FranceCryptoTrade Review – The Troubling Facts about the Broker

FranceCryptoTrade Review

You need an online broker to start trading in the financial markets from your home, office, or anywhere else, but this does not mean that you settle for any platform.

Just like every other business, there is a lot of competition here as well, which means a little effort is needed on your part to find a company that can offer you everything you need in one place.

This is easier said than done not because there is a lack of choices, but because there are just too many and this can lead to confusion. Most importantly, not all options are up to the mark, as you will discover in this FranceCryptoTrade review.

Since you will be investing your money, you definitely do not want to see it go down the drain because you made a mistake when it comes to choosing a broker. You should remember that it is your money, so it should be your decision.

You should not depend on others’ opinions about a brokerage, or even their experience. Yes, you can use them for insights, but ultimately, it should be your choice. The choice should never be made based on what the broker is telling you either.

No company would ever share its own shortcomings, but it is not just these you should be worried about. There are plenty of online brokerages that are just scammers looking for a way to steal your money and this is something you need to be wary of.

It is because sometimes they appear to be just like regular brokers, so you have to be extremely cautious. This applies in the case of FranceCryptoTrade that makes some very impressive claims.

It states that it is operating from an EU-member state and has great software and conditions for providing you a smooth trading experience, but when you check it properly, you will find some troubling facts about FranceCryptoTrade that put its authenticity into doubt. You can go over these facts here:

False regulation claim

If there is one advice you are going to get about finding a reliable and trustworthy online broker, it would be to choose a licensed and regulated firm. These are monitored by a regulatory authority, which means they have to comply with laws and policies that can ensure consumer protection, transparency and quality as well.

They maintain high standards of service and are less likely to disappear. Unregulated entities, on the other hand, are mostly scams that can and do vanish overnight.

The problem is that many shady and fraudulent brokers like FranceCryptoTrade claim to be licensed as well. Therefore, you have to verify this claim and not just believe what they say.

According to its website, the brokerage is regulated by the Cyprus Securities and Exchange Commission (CySEC), but this is certainly not true. You can check the online register of the regulatory authority and not find FranceCryptoTrade’s name in the list.

As a matter of fact, you do not need to check the register at all because FranceCryptoTrade is overstepping the policy of the CySEC when it comes to the leverage ratio it offers.

This automatically implies that the brokerage is not regulated at all and is clearly lying about it, which means it is not one you can trust at all. There is nothing more troubling than that about the broker.

Lack of good trading software

The trading software of a brokerage is of the utmost importance because you have to use it for trading in the financial markets. There is no trading without it, so you need to ensure that it is a capable one and can offer you the technology and tools required for a smooth trading experience.

Every broker is going to offer you a trading software, but it is not going to be same one. Therefore, you need to check what kind of software you are being offered.

You will be impressed with FranceCryptoTrade because it actually offers the MT5 trading platform to their clients. This is undoubtedly an excellent platform that has a ton of amazing features and is known as one of the best ones in the market.

But, as it turns out, the MT5 distribution on the FranceCryptoTrade website has nothing to do with the broker itself. It is just the stock version that can be found on the developer’s website for free.

The actual trading software that FranceCryptoTrade offers to its clients is a web platform that is oversimplified and basic. It does not have much to offer in terms of tools and technology and is something that a lot of scam brokers offer.

High leverage

The trading conditions of a broker also need checking out and this will show you another troubling aspect of FranceCryptoTrade because you realize that it does not have your best interests at heart. The leverage ratios you are offered here are 1:500, which are considered excessive and dangerous.

Most importantly, as mentioned earlier, FranceCryptoTrade claims to be regulated by the CySEC, which has imposed a cap on leverage ratios of 1:30 for retail traders. But, it is apparent that FranceCryptoTrade is breaking the rules, which means that it is not regulated by CySEC at all.

Only crypto deposits supported

Most professional brokerage will offer you a number of payment options for making deposits, but you will be disappointed to find that FranceCryptoTrade does no such thing. There is only one payment method that is supported on the platform and that is cryptocurrency.

You can make deposits in bitcoin, Ethereum and USDT Coin at FranceCryptoTrade and this tells you one thing; you cannot get a refund.

Crypto deposits have become popular amongst scam brokers because they do not come with a chargeback option, as do credit cards. This means that once you make deposit, it will be final and you will not be able to get it back.

Bottom Line

The troubling facts about FranceCryptoTrade disclose that it is not a brokerage that you can or should trust at all because it is most likely a hoax.