5capital experiences: The crypto exchange test

Overall Rating: 
5/5 stars

Quality

speed

cost

Anyone who wants to acquire cryptocurrencies has to look for a suitable crypto exchange sooner or later. It is no wonder that the selection of the perfect crypto platform is not necessarily easy with the many and constantly growing offers. So if you want to know a reputable crypto exchange on your side, you have to invest a little patience, time and effort in research. To make this process a little easier, we regularly test the best-known providers on the market.

This time our test is about: 5capital. We take a close look at whether 5capital works seriously or whether there is a 5capital scam behind the platform. We also want to know what customers can expect from the 5capital app, what fees the provider charges and what special features there are here.

5capital

The offer

The operators state that the 5capital team has over 25 years of experience in brokerage and fintech. In addition, 3,500 users are said to already be using the 5capital platform for themselves. On the website, the offer states:

"Our trading platform provides you with the same top-notch analytical tools found on high quality standard trading platforms. We work with banking institutions around the world to enable the deposit, withdrawal and transfer of investment capital to and from almost any country or institution around the world with just a few clicks."

What is clear is that the platform is likely to be about buying and selling the various cryptocurrencies. Besides the old familiar Bitcoin, many another virtual coin is available, such as:

Ripple,
Ethereum,
Bitcoin Cash,
Litecoin,
ZCash, or
Monero.

At first glance, it seems to be an industry-standard crypto exchange where even beginners can trade digital currencies using simple but state-of-the-art methods.

The offer

The fees

When choosing a crypto exchange, you should also consider the question of costs. After all, you want to take home as much of your profit as possible. The fees differ from crypto exchange to crypto exchange, sometimes extremely significantly. It is clear that every crypto platform charges fees in some form. After all, the platform has to be financed.

Tip: If a provider offers the service completely free of charge, you should immediately become suspicious.

To save a euro or two, you should pay attention to the fees for:

Account management,
deposits,
withdrawals and for
and for the trades themselves.

5capitald

Of course, it also depends on what you intend to do on the platform. Is it just a matter of buying coins at certain times or do you really want to trade on a regular basis? Depending on your plans, you should choose the right model.

Finding out about the fees at 5capital is extremely difficult. There is no indication on the website what fees and costs are incurred when using the platform. This is not really a practical solution.

Which deposit and withdrawal options are accepted?

Of course, there is a lot of competition between the different platforms. Accordingly, the providers try to make the use of the platform as convenient as possible for the customers. This also includes ensuring that the deposit and withdrawal options are as practical as possible. Well-equipped providers, such as Anycoin Direct, Binance or Coinbase, provide their customers with several deposit and withdrawal options.

And these are no longer limited to fiat currencies, but now also include cryptocurrencies.

With 5capital, it is once again difficult to find out which deposit and withdrawal options are available here.

With a little patience, however, you will find that users can use the following methods here:

  • Skrill,
  • Neteller,
  • credit card and
    instant bank transfer.
withdrawal options

This should definitely be enough to experience comfortable trading.

What do the experience reports look like?

The 5capital experiences and 5capital reviews on the internet give a mixed picture. Does 5capital work seriously or is there a scam hiding behind the website? The crypto community is not really sure.

The lack of transparency of the website is criticised, which we have already noticed. It is unclear whether some users have simply fundamentally misunderstood cryptocurrency trading or whether these are actually scammed users.

According to these 5capital experiences and 5capital reviews, you should not dig too deep into your pockets when investing on the platform. You should not invest more than the minimum deposit in order to keep the risk as low as possible. Furthermore, you should always bear in mind that investing in digital currencies involves some risks anyway. After all, the coins are highly volatile and the crypto market can be challenging at times.

Serious or to be treated with caution?

Serious or to be treated with caution?
Of course, if you want to invest your hard-earned money, you want to do it with a reputable provider. In the case of the 5capital app, we took a closer look at the platform and did a little research on the web.

On the 5capital website, we found out that the company 21 TEX operates the crypto exchange. According to its own statements, the company is based in Bulgaria.

Trade with multiple cryptocurrencies

Bafin is not necessarily enthusiastic about 5capital and would rather see the platform closed. Whether this is based on fact or just a rumour from the crypto rumour mill is not clear.

5capital conclusion

In our 5capital test, we took a close look at the platform from all sides. It is clear that both advantages and disadvantages await you here. The advantages certainly include:

Pros

  • The almost unmanageable range of different cryptocurrencies. Beginners and experienced traders alike should feel at home here. This is because there are not only the big digital coins on offer here, but also many small niche coins that cannot be found everywhere else.
  • The vast majority of customers should also be satisfied with the deposit and withdrawal options. Because the options are diverse, there should not be any problems in this area.

Cons

  • That without registering on the platform, one neither learns anything about the platform itself nor gets an insight into the costs and fees. So the information is quite deficient.
  • In addition, the website lacks a detailed imprint, so you don't really know who you are dealing with. It is also unclear whether the provider has a licence.

Conclusion:

Now it is up to everyone whether they want to take the risk and test 5capital. If you prefer to be on the safe side, stick to licensed crypto exchanges where you can be quite sure that everything is above board.

Recommended alternative to 5capital: eToro

If you want to buy Bitcoin quickly, we recommend the broker eToro. In addition to a clear user interface, state regulation and copy trading, the big advantage of the platform is that both Bitcoin CFDs and real Bitcoin are available for trading. Moreover, with ~1.8% total costs, eToro also proves to be the top dog in terms of price.

  • Stock exchange and wallet in one
  • Regulated provider
  • Deposit with PayPal, credit card, SOFORT transfer and more
  • Over 14 other cryptos tradable
  • Equities and ETFs also available
Buy cryptos with eToro

Hi, my name is Benzion. I have twelve years of experience in the Forex industry, and I have launched two successful crypto trading services. I have in-depth experience on several blockchain networks like Bitcoin, Etheruem, EOS, Cardano, Hyperledger, ICON, Komado, etc. I also have in-depth knowledge of blockchain techniques, including various consensus mechanisms, DLT, smart contracts, security, and privacy measures. Benzion Friedman