About the company
Cryptobo is a cryptocurrency-based binary options broker that claims to be the first in the world. The broker embraces the ever-growing realm of decentralized money by making all deposits and withdrawals in bitcoins and various cryptocurrency trading assets. In 2017, the company was established. The company’s origins and details are shrouded in mystery, and no official information has been released. Similarly, no information regarding the regulation is provided, implying that this is an unregulated broker. Although the broker does not accept US clients, it nevertheless has over 1.5 million registered users and over 900 online traders who trade over 50,000 times every day.
Binary options can be traded on a variety of assets, including cryptocurrency pairs, equities, currency pairs, and indices. For binary options trading, the broker offers a variety of expiration dates, including one, five, and ten minutes, as well as one, two, and five hours.
The trading platform utilized by the company is similar to that of other binary options brokers. The navigation is straightforward and intuitive, and your balance is shown at the top of the website in bitcoins. Alerts with a bell icon may be simply modified to notify you when the assets you’re interested in have reached a specified price. It’s also simple to start a trade.
There is no specialized mobile app available from the broker. Instead, you can use your mobile phone’s web browser to access the broker’s web trading platform. The web application is compatible with mobile devices and is a convenient way to trade on the go. It’s as simple as opening and closing deals on a desktop computer.
There are no different types of live accounts offered by the organization. All users are required to open a universal live trading account. This implies you won’t be able to access the best offers and payouts because of a paywall.
A demo account is not available from the company. Users are given 500 Satoshi (0.000005 BTC) when they open an account, with which they can begin trading. It functions as a demo account because it can be refunded after it has been used. It’s worth noting that 500 satoshis are just about $ 0.25, thus the corporation is willing to keep these monies available.
Regulation and licensing
The regulation of the company is maintained under wraps. It’s unknown if they’re controlled by the body or not, though the latter is the more plausible scenario. Although this is a minor source of concern, it is consistent with Bitcoin’s absence of regulation. It also enables the broker to provide anonymous services without performing KYC or identification checks.
There are no spreads or commissions in binary options broker. The company promises a payment of up to 91 percent. This indicates that if you trade 0.1 BTC, you will win 0.091 BTC more than your initial investment.
There is no other way to deposit than with Bitcoin. Traders can deposit any amount they wish because the broker has no minimum deposit requirements. However, because the minimum transaction value is 0.0000001 BTC (or ten satoshis), you’ll need that much in your account. As soon as funds are confirmed on the Bitcoin chain network, they become available. It normally takes about ten minutes to do this task.
Withdrawals are likewise only available in Bitcoin. The least amount that can be withdrawn is 0.002 BTC. Users just enter the wallet address they want to withdraw funds to, as well as the amount they want to withdraw, and then complete the transaction. Withdrawals are normally completed within three hours, although they can take up to 24 hours during peak hours. Withdrawing monies is charged a cost of 0.0004 BTC.
Deals and promotions
As previously stated, every enrolled user would receive 500 Satoshi (0.000005 BTC). Additional advertising programs are also run by Brokerage. Users can presently receive a 10% bonus on top of whatever monies they deposit. It’s worth noting that to withdraw these funds, you’ll need to reach a particular amount of turnover. You’ll need a turnover of (0.1 + 0.01) * 10 = 1.1 BTC if you deposit 0.1 BTC. Updated bonus programs and more extensive terms and conditions can be found on the website.
In the end, there are some disadvantages in this company to be mentioned:
- No regulation
- Negative user reviews
- High minimum withdrawal
- Company information is not available.
- The shelf life does not exceed five hours.