Cryptobenefits has been flagged by Financial Markets Authority for "Unregistered/Unlicensed entity offering financial products or services|Fraud ...". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
The onboarding at Cryptobenefits was smooth which makes the subsequent experience even more frustrating. Once they have your money, the quality of service drops dramatically. Getting anyone to help you with an actual problem is nearly impossible.
Pros: Dividend tracking|Quick verification|Tax reports included|Great customer service
Cons: Account statements could be more detailed|Website design could be more modern
After since the beginning of the year with Cryptobenefits I requested to close my account and withdraw. They said I had to complete a 30-day cooling-off period. Then they said there was a minimum holding period for my last deposit. They make it as hard as possible to leave.
Pros: Customizable dashboard|Detailed reporting|Fast execution|Social trading features
Cons: Search feature is basic|No phone support on weekends
After doing some research AFTER the fact (I know, I should have done this first), I discovered that Cryptobenefits 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: No regulatory oversight|Money disappeared|Fake testimonials
I lost a significant amount because Cryptobenefits did not execute my stop loss during a flash crash. They said the market was illiquid. Other brokers managed to execute. I have no proof they did not trade against me. Avoid.
Pros: Fast support response|Clean UI|Intuitive for beginners
Cons: Withdrawal takes 1-2 business days
Cryptobenefits changed their fee structure with one month notice. What was a flat fee became a percentage. For my account size it meant a huge increase. When I objected they said I could leave. So I am leaving and writing this review.
Pros: Full transparency|Demo account available|Responsive team
Cons: Minor UI glitches occasionally
The mobile app from Cryptobenefits is dangerous. I placed an order that showed as pending, so I placed another. Both executed and I was overexposed. When I complained they said it was user error. The app design is misleading.
Pros: Dividend tracking|Portfolio tracking tools|Wide product range
Cons: Would like more payment methods
The spread at Cryptobenefits is not what they advertise. During volatile markets it widens so much that you lose before the trade even starts. I found them through a forum discussion and initially thought the platform was good - until I started trading seriously.
Pros: Fast execution|Fast support response
Cons: Minimum deposit could be lower|Help articles are sometimes vague
Several red flags with Cryptobenefits: (1) They promise unrealistically high returns, (2) They're not registered with Financial Markets Authority, (3) Their contact information is vague, (4) They pressure you to deposit quickly. I recommend everyone do thorough due diligence before investing with any company.
Pros: Website looks legitimate on the surface
Cons: Unauthorized firm|Found in IOSCO warnings database
I looked into Cryptobenefits and found they appear in the regulatory warnings database. Financial Markets Authority has issued a notice about this firm. Whether this is a misunderstanding or a serious concern, the fact remains that proper due diligence is essential. Always verify the regulatory status of any company before investing your hard-earned money.
Cons: Appears in regulatory warnings database|Uncertain regulatory status