CryptoRocket Review 2024

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CryptoRocket is a cryptocurrency and multi-asset broker that lets UK traders invest through the MT4 platform with Bitcoin or fiat currency deposits. This Cryptorocket.com review will cover the markets available, typical fees, mobile app functionality, demo account support, and other important features needed to evaluate the broker’s pros and cons.

Our Take

• CryptoRocket offers trading on an impressive range of cryptos including Bitcoin and Ethereum
• High leverage is available up to 1:500 as well as free crypto deposits
• The brand is not authorized by the FCA which raises safety and security concerns
• The suite of trading tools and investing services does not compete with alternatives

Market Access

The CryptoRocket instrument list includes a decent breadth of asset classes, though we were sorry to see the notably shallow selection of stocks and we found the non-crypto offering is generally mediocre. On the plus side, the selection of digital currencies is extensive, with both crypto-fiat pairs and crypto-crypto assets.

Supported asset classes include:

• 6 Commodities – Four precious metals and two energies including UK oil, gold, and silver
• 10 Indices – Some of the largest global indices including the FTSE 100, AUS 200, and US 30
• 64 Stocks – European, Asian and US shares including Apple, Johnson & Johnson, Oracle, Telefonica and Walmart
• 55 Forex – Major, minor, and exotic currency pairs including GBP/CAD, EUR/GBP, EUR/USD, and USD/JPY
• 55 Cryptocurrencies – Digital currencies and USD pairs or crypto-to-crypto pairs such as ETH/USD, XRP/USD, BTC/USD, and ETH/BTC

Fees

We found CryptoRocket’s pricing structure a cause for concern as the brand is not fully transparent about trading fees.

All products incur a floating spread along with a £6 commission charge per lot. Our team found that the spreads are around the industry average, as we were quoted a 0.9 pip spread on the GBP/EUR and a 0.7 pip spread on the EUR/USD. This is not as tight as the best UK brokers, especially given that there is a relatively high commission to factor in.

However, we were pleased to see that the broker does not charge any fees for deposits and withdrawals. There is also no inactivity fee which is a benefit vs XTB, for instance, with its £10 charge after 12 months of dormancy.

Accounts

We like that CryptoRocket keeps things simple with a single standard profile, meaning that all clients will trade with the same terms via the MetaTrader 4 platform, regardless of the amount of capital they deposit. You can also get started with no minimum deposit and there are zero restrictions on trading strategies.

However, Muslim traders will be disappointed by the lack of an Islamic profile.

How To Open An CryptoRocket Account

I found the account registration process straightforward and I was able to complete it quickly and easily online.

1. Select ‘Sign Up’ from the broker’s homepage
2. Choose ‘Register Now’
3. In the online application form, add your name, email address, DOB, and gender
4. Create a password at the bottom
5. Review and confirm compliance with the T&Cs by ticking the box
6. Select ‘Sign Up’ to confirm the registration
7. Verify your application by selecting ‘Verify Account’ at the bottom of the email sent to your registered email address
8. Login to the client portal to finish the application
9. Add your phone number by selecting ‘Verify’ from the dashboard homepage
10. Make a deposit in the following screen and then create your MetaTrader account

Funding Options

We felt that the funding methods offered by CryptoRockets are adequate, but we were sorry to see the lack of e-wallet options. When we used CryptoRocket, we were offered bank wire transfer, Bitcoin, or Instacoin deposit options.

It is worth noting that you can use fiat currency including GBP, though you will be purchasing cryptocurrency to load into your account via Instacoins, and you will need to create an Instacoins account the first time you deposit tokens.

We were pleased to see the broker does not charge any fees, though mining costs and blockchain fees may apply. Processing times will vary depending on blockchain confirmations and we found CryptoRocket requires six network confirmations before they will approve the payment, which is secure but might increase processing times.

There is no minimum deposit requirement to open a live trading account; however, when we tried to deposit funds via wire transfer, we were presented with a £50 minimum funding requirement.

Importantly, you can withdraw Bitcoin to your personal wallet address, which gives you a seamless way to get your tokens off the broker’s system and protect your profits.

There is a minimum withdrawal limit of £10 which we found reasonable. Cryptocurrency withdrawal times vary depending on blockchain confirmation processing.

How To Fund Your Account With Bitcoin

1. Sign in to the CryptoRocket client portal
2. Click on ‘Deposit Funds’ from the side menu under ‘Transactions’
3. Select the Bitcoin logo and choose a wallet
4. Add the amount to deposit (GBP equivalent) and select ‘Deposit’
5. Wallet instructions will be displayed on the following screen. Initiate the transfer or scan the QR code

CryptoRocket Platform

CryptoRocket offers just one reputable third-party platform, MetaTrader 4. I was disappointed to see that the brand does not provide any bespoke software as a purpose-built crypto platform, which could have been useful. The brand also lacks additional third-party options, though the firm has promised the addition of MetaTrader 5 ‘soon’.

Nevertheless, I am confident you should have no problems using the MT4 platform, which can be downloaded to desktop devices, or used as a WebTrader through all major internet browsers. One of the major advantages of the MetaTrader brand is cross-platform integration, meaning you can pick up where you left off from all devices. Simply log in with your registered credentials on all platforms.

