CryptoRocket uses an easy but powerful MT4 (MetaTrader 4) and the WebTrader platforms for desktop, mobile, and web applications to provide you with leveraged Crypto and Forex trading options. However, the question is, are they as good as they make out? That is what we are going to find out in this review.
During this review of CryptoRocket, we will be covering some of the most essential aspects that you need to consider while looking for an online trading broker.
CryptoRocket Review
Contents
Some of the first things that we noticed while using the CryptoRocket platform are as follows:
- Extended leverage up to 1:500
- Massive range of trading products to choose from
- Low (0.8) pip spread
- No minimum deposit, so you can deposit $1
All of these points are very good indicators to show that CryptoRocket is something that is at least worth looking at. That has helped us to continue the review in a positive manner; however, we still have some things to look at.
CryptoRocket Regulations
Even though CryptoRocket is a legally registered broker of Forex in Saint Vincent and the Grenadines, it is not regulated by any government agency at all. The initial problem with that is SVG is an off-shore zone that is a location already known for, let’s say, uncertain brokers. However, CryptoRocket is aware of the widespread knowledge, and they work hard to create and keep a secure system where all activity is carefully monitored for anything suspicious.
The countries that they accept are as varied as the trading options that they provide. Therefore, it is an excellent option for traders across the globe, and that is especially true when you take into account that there is no requirement to state your country of residence when you sign up. The question is, does that give them more options to run in the “shady” manner that SVG has become known? We are unsure about that, but as with all brokers, there is a risk to your capital.
Types of Accounts With CryptoRocket
There is only one type of account available to you when you sign up for CryptoRocket. While you may view that as a negative point, what it does mean is that all traders on the platform are treated equally. There is no requirement to deposit higher amounts to get a different platform or to get other benefits that some of the trading brokers offer. Furthermore, when you are creating your account, all you need to provide is your email address and a password.
That means that you know that you are as anonymous as you can possibly be with CryptoRocket. And, when you compare that to some of the other brokers, it is a huge plus point.
CryptoRocket Trading Platforms
While some of the brokers on the market only allow for web-based or mobile-based applications, CryptoRocket provides for both, plus a desktop version. That means that you can use CryptoRocket while on the go or at home, whether you have Android or iOS. MT4, or MetaTrader4, is not a new trading platform, and the development of it was in 2005 my MetaQuotes. Again, the first thing that you may think of is that it is an old platform, and it should be upgraded. However, even though a lot of people believe that MT5 is an upgrade of MT4, it is not. The truth is that MT4 is a specific Forex trading platform that has its feet firmly under the table.
The great thing about that is the useability and knowledge availability of the platform that is already available. If you have any experience in trading with Forex, then using their platform will seem as comfortable as any other. On the other hand, if you are new, you will find the transition to other brokers as easy as others coming to CryptoRocket will.
Although MT4 development began for Forex, it is not solely for Forex. It can trade various markets, including commodities, cryptocurrency, and indices. Therefore, you know that you are getting a trading platform that you can trust, and learn well without the risk that it is proprietary to CryptoRocket. Other features of the platform are:
- Alerts available.
- iOS, Android, Windows, Linux, and Mac Compatible.
- Stable, fast, and reliable.
- A large amount of built-in analytics.
- Auto trading.
- Single-click trading.
- Backtesting of data.
- The ability to create custom indicators.
- Multiple order type support.
- Chart-direct trading.
While we could go on about MT4 more, all you need to know is that you are in good hands with the trading platform that CryptoRocket provides.
CryptoRocket Guides
If you are new to trading, you will want to do some research before getting into the actual trading. That is where you will look to the guides section. My initial thought about the guide section was a little bit disappointing. I thought that there might have been a little more information in there for the beginners. However, there are only four articles at the time of writing this article - all of which, with the exception of one, would probably be more suited in the FAQ section.
The guide that probably is ok as a guide is the MT4 Android App User Guide. It walks you through the entire process from creating an account through to opening a trade. In my opinion, the guide could be a little more thorough; however, it gets the job done adequately. As I have mentioned, the other guides may fit into the FAQ section better, as they are:
- Deposit With Your Credit or Debit Card
- Deposit With Your Card Using Coinbase
- Getting Crypto Pairs to Appear on Metatrader 4
Maybe this will change in the future, as the majority of its 15 years have been used for testing the platform and adding/removing components as necessary.
Deposit and Withdrawal on CryptoRocket
As you may have seen in the section above, you can deposit funds into your CryptoRocket account in various ways. Here is a list of the deposit options that you have:
- Credit card
- Debit card
- BTC via Instacoins or Coinbase
I have read some other reviews about CryptoRocket, stating that the time it takes for the funds to clear is too long. However, you can undoubtedly expect same-day deposit reflections. The reason that they give is they do not control the blockchain, and that you need six confirmations with BTC deposits. Therefore, do not worry if you think that the reflection is taking too long, especially if you are using BTC.
Most of the transactions do clear within an hour or so, but that is dependant on blockchain traffic at the time. If you do have any doubles, you may want to refer to the guides section, as spoken about earlier.
Other deposit and withdrawal information:
- Minimum deposit. - 0 BTC
- Maximum deposit. - No limit
- Deposit Fee. - None
- Withdrawal time. - 1-day maximum
- Minimum withdrawal. - 0.001 BTC
- Maximum withdrawal. - No limit
- Withdrawal fee. - None
Opening a CryptoRocket Account
Opening s CryptoRocket account is very simple. All you have to do is provide your name, email address, and password, and you are ready to go. If you wish, you can make the process even quicker by using your Facebook or Google account to log in for you. As soon as you have done that, you will receive a confirmation email, and you can trade stock, Forex, and crypto through the MT4 on your PC, Mac, or mobile devices.
CryptoRocket Customer Service
While you are not a registered member, there is only email-based customer support. However, it is still a 24/7 customer support, and the time that I tested their response, I received a reply within the hour. Furthermore, when you are a registered member, you get a live chat service that is available the same amount of time to answer all of the questions that you may have. Every time that I have tested their customer service, they have been able to answer all of my questions, whether they were general, account-related, or technical problems in one chat.
All of the customer service reps that I have spoken to are quick and efficient, and they speak very good English, which enables swift resolutions to all of the issues. You can tell that they have a customer support team that pride themselves on treating everyone with the most respect and try to resolve all the problems with haste.
CryptoRocket Conclusion
CryptoRocket, while not the best place to learn for beginners, it is undoubtedly a place that you can go to use for a test account. Personally, I feel like if they had a little more in the way of learning resources, it would be one of the better trading platforms available. There are still a few things that I am unsure about, such as the fact they are an off-shore trader, so I would advise that if you are going to use them, try with a smaller amount of money than you would with some others. However, the fact that you have a very small minimum deposit amount, there is no reason why you can’t try for a while before you get into the higher-priced trades.