Founded in 2017, Broker CryptoF1 is an unlicensed Spanish binary options broker, offering CFD options trading in 11 cryptocurrencies, including Bitcoin, Ethereum and Litecoin. It appears that online customers, can deposit to Broker CryptoF1 in Euros or with Bitcoin bought in the Thai cryptocurrency exchange BX.in.th. Traders in South Africa will be interested to see that the crypto trading portal is offered in Spanish, English, French, and Dutch. However, we found the translation from Spanish to other languages of a very poor quality and difficult to understand. Nevertheless, Broker CryptoF1 provides 24/7 live support over live chat, phone, and email.
Broker CryptoF1 Trading Account Types
Customers in South Africa and elsewhere can choose from 4 types of trading accounts at Broker CryptoF1. Each account type requires a different level of deposit initially and appears to provide increasing levels of interest payments on funds kept in the trading account. Broker CryptoF1 does not provide information about any trading fees or commissions charged to customers for online trading. Moreover, there is no clarification on the website about the ‘profitability’ payment per annum on each account type. Cuenta Classica – Classic Account • Minimum initial deposit of 500 to 1,000 EUR• Profitability of 5% per annum Cuenta Bitcoin Inversion – Bitcoin account • Minimum initial deposit of 1,000 to 5,000 EUR• Profitability of 7% per annum Cuenta TotalCrypto Inversion – Account for all Cryptocurrencies • Minimum initial deposit of 5,000 to 10,000 EUR• Profitability of 10% per annum Cuenta TotalinfinitCryptoworld – VIP Account for all Cryptocurrencies • Minimum initial deposit of 25,000 EUR• Profitability of 15% per annum
Tip: Consider IQ Option instead – the best regulated broker for South African traders with a minimum deposit of only $10!
Broker CryptoF1 Trading Software and Assets
Whilst the Broker CryptoF1 trading platform claims to be a user-friendly software, the features are not described in any detail on the website. Moreover, we couldn’t find any information about leverage provided by Broker CryptoF1, for trading with larger amounts of capital than customers have in their trading accounts. Notably, there is no mention of risk management tools such as stop-loss and take-profit orders on the platform. Whilst we did find mention of potential payouts of up to 81% on certain assets, there was no detailed description of potential payouts. Broker CryptoF1 mentions just three of the trading products available on the platform: BTC/USD, LTC/USD and ETH/USD. Additionally, customers are given a brief description of the three different cryptocurrencies.
We noticed that on the page describing ETH/USD currency trading, Broker CryptoF1 suggests that customers who already have Bitcoin wallets can use the Bitcoin Binary Options trading portal to exchange Bitcoin into Ethereum immediately. Whilst the company claims to keep the BTC and ETH assets secure in a storage facility, there is no mention of storage fees, deposit or withdrawal costs. Furthermore, we were alarmed to see in the terms and conditions, that customers are obliged to use the Thai crypto exchange BX.in.th to sell Bitcoin.
Broker CryptoF1 Customer Service Information
We found the customer support section at Broker CryptoF1, the most enlightening part of the website, even though a comprehensive FAQs page does not exist. Clients can get in touch with the support team 24/7, over the live chat function on the interface, by email, or ask for a free call back by a service agent at a convenient time. A postal address is given in Madrid, Spain under the contact form, and several telephone hotline numbers are listed.
34910479716 (Madrid).34935227667 (Barcelona)44203695364 (London)
Broker CryptoF1 Payment Methods
Customers in South Africa and across the globe can fund their trading accounts at Broker CryptoF1 in Euros or Bitcoin, with payouts processed within 48 hours. However, we could not find a Bitcoin address for the company anywhere on the website. Whether traders decide to deposit with their own Bitcoin wallets or buy Bitcoin at Broker CryptoF1, crypto assets may be at stake and could be lost. Moreover, we saw on the Broker CryptoF1 website, that only the credit cards Visa and Master Card, as well as the electronic payment method PayPal are indicated as accepted payment methods. However, we find it difficult to believe that bank wire transfers are not permitted for funding trading accounts. Indeed, we saw that Broker CryptoF1 works with UniCredit Bank, LLOYDS, SANTANDER and JP Morgan in New York to implement daily deposits and withdrawals. Although Broker CryptoF1 is not regulated by any financial authority, we saw that the company adheres to strict anti-money laundering regulations established across the globe. We were pleased to see that deposits and withdrawals are free of fees or commissions. Trade Markets Global Corp operates the Spanish-language website of Broker CryptoF1, claiming to be registered in the UK and the European Union (no address). The Dutch and French language websites don’t provide a company name and address. However, the English language website states that Broker CryptoF1 is registered in the Marshall Islands with number 83358 and run by Casa de General Options Ltd, at Trust Company Complex, Ajeltake Road, Ajeltake Island, Maduro, MH96960. Notably, Broker CryptoF1 does not accept customers resident in the United States. In our opinion, Broker CryptoF1 is not a transparent broker and because of the lack of crucial information about the trading platform, we cannot recommend the broker to our readers. We have a large number of cryptocurrency brokers for our readers in South Africa to choose from on our website, providing secure and transparent trading environments.
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