The MT4 platform also provides several customisable functions, including technical indicators that can be added and removed from charts at the click of a button. Amongst the best features are:

• View full trading history and download trade reports
• 50+ in-built technical indicators and analysis objects
• One-click trading option to execute positions directly from charts
• Live price data with real-time currency quotes and custom price alerts
• Customisable charts with nine timeframes views and a template save function
• MQL4 programming language to develop strategies with robots, scripts, and indicators
• Single-thread strategy tester to trial and optimise robots before using them in real conditions

How To Place A Trade

You shouldn’t have issues placing a trade on MT4 – the process is straightforward:

1. Navigate to the Market Watch window and right-click on the instrument you want to trade
2. Select ‘New Order’ from the menu
3. Complete the order details in the new window (trade volume, order type, stop loss/take profit-risk price, and comment)
4. Select ‘Buy’ or ‘Sell’ to execute the position

Mobile App

We were disappointed that CryptoRocket does not offer a mobile app, as this would be a useful way to manage your crypto funds on the move. However, you can use the MetaTrader 4 application if you want to trade from a portable device. This is available for free download to iOS and Android (APK) devices.

You can access all the platform’s main features on the mobile product, including the ability to make account changes and open and close positions. You can also use technical indicators, set price notifications, and customise charts.

We found the application easy to use; to get started, simply sign in with your login credentials generated when signing up for a CryptoRocket account.

Execution

We like CryptoRocket’s straight-through-processing (STP) model, which assures traders of fast execution speeds and access to institutional pricing with no dealing desk intervention or risk of price re-quotes.

We were also pleased to see there are no trading restrictions. Netting, hedging, and high-frequency investment setups are permitted.

Leverage

CryptoRocket offers high leverage up to 1:500, which is more than adequate for most traders. This is much more than you would be able to achieve with an FCA-regulated brand.

We did find levels differ between instruments, though if you are trading forex or metals you will find significant rates:

• Forex – Up to 1:500
• Metals – Up to 1:500
• Energies – Up to 1:200
• Indices – Up to 1:200
• Cryptocurrency – Up to 1:100
• Stocks – Up to 1:20

Demo Account

We were happy to find a free demo account available to new CryptoRocket traders with no registration requirements. Paper trading is initiated directly through the MT4 terminal, meaning there is no need to submit an application to the brokerage. However, it is a shame to see only major, minor, and exotic currency pairs supported in the simulator account.

All demo accounts are loaded with unlimited virtual funds, a choice of leverage up to 1:500, and four base currencies including GBP. It was also good to see that the pricing within the demo platform is reflective of live trading conditions.

How To Open A Demo Account

We found the process to register for an MT4 demo account quick with no complex account stipulations:

1. Select ‘Demo Account’ from the footer of the broker’s website under ‘Accounts’
2. Click the ‘Web Trader’ icon or download the platform
3. From the MT4 interface, add your name and email address
4. Choose an account base currency from the ‘Account Type’ menu
5. Add a virtual funding amount and choose your leverage from the drop-down menu
6. Review and confirm adherence to the T&Cs by selecting the tickbox
7. Select ‘Next’ and then ‘Complete’ on the following screen

Is CryptoRocket Regulated?

Although CryptoRocket is similar to many other offshore brokerages and the lack of oversight by a reputable regulator does not necessarily mean this is a scam broker, we do urge traders to be cautious. It is safer to trade with a brand registered with the UK Financial Conduct Authority (FCA).

CryptoRocket is a legally registered forex broker in Saint Vincent and the Grenadines, but it is not regulated, meaning it is not obliged to comply with the same regulatory requirements as other firms. This means CryptoRocket has flexibility when it comes to areas like the leverage it can offer traders, but it also removes some of the protections afforded by reliable regulators.

There is no evidence of negative balance protection or segregated client funds, which is concerning since it means traders could become indebted to the broker if a leveraged trade goes bad. You will also not be covered by the UK Financial Services Compensation Scheme (FSCS) if you were to lose your money from business insolvency.

And, despite several promises of monetary security and cold storage solutions for cryptocurrency, we cannot guarantee that the brand adheres to stringent safeguarding.

On a more positive note, you can add two-factor authentication (2FA) to your account logins as an additional security measure. The brand also states that it uses ‘behavioural analysis’ to notify you of any changes to the standard transaction and login attempts from different IP addresses, though we cannot testify to how reliable this is.

Bonus Deals

When we used CryptoRocket, we were not offered any financial incentives such as a welcome bonus or trading rewards. This may disappoint some potential traders as unregulated brokers often use these rewards to encourage new sign-ups since they are not constrained by regulatory restrictions.

Extra Tools & Features

We felt that the extra features offered by CryptoRocket are a big disadvantage as the broker barely provides any additional content to its traders. We were not offered any market news streams, educational content, or third-party tools such as Trading Central. This ranks the brand down considerably in our review.

We were only offered three basic online guides with information on how to deposit with a credit/debit card or Bitcoin and how to launch cryptocurrency pairs on the MT4 terminal.

Customer Service

We were also less than impressed with the customer support options at CryptoRocket. There is no telephone number or email address.

However, the brand does promise 24/7 customer support via live chat or online contact form, and it does seem to stick to this claim. We tested the live chat tool and received a response from a human agent within two minutes which is decent.

Company Details

CryptoRocket Limited is registered in Saint Vincent and the Grenadines but currently operates with no regulatory oversight.

The broker was launched in 2018 and offers STP execution with institutional-grade liquidity. Though company information is somewhat limited, the brand has been recognised with industry awards including the Best Crypto Broker of the Year at the A+OZ forex awards 2020.

Trading Hours

We were disappointed to see that CryptoRocket does not provide an instrument schedule or calendar for trading products.

However, opening hours vary by instrument, with crypto trading opportunities available 24/7 and forex 24/5. You can also view opening and closing times within the MetaTrader platform.

Should You Trade With CryptoRocket?

Although CryptoRocket has some good features to offer cryptocurrency traders, we think traders should be very careful about signing up, since it is unregulated and does not offer any protection measures for UK traders.

The broker offers decent margin trading opportunities on crypto tokens, but it does not offer many additional features, and with such restricted company information and pricing transparency, it does not rank highly in our expert’s opinion.

FAQ

Article Sources

CryptoRocket Website

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