CoinMENA Broker Review

The company, CoinMENA B.S.C., registered in Bahrain, serves as the official owner of the business. They have been offering digital asset services globally since 2019. However, to determine the legitimacy of their operations, we strongly recommend thoroughly reviewing our CoinMENA analysis.

• Regulated By: BCB – Bahrain Central Bank
• Known Websites: Coinmena.com
• Have Warnings From: N/A
• Registered In: Bahrain
• Operating Since: 2019
• Trading Platforms: N/A
• Maximum Leverage: N/A
• Minimum Deposit: N/A
• Deposit Bonus: Not available
• Trading Assets: Cryptos
• Free Demo Account: Not Available

License and Security 

The owner of CoinMENA is officially registered in Bahrain, marking a significant milestone for Middle East citizens who now have access to Sharia-compliant and regulated entities. CoinMENA is subject to regulation by the Bahrain Central Bank, which provides a certain level of reassurance. However, it’s worth noting that it doesn’t quite match the level of confidence that Tier 1 licenses, such as those from FCA, BaFin, or ASIC, would provide, and CoinMENA currently does not hold any of these licenses.

Traders’ Feedback 

One concerning aspect to consider is the feedback from CoinMENA traders. On Trustpilot alone, there are 7 reviews, and nearly 60% of them are negative. Many of these negative reviews revolve around complaints related to withdrawal problems. This underscores the importance of Tier 1 regulations in the trading industry.

Investment Expenses at CoinMENA 

It’s worth noting that CoinMENA does not provide information about investment costs, including minimum deposit requirements, taker/maker fees, or withdrawal charges. This lack of transparency is somewhat unusual, particularly given their regulatory framework. However, it’s not entirely surprising, given that the Bahrain Central Bank is not classified as a Tier 1 regulator.

Bonuses 

Bonuses can be enticing for traders, offering incentives to deposit more or engage in additional trading activities. However, they often come with unclear terms and conditions. Fortunately, CoinMENA does not offer such bonuses, sparing traders from potentially murky clauses.

Trading Features

Numerous cryptocurrency exchanges tout the advantages of decentralized systems, often using this as a shield against potential controversies. CoinMENA Exchange, in particular, keeps its platform and trading conditions relatively opaque, leaving traders in the dark.

Range of Tradable Assets 

While it’s logical for cryptocurrency exchanges to primarily offer digital assets, some platforms boast a selection of over 100 assets. CoinMENA, however, provides access to only a limited few. Precisely what you can trade remains uncertain until you complete the registration process. As of now, the confirmed assets available are:

• Bitcoin
• Ethereum
• Litecoin
• Polygon

Account Types

In general, exchanges aim to incentivize traders to engage in more trading or deposits by offering improved trading conditions, often categorized into various account types. However, when it comes to the CoinMENA exchange, all clients are provided with identical trading conditions, and there are no distinct account types.

Mobile Trading App

A key indicator of reputable exchanges is the availability and quality of their mobile applications. A highly-rated app on iOS and Android app stores can provide confidence in its safety. However, it’s important to note that the CoinMENA crypto exchange does not provide a dedicated app for either iOS or Android platforms.

Demo Account

In general, most crypto exchanges do not provide a demo account, even though it would be a valuable practice, especially considering the presence of numerous fraudulent companies. A demo account allows clients to preview the features and services they can anticipate. Unfortunately, CoinMENA does not offer this transparent option.

Education

CoinMENA offers educational programs exclusively through its University and Blog. However, both resources primarily offer fundamental articles about investing. If you are seeking live trading sessions or webinars, you will need to explore other sources.

CoinMENA Withdrawal

First and foremost, it’s important to highlight that some traders have reported excessively high withdrawal fees associated with CoinMENA. Additionally, the company necessitates approval for withdrawals, which can introduce complexity and delays. Consequently, we strongly recommend considering highly reputable and tightly regulated companies for trading.

It’s worth noting that CoinMENA’s withdrawal policies and fees lack full transparency, which is somewhat uncommon for licensed entities. This aspect underscores the rigorous nature of their regulatory framework.

Customer Support

Another potential red flag to consider is the limited contact options provided by CoinMENA. Currently, the sole means of getting in touch with them is through a web form. While they maintain social media accounts on platforms such as Facebook, LinkedIn, Twitter, and Instagram, it’s important to note that these should not be regarded as official contact channels.

Conclusion on CoinMENA 

In conclusion, CoinMENA presents several concerning aspects that potential traders and investors should carefully consider:

• CoinMENA lacks transparency in various critical areas, such as withdrawal fees, trading conditions, and available assets. This opacity can make it challenging for users to make informed decisions.
• While CoinMENA is regulated by the Bahrain Central Bank, it’s not under a Tier 1 regulatory authority like the FCA or ASIC, which may raise concerns about the level of protection offered to traders.
• Negative user reviews on platforms like Trustpilot, primarily concerning withdrawal issues, can be a significant cause for concern.
• The limited means of reaching out to CoinMENA, primarily through a web form, can hinder effective communication, especially in urgent situations.
• CoinMENA does not offer dedicated mobile apps for iOS or Android, which may not align with the preferences of traders who rely on mobile devices.
• The absence of demo accounts limits users’ ability to test the platform and its features before committing to trading.

In light of these factors, prospective users are advised to exercise caution when considering CoinMENA as a trading platform. It’s crucial to thoroughly research and consider alternative options, particularly those offered by highly reputable and transparent exchanges with stronger regulatory oversight. Ultimately, the decision to trade with CoinMENA should be made with a full understanding of the associated risks and limitation