Can I use crypto to trade with Carax FX?

https://www.caraxfx.com/    

Regardless of how enticing the deals it offers, you are strongly advised against engaging with Carax FX.

Carax FX, which claims to be a brokerage firm, has a website that raises questions about its transparency and credibility. The site does not provide any company details such as name, address, or phone number, and only offers an email address for investor inquiries. Furthermore, it does not supply any legal documentation.

The site displays the logos of the Italian Companies and Exchange Commission (CONSOB) and the Comisión Nacional del Mercado de Valores (CNMV), implying that it is regulated by these entities. However, this is misleading. The CNMV has publicly warned that Carax FX is not authorized by them (the CNMV warning list can be accessed here). Additionally, while a search on the CONSOB website does reveal a company named "Carax", it has been verified that this entity doesn't operate as a forex broker and has no connection to Carax FX.

Adding to the inconsistencies, the domain name for Carax FX ("caraxfx.com") was only registered in June 2023, with the registrant based in Mumbai. This contradicts its claim of being located in France and Spain.

In summary, Carax FX is not overseen by any regulatory body. Investing with this broker poses a significant risk due to the lack of legal protections for investors' funds. It can be conclusively stated that Carax FX is a scam. Therefore, we strongly suggest investors steer clear of it and instead opt for fully regulated brokers.