If you were considering investing with Coin Matrix, we’re absolutely sure that our verdict will dissuade you. After checking out this broker’s business, we’ve noticed many discrepancies. Furthermore, we could not find a trading platform, meaning that we cannot confirm if this company enables trading.
Read our comprehensive Coin Matrix review to find out more.
In addition, we strongly advise you not to invest in AlphaPrime, Adar Capital and Crypto Portfolio fraudulent brokers.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||FCA, Finanstilsynet, CNMV, FSMA|
|Headquarters Country:||UK (allegedly)|
|Minimum Deposit:||30 USD|
|Cryptocurrencies:||Yes – BTC, XRP, BCH|
|Types of Assets:||Forex, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
Coin Matrix – Registration and Licensing
You should first notice that Coin Matrix’s website has been written with Google Translate. For a broker allegedly based in the UK, this is quite odd.
As per regulation, here’s the claim:
“Our company is duely registerd and licensed to undertake financial management and investment activities.”
If you disregard the incorrect spelling, you’ll notice that the broker didn’t mention who is the regulation provider or any license number. Since the alleged HQ is in the UK, the company would need an FCA license. Yet, we found nothing upon researching through the FCA and other Tier1 databases, including CONSOB, ASIC, and BaFin.
Reasons Not to Trust an Unlicensed Broker
FCA is a firm regulator, requiring companies to maintain minimal operational capital of over 730,000 GBP, limit leverage to 1:30, and participate in a compensation scheme fund of up to 85,000 GBP per customer.
As you can guess, Coin Matrix does none of the above. Client funds are not kept in segregated accounts, leverage is unknown, and there’s no negative balance protection. The brokerage can vanish anytime, and finding the actual owner would be quite a hassle.
So Is Coin Matrix a Decent Broker or a Scam?
Coin Matrix is not a legitimate trading brokerage. The company claims to be UK-based, but we have an official FCA warning against its fraudulent activities.
Coin Matrix – Certificate of Registration
To make it even better, Coin Matrix added a false Certificate of Incorporation, allegedly issued in 2018. According to it, Coin Matrix is a registered UK business.
It’s more than evident that this certificate is false. Firstly, the website has existed since the 4th of August 2022. Further, each real certificate would contain a company name and registration number, which we don’t have here.
Warnings From the Financial Conduct Authority (FCA)
Since the Coin Matrix broker falsely claims to be based in the UK, no wonder the Financial Conduct Authority issued an official warning. According to this, coinmatrixfx.uk is not a legitimate domain, and the Financial Ombudsman cannot protect clients.
This warning was later republished by the Belgian FSMA, Norwegian Finanstilsynet, and Spanish CNMV.
What Do Traders Think Of Coin Matrix?
Coin Matrix is a website registered in August 2022. In just two months, the company earned numerous negative reviews.
According to customers, the broker promises a crypto trading bot that would predict the market and make money without clients putting in any effort. Of course, this is just a trick to extort funds. Once they submitted withdrawal requests, access to their accounts was frozen.
Coin Matrix – Countries Of Service
According to reviews, the majority of Coin Matrix victims come from:
Also remember the names of the Proforbex, Green Capitalz and Fibofix trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!
Coin Matrix Accounts Overview
Instead of typical account types, Coin Matrix offers plans similar to binary options.
- Basic – $30, 3% daily ROI
- Silver – $100, 5% daily ROI
- Gold – $1,000, 10% daily ROI
- Platinum – $5,000, 15% daily ROI
- Investors – $30,000, 20% daily ROI
- Forex Stocks – $2,000, 5.5% daily ROI
The first 3 plans allow withdrawals after 1 day, while the other 3 have a withdrawal limit of 7, 21, and 30 days, respectively.
Coin Matrix Range of Trading Markets
Coin Matrix says to offer trading in two markets:
- Forex – EUR/USD, AUD/SEK, GBP/NOK
- Cryptocurrencies – USDT, USDC, BNB
According to the website, there are only 35 available instruments, which is quite limited. However, the brokerage doesn’t allow access to its trading platform, so we cannot confirm if it’s true.
What Is Known About Coin Matrix’s Trading Conditions?
There’s not much we know about Coin Matrix’s trading conditions. The spread and leverage haven’t been mentioned. Further, there’s no platform to access through a Demo account or after the account registration. Therefore, we cannot confirm if you can actually trade and how much you’ll pay for it.
Note that the spread is advertised as raw, but we wouldn’t trust anything from this phony website.
Coin Matrix Minimum Deposit and Withdrawal Terms
According to Coin Matrix’s plans, one needs $30 to start trading. While this may sound tempting, you should be aware that little money will not be enough. You’ll be constantly pressured to upgrade your plan and deposit more.
The brokerage has no legal documents, meaning we know nothing about withdrawal terms. The only thing specified would be the withdrawal time limit mentioned above.
Methods of Making a Deposit
The FAQ section states that cryptocurrencies are the only way to make a deposit. This is the least safe option of all. Many scammers will go for digital coins as they’re virtually untraceable. Of course, this helps scammers decline withdrawal requests.
Why Should I Avoid Depositing in Crypto?
Cryptocurrencies are hard to track and trace, and proving who’s behind the wallet ID is even more challenging. That’s why fraudsters love this payment type. They can hide behind wallet anonymity and conduct their fraud.
If you have been scammed and paid your money in crypto, contact our crypto tracking specialists.
Scammed by Coin Matrix Broker? – Let Us Hear Your Story
If Coin Matrix scammed you, tell us your story. We’d like to hear from you and assist you with the recovery procedure.
While scammers want you to believe that crypto transactions cannot be reversed, there are steps to follow. Book a free consultation with our specialists and we’ll find the best solution for your case!