Coin2FX Review 2023: Is This Broker Legit or Scam?
Coin2FX is a highly untransparent broker. The broker is under the parent company Smart Trade and Investment LTD. This company claims to have their main offices in London, England. This would require them to register with the FCA, but they haven’t. In fact, they don’t have a license from any regulator. Because of this, they have no authorization to provide the CFDs and forex investments that they offer.
FCA Warning on Coin2FX
Coin2FX, balanced against binary options broker Binatex, is similarin some ways. Both brokers have a standing warning from the UK’s FCA. The FCA warning against the broker came in September 2020. The regulator states that the broker has no authorization to provide financial services within the UK, despite their claim to have their headquarters there.
Traders Claim Major Issues With Broker
Former clients of the broker seem to be very dissatisfied with their time there. Afterward, many of them have left scathing Coin2FX reviews on online review sites. They claim they’ve been had by the blatant Coin2FX scam. The former customers say they were constantly pushed to deposit more and more and faced technical and verification issues when trying to make any withdrawal.
Trading With Coin2FX
The broker has a decent selection, over 200 financial instruments in all. Their forex choices are certainly decent, with 23 pairs, some of them are exotic. There is a strong emphasis on cryptocurrency CFDs, with many minor coins available, in addition to the standard Bitcoin and Ethereum. Of course, their CFD selection also covers commodities, stocks, and so on.
Big Bonuses Go Nowhere
Like many other unregulated brokers, Coin2FX offers deposit bonuses. These bonuses top up a trader’s account by some percentage, based on the size of the deposit. Unfortunately, traders won’t be able to withdraw those funds. The terms of the bonus are such that they have to be traded over and over until nothing is likely to remain. Beyond this, the broker also has a 10% withdrawal fee on funds that aren’t traded enough, even funds you deposit yourself.
Get Your Money Back From Unregulated Brokers
The FCA doesn’t issue their warnings lightly. Brokers should listen to them and put their money in the hands of a reliable and regulated broker. In light of tempting deposit bonus offers, some traders decide to go with an unregulated broker. Because there’s no oversight, the brokers can do as they please. Get your money out of their hands immediately. Contact us to start your chargeback today.