover just how many options exist. More platforms are added on a regular basis and this can confuse just about anyone. A look at a handful of these show that they all promise you a seamless trading experience where cryptocurrencies are concerned and this leaves you flummoxed. It can be tempting to just go with any brokerage in order to start right away, but the existence of scam brokers should warn you off. You cannot take a broker at its word and should do your own homework, which brings you to this CryptoAllDay review.

One of the hundreds of brokerages that have been introduced for offering crypto trading services is none other than CryptoAllDay and as soon as you check out its website, it is likely that you will be drawn to it. The brokerage is presented as the ‘Wall Street of Bitcoin’, which does sound very interesting and when you add the high profits, accurate rates and powerful system they promised, you will certainly be taken in. But, this is what you need to be cautious about because scam platforms deliberately add offerings that can confuse and trick people into signing up.

Opting for CryptoAllDay based on their claims would not be a smart decision because there are a lot of problems with this broker. You need to know them as they can help you see why you need to avoid this broker. Want to know what they are? Take a look below:

Absence of regulation and licensing

The first thing you need to do is look into the background of the broker to know whether it is regulated and licensed. When you check out the details of CryptoAllDay, you will find that it is owned and operated by Petrasoul Ltd. It is based in Seychelles, which is an offshore jurisdiction that doesn’t have the same standards as most well-regulated jurisdictions.

The problem is that when you take a closer look, you will find that the company is not even registered with the Financial Services Authority (FSA) in Seychelles, which means that it hasn’t bothered with regulation at all.

A generic trading software

The cryptocurrency market moves quickly due to its volatility and in order to keep up, you need a good and dependable trading software. You expect CryptoAllDay to provide you one, but all you will come across is a generic web trading platform given. Such platforms can be found a dime a dozen in the market these days and almost all scam brokers offer it to the audience. Authentic and legitimate brokers, on the other hand, will provide you with a high quality trading platform like the MetaTrader 4 or the MetaTrader 5 that boasts advanced technology and features.

Vague withdrawal fees and conditions

Another problem that you will discover when you take a close look at CryptoAllDay is their withdrawal fee and conditions. They have set some requirements for traders to achieve a minimum trading volume before they can make withdrawals, or else they will be liable for fees. The condition is rather vague and does not make sense to most people. Moreover, they have not clarified how much fee you will be charged in case you do not meet the condition, which means they can charge you whatever they want. A legitimate broker would never impose such a condition, or prevent you from making a withdrawal.

High minimum deposit

There are four accounts that CryptoAllDay is offering, which are Light, Standard, Premium and VIP Super and their deposit requirements are between $250 and $5,000. You can also make deposits in Bitcoin and the minimum deposit is 0.04 BTC, which is extremely high.

Ending Thoughts

The problems with CryptoAllDay make it evident that it is not a broker you can consider reliable and it is best to avoid it when you want to trade cryptocurrencies.