Firstly, CoinsTrades and their payment processor BridgerPay have been exposed by German and Cypriot authorities.
As a result, it gives us enough material for this CoinsTrades review to show you why dealing with such illicit firms is dangerous and unsafe for your funds.
|Broker Status:||Offshore Scam Broker|
|Regulated by:||Unlicensed Company (No Regulation)|
|Operating Status:||Active Forex Trading Scam|
|Blacklisted as a Scam by:||BaFin|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Online Trading Platforms:||WebTrader|
|Mobile Trading:||Only via web browser|
|Deposit Bonus:||Unfortunately, no|
|Crypto Asset Trading:||Available|
|CFD Trading Option:||Yes, you can trade CFDs|
|Available Trading Instruments:||Forex (FX), Commodities, Indices, Shares, Cryptocurrencies|
|Islamic Account:||Not Available|
|Free Demo Account:||No|
|Accepts US Clients:||US traders are not accepted|
|Global Fraud Protection Experts’ Verdict:||Don’t Invest in This Scam Broker!|
CoinsTrades Regulation – Is The Broker Legit?
CoinsTrades broker has had an issue with their website ever since the German authority body issued an official warning against it. However, we did pull up some information for you. Firstly, the broker is based in Saint Vincent and the Grenadines, meaning it has no regulations.
As a result, this offshore country requires all the brokers to opt for the regulation in the country of service. After checking BaFin, FMA, FCA, and several other registers, we found no CoinsTrades regulation.
Questions About CoinsTrades License – Reputation Problems
It’s not just that the broker has issues with the regulation, but it has been reported by investors as well. Moreover, according to CoinsTrades reviews, clients were prompted to transfer significant amounts of money to accounts in Ireland under the name of the payment processing unit, BridgerPay, officially located in Cyprus.
Scam Warnings From Financial Regulators
As mentioned, German regulator BaFin started an official investigation based on CoinsTrades complaints and found that this fraudulent firm operates illegally in Germany. They have started looking for those in charge and warned citizens not to invest further with the brokerage.
Besides Germany, it seems to target clients in Saudi Arabia and Austria too.
Negative CoinsTrades Reviews – Stay Away From Trading Scam
Above all, on the Trustpilot, the broker is rated as poor with all 100% of negative reviews. According to investors, their money has been transferred to some accounts in Ireland, as mentioned, most likely belonging to a processing company.
However, once they asked for a payout, they haven’t seen a penny back since CoinsTrades forex brokerage refuses to process requests.
Supported Trading Platforms – Available Trading Software
Similar to other offshore brokers, CoinsTrades trading platform is a Web trader. It looks a bit like an MT5. However, it doesn’t have nearly as many functions.
It’s a rather simplified software with several indicators and two chart types that should serve the basic purpose – the broker will show you some trades to extort more money.
Mobile Trading App – iOS & Android Trading
If you were looking for an easy CoinsTrade login, you wouldn’t find it. Since there is no mobile app, all the traders will have to log in using their mobile web browser. It works for both Android and iOS devices.
CoinsTrades Trading Instruments – What Can I Trade?
From a short glance towards reviews, we’ve noticed that traders have access to 5 major markets, including:
- Forex market
However, all this is under unregulated trading conditions. The maximum leverage is 1:400, while EU regulators allow 1:30 for the Forex market and only 1:2 for cryptocurrencies.
In other words, it shows you what level this broker goes to in defrauding clients.
CoinsTrades Trading Accounts – Account Types
Additionally, there are 4 different CoinsTrades account types:
- Standard – $10,000
- Silver – $50,000
- Gold – $100,000
- Pro – contact account manager
Besides the deposit, the main difference is the leverage, as the Pro account gives up to 1:400, and all the rest have a predetermined leverage of 1:200. Also, you’re getting different margin loans with each account type and additional perks.
When it comes to CoinsTrades minimum deposit, the Standard account says it’s $10,000, the website mentions $250, while the payment page allows you to deposit as low as $200. What is the truth? Who knows.
Free Demo Account
As the broker’s website is offline, the CoinsTrades Demo account doesn’t exist, and you cannot verify the offer prior to account activation.
CoinsTrades Deposit Methods – How To Deposit?
Meanwhile, the broker accepts deposits using:
- Debit/Credit cards
- Wire transfers
Also, as mentioned, everything is processed through a shady processing company with an account in Ireland and headquarters in Cyprus, yet without any EU regulations. Be careful when giving away your funds to an unregulated brokerage, and let us know if something fraudulent occurs.
Scammed By CoinsTrades Broker? – Talk To Our Experts Today!
To sum up, if you find yourself a victim of the CoinsTrades scam, let us know. Our experts may assist you in filing a dispute and requesting a chargeback. Tell us what happened, and our specialists will evaluate your case during a free consultation.
Contact us via online chat, and let’s get your money back before it’s too late!
Don’t Let the Scammers Go Away for Free!
What Is CoinsTrades, And Should I Invest Money In It?
Simply put, it is an online Forex and CFD trading provider without a license. As a result, your funds are in danger!
What Is The CoinsTrades Minimum Deposit?
For now, the broker’s minimum deposit seems to be $200.
Are My Funds Safe With CoinsTrades?
The broker has been blacklisted in Germany, implying your funds are not safe with CoinsTrades.