CryptoAltum is an online broker that provides you with a range of crypto trading services. I found them to have a vast selection of over 60 cryptocurrencies for you to trade via the powerful MetaTrader 5 (MT5) platforms which are available on multiple devices, including desktop, web and mobile. You can also trade forex, stocks and commodities. I like that trading accounts can be funded 24/7 using crypto wallets but you cannot use card payments, bank transfers or digital wallets. There is the option of flexible leverage up to 1:500 and spreads start from just 0.0 pips. You will find a limited selection of basic trading tools other than those already in the MT5 platform. If you are a beginner, they also have some simple educational content you can browse in your own time. You can also practice trading on a demo account or get started with a minimum deposit requirement of just $1.
Pros & Cons
- Intuitive, powerful and user friendly MT5 platform
- Good range of 60+ cryptocurrencies
- 24/7 crypto trading
- Quick and easy crypto deposits and withdrawals
- No account transaction fees for deposits and withdrawals
- Straight Through Processing (STP) brokerage
- $1 minimum deposit to start trading
- Trading calculators
- Responsive customer support
- Swap-free Islamic accounts
- Free demo trading accounts
- No individual stocks
- Cryptocurrency accounting only
- Limited educational resources
Founded in 2020, CryptoAltum is a CFD broker dedicated to 24/7 cryptocurrency trading with over 60+ crypto pairs for you to choose from and new cryptos being added on a frequent basis. I think it is great that they are always on the lookout for popular cryptos and will listen to your feedback if there are any cryptos you would to be added.
The broker implements a straight through processing (STP) brokerage model where all of your trades are filled automatically without any dealing desk intervention. This is my preferred execution model as it means that they should not be interfering with your trades. They receive liquidity from several of the top global exchanges. By utilising several liquidity providers (LPs), the broker ensures that they can always deliver the best available market prices to you. All trades are executed with market execution.
I found them to have competitive crypto trading conditions including spreads from $3 on Bitcoin (BTC), leverage up to 1:500 with volume restrictions in place and deposits/withdrawals in 6 cryptocurrencies. I like that we can trade cryptos on the MetaTrader 5 (MT5) platform as I find it to be very user-friendly. All of your trading styles are accepted including scalping strategies, hedging and automated trading with expert advisors.
One thing I noticed with them which helps differentiate them from other brokers is that there is no KYC required. However, the broker will ask if you are suspected of bonus abuse. You can open an account with a minimum deposit of just $1 and even start with a demo trading account if you are new to trading online.
CryptoAltum are registered in the Marshall Islands, but not regulated by any government agency. However, the security of client funds is of primary importance to the broker who state that they use cold storage of these funds which basically means that funds are held on external storage devices in four different locations in order to try and prevent them from being accessed by third parties.
They also implement strict internal procedures requiring multiple signatories and time delayed access to the cold storage in order to reinforce the security of all funds held. Private Keys are securely backed up and they use advanced antivirus, anti-malware and anti-keylogging software.
It is understandable that lack of regulation could deter some traders due to a lack of protection should something go wrong. However, it does mean that they are able to offer some products and services that a regulated broker cannot due to strict rules and regulations.
As mentioned earlier, all of your trading activity is done via the sophisticated and powerful MetaTrader 5 (MT5) trading platform that is developed by trading software company MetaQuotes. They have apparently programmed their MT5 platform specifically for trading cryptocurrencies. However, I didn’t actually notice much of a difference from the standard platform. If you are already familiar with MT5 then there shouldn’t be any issues. Even if you have never used it before, I think it is one of the most simplistic trading platforms and makes trading online a breeze.
MT5 is available as a desktop platform, mobile trading app and can also run directly in your web browser without needing to download or install any additional software. The web version is great as it means that you can access your account on any device at any time. I like that it is also always up to date so you know that you are using the latest version. However, I prefer the desktop platform as it supports expert advisors (trading robots). I also find the app very useful as I am constantly checking the markets on my mobile phone.
