You will need the services of a cryptocurrency exchange when you have made up your mind to invest in these virtual currencies. They have become a popular and profitable investment these days and many people are now adding them to their portfolio, even if they don’t fully understand how they work. This is where cryptocurrency exchanges come in, as their purpose is to facilitate the buying and selling of these cryptocurrencies. Given their demand, there is a solid number of platforms that have been established, but uncovering the truth about them, like perusing through this The Cryptonix Team review, is essential before you do anything.
This is primarily because the cryptocurrency market has also attracted the wrong kind of attention, with cybercriminals taking advantage of their unregulated nature to exploit people left and right. Unless you don’t have a problem in handing over your money to scammers, you have to exercise caution and ensure that you are opting for a legitimate and authentic platform that checks all the boxes. TheCryptonixTeam is one name that you will find, an exchange that claims to be based in London, which needs a deposit of just $250 and offers a web-trading platform.
It appears to be the complete package at first glance, one that has been operating in the market since 2012 and offering a wide range of cryptocurrencies, and this would tempt many people to sign up right away, but homework is of the utmost importance if you want to make the right decision. This means uncovering the truth about TheCryptonixTeam. When you get started, you discover that this is actually a CFD forex brokerage that is masquerading as a cryptocurrency exchange. This means that it is downright misleading people into signing up and such companies can never be trusted. But, this is just the beginning of the many issues you will uncover about TheCryptonixTeam.
No regulatory information
When you scour through the The Cryptonix Team website, you will come to know that there is no regulatory status mentioned, or any details about a license. This is a common tactic used by brokers that are trying to imitate the layout of some cryptocurrency exchanges. It should be noted that brokerages are required to have a license and regulation to provide their services, but it is not essential for crypto exchanges, even though it does work in their favor. Regulation offers a layer of security that can be very reassuring, but since there is no mention on the The Cryptonix Team website, you can assume it is not regulated. Plus, you shouldn’t ignore the fact that it is outright lying about being a crypto exchange when it is really a brokerage.
Excessive withdrawal fee
You have already discovered a major problem with TheCryptonixTeam, as it is lying about what it really is, so the fact that they have excessive withdrawal fee should not be a surprise. It is stated that clients will be charged a whopping withdrawal fee of $50 per transaction and an additional $10 processing fee. These are definitely not conditions you should expect from a credible and reliable broker.
Blacklisted by a regulator
If there is one thing that confirms that a platform cannot be trusted, it is when a regulator issues a warning about it. This is exactly what has happened in the case of The Cryptonix Team because the Financial Conduct Authority (FCA) has blacklisted this platform. As it claims to be based in London, United Kingdom, it needs to have a license from the FCA. Not only does it not have the said license, but it is offering its services illegally in the region. This has prompted the regulatory authority to expose it.
Final Thoughts
When you discover these issues with TheCryptonixTeam, it is not difficult for people to determine the reality of this platform. It is definitely not a cryptocurrency exchange and is also not a legitimate broker because it has been blacklisted by a regulator and does offer any safety to its clients.
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