Coin2FX Review: Caution to All Possible Investors
Are you considering trading with Coin2FX, an online forex and CFD broker operating in the UK? Hold on! Before you make any decisions, you need to know the truth.
Despite claiming to be based in London, Coin2FX’s registration with the FCA is nonexistent. Keep reading to learn why this is a problem for potential investors. Let’s dig deeper into this Coin2FX review for more!
Furthermore, we highly recommend that you avoid the scam brokers Motion Markets and Trade XN.
|Broker Type||Forex, CFD|
Regulation and Security of Coin2FX
Are you concerned about the safety of your funds when trading with a brokerage claiming to be owned by a UK-based company? We did some research on SMART TRADE AND INVESTMENT LTD and found that they are not registered with the Financial Conduct Authority (FCA), which means they are operating outside the law.
This lack of regulation puts your money at risk, so we highly recommend seeking out legit brokerages such as the FCA or CySec. These regulatory bodies have strict rules in place to protect clients, including account segregation and compensation mechanisms for losses due to fraud or bankruptcy. Don’t take unnecessary risks with unregulated brokers. Choose a regulated and authorized brokerage for your trading needs. Beware of that!
Note: Checking a broker’s regulation status is just one step. It’s also crucial to look at their trading conditions, fees, customer support, and reviews from other traders. By taking the time to find a reputable broker, traders can minimize the risks involved in trading and increase their chances of success.
Coin2FX Trading Platform
Are you looking for a brokerage that provides the MetaTrader 4 trading platform? Unfortunately, this isn’t something you’ll find at Coin2FX. They can only offer a basic WebTrader.
However, while the lack of MT4 is a disadvantage, their available trading platform offers a range of options, including CFDs on stocks, indices, and currency pairs. The 1 pip spread is also below the industry average, but be wary of too-good-to-be-true deals and do your research.
Tip: Don’t be fooled by signal sellers or bot trading systems that promise big returns without any testing or proof of profitability. Many of these products are untested and can lead to significant losses for all. Be cautious and thoroughly research any system before investing your money.
Account Types at Coin2FX
It’s important to know that you have the right to choose the type of account you want to use. There are four options available here: Silver, Gold, Platinum, and Diamond.
Whether you’re new to trading or a pro, you could select the account that best fits your needs. However, keep in mind that this broker is a fraud. The only thing they can offer you is an empty wallet.
Deposit and Withdrawal Procedure
If you’re considering using this fake firm, it’s important to know that you can deposit and withdraw funds using Visa, MasterCard, or bank wire. However, it’s worth noting that they don’t offer e-wallet options like Skrill or Neteller.
Also, we came across a concerning clause in their terms and conditions. If you haven’t made at least 200 trades, you’ll be charged a whopping 10% fee for any withdrawals. This policy seems excessive and unfair to traders.
How Does Offshore Brokers’ Scam Work?
In the vast expanse of the web, there are lurking scammers who are all too aware of our tendency towards ignorance. These cunning fraudsters set up web pages that masquerade as legit brokers, offering no real benefits to their users. Instead, they are designed to lure in unsuspecting individuals and trick them into investing their hard-earned money.
But what happens when you fall for their deceitful ploy and give away your details? The experienced scammers will not rest until they have convinced you that they can manage all the tough aspects of investing on your behalf. However, in reality, you will never see any actual profits.
Withdrawing any money from these fake sites is usually next to impossible, and the terms and conditions are often purposefully confusing. The fraudsters hide behind offshore firms and use fake names and addresses, making it nearly impossible to track them down.
Even if you do manage to meet all the withdrawal conditions, the scammers will vanish into thin air and move on to their next victim. But don’t be ashamed if you fall prey to these schemes – scams can happen to anyone. It’s important to speak up and report any fraudulent activity to prevent others from falling victim to the same tactics.
Best Forex Brokers
Delve into the exciting world of FX brokers and discover the safest, most reliable, and most popular options available. Here are our top recommendations, carefully picked for your convenience. Don’t miss out on the chance to explore these enticing options and find the perfect broker for your needs.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||Hfm.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
Coin2FX is an online forex and CFD broker that claims to be based in London, UK but is not registered with the Financial Conduct Authority (FCA). This lack of regulation is not good. While they have a range of trading options, including CFDs on stocks, indices, and currency pairs, they do not provide the MetaTrader 4 platform.
Coin2FX offers four account types, Silver, Gold, Platinum, and Diamond, and accepts Visa, MasterCard, and wire as deposit and withdrawal options. What’s more, they do not offer e-wallet options like Skrill or Neteller. The broker charges a 10% fee for withdrawals if the user has not made at least 200 trades. This Coin2FX review warns against offshore broker scams. Always check the broker’s regulatory status, trading conditions, fees, customer support, and reviews from other traders.
Is Coin2FX regulated?
No, Coin2FX is not regulated by any noteworthy financial regulatory authority.
Does Coin2FX offer a demo account?
It’s unclear if Coin2FX offers a demo account. Be aware that this is a broker scam.
What is the minimum deposit for Coin2FX?
It’s not clear what the minimum deposit for Coin2FX is, but traders claim it’s $250.