TheCoinTrust Review – Should You Trust Thecointrust.com Broker?
While the name sounds appealing, there’s nothing trustworthy about TheCoinTrust broker. This firm provides unregulated trading conditions and has no regulation for delivering financial services. More details are further in this review.
|Broker status:||Offshore Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Owned by:||SPT Media LLC|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Types of Assets:||Forex, stocks, commodities, indices, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
What About TheCoinTrust Regulation?
TheCoinTrust is a brand of SPT Media LLC based in Saint Vincent and the Grenadines. The firm registered its business in November 2020 but never opted for a license. Ever since the FSA of SVG declared itself not in charge of Forex and binary options firms, many brands, such as StakingTrades, Weltex, and FavorTrades, have been operating with no valid license.
Why Must A Broker Have a License?
A broker must have a license to comply with regulatory rules and ensure that you will get your money back, no matter what. For example, Tier1 regulators such as FCA, ASIC, and BaFin ensure that Forex firms have significant compensation funds of over 700,000 EUR.
TheCoinTrust has no valid regulation and cannot be trusted.
Traders Reviews About TheCoinTrust
TheCoinTrust reviews are mainly talking about withdrawals. Clients involved with this scheme firm cannot get their money back because the broker is not approving payouts. Instead, the firm will simply freeze your account access and disappear.
Be careful not to fall victim to TheCoinTrust trading scam.
What Platforms Does TheCoinTrust Offer? – Available Trade Software
The broker didn’t disclose much about its trading platform. While it advertises “a platform designed to support traders of all levels of experience,” we’re given nothing but a plain WebTrader. Yes, it’s a solid platform offering essential tools and charts, but far from being satisfying for experienced investors. Furthermore, the leverage and other trading conditions are not disclosed. Instead, look for a broker offering MT4 or MT5.
All About TheCoinTrust Accounts
While claiming to have a suitable account type for anyone, TheCoinTrust has no account types at all. You can overview trading assets and learn about the initial deposit of $250. Still, there are no different accounts, and it’s unclear whether or not you’re entitled to any perks if you invest more than just an initial deposit.
Does TheCoinTrust Have A Demo Account?
Since there are no Live accounts, we were not surprised to learn that TheCoinTrust has no Demo account as well.
Countries Where TheCoinTrust Operate
According to complaints and our review, TheCoinTrust mainly operates in:
TheCoinTrust Range of Trading Instruments & Markets
The broker offers access to 5 major markets, including:
- Currency pairs – EUR/USD, GBP/USD
- Commodities – gold, oil, silver
- Indices – NASDAQ, FTSE100
- Shares – Amazon, Apple
- Cryptocurrencies – BTC, ETH, XRP
About TheCoinTrust Trading Conditions
TheCoinTrust has a lack of basic information. For instance, the spread, leverage, and other fees and commissions are not disclosed. It means the firm can scam you easily, requiring you to pay non-existing fees and taxes, which is what they mostly do. Once you get to withdrawals, you’ll be asked to deposit more funds for bank fees and taxes when, in reality, it’s TheCoinTrust’s last attempt to steal your funds and disappear.
TheCoinTrust Bonuses As A Way To Keep Your Funds
The company gives bonuses with a ridiculous Bonus Policy. You’re asked to have a rollover of 1 lot for every $5 bonus you receive. To clarify, one standard lot is equal to $100,000. So, suppose you got a $100 bonus; you will need to repay the amount of $2 million before being eligible to submit a withdrawal request.
What Is The Withdrawal Charge?
Furthermore, even if you get to submit a request, you will need to pay 20% of your profit since the broker’s employees tell you that’s the company’s share for supporting you with bonuses and helping you invest.
TheCoinTrust Deposit, Withdrawal Methods, and Fees
The broker seems to accept only debit/credit card deposits, which is not as bad. You’re entitled to file a dispute for chargeback within 540 days and get your money back.
Once you submit a withdrawal request, the broker allegedly takes up to 5 business days to process it. However, additional fees are not specified.
Scammed by TheCoinTrust Broker? – Let Us Hear Your Story
If you were scammed by TheCoinTrust, it’s time to file a dispute for a chargeback. Contact us via online chat to book a FREE consultation, and we will ensure to provide you with the best assistance.
But What Is A Chargeback?
This is a way for your bank to reverse the fraudulent transaction. Get in touch now, and let’s start working on the dispute before it’s too late!
What Is TheCoinTrust?
TheCoinTrust is an online Forex and CFD trading brokerage without a proper license.
Is TheCoinTrust a Scam Broker?
TheCoinTrust is a scam firm operating from an offshore country without a regulation.
Is TheCoinTrust Available in the United States or the UK?
The broker is available in both the UK and the US.
Does TheCoinTrust Offer a Demo Account?
No, TheCoinTrust doesn’t offer a Demo account.