Coin2FX Review: Who Is Behind Coin2Fx.Com?
Coin2FX is a highly untransparent broker. The broker is under the parent company Smart Trade and Investment LTD. This company claims to have their main offices in London, England. This would require them to register with the FCA, but they haven’t.
In fact, they don’t have a license from any regulator. Because of this, they have no authorization to provide the CFDs and forex investments that they offer. So with no further ado, let’s dive into this Coin2FX broker review to find out all the shady things this investment scam has done.
|Broker Type||Forex, CFD, crypto|
Regulation and Security of Coin2FX
Coin2FX is balanced against binary options broker Binatex, and they are similar in some ways. Both brokers have a standing warning from the UK’s FCA. The FCA warning against the broker came in September 2020.
The regulator states that the broker has no authorization to provide financial services within the UK, despite their claim to have their headquarters there.
Former clients of the broker seem to be very dissatisfied with their time there. Afterward, many of them have left scathing Coin2FX reviews on online review sites. They claim they’ve been victimized by the blatant Coin2FX scam. The former customers say they were constantly pushed to deposit more and more and faced technical and verification issues when trying to make any withdrawals.
Coin2FX Trading Platform
The brokerage does not provide the MetaTrader 4 trading platform which is something we always consider an advantage since the MT4 is among the foremost trading terminals in Forex trading at the moment, close to 80 percent of users prefer it. The platform provides an advanced charting package, lots of technical indicators, extensive back-testing environment, and a variety of Expert Advisors (EAs).
However, there is an available trading platform and on it we see a wide range of trading options which include CFDs on stocks, indices, currency pairs and many others. The spread at 1 pip is well below the industry average and definitely in favor for traders, however, we advise interested customers to steer clear of such dubious offers.
Trading Instrument Available at Coin2FX
When it comes to the trading instruments, the Coin2FX offers the following ones:
The broker has a decent selection, over 200 financial instruments in all. We will give them that, but you shouldn’t forget the fact that they are unregulated and in other words just one big scam. Make sure to work with a good and reliable broker.
Deposit and Withdrawal Procedure
Potential clients of the brokerage may deposit or withdraw via Visa and MasterCard, as well as bank wire. E-wallets such as Skrill and Neteller are missing. We did find a provision worth noting in the terms and conditions of the brokerage.
It appears that any withdrawal will be charged a 10% fee as long as the trader has not executed at least 200 trading deals which is quite excessive and ill-minded. There are also withdrawal conditions pertaining to accounts that have taken advantage of the bonus promotion. A trader has to achieve a certain trading volume in order to be eligible for withdrawal which is purposefully excessive in order to impede any trader from actually receiving his money.
Coin2FX Account Types Offered
Coin2FX offers the following trading accounts:
How Does Offshore Brokers’ Fraudulent Works?
Trading scams basically have the same principle that is being performed through different sites and by different agents.
Nonetheless, the core remains the same. Usually unregulated forex brokers work in the following way. They will call people to persuade them to make the initial minimum deposit, while trying any conceivable method in order to make that happen. And of course, they will offer deals that sound too good to be true, like we will double your initial deposit or you will make $100 per day easily.
Please don’t fall for anything they say as it is all just a scam. After making the initial deposit, people get transferred to a smarter scammer, called a “retention agent”, who will try to get more money out of you.
We conducted this Coin2FX review to get you familiar with this alleged UK-based broker targeting people from English-speaking areas.
In terms of regulations, it is safe to say they do not follow any, so your funds will not be safe while working with them. In addition to this, they were unmanaged to score an official warning from FCA for providing fake trading services.
Think twice before taking any risks while investing money and keep in mind that legit brokers will ask for as little as $10 in order for you to start trading. On the other hand, Coin2FX will seek at least $250 as an initial deposit, which is just too much.
Don’t overlook that doing proper research is a must if you are new to the world of trading as many phony brokers pop up overnight. By not skipping this step you will avoid getting played by the fairytales they are going to tell you.
FAQs About Coin2FX Broker
Is Coin2FX Regulated?
No, Coin2FX is an unregulated scam broker operating with a sole purpose of stealing your money.
Does Coin2FX Offer a Demo Account?
As expected by scam broker, they do not offer a demo account for potential clients to see what they are getting themself into.
What is the Minimum Deposit for Coin2FX?
The minimum deposit requirement that Coin2FX has set for any new or already existing clients is $250.