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Coin2FX  Review

A broker with less transparency is Coin2FX. The parent business Smart Trade and Investment LTD houses the broker. This business states that London, England is home to its headquarters. They should have registered with the FCA for this, but they haven’t. In actuality, they lack a license from any kind of authority. They are therefore not authorized to offer the CFDs and forex investments that they do.

Coin2FX: FCA Warning

When compared to binary options broker Binatex, Coin2FX is comparable in several respects. The FCA in the UK has issued a standing warning to both brokers. In September 2020, the broker received a warning from the FCA. Despite claiming to have its headquarters in the UK, the regulator claims that the broker lacks a license to offer financial services there.

Traders Claimed Serious Problems With Broker

Former customers of the broker appear to have had a very negative experience. Many of them have now written negative evaluations of Coin2FX on online review sites. 

They assert that the apparent Coin2FX scam has duped them. Former clients claim they experienced technical and verification difficulties when attempting to make any withdrawals and were consistently pressured to make larger deposits.

Using Coin2FX for Trading

With over 200 different financial instruments, the broker offers a respectable variety. With 23 pairings, some of which are unusual, their selection of forex is undoubtedly respectable. 

Cryptocurrency CFDs are heavily promoted, and a wide variety of lesser coins are also offered in addition to the more popular Bitcoin and Ethereum. Of course, they also offer CFDs on stocks, commodities, and other financial instruments.

Large Bonuses Are Wasted

Coin2FX offers deposit bonuses, much as many other unregulated brokers. Depending on the size of the deposit, these bonuses top up a trader’s account by a certain percentage. Traders will be unable to withdraw those monies, which is unfortunate. 

The bonus’s terms require that they be traded repeatedly until it is likely that nothing is left. Additionally, the broker charges a 10% withdrawal fee for money that aren’t traded enough, even funds that you deposit yourself.

Regrettably, traders cannot use any of the broker’s platforms without first making a minimum deposit. There isn’t any sort of demo account available. Most online forex and CFD brokers come standard with a free demo account. The minimum amount required to begin trading is not even mentioned on their website, which provides very little information for anyone thinking about using the broker.

The FCA doesn’t carelessly issue warnings. Brokers ought to pay attention to them and place their capital in the hands of a trustworthy, licensed broker. Some traders choose to work with an unregulated broker due to alluring deposit bonus offers. The brokers are free to act however they choose because there is no control.

There are definitely good reasons to be wary of the services offered by brokers Coin2FX.

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