Everything about this broker is a complete farce. The swindlers have made sure to present every single piece of data in a shady and vague manner. To make the platform appear as trustworthy, they have paid for fake reviews on popular websites. They can’t fool us, however, as the firm is completely unregulated and doesn’t have a single license.
Find out more about the dangers these illicit firms present on the online markets in our External Coins review.
| Regulated by: | Unregulated Broker |
| Is This Company Safe? | No unlicensed company can be trusted! |
| Known Websites: | www.externalcoins.com |
| Have Warnings from: | N/A |
| Registered in: | UK (alleged) |
| Operating since: | 2022-08-08 |
| Trading Platforms: | Web (alleged) |
| Maximum Leverage: | 1:100 |
| Minimum Deposit: | €10,000 |
| Deposit Bonus: | Not available |
| Trading Assets: | Forex, Crypto, CFDs |
| Free Demo Account: | Not available |
| How to Withdraw from This Company? | If this firm has defrauded you – don’t wait, contact our legal professionals right away! |
An Illegal Company
Whoever is behind this fraud site never directly addresses any legality of the operation. Sure, they claim to be fully regulated, but instead of company registration and license information, you get paragraph after paragraph of weasel words with no concrete data.
The alleged office is situated in a prominent financial district in London, UK. The address has quickly proven to be bogus, of course. Any financial service provider operating from the UK must be registered with Companies House, and licensed by the FCA. External Coins are neither.
Other regulators, namely BaFIN, CySEC, ASIC, NFA, FINMA and FSMA have no information about this entity.
Trading through illicit firms like this one or Roldex Pro for instance means you can’t benefit from different safeties, such as segregated bank accounts and compensation funds.
Persistent Phone Calls
At least the firm didn’t lie about them being newcomers in the industry. Our WhoIs inquiry revealed that the site was launched in August 2022, targeting individuals from these nations:
- Canada
- United Kingdom
- Netherlands
- Ireland
- Norway
The entire fraud revolves around pressuring potential victims into investing. To do this, the company employs boiler room agents who endlessly harass people by phone.
This harassment, however, is not your childish prank call or something you’d compare to a telemarketing ad. Whether you decide to deposit or not, the problem only becomes larger in scale. Recovering assets lost to such deceivers is borderline impossible without the help of seasoned professionals that we employ.
Review Sellers Strike Again
Let’s be honest, nobody would want to deal with an anonymous, no-name company. To make it seem like they are a firm of some renown, this broker artificially inflated their online reputation by purchasing fake comments from so-called review seller networks.
The TrustPilot online rating platform has caught wind of this deceptive action, and has removed a large number of comments accordingly. What remains from a once apparently vibrant page is just a couple of client complaints, and a warning about false advertisement from TrustPilot themselves.
Irrelevant Data Instead Transparency
In a failed attempt to appear user-friendly, the fraudsters carefully conceal all of the trading information. Instead, what is presented on the website is anything but useful information. It is only known that the leverage goes up to 1:100.
Empty claims about all of the services being affordable and useful clog the website and deceive traders into investing. All the while, the victims won’t even have a slightest clue what they’re signing up for. Besides the statement about platform owners being “entitled to levy a couple of charges plus service fee”, other details are skillfully masked.
Basic Trading Environment And Features
Finding out about different trading features with this company was not an easy task. The transparency is basically non-existent, and creating an account for External Coins login is impossible without a referral code.
Thus, we weren’t able to verify any of the scammers’ claims about these.
Dodgy Web Terminal
Although on the website you’ll find promises of the External Coins platform being revolutionary, fast and rich in features, you will not be able to access it easily.
Firstly, you’ll need an account that only handpicked victims can open. Secondly, the website doesn’t display the ghostly software even in the form of screenshots, as many other cons do to appear believable. In this particular case, the promised terminal’s existence is questionable to say the least.
Unknown Asset Types
Similarly to how other parts of the site function, the assets remain in the informational gray area. Among the mind boggling amount of texts, you won’t find a single number, or a name of any assets.
The broker says they provide 500+ different instruments, categorized in these groups:
- Forex (EUR/USD, AUD/CAD, GBP/CHF, USD/JPY)
- Cryptocurrencies (BTC, LTC, ETH, XRP)
- CFDs (Forex, Crypto, Stocks, Bonds, Indices, Commodities)
Hidden Trading Account
One page of the website claims a total of five separate account types for great flexibility. Another offers as many as seven, and that’s not counting the Islamic account. As expected, these are the so-called tiered account types, and some lower tiers don’t even have access to the trading room!
Here’s an overview:
- Bronze – €10,000
- Silver – €25,000
- Gold – €50,000
- Platinum – €100,000
- Diamond – €250,000
- Premium – €500,000
- VIP – €1,000,000
- Islamic – Special Approval Only
With all these incredibly pricey accounts, you’d think a free demo would be in order. Unfortunately this is not the case, similarly to how 2Invest runs things.
Scarce Funding Information
Instead of enabling a separate Funding Policy, a single web page refers to transfers and other particularities related to account funding. All of the information the mentioned page contains is again mostly useless blabbing instead of concrete instructions.
In such circumstances, we couldn’t verify if the mentioned funding methods were indeed available. Processing time is promised to be between 3 and 5 business days, but that’s left unconfirmed, as well.
Where’s Support When You Need It?!
Despite the claims about being available whenever and for whatever issue may bother the client, it’s still curious how the customer service never responds. We’ve tried all of the communication channels mentioned but it’s as if our request falls on deaf ears. Neither are the phone or email or online form you may send responded to.
Help Is Here
Please never refrain from seeking help if you’ve been defrauded. While online trading is flourishing with technological development, there’s dark sides to it. One of them are certainly the cyber thieves, which are a constant threat to all decent traders out there.
In order to combat these financial swindlers, you have to speak up for yourself. Report the fraudster right away and seek legal help to recover your lost investment quickly and securely. Our legal experts can help you with that. All you have to do is book your free consultation via the online chat or the form at the end of this page.
FAQ Section
What Is External Coins?
It is a sham claiming to be trustworthy and regulated, but holding no license from any authority. If they’ve deceived you, please contact us as soon as possible for legal support.
What is the minimum deposit requirement in External Coins?
Minimum amount to invest is $10,000, how much costs the cheapest account type.
Which External Coins trading platform will I be using?
No platform is confirmed to exist, as it needs an account but registering for one is only enabled with the special referral code.
