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CryptoGo
Rating: Rated with 1 star
Binary Option Programs Award
Min. Deposit
$500
Min. Investment
$500
Regulated Broker
No

CryptoGo Broker Review

  1. CryptoGo is a new and unregulated cryptocurrency broker that first went live in March 2018. This broker is owned and operated by Investoo Ltd. Their main offices are located at International House 24, Holborn Viaduct, London EC1A 2BN, UK. South African traders who wish to trade cryptocurrencies should never fall in the trap of paying huge markups to scam brokers like CryptoGo but do so through a trusted and regulated broker like IQ Option who offers a free demo account, a reliable trading platform as well as the extremely low minimum deposit of $10.

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    What is CryptoGo?

    CryptoGo is a cryptocurrency broker where anyone with a wallet can exchange fiat money with cryptos directly from them. However, it is not a traditional exchange but rather a broker who buys cryptos on their own with the intention of making huge earnings when they sell it by applying a huge markup.

    The way you can buy cryptocurrencies through their platform is pretty basic and simple as you would agree by the screenshot below. It looks like an online shopping cart where you see your order summary, the order total and you simply confirm your order.

    It is very crucial that our South African readers understand the fact that brokers like CryptoGo charge an enormous amount of commission by adding a huge markup on the current prices. For example, as you can see from the screenshot above, the price of Bitcoin was charged at about €7,500 when in reality the actual price was only about €5,700.

    Consequently, this proves that CryptoGo is nothing but a fraud since they charge almost 30% for their exchange fee thus, driving prices insanely high. As a result, South Africans who trade through CryptoGo will lose money since the price they pay does not reflect the actual price of the market. For this reason, we suggest trading with trusted brokers like IQ Option in order to receive the best price possible and not to be the next victim of dodgy exchanged like CryptoGo.

    Tip: Trade with IQ Option instead, the best regulated broker for South African traders with a minimum deposit of only $10!

    Why should I stay away from CryptoGo?

    If you don’t mind paying high premiums on top of the actual price which sometimes go up to 30%, then you might consider the fact that CryptoGo requires traders to invest at least $500 which is more than most people would be willing to invest in cryptocurrencies.

    In addition, CryptoGo is not a CFDs broker where you can speculate the prices of cryptos without the need to actually own the coin. This means that you cannot make a profit when the market goes south but only when it goes up. When trading cryptos with a CFDs broker like IQ Option you can earn a profit even when the market is down.

    Moreover, to place an order with CryptoGo you will need your own wallet to save your coins. This is quite complicated for novices who do not have enough experience and are more prone to risk since they do not know how to protect their digital assets.

    Last but not least, neither CryptoGo is regulated by any popular regulator nor has the adequate experience and background as a trusted broker. What this means, is that South African traders will not receive the best trading experience possible.

    Verdict

    As explained in this article, CryptoGo is an old-fashioned broker who buys cryptos with the intention of selling them for a profit. Even though this is not an illegitimate thing to do, charging as high as 30% for doing so is definitely an unethical way of taking hard earned money from South African traders. Hence, those who wish to trade cryptocurrencies should do so with a trusted and regulated broker like IQ Option with just $10 minimum deposit.

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