General Information
Cryptovem presents itself as an investment and trading platform providing hedge or mutual fund managers and also forex, stocks, bonds and cryptocurrency traders. As we cannot open this brokerage firms website, we were unable to obtain more essential information.
It has been verified that this broker currently has no valid regulation, please be aware of the risk.
Investment Plans
Cryptovem offers three investment plans to suit different traders trading accounts, namely Starter, Premium and Professional. To open a Starter account, an initial deposit of $500 is required, and the maximum possible deposit is $5,000 for this account.
The Premium account asks for an initial deposit of $1000, with its maximum possible deposit up to $5,000. The Professional account requires an initial deposit of $5,000 and its maximum possible deposit reach up to $10,000.
Leverage
Cryptovem claims to offers high leverage, however, this may serve as further evidence that Cryptovem is an unregulated broker operating in the United Kingdom.
This is because:
1. FCA prohibits crypto trading derivatives for retail traders.
2. Regulated forex broker are not permitted to offer excessive leverage to retail traders, as it can create risk of sudden and excessive losses.
The FCA, like EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets.
Trading Platform
What Cryptovem offers is not the industry-leading MT4 or MT5 trading platform, a web trading platform with a simple chart of currency asset price, such as ca be obtained for free from the data provider-Trading View. After registering an account, we find on the Cryptovem dashboard exactly that-charts without any trading functionalities.
Payment Methods
Per the Cryptovem deposit menu, we could see that this broker supports PayPal, Paystack, Stripe, BitCoin, and Ethereum. However, when we click each of the we find that the only functioning option is to send an amount to the specified crypto wallets. Scammers prefer cryptocurrencies because these transactions are not subject to refunds.
No information available regarding deposit and withdrawal fees. Since Cryptovem does not provide proper legal documentation, it is unclear what traps the fraudsters may have set.
Customer Support
Traders with any questions or concerns about their accounts or their trading can only reach out to Cryptovem about through the email address. Here are the contact details:
Email: info@ cryptovem.com
Registered Company Address: 71 Cherry Court SOUTHAMPTON SO53 5PD UK
Some more direct contact channels, like Phone Support, Skype, Whatsapp, are not available.
Risk Warning
There is a level of danger that comes with trading on the financial markets. As sophisticated instruments, foreign exchange, futures, CFDs, and other financial contracts are typically traded using margin, which significantly increases the inherent risks involved. Therefore, you should consider carefully whether or not this sort of investment activity is right for you.
The information presented in this article is intended solely for reference purposes.
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