Altcointrades has been flagged by Ontario Securities Commission for "Unregistered/Unlicensed entity offering financial products or services". Altcointrades found at http://altcointrades.com/ is not registered in Ontario to engage in the business of trading in securities. This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
I was contacted by Altcointrades through social media. They promised guaranteed returns of 20-30% monthly. Being naive, I invested. The "account manager" pressured me to invest more and more. When I finally tried to take profit, my account was frozen and they stopped responding. Classic Ponzi/advance fee fraud.
Pros: Initially responsive customer service
Cons: Cannot withdraw funds|Not regulated|Pressure tactics
The spread at Altcointrades is not what they advertise. During volatile markets it widens so much that you lose before the trade even starts. I found them based on a colleague's recommendation and initially thought the platform was good - until I started trading seriously.
Pros: Transparent fees|Portfolio tracking tools|Market news feed
Cons: Account statements could be more detailed
I was about to invest with Altcointrades but decided to check their regulatory status first. They claim to be regulated but I could not find them on any official register. Ontario Securities Commission has actually issued a warning about this firm. Thank goodness I checked before sending any money.
Pros: Website looks legitimate on the surface
Cons: Flagged by Ontario Securities Commission|Cannot verify credentials
After doing some research AFTER the fact (I know, I should have done this first), I discovered that Altcointrades is not authorized by any legitimate financial regulator. They are operating illegally. The website looks very professional but it's all a facade. Please check the regulatory warnings database before investing with ANY company.
Cons: Withdrawal fees demanded|Communication cut off|Not authorized
This company appears on the IOSCO I-SCAN international warnings list. Over 68 financial regulators worldwide contribute to this database. While being listed doesn't automatically mean fraud, it's a significant red flag that potential investors should take seriously. Do your research thoroughly.
Cons: Listed in IOSCO I-SCAN|May not be authorized in your jurisdiction
I closed a profitable position at Altcointrades and the profit was not credited for 5 days. Support said it was a settlement delay. When it finally arrived it was less than the amount shown on the platform. They could not explain the difference. I have moved my account.
Pros: No hidden fees|Multiple order types|Customizable dashboard|Economic calendar
Cons: Withdrawal takes 1-2 business days|Mobile app could be improved
I wanted to transfer my portfolio from another broker to Altcointrades. They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.
Pros: Great customer service|Fast execution|Easy to use platform
Cons: Research section could be deeper|Minimum deposit could be lower