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Is CRYPTONXT a scam broker?

Overview

CryptoNXT is a cryptocurrency broker that offers its customers with a diverse range of crypto-assets. According to information provided on its official website, CryptoNXT seems to operate from Sofia City, Bulgaria. Apart from crypto trading, the crypto exchange offers its users to participate in crypto mining and earn money. Please read this article until the very end to decide for yourself whether CryptoNXT is a legitimate broker or a scam broker.

About CryptoNXT

One of the first things we lookup with a forex broker is whether it is regulated and licensed. We couldn’t find any such information regarding its license or the company that owns and operates it. Next, coming to the site’s offering, CryptoNXT offers its customers to buy and sell various cryptocurrencies and earn money from it. The website also supports four different payment gateways, including Luno, CoinMama, CoinBase & CoinGate.

We created a new account to see what the broker offers and see whether the promises they’ve made is in fact, accurate. We were able to create an account with ease and the moment you create an account, it asks you to choose the language of your choice. There are almost 20-25 languages to choose from including Arabic, Bengali, Chinese, Czech, German, English etc.

The dashboard is quite simple and easy to use with all the menu items listed on the left which include board, order book, market, portfolio, calculator, news and mining. There is also a watchlist provided with a list of crypto assets with their latest rates and change percentage values. Users can easily select a crypto asset and place an order. But the irony is that we cannot test the broker with a demo account to see how the order placing works. There is also no information specified about the minimum deposit to be made.

The market section displays the current price, market cap along with change percentage of popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, Dash, Monero, Dogecoin, ZCash, etc. The news sections provide you with the latest trends and happenings in the crypto world.

Is CryptoNXT Legit or Scam?

Based on our analysis, we could say that even though the website looks decent with a neat and user-friendly interface, the fact that it is unregulated puts a large question mark on the website. There is no company information and license information provided, so anyone would think twice before trading with this broker.