MT5 is one of the most popular online trading platforms, used by millions of new and experienced trades from all over the globe. I like the platform for its user-friendly interface and abundance of built-in trading tools. It’s commonly used for trading on cryptos, forex, stocks, and futures. You could say the older MT4 platform is more popular for forex traders. MT5 comes with many additional advantages over MT4, including 21 timeframes, 6 pending order types, hedging and netting options and multi-thread strategy tester for EAs.
Some of the prominent MT5 platform features you can take advantage of include:
- Rapid order execution speeds
- Depth of market (DOM) level II pricing
- Advanced order types
- Multiple chart types and time frames
- Vast range of useful trading tools and indicators
- Built-in economic calendar
- Automated trading supported through the use of expert advisors (EAs)
- Strategy tester to back test EAs over historical data
- MQL5 programming interface to create customised trading tools
- Alert notifications via platform pop-ups, SMS and email
MetaTrader 5 is free to use for traders. The broker pays an upfront fee and a monthly charge to be able to license the platform to its customers. Equipped with a range of brand-new features and advanced tools, the MetaTrader 5 platform provides you with an enhanced and flexible trading environment suitable for traders of all styles.
CryptoAltum have a selection of additional trading tools on their website to assist you with your daily trading activities. There are real time leverage and margin calculators along with a trading glossary that includes some of the more popular trading terminologies along with an explanation of each.
CryptoAltum uses a dynamic leverage model, which automatically adapts to the clients’ trading positions. The trading calculator lets you see your total account leverage and margin according to your open positions.
A Virtual Private Server, more commonly known as VPS, is a virtual computer that functions independently, just as a real computer does. A VPS is specifically designed according to your needs and is especially beneficial to traders due to the security and flexibility it provides. It enables you to run your trading platform 24/7 without needing your home computer switched on. This can be useful for those who want to run automated trading systems around the clock and those who may not have the most reliable internet connection.
CryptoAltum offers a free virtual private server (VPS) with an equivalent minimum deposit of $1,000 USD, and a minimum monthly trading volume of 50 lots BTC or 10 lots FX. I think this is a significant amount of volume for most of you. I actually find the VPS to be a vital tool and pay a third-party provider a small monthly fee to access one. It allows me to run multiple instances of the MetaTrader platforms for testing systems and brokers. You can get a free VPS from other brokers such as IC Markets.
There is an economic calendar on the website that shows the latest market news releases. You can see what impact previous news had and the anticipated impact of up and coming news. This can be a great tool when used as part of fundamental analysis. It helps you to keep up to date with the latest market movements. I always like to follow the news as it can directly impact any positions that I have open and assist with my decision making.
The currency conversion tool lets you quickly and easily calculate live crypto and FX exchange rates. This isn’t really different from any currency convertor you can find but it is handy to have everything in one place.
CryptoAltum have a trading blog, which includes an ‘Information Hub’ all about cryptocurrency and CFD trading in general. They also provide you with free daily market analysis via their blog and Telegram Channel. Furthermore, there is also a YouTube channel with some short explainer videos to help those of you who are beginners to improve your knowledge so that you can become more informed traders. It doesn’t look like it has been updated in a while. If you want some more educational content, you can take a look at IronFX.
The trading glossary covers some of the most important trading terminologies to help you gain a better understanding of how the cryptocurrency exchange and forex market work.
There is a section where they publish frequent articles related to the technical and fundamental analysis of financial instruments which can help you to stay up to date with what is happening in the financial markets.
From the CryptoAltum education hub, there is a selection of articles that cover some basic trading topics such as trading strategies, market analysis, risk management and more.
With CryptoAltum, you can get 24/7 access to trade cryptos with over 60+ cryptocurrency pairs including Bitcoin and Ethereum. Whilst primarily being a broker focused on cryptos, they also offer a selection of forex currency pairs, commodities, gold and stock indices. I would compare the crypto selection to that of CryptoRocket.
