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Kryptocarts Review 2024

Written By

William Berg

Written By

William Berg

William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.

» William Berg Profile Page

Fact Checked By

Tobias Robinson

Fact Checked By

Tobias Robinson

Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.

» Tobias Robinson Profile Page

Updated

Jun 23, 2024

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Available in United States

Overall Rating

1 / 5

Kryptocarts is #15 in our CFD broker rankings.

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Customer Reviews

Minimum Deposit $0

Trading Platforms Own

Instruments Crypto, Forex, Indices, Commodities

Regulators

Account Currencies USD

Payment Options Bitcoin Payments, Ethereum Payments

Pros

• Low minimum deposit
• Copy trading

Cons

• Low broker rating
• No MT4 integration
• No demo account

Kryptocarts is an online broker that facilitates trading on cryptocurrencies, stocks, indices and commodities through the award-winning PrimeXBT platform. The brand offers some interesting features such as copy trading and crypto staking, but it is a relatively unknown quantity without a long track record. This Kryptocarts review will take a deeper look at trading with the brand, assessing its fees, leverage, bonuses, platforms, and more. Our experts also share their verdict on Kryptocarts.

Key Takeaways

• 80+ instruments
• Leveraged copy trading
• Up to 14% APY on staked crypto
• <7.12ms typical order execution
• No negative balance protection
• Not overseen by a reputable regulator
• Red flags over Kryptocarts’ use of PrimeXBT’s branding
• Limited online presence and publicly available information

Assets & Markets

Kryptocarts offers online trading on four asset classes:

• Cryptocurrencies – Bitcoin, Ethereum, Litecoin, Ripple, Cardano, Polkadot, Solana, Uniswap, Chainlink, Dogecoin, and EOS are paired with USD. ETH, LTC, EOS, XRP and ADA pairs with BTC are also available
• Forex – 51 fiat currency pairs, including all majors and a selection of minors and exotics
• Indices – 11 indices covering US, European, British, Japanese, Australian and Hong Kong markets
• Commodities – Oil, natural gas, silver and gold

On the downside, the broker does not offer direct trading on stocks. Also, the selection of assets is fairly limited compared to alternatives.

Spreads & Fees

Kryptocarts is not particularly transparent when it comes to trading fees. Spreads start from 0, but no information is provided on average spreads.

Commissions vary depending on the asset traded:

• Forex – 0.001%
• Crypto – 0.05%
• Stock Indices – 0.01%
• Commodities – 0.01%

Leverage

The broker offers high leverage between 1:20 and 1:1000. There is some variation within asset classes, with the amount of leverage depending on the volatility and liquidity of the instrument.

Forex has the highest leverage, with 1:1000 available on most pairs but only 1:500 on the USD/RUB pair. Gold and silver can also be traded with 1:500 leverage, while energies and indices offer up to 1:100. Crypto has the lowest leverage, ranging from 1:20 to 1:100 for the most popular cryptocurrencies, Bitcoin and Ethereum.

Kryptocarts also offers a copy-trading account, which offers a maximum of 1:100 leverage.

Account Types

Kryptocarts offers three account types:

• Margin trading account
• Copy-trading account
• Yield account

Margin Trading Account

The standard account type offers margin trading on the broker’s full list of assets.

Copy-Trading Account

Kryptocarts offers a ‘copy-trading module’ that allows clients to browse hundreds of traders and choose one whose strategy they wish to mirror. More than 50 assets are available on the copy-trading module.

Copy trading is a simple process that involves selecting the trader, inputting the amount of funds you wish to allocate to their trades, and then clicking ‘follow’. However, there is no guarantee that the trader you follow will make money.

Yield Account

Traders who join Kryptocarts can assign crypto tokens to a yield account which will earn traders a percentage return.

Unfortunately when we used Kryptcarts, the purported yields were obscure. A calculator on the website shows four different APR percentages for earning USD Tether on Standard, Advanced, Premium and Elite accounts. But there is no mention of these different account types elsewhere on the site, and the calculator’s functions do not work.

