CoinBrokerz Review Scam Complaint
CoinBrokerz is a CFD broker that focuses more in crypto instruments, which to most traders at first glance looks like crypto currency exchange. For your information, there is a difference between buying a crypto coin like asset and making a bet with a contract for difference. This is what CoinBrokerz provides services for being an unregulated broker. CoinBrokerz is owned and operated by Qossla Holdings Limited which is a subsidiary of Bitcom Limited, registered on St. Vincent and the Grenadines.
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About the CoinBrokerz:
CoinBrokerz is an offshore unregulated CFD broker. The owner company of the broker Qossla Holdings Limited is also an unlicensed CFD broker registered on the island known as the hotspot of scam brokers. CoinBrokerz offers trading in CFD with all the major crypto coins, including Cardio, Bitcoin Cash, Bitcoin, Ethereum, Bitcoin Gold, Dash, Ethereum Classic, Litecoin, NEO, Qtum, Monero, TRON, Ripple, Stellar, Zcash, EOS and IOTA. The broker provies the facility of demo account and there it has been seen that broker provides spread 30 USD. The minimum deposit required to start trading with CoinBrokerz is $500 and this, in the light of the market, is excessive as in the market most of the brokers provide option of opening a trading account with a $100 dollars or so.
CoinBrokerz offers its clients a simplified web based platform for trading that bears resemblance to the other popular platforms, usually used for binary options trading. The broker however doesn’t provide much detail about its trading conditions on its website. Moreover, the website looks clumsy and sometimes crashes suddenly. One can deposit and withdraw funds with the broker through using various credit or debit cards which also includes VISA, American Express and MasterCard, as well as it also supports e-wallets like Skrill but no payment option through crypto currency.
Is CoinBrokerz legit or scam?
CoinBrokerz lacks credibility as it lacks regulation. The broker is registered in SVG and does not have license to operate as CFD broker. The Financial Services Authority of St. Vincent and the Grenadines has warned in a statement that it “does not issue any kind of licenses for forex trading, brokerage or binary options trading nor does it regulate, monitor, supervise or license international companies, which engage in such activities.” The Financial Conduct Authority in the UK has also blacklisted Coinbrokerz and warned investors that it may be running an investment scam.