Are you ready to go to Majuro with me? I am taking you to the largest city of Marshall Island, to visit CryptoAltum. This broker offers more than 60 crypto pairs for trading, one of the most popular trading platforms and the highest crypto leverage on the market. Of course, we will know if this is true at the end of this CryptoAltum review. Until then, those are just empty words that may or may not be fulfilled.
Usually, I don’t like it when a broker has a lot of claims and promises. It’s more than fine to tell clients what they will get or what your goals are, but when a broker makes the whole presentation about being the best, beating the records, and so on, it’s just too much bragging.
For example, CryptoAltum claims to be the only broker who has optimized MT5 platform for crypto trading. Well, I’ve written about many brokers, and let me tell you something, a lot of them have optimized MT5 platform on their websites. So, I am a bit scared this review won’t go in a positive direction, but let’s see, things may change until the end.
I have to say one thing at the beginning that caught my attention. This broker doesn’t require KYC policy. Yes, this means the withdrawal process is faster, but it also means there are no safety measurements. Keep in mind that we are talking about one unlicensed broker, so safety should be your main concern in this case.
Let’s move on to accounts, and I will tell you right away, do not expect a lot. There is only one account, so you won’t have the possibility to choose what suits you the most. Within that account, you can trade Crypto Pairs, Forex Pairs, Gold, and Indices. Leverage is different depending on the asset you choose, and available base currencies are BTC, ETH, XRP, LTC, BCH, UST.
The margin call is 150% and some of the things included are automated (EA) trading, negative balance protection, free demo account, and no minimum deposit requirement. The conditions are not that bad, but I don’t like the fact that clients don’t have an option to choose.
Platform and Execution SCORE: 80%
This broker doesn’t like to give a lot of choices to its clients. The only platform you can use is MetaTrader 5. MT platforms are excellent, don’t get me wrong. They are customizable, easy to manage, and neatly-done, but it’s always a good option to provide different choices to clients.
I won’t spend too much time discussing the platform. I am sure each trader already knows everything about MetaTrader, so I don’t need to go into detail. My overall impression is that CryptoAltum made a good choice about MT5, but it would be even better if other platforms were implemented, too. For example, a web-based one with unique features. Just to make this broker stand out from the crowd.
Withdrawal Speed SCORE: 40%
This whole review is based on one thing — my continuous wondering why this broker doesn’t give some options to its clients. If you thought there would be a possibility to choose a deposit/withdrawal method, you were wrong.
The only way to deposit or withdraw funds is with some cryptocurrency. You can use BTC, ETH, XRP, BCH, LTC, or UST but there isn’t an option to use Credit Cards, Wire Transfer, or anything like that.
First of all, not everyone has a crypto wallet. In that case, you have to make one just to be able to trade with this broker. The process is easy, you need to sign in to the Client Portal and then select the 'Deposit' option and follow the online instructions. Although it’s written there is no minimum deposit requirement, once you go to the deposit and withdrawal page, you will see there is one.
Luckily, there aren’t any deposit/withdrawal fees, so finally we have something good to see. Withdrawal speed is also excellent. Once you make a request, the process lasts between one or two hours, since the whole team is working 24 hours, 7 days a week. Sometimes withdrawals may take up to 24 hours to process if further checks are required, but I believe that is not something that happens often.
I am not sure what to think about this part. There are some excellent things, but the most important ones like a variety of deposit methods are missing. As a client, I want to have different options and I don’t see why anyone would choose to trade in a place where there is no freedom.
Support and Assistance SCORE: 30%
There is one thing about support and assistance that surprised me a lot, the variety of contact methods. Unfortunately, the website is not so user-friendly and there isn’t any page dedicated to this part. But, in the bottom-right corner, you can find icons for Live Chat, Whatsapp number, Telegram, Messenger, and email.
The variety is excellent, but unfortunately, responsiveness is not that good. First of all, Live Chat is not Live. You will receive a generic welcome message and that’s it. Once you ask the question, nobody will respond. So, all those different methods are nothing but a trick. They look good, but the reality is a little bit different.
Unfortunately, what I have to say about customer support is that my excitement from the beginning dropped down with the speed of light. I hate to see a broker who doesn’t provide decent support because it’s inevitable that some problem happens. In this case, you will have to deal with that problem all by yourself.
Education and Tools SCORE: 10%
CryptoAltum is not a broker who will give you extraordinary education and knowledge improvement. In fact, it will barely provide you with any articles. On the website, you will find a section called Blog. If you click on in, market analysis, an information hub, and company announcements segments will appear.
Within the market analysis, we can find Daily reviews and this part is updated regularly. This is excellent, but it’s not enough at all.
Other than that, you won’t find much information about Forex, Cryptocurrencies, or trading in general. I am disappointed, I won’t lie but it’s because I expected a lot. This seemed like a broker that would take good care of its clients, especially after the claims CryptoAltum is the leading choice for crypto traders globally. Based on everything we saw in this CryptoAltum review, I doubt that.