AltumFx is a clone website that looks exactly like cryptoaltum. Both of the platforms are unregulated and seem to care only for account funding. Once you fund your account, that’s the last you will hear from them. We have been receiving complaints from members who have lost large amounts. It seems impossible to withdraw funds from Altum FX. Here’s the full ALTUMFX REVIEW for more.
One of the reasons why investors are quickly signing up with the platform is the welcome bonus. The platform offers a welcome bonus of 100 percent. It means they match your deposit amount, no matter how large it is.
AltumFx also offers a high leverage position of 1:500. For those new to the market, this is a high-risk leverage position. You are bound to lose more if you decide to go with such leverage. Even regulators have put a cap to maximum leverage to be 1:100.
Other claims we see are unfounded, such as being a regulated entity. Instead, we have a clone copy of a website trying to take advantage of naive investors. And this is why we must expose the red flags found on altumfx.com.
If you want to trade with peace of mind, you need a proven platform. You have to use tested means of investing that generate realistic returns. And this is why it's best to choose new investment methods. You can try out DeFi and Masternoding for a chance to earn.
Altum FX, on the other hand, only wants investors to deposit large amounts. The number of complaints, especially for those who deposit with Crypto, is large. We need to shed light on why this is a risky investment platform./
When deciding which investment platform to use, it's best to do some research. Reading reviews will give you insight into what to expect with a platform. And that’s why we must thrive on finding proven solutions for forex investments.
AltumFx claims to make trading simple by furnishing users with only one account type. Although they see it as such, a single account type doesn’t give users much variety. It restricts users to the same trading conditions.
The difference in the single account is the leverage on the types of trading instruments. For example, you find that the maximum leverage for stocks is set at 1:50. When trading with equity indices, the maximum leverage is 1:100.
Crypto pairs enjoy the highest leverage with the platform with leverage of 1:500. There are no commissions, and the minimum acceptable deposit is $10. We can see why the platform is getting huge sign-ups from newbie investors.
The margin calls and stop out are set at 80 and 50 percent, respectively. In addition, members get high-volume rebates, and one-click trading is possible. Other features found on the platform include free VPS and automated EA trading.
Altum FX promises investors negative balance protection, which we are yet to see. The platform also does an incredible job of offering free demo accounts. In addition, MAM accounts are available as well as Micro Lot trading.
Opening an account with AltumFx is straightforward. First, you need to complete the online application. Next, the platform requires your full name and residency. When registering with the platform, they demand proof of residency.
One of the grey areas to spot is the documents they demand when verifying your account. You must send a copy of your ID, bank statements, and utility documents. However, the platform allows users to trade without the documents.
When the time comes to withdraw, the platform will demand credit card information. The platform claims this will help them sort out the transactions in their system. And this to us is a reason to worry.
Mark Hughes, a cyber-expert, warns of such platforms. He believes the platform is harvesting data from members. There’s no telling what they do with your documents. Being an unregulated platform, the security of your documents is not a guarantee.
AltumFx is not a registered platform and does not appear as a CySEC licensed entity. With the parent companies claiming registration in Cyprus, we had to confirm. And this proves Altum FX is an unregulated platform.
When investing, we suggest you go for platforms that are regulated by reputable bodies. These include ASIC, BaFIN, CySEC, FCA. FINTRA, and the SEC. The bodies mentioned help keep everyone safe and ensure platforms offer fair trading conditions.
No regulator in their right mind would allow leverage of 1:500. We also don’t see any effort by the platform to prove its legitimacy. A legit platform would post copies of their license documents for all to see.
A 100 percent introductory bonus is the reason why most investors are signing up. Little do they know that this is a trap set by the platform. The platform won’t allow anyone to withdraw funds unless you deposit the exact deposit amount.
Members are left stranded as they can’t withdraw funds from the platform. Even if the account has enough balance, the platform demands a new deposit. However, once you make the mistake of sending the balance, they allow partial withdrawal.
According to the disclaimer at the footer of their homepage, 360 Degrees Markets Ltd owns the platform. ISPASS Technologies Ltd is another parent company that owns the platform. Both of these companies are said to be registered in Cyprus.
We did a check with the company registrar in the region and found no such entity exists. The platform is using random numbers as company registration details. We also don’t know who owns and runs the platform.
It makes AltumFx an anonymous online forex investment platform. But, unfortunately, anonymity coupled with a lack of regulation makes it a risky investment platform. And this is the reason why we must expose the platform’s potential risks.
You should not expect an anonymous investment platform to offer ample support. Instead of offering users a contact address, they have a FAQ page. There’s no way investors can get in touch with support.
And this shows their intention of controlling the communication lines. It makes it possible for them to reach you and not vice versa. The platform tries every trick in the book to remain anonymous.
One of the few things the platform got right was offering users a free demo account. You can test how the platform works with their demo account. The demo account comes fully equipped with an MT5 trading terminal.
Altum FX accepts deposits in several currencies, including USD, EUR, JPY, BTC, and ETH. Other currencies they accept include XRP, USDT, and bank transfer. In addition, bank transfer and Skrill is another form of payment allowed by the platform.
Withdrawing funds from the platform is what makes it a huge problem. There have been scathing comments from members who can’t withdraw. It seems the platform tries everything possible to block withdrawals.
Another positive aspect of the platform is furnishing users with an MT5 trading terminal. As a result, it’s one of the best trading platforms to use. In addition, the platform offers users advanced tools and an engaging user experience.
You can learn trading all thanks to this platform. We recommend it as well as MT4 and SIRIX. These three platforms offer users an added advantage when it comes to trading. You get automated tools and the ability to customize your trades.
There’s no safety of funds from a platform that fails to have a valid license. The platform does not protect the interest of members. Deposits don’t get any insurance cover. And this is the reason why we can’t possibly recommend the platform.
Here are the main reasons to avoid the platform
Make the best investment decision and sign up with transparent platforms. It’s the best way to invest and trade.
If you have any queries, feel free to leave a comment or write to us.
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