CryptoMarket Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this CryptoMarket Review.
CryptoMarket is a South American Ethereum exchange. It allows users to buy and sell Ether directly with their local currencies – Argentinian Peso, Chilean Peso, Euro, and Brazilian Real (as of August, 2018).
CryptoMarket offers a single account type with several levels of verification – Observer, Basic (up to $50 000 monthly), Trader, Institutional. Users with “Observer” level cannot trade on the platform. They need to level up to Trader level by undergoing verification and providing bank account information, and then they can trade up to $50 000 monthly. These are measures aimed to prevent money laundering.
Trading against ARS, BRL, CLP and EUR, bank transfers supported
The main advantage of CryptoMarket is that it allows its users to buy and sell Ethereum in several fiat currencies. Supposedly, this is used mainly by crypto newbies from Chile, Argentina, Brazil and Spain.
According to the information on the CryptoMarket website, bank transfers are processed in a maximum of 2 working hours, although usually only takes a few minutes.
Advanced trading platform
Unlike most entry-level exchange services, CryptoMarket offers a trading platform that has nice features. It has some advanced tools that allow users to make their own analyzes and predictions – good charting, Market Depth, as well as statistical indicators that allow users to better understand or visualize how prices vary.
Apart from supporting fiat currencies and bank wire transfers, CryptoMarket has a Support center on its website with useful step-by-step tutorials on how to create an Ethereum wallet and how to use the platform.
Ethereum wallet service
CryptoMKT account comes with a free Ethereum wallet. To deliver a maximum security service, transfers to other Ethereum wallets for amounts greater than 100 ETH are made automatically through Smart Contracts. On the website of CryptoMarket there is also a list of Ethereum wallets that support this service.
CryptoMarket claims that clients’ funds are kept in multi-signature cold storage reserves (offline) and that each password is divided and encrypted in different safe storages.
Only Ethereum offered
All trading at CryptoMarket is done against Etherum and you cannot buy or sell any other cryptocurrency at the platform, even Bitcoin. Most Ethereum exchanges support other ERC-20 tokens, such as EOS, Tron, Qtum, OmiseGo, Augur, etc. However, you cannot trade any of them at CryptoMarket.
Trading fees at CryptoMarket are up to to 0.70% per trade, which is significantly higher than what most exchanges charge. Users trading in large volumes get discounts and fees may drop to 0.35%, however this is also above the average in the sector. Most exchanges charge 0.15% – 0.25% per trade, and some do not apply any fees to market makers.
In addition, CryptoMarket charges transfer fees of 0.7% for both deposits and withdrawals in fiat currency, to be added to what the bank charges.
Mainly suitable for Latin Americans
This exchange would not be appreciated outside Latin America and Spain for obvious reasons. It is an entry-level service allowing residents of certain countries (in South America plus Spain) to buy and sell Ethereum via bank transfer in their local currencies.
No trading on margin
CryptoMarket does not provide margin trading, which is not unusual in the crypto world. In case you are interested in the speculative trading in Ethereum with some leverage, trading with a forex broker.
CryptoMarket claims it is the first Ethereum exchange in Latin America. It accepts deposits in in several local fiat currencies and provides a secure Ether wallet, as well as an advanced trading platform. However, the costs of trading for this are high, despite the discounts offered to high-volume traders.
Of course, the key problem with a lot of companies in the cryptoworld is counterparty risk and CryptoMarket is no exception. It is not regulated, as is the case with most crypto-exchanges worldwide. On the other hand, trading cryptocurrencies with a forex broker is generally much safer, if you choose a licensed one.
We must mention here that trading digital assets such as Bitcoin or Ethereum with forex brokers differs significantly from actually owning them at a crypto-exchange.
CryptoMarket Review Conclusion
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