In addition, the ‘Terms and Conditions’ link attached to the page leads to a document from PrimeXBT. This is just one instance where Kryptocarts has used material or logos from PrimeXBT, which is a different crypto platform.

Our experts contacted PrimeXBT to enquire about this, and learned that there is apparently no affiliation between the two sites.

How To Register For An Account

The Kryptocarts registration process takes you to a page requesting some standard information. The page also asks for your Bitcoin wallet address and USDT wallet address, as well as a secret question and answer.

The company does mention a ‘mandatory whitelisting feature’, which often refers to the creation of a ‘whitelist’ of wallets that traders’ funds can be sent to. However, this would usually not come at the very first step of account creation.

While simply sharing your wallet addresses doesn’t pose any risks, bear in mind that it will potentially allow the recipient to see the amount of crypto in the wallet. If you have a significant amount in your digital wallet, this could leave you as a tempting target for phishing or other scams.

To ensure the safety of your crypto holdings, never share your private keys, password or recovery phrase with anyone.

Payment Methods

Kryptocarts does not provide a full list of its accepted payment methods or any information on how to make deposits and withdrawals on its website.

This is unusual among online brokers since this is an important factor that traders take into account when looking for places to trade.

The lack of information on payment methods is a worrying sign and a red flag.

Demo Account

The brokerage does not offer a demo account to traders.

The lack of a simulator account is a major drawback, since prospective users have limited means of verifying the credibility of the firm.

Kryptocarts Platform

Kryptocarts’ website proclaims that its traders will have the opportunity to trade on its ‘award-winning platform’.

However, all of the images of the platform in question display the proprietary platform built by the PrimeXBT crypto exchange.

The ‘preview platform’ button also links to a preview of PrimeXBT’s platform.

Since PrimeXBT professes no link to Kryptocarts, the lack of transparency around the broker’s prominent use of PrimeXBT to promote itself is a strange sign and another red flag.

Order Types

Kryptocarts offers four order types:

• Market
• One-cancels-the-other
• Limit
• Stop

How To Place A Trade

A trade can be opened by doing the following:

1. Open the platform
2. Select an asset on the sidebar
3. Click ‘buy’ or ‘sell’ on the bar at the top of the chart display to bring up a new order window
4. Specify the order type, volume and stop loss/take profit using this box
5. Click ‘send order’, then ‘confirm’ in the next pop-up window to finalize the trade

While using Kryptocarts, we were disappointed to find no mobile app.

Bonuses & Promotions

Kryptocarts advertises trading contests whereby traders can win ‘real money’ by outperforming other traders with virtual funds.

There is no indication of the size of the prize or the terms of the contest, and the button to join the contest is a dead link.

As with many other sections of the website, the FAQ section on this page is also not operational.

Kryptocarts Regulation

Kryptocarts is registered as a company in St. Vincent and the Grenadines. The small print on the Kryptocarts website reads that the broker ‘is not required to hold any financial services license or authorization in St. Vincent and the Grenadines to offer its products and services.’

This is fairly typical for offshore brokers. However, it does mean that traders will receive limited legal protections. For example, we did not find evidence of negative balance protection.

Customer Support

Kryptocarts’ support page is bare except for a support form for forwarding a message. A live chat feature at the bottom right-hand corner of the screen has the same function.

Elsewhere on the site, there are a few ‘Contact us’ sections on various pages. However, the text ‘[email protected]’ appears in place of an email address on these, and clicking on this returns you to the Kryptocarts front page.

There is a ‘support@kryptocarts.com’ account listed at the bottom of the page.

Overall, Kryptocarts does not receive a high rating for its support services.

Security & Safety

Kryptocarts states that it uses a range of security features, including 2FA, hardware security models, SSL encryption and more.

However, the Kryptocarts web page is littered with red flags that make it difficult to trust this broker.

