Cryphall

Note: Cryphall's official website - https://cryphall.com/ is currently inaccessible normally.

Cryphall is an offshore brokerage firm headquartered in Saint Vincent and the Grenadines, operating without a legitimate foreign exchange license. It claims to offer over 250 trading instruments with competitive spreads, starting from just 0.6 pips, and leverage up to 1:100. However, it fails to mention crucial information such as specific fees and the minimum deposit requirement.

Pros and Cons

Is Cryphall Legit?

Cryphall claims to be registered in Saint Vincent and the Grenadines, but in fact, there is no registration information about Cryphall in the database of the Financial Services Authority of Saint Vincent and the Grenadines (FSASVG). Even if there were, it would not guarantee the safety of client funds. This is because SVG is an offshore jurisdiction that does not have regulations specifically tailored for foreign exchange and CFD brokers.

What Can I Trade on Cryphall?

Leverage

The leverage set at 1:100 is relatively high and poses safety risks. Some regions have prohibited such high leverage and have capped it at 1:50 or even lower. Moreover, given that Cryphall is unregulated, you should not take the risk of trading with such unsafe leverage.

Spread

On the trading platform, we see a spread of 0.6 pips on the benchmark EUR/USD pair. Theoretically, this is a competitive level within the industry, but we have no reason to believe that Cryphall offers genuine trading. Therefore, you should not easily fall into the trap of this low spread.

Trading Platform

Cryphall claims to offer a web-based platform and an award-winning one at that, but in reality, the trading platform is inaccessible, and it falls far short of meeting the functionality of industry-standard software.

Deposit and Withdrawal

It's quite unusual that Cryphal only supports Bitcoin payments. But this serves as a reminder to us because scammers prefer cryptocurrencies as these transactions are non-refundable. Legitimate brokers typically offer multiple payment methods to their clients, including bank transfers, credit/debit cards, and more.

Bonuses and Fees

Cryphall says to give traders some bonus, however, the bonus can only be withdrawn while a minimum trading volume of bonus amount * 40 is executed.

The broker also charges a hefty fee of $30/€25 if you are allowed to withdraw money.