Coin Xe Review: Don’t Risk Trading with Coin-Xe.Com
Coin Xe claims to be an Austrian-based broker offering its clients an opportunity to invest in forex and CFD. In addition to this, they claim to be one of the longest-running and most trusted exchanges.
But after just a quick check that’s proven to be a lie and the website appeared online less than a year ago. In fact, this statement is just one of many lies this dishonest broker made in order to sound more legit.
So, continue reading our Coin Xe broker review to learn how to stay away from this scam and keep your funds safe.
|Address||Hornweg 1, 6370 Kitzbühel, Austria.|
How Are You Protected at Coin Xe? License and Security
Coin Xe claims to be based in Austria, but we are strongly skeptical about this, given the fact that this broker doesn’t exist in any of the registers of the local financial regulator. If their claims were really true, they should follow the regulations set by the Austrian Financial Market Authority (FMA), but no company or broker by the name of Coin Xe was to be found there.
As a matter of fact, we cannot even be sure about the name of the company behind the website, as no corporate background is provided whatsoever.
And the absence of a legit forex license for this virtually anonymous broker surely should be a major red flag to you. We say that, because if you can’t verify your new broker’s identity by cross checking the license credentials in the registers of the respective regulatory institution, you simply have no reason to trust anything the broker might claim, including if its purported Austrian address is genuine or not.
Trading Platform Overview
Coin Xe scam offers web trading software only, with no mobile or desktop applications available. This is just a simple web-based platform whose only additional perks are the stream of live news and the economic calendar. To say that the software is poor is an understatement and that should be an argument enough to think twice before depositing with a Coin Xe broker.
The first to note is that there are only 48 instruments available for trading, 46 crypto pairs, and 2 stock pairs. The scarcity is massive and limits clients to high-risk assets only, which is unacceptable. You’ll find those instruments with any other regulated broker, so it’s worthless and a waste of your time.
Coin Xe Deposits and Withdrawals Process
The funding methods this broker offers include:
- Credit and debit cards
- Bank transfer
But we urge all potential clients to avoid depositing with Coin Xe altogether as it’s essentially just a lousy scam trying to steal your money. Additionally, they allegedly don’t have a minimum deposit requirement but while reading online complaints about the broker we found that people were urged to invest at least $250.
As for withdrawals, the broker allegedly offers the same methods as for deposits but judging by the number of online complaints it is highly unlikely you will be able to get any of your alleged profits if you are not diligent about it and don’t report this scam.
How is the Scam Performed?
There are many shady tricks offshore brokers pull to get their potential clients to invest.
People can often be careless and leave personal information on the internet in hopes of securing the high profits that many ads promise. And once these investment scams get a hold of this information the harassment will likely start.
You will soon be overwhelmed with an enormous number of emails at first but then calls just so you will at least make a minimum deposit to this fraudulent broker. Be prepared to hear many made-up stories so they would appear more legit in your eyes.
Don’t feel ashamed if you have ever fallen victim to this type of deception, many people do, just be sure to report your scammer and file a complaint with your bank as soon as possible.
Coin Xe Summary
In our Coin Xe review, we tried our best to warn you against this scam broker and the fraudulent activities they pull off on a daily basis. They offer their customers an opportunity to invest in forex and CFD. However, some of the most basic information about them is missing, indicating that you are dealing with fraud.
On the internet can be found many complaints made against the broker on withdrawal issues as well as high deposit amounts, so we concluded that you should just stay away from them.
Think twice before taking any risks while investing money and keep in mind that this investment scam will demand at least $250 while legit brokers will ask for as little as $5 as an initial deposit.
FAQs About Coin Xe Broker
What Kinds of Accounts Does Coin Xe Have?
Unfortunately, we could not find which account types this scam broker offers to its clients.
How is My Security Ensured When Using Coin Xe?
Your security isn’t ensured when dealing with this or any other scam broker so you should stay away from them.
What Funding Methods Are Accepted at Coin Xe?
Coin Xe allegedly accepts both credit and debit cards, bank transfers, and cryptocurrencies as funding methods.