For a start, there is the broker’s uncredited use of PrimeXBT’s platform, which it passes off as ‘our award-winning platform’. As stated earlier, PrimeXBT has confirmed it has no affiliation with Kryptocarts.

The website also puts various awards at the top of its first page – the Best Crypto Trading App and Best Crypto and Forex Broker and the Best Platform for Margin Trading. We found no record of any of these awards going to Kryptocarts.

Likewise, a page titled ‘Press and media’ purportedly shows a long list of stories about the broker in reputable press outlets, complete with headlines and subtitles. Again, we were not able to verify any of these news stories, and every link provided was dead.

Another part of the website that stood out was the reported average daily trading volume of $545 million, found on the ‘About us’ page. This is a significant volume – four times higher than the volume reported by PrimeXBT – and it seems unrealistic that a broker with such a small web footprint would be racking up such numbers.

The overall impression from Kryptocarts’ website is that effort has been made to make it appear to be a legitimate broker with a good reputation and track record, but ultimately everything that should be evidence of this proves to be hollow.

And, while there is little information on this broker online, there are a few Kryptocarts reviews by disgruntled customers who say they have been unable to withdraw their funds.

Company Details

The Kryptocarts website provides an address for what it says is its Swiss office: Schuepisstrasse 112, 3623 Horrenbach-Buchen, Switzerland.

A search on Google Maps does not show up any such address. Moreover, Horrenbach-Buchen is a rural district of farmland and hills where you would not expect any commercial offices to be located.

Trading Hours

No trading hours are indicated on Kryptocarts’ website. With that said, cryptocurrencies can usually be traded 24/7 while forex is available 24/5 and stocks follow their respective local market operating hours.

Kryptocarts Verdict

Traders need to be careful where they put their money, particularly when they are dealing with offshore brokers. Ultimately, Kryptocarts gives limited sign of being a trustworthy company to trade with.

The website promises low fees and an award-winning platform – but the platform in question belongs to another company that says they are not affiliated. And, while the website leaves a great many important questions unanswered, the information it does provide raises even more. Why is the company’s office address listed in a small agricultural region of Switzerland? And why can none of the sources of endorsements or news stories that Kryptocarts advertises be found on the internet?

If Kryptocarts is a legitimate broker, it has done a good job of disguising it. Instead, consider our list of recommended alternatives.

FAQs

Is Kryptocarts Legit Or A Scam?

There are various red flags and warning signs at Kryptocarts, and there is little to inspire trust among traders. This is an unregulated broker with no easily verifiable address or company details. The trading terminal it advertises as ‘our award-winning platform’ actually belongs to a different company with no affiliation, and there is no sign elsewhere on the internet of the various endorsements listed on the Kryptocarts website. Be wary of trading with this company.

Is Kryptocarts A Crypto Broker?

Kryptocarts offers trading on four asset classes – cryptocurrencies, forex, stock indices and commodities. CFDs are the vehicle used to make trades with leverage up to 1:1000.

What Are The Best Alternatives To Kryptocarts?

There is a range of legitimate and reputable crypto brokers on the market, including big names like Pepperstone, IC Markets, XTB and FXCC. Another good option is PrimeXBT – Kryptocarts uses their trading platform anyway, so why not go directly to the source?

Is Trading With Kryptocarts Safe?

Online trading is high-risk, especially on margin. This is why it is important to trade with a reputable and reliable broker. Since there are many unanswered questions with Kryptocarts, we would recommend choosing a broker with a better track record.

Can You Copy Trade On Kryptocarts?

Yes, Kryptocarts offers a copy trading account, as well as a profile where you can earn yields on your crypto holdings. Over 50 assets are available in the copy trading module, along with leverage up to 1:100.

Top 3 Alternatives to Kryptocarts

Compare Kryptocarts with the top 3 similar brokers that accept traders from your location.

1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
   Go to IG
2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
   Go to Interactive Brokers
3. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
   Go to World Forex

Kryptocarts Comparison Table

Compare Trading Instruments

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