- Various forms of deposit / withdrawal
- Easy and convenient method of opening an account
- Wide range of trading instruments
- No deposit and withdrawal fees
- Chatbox and support staff are available 24/7
Cryptobo is a brokerage firm that claims to be the first-ever crypto-based binary options broker in the world. Following various crypto bubbles and ‘cryptobooms’, cryptocurrencies have become a serious form of payment and Cryptobo has recognized that. With all deposits and withdrawals made in Bitcoin and a variety of cryptocurrency assets to trade, it is embracing the ever-growing decentralized currency world. This 2022 Cryptobo.com review will run through everything you need to know, from payment methods to the assets you can trade.
Cryptobo was founded in 2017. The company’s origins and details are shrouded in mystery, with no official information being disclosed. While this could be seen as shady, it could also be viewed as being in keeping with Bitcoin and crypto’s background of decentralization. After all, other than the pseudonym Satoshi Nakamoto, we know nothing about Bitcoin’s origins or creators.
In the same vein, no details of regulation are provided, meaning it is likely an unregulated broker. Cryptobo does not support US traders but there are still over 1.5 million users registered and over 900 traders online at any given time, conducting upwards of 50,000 trades per day.
Cryptobo’s trading platform is like those used by other binary options brokers. Following signup, enter your login details to visit the trading platform. Navigation is simple and easy, your balance is displayed clearly at the top of the page, quoted in Bitcoin. Notifications can be set up easily through the bell icon, so you can be told when assets you are interested in hit certain prices. Opening trades is simple, the charts indicate “call” and “put” bars coloured in greed and red where you enter trades.
There is a range of assets available to trade with binary options on Cryptobo, such as cryptocurrency pairs, stocks and more. The rokerb offers multiple expiration times for binary options trades, including one, five and ten minutes and one-, two- and five-hour options.
Some of the assets available are:
- Cryptocurrency Pairs: Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) against a range of fiat currencies (including Euros, USD, Japanese yen and more) as well as ETH/BTC, ETH/LTC and LTC/BTC.
- Stocks: A selection of the most popular and profitable stocks including Apple, Microsoft and Nike.
- Currency Pairs: There is a range of currency pairs available, including major pairs like EUR/USD and GBP/USD and minor pairs like EUR/GBP and GBP/JPY.
- Indices: Cryptobo offers traders the most popular and valuable stock indices including Dow 30, Nasdaq, FTSE 100, Hang Seng and more.
As Cryptobo is a binary options trader, spreads and commission are not charged. Instead, each asset is given a pay-out before purchase. This way you know exactly how much money you stand to make before you place a trade. The broker promise a pay-out of up to 91% on successful trades, paid in Bitcoin. This means that if you place a trade worth 0.1 BTC, you will win 0.091 BTC on top of your stake.
All deposits on Cryptobo are made with Bitcoin, there is no alternative. The broker does not impose a minimum deposit restriction on traders, you can deposit any amount you are willing to trade with. However, the minimum trade amount is 0.0000001 BTC (or ten Satoshi), so you will need at least this much in your account. Funds become available as soon as they have been confirmed on the Bitcoin blockchain network. Typically, this takes around ten minutes.
Withdrawals from Cryptobo are also only available in Bitcoin. The minimum withdrawal amount is 0.002 BTC. Users simply provide the wallet address they want to withdraw the funds to and the amount they would like to withdraw, then confirm. Withdrawals are usually completed within 3 hours but, during busy times, they can take up to 24 hours. A fee of 0.0004 BTC is charged per withdrawal.
As far as we are aware, Cryptobo does not offer any leverage to traders. Users are only able to trade with the capital they put in. While this means you cannot boost your winnings, it also means that larger losses are not incurred.
Cryptobo does not offer a dedicated mobile app. Instead, the broker’s web trading platform can be accessed through your mobile’s internet web page. The web app works seamlessly through mobile devices and provides a great option for on the go trading. Opening and closing trades is just as simple as it is on a desktop computer.
Cryptobo does not offer a demo account. However, upon opening an account, users are credited with 500 Satoshi (0.000005 BTC) which they are free to start trading with. This essentially acts as a demo account as it can be replenished once it is spent. It should be noted that 500 Satoshi is worth only around $0.25, hence the company are willing to keep offering out said funds.
As mentioned, Cryptobo offers 500 Satoshi, or 0.000005 BTC, to every user who signs up. The brokerage firm also runs further promotional programs on top of this. Currently, users can receive a 10% bonus on top of any funds deposited. It should be noted that if you want to withdraw these funds, a certain level of turnover needs to be achieved. If you deposit 0.1 BTC, you will need to turnover (0.1 + 0.01) * 10 = 1.1 BTC. Refer to the website for up-to-date bonus programs and more details on terms and conditions.
Cryptobo’s regulation details are kept hidden. It is not clear whether they are regulated by a body or not, though the latter is more likely. This is a slight cause for concern, but it is in keeping with Bitcoin’s lack of regulation. This also allows the broker to provide an anonymous service, with no KYC checks or ID verification.
There are several crypto bots available online for Cryptobo, or ‘Cryptobots’ as they call them. These can be installed and will automatically place trades for clients based on signals.
Cryptobo does not offer multiple live account types. There is a one-size-fits-all live trading account that all users must open. This means there is no paywall stopping you from having access to the best deals and pay-outs available.
Our research showed these to be the key benefits of trading binary options with Cryptobo:
- High pay-outs
- No minimum deposit
- Effective trading platform
- Trade anonymously (no KYC)
- 500 Satoshi bonus for all users
- Solid range of assets available to trade
These disadvantages were flagged during our research of Cryptobo:
- No regulation
- Negative user reviews
- High minimum withdrawal
- No company details are available
- No expiration times longer than five hours
Trading hours for Cryptobo relate directly to the asset involved and exchange it is linked to. Cryptocurrency pairs can be traded 24/7 and most over-the-counter currency pairs can also be traded 24/7. The rest of the currency pairs follow the standard forex trading times with breaks on the weekend. Stocks and indices trade during the hours of the stock exchanges they are listed on.
Cryptobo offers 24/7 support to customers should they face adversities. They can be contacted via the following methods:
One benefit of trading with Cryptobo is that the broker does not hold much of your personal information. No know-your-customer (KYC) verification is required so the only information given to the broker is your email and wallet address. This means that, in the event of a data breach, there is no critical information lost.
Cryptobo is a binary options broker aiming to do things differently. While its claims of being the first crypto-based binary options broker may be exaggerated, basing all deposits and withdrawals in Bitcoin is certainly a unique feature. This review flagged up some cautionary details, such as the lack of regulation and high withdrawal limits, but there are some distinct advantages to trading with Cryptobo, including its diverse range of assets and high payouts.
Cryptobo accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Where Is Cryptobo Regulated?
Cryptobo appears to be an unregulated binary options broker, offering anonymous trading services.
How Much Capital Do I Need To Trade With Cryptobo?
There is no minimum deposit on Cryptobo. Therefore, you are free to start trading with any amount of capital, especially when you consider the free 500 Satoshi offered to each user.
Can I Trade Binary Options In The UK?
Binary options have recently been made illegal in the UK. However, as Cryptobo is not regulated by the FCA, UK traders will still be able to trade binary options through them.
Are Binary Options On Cryptobo Safe?
Binary options are inherently risky and it is no different on Cryptobo. Big winnings can be made but losses are also easily incurred, trade with caution.
Does Cryptobo Offer A Demo Account?
Cryptobo does not offer a demo account. However, 500 Satoshi is offered to each user, which almost acts as a demo account, especially as it can be replenished.