Coin FXC review – Reasons to avoid this broker
Coin FXC is a Forex broker that claims to be regulated and authorized in various jurisdictions. It says that it offers safe, secure, and top-notch services to its clients. The company was created in 2014 and it claims that it is available globally.
However, we have heard many people complaining about the Forex broker and its services. Some people online are saying that they have lost all of their money by trusting this company. Others are saying that trading with this broker is nothing like what the broker claims it to be.
Because of so much negative information online, we have decided to review Coin FXC and we found some disturbing things about this broker. Our team of reviewers found that the information about the regulatory status of the company might not be accurate. Even more than that, we believe that Coin FXC is a scam and it should be avoided at all costs.
Follow our review of Coin FXC as we discover more details about this broker. In today’s review, we will talk about every little detail that might be important for traders. So, let’s get into the offerings of this broker and see what it really is about.
Reviewing Coin FXC – Regulatory status
It should not come as a surprise that we are starting this review by talking about regulations. In the world of Forex trading, regulations can make a huge difference. This market is very diverse, there are millions of people trading right now, and something that might be a guarantee of safety are regulations.
Coin FXC writes on its official website that it is regulated and authorized by two agencies. This includes a license from the Cyprus Securities and Exchange Commission and another one from the United States. At first, we were very glad to find out about these regulations, but our happiness was short-lived.
We went on by checking with the regulatory bodies if the broker had a license or not. As we were able to find out, the information provided by the company is not accurate. There is no such company listed among CySEC regulated Forex brokers. This means that this company is lying.
By doing so, it hopes that it can attract traders. When people think that they are trading with a regulated broker, they will trust it without hesitating. But, since the company is lying, they will end up being a victim of a huge scam.
Coin FXC scam exposed
On the official website of the broker, everyone can access the information about the regulatory status of the broker. As you can see, the company is trying its best to convince newcomers that they are dealing with a legit broker. It even has a special certificate of license.
However, the document shows that the company did not even try to make it look legit. The file notes that the company is registered in ‘Fulton Street San Diegom, California’. The fact of the matter is that ‘San Diegom’ does not exist. We believe that the broker means San Diego, a city in the United States. But it did not even try to spell the name right. Also, words in the document are written in different sizes.
You would never find this type of mistake in an official document. Even if there was no other problem associated with this broker, this alone would be enough of a reason to avoid this broker altogether.
Another very strange thing about this license is that the lie is not even good. When it comes to Forex regulations in the united states, there are two companies that are responsible for overseeing the market. The broker claims that its license is from the Registrar of Companies of the USA. Nothing like this exists in America, therefore, we could not even check the accuracy of the information.
Coin FXC review – Inconsistent information
One thing that most of the Forex scams have in common is that they provide inconsistent information to traders. They write something on one page, and something completely different on another. The same thing is done by Coin FXC as well. The broker claims that it was established in 2014, and somehow, it got its license 2 years prior in the US, from a non-existent company in a non-existent city of San Diegom.
If this is not enough of a reason for you to believe that Coin FXC is a scam broker, follow our guide to learn more disturbing information about this so-called Forex broker.
The company also notes that it has one of the best customer support teams. To check it out, we have contacted the customer support team through different channels. We used the special email, email@example.com, the special phone number, +1(530) 362-7459, and the live chat as well. Then, we went on filling the contact form, hoping that we would hear something from the company.
The only one that got back to us was the live chat. We received a reply after about 8 minutes of waiting in the live chat. The answers that we received had nothing to do with the services that the company offers. Most of the information was misleading and different from what we found on the website. While using other methods, we were unsuccessful in receiving any answers from the broker.
Review of Coin FXC – What does it offer?
Although by now we are 100% sure that this company is a complete scam, we have still decided to continue reviewing the services of this company. While we thought that we had seen it all and there could not have been worse things, we were proved to be wrong.
