Coinbrokerz was a crypto CFDs broker who claimed to be regulated by the FCA. For a long period, they were accepting the people in the UK region under pretenses and most of the victims of this broker suffered enormous financial damages.
This platform is known to use every sketchy trait imaginable to prevent the clients from withdrawing the amount and judging by the things they faced, it indeed wasn’t something they expected or anticipated. Cryptocurrencies are gaining a lot of popularity nowadays and due to the vast number of participants flooding the sector, the volatility is flying off the charts.
While it is undeniable that this sector is profitable, do not let fake platforms take advantage of your enthusiasm and lack of knowledge. After all, making money without putting in long hours and effort is not something that will unfold in reality, right?
Go through this detailed post which will enlighten you about this filthy platform and ways you can use to recover your funds from them.
Background, License, and Regulation
At Cyber Scam Review, we always advise our viewers to deal with only regulated exchanges as they always operate within the boundaries of law and if something out of the ordinary happens with them, then at least you will be insured to a certain extent.
Offshore brokers advertise narrow spreads or low commissions to lure in the public. However, if things get intense or a flash crash happens, they will burn a hole in their clients’ pockets for sure. Coinbrokerz at first claimed to be regulated by the FCA and they were mainly targeting the people in the UK.
To verify their statements we conducted an extensive search and were shocked to see the actual truth. For starters, this platform is not overseen by FCA, nonetheless, the FCA has issued a warning against them. So, the fact that they were bluffing about their legal status is obvious and as such you should never entertain them at any cost.
Moreover, the details of the founders of the firm are kept confidential and by looking at the scarce amount of information available about them, they do seem to be experienced crooks.
At the time of writing this review, the official website of Coinbrokerz is down, and that periods for a long period of time. Thanks to web page archives, we were able to find the following contact details concerning the firm.
Get in touch with our affiliated Cryptocurrency Forensic Specialists at CNC Intelligence for free by filling out the form below.
Address – 25 Cabot Square, 1 Canada Square, Canary Wharf, London E14 5AB, United Kingdom
Phone number – +44 203 8075524
Email – email@example.com
Trading Platform and Conditions
Coinbrokerz offers a web-based trading interface like many brokers. However, the bad thing which comes with most web-based interfaces is that they won’t support algo-trading. So, most experienced traders would be avoiding them as it won’t be worth their time.
The default platform contains basic tools, but we don’t think everyone would like the options available. Moreover, the platform itself is very restrictive in a lot of aspects. Spreads offered by them are huge and if you are a day trader or a short-term trader, then certainly can’t continue your journey with them.
We couldn’t find the details about the commission structure, nonetheless, if you are primarily a crypto trader, then going with Binance or Bitmex will be the best option for you. Also, they don’t seem to offer any kind of account management services or social trading features.
All in all, there is no exclusive thing about them that earns them credibility and their charting platform is good for nothing.
Account Types and Other Features
Most brokers offer different account types to help traders achieve their specific goals using tailored approaches. This broker does not disclose any details about the account types. Moreover, crucial information such as margin levels required to maintain a position and leverage amount is not easy to find on the platform.
With so much chaos and hidden terms, beginners will have a tough time while dealing with them and the chances of encountering a loss due to simple misunderstandings are sky-high. Another big drawback with them is that they don’t support any automated trading systems and account management services.
Just in case you are wondering, the platform does not offer price alerts too. Swing traders or position traders cannot afford to spend a lot of time in front of the screens. So, they mainly rely upon price alerts, but as that element is not present here, it certainly is a deal breaker for many.
Lastly, remember that terms and conditions regarding inactivity fees or funding methods are not put up by them. On top of all the confusion, even the processing time they take is mysterious which means the clients have little to no control over the funds they deposit on to the platform.
Coinbrokerz Customer Reviews
Every popular crypto service gains a lot of reviews and testimonials on the web. After all, a vast majority of traders would never join a platform before conducting some kind of research, right? This broker is no exception and below we have gathered a few comments made by the people associated with this firm on Reddit.
Massive scam, a buddy of mine is still in the process of being scammed, they have even claimed to be a German bank investigating the BTC withdraw and claiming they are looking in to it…. and then transfer money to Bla bla bla account. These pieces of s*** are s*** from Kingstown St. Vincent and the Grenadines, where by no regulation exists in crypto or binary trading, even on the countries own website they admit this. So essentially just set up a sh***y business in Kingstown St Vincent and the Grenadines and you can basically f**k anyone over. What a shit attitude for a country to have regarding its trading…
Is Coinbrokerz a Scam?
A big fat yes. Given all the data, angles, and ways we look at them, it certainly is impossible to trust them with our money. They don’t uphold morals or ethics while doing business with the clients, the trading conditions are vague and unfair. Moreover, traders are not even paid out even if they made money.
As they mainly use cryptocurrency payment methods, they were able to dodge the law to a certain extent till now. However, the entire scenario has changed now and things are smoother than ever.
If you are one of the victims who lost a large chunk of your savings account to this brokerage, then get in touch with our recovery experts immediately. Remember, the longer you wait, the easier it gets for the crooks to get away with the hustle.
Linked Scam Platforms
At Cyber Scam Review, we take our research very seriously and we go beyond everyone’s expectations to find the relevant information. Using proprietary algorithms and research methodologies, we found a lot of similarities between CoinBrokerz and the following platforms.
Note the names of the exchanges mentioned below, and never proceed with them for any reason as they all are offshore entities with no regard to law.
- Trade GBP (Tradegbp.com)
- Trade Dax (Tradedax.com)
- Zurich Prime (Zurichprime.com)
- 10 Trading (10trading.com)
- FTrade (Ftrade.com)
- Gbinary (Gbinary.com)
- HFX (Hfx.com)
- Forex Boulevard (Forexblvd.com)
- Trend Option (Trend-option.com)
CoinBrokerz Review Conclusion
Coinbrokerz is a classic example of an unethical offshore crypto broker. Their only goal is to maximize their revenue by using boiler room-type tactics and other marketing gimmicks like competitive spreads, bonuses on trading capital, etc.
Once the clients have made the deposit, they will be pushed towards spending more money for so-called upgraded accounts, but everything changes when the customer wants to withdraw. From making the users pay significant fees on withdrawals to deny the payout outright, anything can happen while dealing with them.
Now, as you know the real side of unregulated brokers, avoid using one for any needs and make sure that every platform you use when it comes to online investing is licensed and authorized in the country you are located in as well.
Have you lost money to Coinbrokerz? Were you unable to recover the funds till now? If yes, then get in touch with our experts who will assist you for free.
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