Crypto CFD Trading
Contract for Difference trading, otherwise known as CFD trading, is a method that enables individuals to trade and invest in an asset by engaging in a contract between themselves and a broker, instead of opening a position directly on a certain market.
The trader and the broker agree between themselves to replicate market conditions and settle the difference amongst themselves when the position closes. CFD trading offers many advantages that don’t exist with direct trading, such as access to overseas markets, leveraged trading, short (SELL) positions for assets which traditionally do not offer that option and more.
- No need to have an exchange account or use a special wallet
- Trade in any direction – Selling is just as accessible as Buying
- Available 7 days a week, 24 hours a day
CryptoAltum have one dynamic account type that allows you to trade all instruments on the MetaTrader 5 platform with no commission fees and competitive spreads. There are however swap fees charged which is an interest payment that applies if you hold a sell or a buy position for a certain period of time. Clients can have up to two base crypto accounts, and then one account in each of the other available Crypto base currencies. There are no account inactivity fees which is great.
CryptoAltum offer swap free accounts to those of the Muslim faith. Please note that the swap free conditions apply only to FX pairs. Cryptocurrency pairs have the same financing fees as regular accounts.
There is a free demo account should you wish to practice your trading strategies with virtual funds. Demo accounts will only expire if you do not use them for more than 30 days. This can be a useful way to familiarise yourself with the MT5 platform whilst improving your trading skills in a risk-free environment. I would always start on a demo to make sure that I am satisfied with the trading conditions.
CryptoAltum customer support can be reached via email and live chat. They are also available 24 hours a day, 7 days a week via WhatsApp, Messenger, Telegram and Line. The client support team are happy to answer any technical, general or account related questions that you may have. From my experience, I found them to be very efficient and polite in their responses.
CryptoAltum accept deposits and withdrawals in a good amount of cryptocurrencies. You can securely fund your account using your crypto wallet and make fast withdrawals or deposits 24/7.
Withdrawal requests from your wallet will usually be processed within the hour. Depending on your current account status and market conditions, withdrawals may take up to 48 hours.
The broker does not charge any deposit or withdrawal fees whilst the minimum deposit requirement is just $1. Please take into consideration that there may be miner fees which are applicable to any crypto transaction. These fees appear on the blockchain and are not fees from CryptoAltum.
I think it would be advantageous if they could also support some other forms of payment such as cards and digital wallets. I don’t always want to wait around for crypto transactions to complete and the blockchain fee can be substantial. They do have non-crypto instruments so I think they could implement some non-crypto payment methods.
Compare Broker Features
|This Broker||AvaTrade||IG||IC Markets|
|Regulated||ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA||ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA||ASIC, CySEC, FSA, SCB|
|Commission||From $0||From $0||From $0|
|Instruments||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Bonds|
|Platforms||MetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade||MetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API||MetaTrader 4, MetaTrader 5, cTrader|
|Funding||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets|
Overall, CryptoAltum provide an online trading service that is primarily catered towards those of you whose preference for trading instruments and account funding is cryptocurrency. They support a large selection of cryptos which you can trade via the powerful MetaTrader 5 platforms that are compatible with multiple devices and abundant with a plethora of trading tools.
I found them to have very competitive trading conditions when compared to their direct competitors such as Hugo’s Way. This includes tight spreads, no commission fees, quick execution speeds, user-friendly platforms, trading tools and leverage of up to 1:500. Anyone can instantly open an account with a minimum deposit of just $1 and no prolonged KYC procedures. If you want to practice trading online risk free, the broker also offers demo accounts so you can test out your different trading strategies.
Furthermore, whilst the client support team are on hand to assist you around the clock, the broker could consider adding regulation as this would make me feel more confident. However, I do understand that if they were regulated then they wouldn’t be able to provide certain crypto trading service. They could also benefit from adding some more educational materials and funding options.