The company claims that it offers one of the safest services globally. It also says that it offers leverage up to 1:1000. If the broker was really regulated by CySEC, it would be required to limit the leverage to 1:30. This is another thing that proves that this broker is a scam and that it does not own a license from CySEC.
While talking about the leverage, the broker only says that it can increase the profits of traders. It does not say anything about the risks that come with it. This further makes us believe that the broker does not care about the safety of its clients. Another very interesting thing about the broker is that it claims to be charging the lowest spreads, around 0.1. As for other types of fees, according to Coin FXC, there are no fees or commissions that the broker charges.
No Forex broker would be able to survive without charging any commissions and having such tight spreads. The truth is that the company is simply trying to come up with random facts that it believes would work to attract more traders. However, these offerings are too good to be true.
Forex brokers need to have some type of income, which, in most cases, are commissions and fees. This money is vital for a broker to offer safe and secure services and maintain stability. Since this broker does not charge any commissions and has very tight spreads, it means that it does not have enough financial means to guarantee your safety.
We believe that the claim about no commissions and low spread is a lie used to attract more traders.
Trading accounts of Coin FXC reviewed
This crypto-focused ‘broker’ seems to be offering only two types of accounts, demo and regular, live accounts. Now, this is a very confusing thing. The company claims that it cares about its clients and wants to diversify its users. However, because there is only one account type available, it means that the company is not inclusive at all.
By having only one live account, it means that the broker makes every type of trader invest with the same conditions. No matter you are a professional trader or a total beginner, you will have to use the same account.
Some of the best brokers online offer at least 3 or 4 account types to make sure that everyone can find something to use. By doing so, they make sure traders can stay safe.
This Forex broker gives even the most beginners access to very high leverage, which can make trading highly dangerous. Many newcomers don’t know how risky trading with high leverage can be, and since there are no disclaimers about high leverage at the broker, we believe that many people are losing their funds by using high leverage without any care.
Review of Coin FXC’s website
The website of the Forex broker looks very bad. The design of it is anything but professional, it is completely useless and looks hideous. The information provided by the broker on its website is useless, and not important at all. The broker talks about its team and how ‘great’ they are but does not say anything about trading conditions.
This leads us to believe that the company is trying to hide something. Also, the information on the website is inconsistent. Every single page gives you information that has nothing to do with another page. The Forex broker also has a special page called FAQs, where the answers are written in a very bad manner.
Although there is some information, it is not adequate and is very hard to understand. It looks like something that was rushed and created in under an hour. The website looks outdated and we believe that it was created only for one reason – to scam people.
Is there any educational material?
The Forex broker very proudly says that it has very good educational material for Forex traders. However, there is no such page on the website of the broker. The company claims that it will assist traders through their journey in trading with the help of their material, but there is no material available.
Forex brokers are required by leading regulatory agencies to offer traders educational material. However, since the broker is not regulated, even though it claims to be, it does not have to do anything. The worst thing about all of this is that if you end up losing your funds, there is nothing that can be done about it.
Since the broker is not regulated, there is nothing that protects you. This is why it is so important to only trust regulated and authorized Forex brokers. By trading with companies like this one, you are opening yourself up to a lot of risks, and in most cases, there is nothing that can help if you lose your money.
On the other hand, if you traded with a regulated Forex broker and if you lost your money because of the broker, there are a lot of ways to get your money back. There are special funds that guarantee that you are staying safe. With scam brokers like Coin FXC, there is nothing that can help you.
Can Coin FXC be trusted?
After reviewing Coin FXC in great detail, we were able to find that this is a scam broker. The Forex broker claims to own two licenses, one from the USA, and another from the CySEC. Neither of these is true. We checked the official website of CySEC, and we were not able to find this company among licensed brokers.
The Forex broker also claims that it is registered in the United States, by a company that does not even exist. The ‘official’ document provided by the broker is poorly edited, and it is very easy to tell that the document is fake.
Because of this and many other reasons, we do not recommend trading with this broker. We believe that this broker should be avoided at all costs.