Cryptopay Trading Signals - TU Expert review
Trading signals are one of the best trading options for beginners and for earning passive income. Novice traders can use such signals and earn a profit, while still learning. Brokers can offer various ways of receiving signals. Traders Union analysts have prepared a detailed analysis of Cryptopay trading signals. You will learn what kinds of trading signals Cryptopay offers and what the conditions for using them are.
Short introduction of Cryptopay
Cryptopay is an online cryptocurrency exchange headquartered in London and registered with the Financial Conduct Authority (FCA). It has provided services since 2013, has its own CPAY token, and is currently available in 122 countries. Using the Cryptopay mobile app and web platform, you can buy, exchange, withdraw and store 37 cryptocurrencies. The Cryptopay exchange takes deposits in euros, US dollars, and pounds sterling, and also supports withdrawals in fiat currencies. It issues virtual and plastic Cryptopay Visa cards that can be used to pay online (including cryptocurrencies) or at physical sales outlets.
| 💰 Account currency: | EUR, USD, GBP, cryptocurrencies |
| 🚀 Minimum deposit: | Cryptopay cards - USD/GBP1, Visa/MasterCard - EUR/USD/GBP10, bank transfer - 10 euros, cryptos - BTC/LTC/ETH 0.00000001, XRP 0.000001 |
| ⚖️ Leverage: | Not provided |
| 💱 Spread: | 1-4% |
| 🔧 Instruments: | 37 cryptocurrencies |
| 💹 Margin Call / Stop Out: | No |
Cryptopay Pros and Cons
👍 Advantages of trading with Cryptopay:
•Activities are under the supervision of the British regulator FCA;
•loyal requirements for the minimum deposit are 10 US dollars, pounds sterling, or euros when replenishing from a card;
•a wide range of instruments include Bitcoin + 36 altcoins;
•storage of crypto assets on hot and cold wallets;
•the ability to connect two-factor authentication for secure entry into the trading application;
•protection against phishing and brute force using multi-signature technology;
•professional support service in 7 languages and 24/7 chatbot.
👎 Disadvantages of Cryptopay:
•high exchange fees for trading and exchange;
•withdrawal commission for both fiat and cryptocurrencies;
•lack of effective investment solutions and no ability to trade with leverage.
What are trading signals?
Trading signals are signals to enter a trade, which the broker provides to traders. They can be based both on fundamental and technical analysis.
A broker can provide signals in several ways:
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Copy trading.
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Email alerts.
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Signals through a blog on the website.
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Recommendations of a personal manager, etc.
When choosing signals, it is important to take into consideration their profitability, the list of trading instruments, the conditions of their provision – fees, markup, etc.
Cryptopay Trading Signals
Cryptopay commissions vary depending on the type of transaction. For the purchase of cryptocurrency, the broker withholds 4%; for any exchange (Crypto-Crypto, Crypto-Fiat, Fiat-Fiat), the broker withholds 1%. Withdrawals to a third-party wallet are charged LTC 0.001 or XRP 0.00001. The commissions for other cryptocurrencies depend on the network load. No commission is charged for deposits by any means. For withdrawal of funds to a bank account in the SEPA zone, the broker takes EUR 0.09. Monthly commission for storing assets after being inactive for a year: for fiat wallets, it is USD/EUR/GBP 10; for cryptocurrency wallets, it is 0.3% of the amount stored in the account.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | 4% | Yes |
Conclusion
Based on the results of the analysis, Traders Union analysts have concluded that Cryptopay does not have the best conditions for trading signals. The broker offers a limited choice of instruments, for which signals are provided, high fees and there are questions about signal profitability. Therefore, if you are planning to trade signals, it would be a good idea to consider another option.
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FAQs
How do I test the signals if I can’t do it on a demo account?
In this case, it is best to test them using the minimum deposit. You will need to check the minimum deposit level of the broker.
Is automatic position opening based on signals possible?
Yes, it is what copy trading implies. In this case, all trades are copied automatically to the trader’s platform.
Can I lose money by trading signals?
Keep in mind that there are no ideal trading signals and trading signals may lead to a loss of funds. There are always risks.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.