Coinsmex Review Is Coinsmex.com A Scam Trading Platform

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Coinsmex review – Is coinsmex.com scam or good forex broker?

Coinsmex seems to be focused on the crypto currency market, offering investment opportunities with eight account types, among which High Frequency Trading and Crypto Trading Managed Accounts – all of this on a web based platform.

Account type Min. deposit Max. leverage Spread s
Standard Account $5000 n/a n/a
Silver Account $15 000 n/a n/a
Gold Account $25 000 n/a n/a
VIP Account $50 000 n/a n/a
CTMA Platinum Account $100 000 n/a n/a
CTMA Diamond Account $250 000 n/a n/a
CTMA Private Account $500 000 n/a n/a
CTMA + AAT Corporate Account $1 000 000 n/a n/a

Unfortunately there are a number of issues with Coinsmex that make us quite uneasy about their offer, starting with the fact that they are not regulated and are run by an offshore company, that they are offering managed accounts while acting as market makers, and what is even more disturbing – they have already been blacklisted by the financial authorities in Belgium and Italy as potential scammers.

Coinsmex Advantages:

We usually start our reviews with any possible advantages a broker might offer its customers, but here with Coinsmex we simply can not think of anything even vaguely positive.

Coinsmex Disadvantages:

Unregulated, offshore based website, blacklisted by CONSOB and FSMA

Despite the fact that Coinsmex says to be based in North Carolina, the U.S., the company that owns the website – Crypto Xchange s.r.o, is registered offshore on the Marshall Islands. In the same time, in their presentation they also mention another company – Omnicron Ltd, based in Bulgaria, which as far as we understand processes all payments.

The offshore registration of a business is not something bad by itself – it could be done purely for tax purposes for example. Here the problem however is that neither Coinsmex nor any of the companies behind it have any license to offer financial services, as they should be, if they want to target customers on heavily regulated markets like the European Union or the U.S.

And what is even worse, as we already mentioned Coinsmex is blacklisted by several regulators in the EU – the CONSOB in Italy and the Financial Services and Markets Authority (FSMA) for targeting European customers without authorization and probably running a scam. See for yourself:

So once again we will repeat our general advise to avoid unregulated websites altogether and to trade only with broker, licensed and authorized by well known institutions like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC) – by far the three most popular regulatory destinations in the industry.

Besides, with a FCA broker you will even get an additional protection from a client compensation fund, which will guarantee the first 85 000 GBP in your account even in the unlikely event your broker files for bankruptcy. Here you may check our list of brokers, regulated in the UK:

Coinsmex is a unregulated website, which already has attracted the attention of several regulators in Europe for targeting EU citizens without proper authorization and possibly running a scam. And what is even worse they offer managed account, while acting as market makers, which is yet another indicator that we are dealing with scammers.

As a final note we will repeat our best advise to trade only with brokers regulated by well respected, official financial authorities like the FCA in the UK, CySEC in Cyprus or ASIC in Australia.

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Coinsmex Review: Is Coinsmex.com A Scam Trading Platform?

Coinsmex.com Review: this is the website of a trading company that is mostly focused on cryptocurrency exchanges. Is Coinsmex legit? Read the following details as we place details about this broker in the spotlight.

The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.

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Coinsmex mentions that it is operated by Omnicron LTD, a company based in Bulgaria. The page also discloses that its headquarters is situated in the United States. Forex trading in both regions is under some strict rules by the FSC and NFA respectively. But none of these commissions regulates or lists the company among legit brokers.

Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.

Advantages of Coinsmex

Trading with Coins Mex is safe and secure with top security for data protection and segregated banks for fund accounts. It is suitable for traders with all levels of experience and technology used is intuitive. Clients also get to trade from anywhere and at any time.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

Coinsmex Trading Platform

The kind of trading platform used by this cryptocurrency trading company is not stated. However, readers and traders are advised to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.

Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are mainly digital assets like Bitcoin, Ethereum, Litecoin and so on. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

The maximum leverage offered to clients is not also mentioned on the website. Nothing is said about what spreads are used for trading. Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on Coinsmex

The means of making deposits and withdrawals with this broker are VISA, MasterCard, Bank Wire Transfer, and crypto coins. We are discouraged that e-wallets are not named because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.

The minimum deposit required to trade with Coinsmex Forex broker is $5,000 which is much higher than the average of $100 – $250 common among legit brokers. There are maintenance fees and trading commissions charges applied. Withdrawals may be restricted for some accounts to as low as once per month and requests of above $1,000 will be paid in installments.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Blacklisted in Belgium and Italy

We are concerned about the activities of this company as it has been blacklisted by the CONSOB and the FSMA. These two European commissions in Italy and Belgium have warned citizens to be wary of this broker.

Is Coinsmex Licensed?

No. Coinsmex is not a properly licensed and registered broker. It is neither regulated by the FSC nor the NFA and thus, operates illegally in these regions.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

To know more about the company and get some questions answered, dial +44 20 39 662 305 or send an email to [email protected]

Conclusion

We rate Coinsmex low because it is not properly licensed and it is also blacklisted. Many of the trading conditions remain undisclosed and the few we came across were discouraging. It does not support the MetaTrader trading platform, requires a high minimum deposit and the trading instruments are few.

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