Widespread access to DeFi and the crypto space has enabled many players to enter the industry in different capacities. This has given quite a push to making businesses competitive as well as unique in their offerings so as to attract traders and gain traction.
Considering that the crypto trade business and the crypto space in general is becoming so competitive, the standard users hold them up to is also becoming very high. Exchanges and trading platforms have to constantly work on becoming more user-friendly and reputable so traders will choose them for buying and selling crypto.
Because of this, comparing trading platforms and reading reviews for them before trading has become quite the norm. CoinQuora has picked one such platform to review so users can gain a better understanding of its working.
This article will review in detail CryptoGT’s operation as a broker. Read on to learn more about it.
A Brief Overview
CryptoGT is a cryptocurrency trading brokerage platform that aims to lead the crypto trading space. Launched in 2017, it has introduced over 60 traditional and bespoke pairs in Crypto, Forex, Metals, Indices, and GTi12 Index.
The platform ensures the success of its partners and traders as its top priority and aims to improve trading experience through keeping track of market trends and ensuring the most favorable trading positions.
Currently, CryptoGT only offers one standard account to its client, which limits its own or traders’ potential a little. At the same time, however, it offers great flexibility in its requirements and has many diverse features, which may cause users to look past this. Additionally, users can always go for a demo account which lets them test out the platform’s features as well as their crypto trade skills.
Another great feature it implements is the MetaTrader 5 software. The MT5 features high-powered technical and functional indicators, and also offers different charting types and time frames. This is integrated to facilitate users in predicting better price movements and increase their chances of profit in the market.
Before going into further detail, it is notable that although CryptoGT is a completely registered crypto broker, there are some concerns regarding its legitimacy. A deeper look into it’s operational qualities will give us a better idea of whether there is a need to be concerned.
The website implements a catchy user interface designed to simplify crypto holders’ trading journey. It explicitly states any current promotions they have going on and links to important functions.
Again, to clarify, CryptoGT only offers one type of account. This is important to mention as some traders might prefer a more flexible platform or would like to have their preferred account type or even trading conditions. On the other hand, however, its standard account in itself offers many flexible options that we’ll explain in detail below.
- $5 Minimum Deposit
Users can begin trading with a deposit of as low as $5. This is much lower than popular exchanges’ minimum deposits and will allow higher accessibility for traders.
- 1:500 Maximum Leverage
The margin requirements on the CryptoGT platform go up to a maximum of 1:500.
- Trading Platforms
Metatrader 5 Desktop, Web Trader, iOS, Android
- Account Currency
BTC, BCH, ETH, DSH, LTC, XMR, XRP, ADA, USDT, NEM, PAX, TUSD, GUSD, USDC, ZEC, EOS, XLM
- Negative Balance Protection
This gives users greater protection as any losses incurred in trading cannot exceed the funds in a user’s account.
- Asset Classes
Forex, Cryptocurrencies, Metals, Equity Indices, GTi12 Index
- No Maximum Deposit
There is no maximum deposit limit at CryptoGT
Spreads start from 1.4 pips on EUR/USD and USD/JPY, $2.50 on BTC/USD, and $0.30 on XAUUSD.
- Margin Call
Margin Call is set at 150%.
As shown by the many features we have mentioned here, CryptoGT caters to various user preferences as well as provides a secure platform for funds trading. Security is especially enhanced by its negative balance protection, account segregation, and customer insurance fund.
Trading Conditions on CryptoGT
So what about the range of trading instruments that CryptoGT offers? Let’s begin with cryptocurrency. As the broker’s name suggests, it is primarily a cryptocurrency trading platform. To facilitate crypto traders, it offers over 50 different crypto pairs.
In addition to this, CryptoGT also has other asset classes available such as Forex pairs, shares, indices, and more. This is of great benefit to traders who aim to diversify their holdings, especially if they want to incorporate non-correlated assets into their portfolios.
As we have already mentioned, CryptoGT offers very high leverage. For crypto pairs as well as Forex pairs, it goes up to 1:500. This means that if a user makes a deposit of $5 on their account, for instance, they can open up a position for $2500. Now that’s attractive.
Still, the need to remind users to be careful remains. High leverage comes with its own pros and cons list. Don’t forget that it’s a two-way street. If it increases profits in one case, it can also increase losses in the other. In fact, the generally accepted maximum leverage for crypto pairs is 1:50. CryptoGT offers a 10 times higher leverage, which is both an opportunity and a risk.
Some cons of the trading conditions are:
- Inactivity Fee
The platform charges a fee on inactive accounts. If a user leaves their account inactive for a month, they’ll be charged $10. However, the fact that CryptoGT has ZERO Deposit and Withdrawal fees makes up for this. The broker prides itself for having no hidden fees.
- Limited Deposit and Withdrawal Options
The platform offers 17 different cryptocurrencies to be used for payments. Besides these, there are no other payment methods.
So there you have it, CoinQuora’s CryptoGT review. It’s important to always make informed decisions about where you’re going to put your money, and reading reviews is the best way to get that done.
Still think you want to learn more about their platform? Head over to their website for more details by clicking here. They’re also giving out a 50% Welcome Bonus for first-time deposits!
Disclaimer: This material must not be used as the basis for making any investment decisions. This serves only as informative material about the crypto exchange. Trading digital assets involve risk and can result in the loss of investment capital. Hence, always make sure to do in-depth research before engaging or investing in any cryptocurrencies.