We’ve researched CoinmasFX, and things don’t look good for this shady broker. In this detailed CoinmasFX review, we are pointing out some major red flags that you should be aware of if you consider starting trading with the firm. The company lacks corporate information, the website is poor with background details, and it often crashes.
Even if the company claims to be a regulated firm, keep in mind that that is not true because it’s illegal and unregulated! They even promise guaranteed profits to their clients, profits that go up to 30% per day, and this is something that no one can deliver – this broker has scam written all over!
What is more, we strongly advise you not to invest inWinvestock,RoboFXTradeandBroker Capitalsfraudulent brokers.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Headquarters Country:||US (allegedly)|
|Minimum Deposit:||1 USD|
|Types of Assets:||Forex, commodities, shares, indices, cryptocurrencies, ETFs|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
Is CoinmasFX a Licensed Broker?
The company claims to be based in San Francisco, USA, which is impossible as the firm is not licensed. There is no record of CoinmasFX in the NFA and CFTC records. Above all, the company claims that they are regulated, yet if you look at how they run their business, you will see that that is an absurd lie.
How Unsafe Is An Unlicensed Broker?
Licensed brokers have many strict rules that they must follow, and everything has to be done by the book. These measures are for a client’s safety, something you will never get with an unlicensed broker.
Because scam companies have only one goal, which is stealing the money, they are not under anyone’s watch and can misuse their client’s funds however they like.
Is CoinmasFX a Decent Broker or a Scam?
CoinmasFX is an unregulated broker that claims to be based in the US. The company is not licensed by any financial body of authority.
Traders’ Experiences With CoinmasFX
If you look at comments online, you will find bad reviews. That only means one – stay away from this shady broker. According to reviews, broker employees will be quite pleasant while you’re investing your funds. Yet, once you submit a withdrawal request, they will stop responding and ensure to block your access to funds.
What Platforms Does CoinmasFX Offer? – Available Trade Software
CoinmasFX has fraudulent, so-called trading software because it’s an informative chart that only looks like a platform – absurd.
This fact alone should be enough as the company has no reliable trading tool, such as MetaTrader4 and MetaTrader5. These platforms are the best in the field and are synonyms for Forex trading because they have many advanced features that are very helpful. When you’re choosing a broker, always go with the MetaTrader offer.
CoinmasFX Awards – Company Achievements
The company claims to be the winner of high-profile awards, to name a few :
- Best cTrader Broker
- Best Technology Corporate Leadership
- Best FX Trading Platform 2018
- Best Trade Execution
- Best Copy Trading Platform
- Best Retail Platform
Don’t trust this. The company is not regulated in the first place, has no cTrader, and doesn’t exist since 2018.
All About CoinmasFX Accounts
The CoinmasFX broker is offering four investment plans, meaning that there are four account types:
- Basic plan – $1000
- Advanced plan – $5000
- Premium plan – $10,000
- Mining plan – $15,000
Minimum Investment Amount
There is no minimum deposit requirement, meaning you can start with as low as $1. However, you will be asked to upgrade to a Basic plan of $1,000. The company claims this package will bring you 10% of profits daily. Please remember, no one can promise profits, and this broker does, which means only one thing – SCAM!
What Trading Terms does CoinmasFX Provide?
CoinmasFX trading conditions don’t exist! Their leverage is abnormally high, yet the spreads can be as low as 0.0 pips. This is ridiculous because this combination would mean that zero spreads indicate low trading costs and 1:500 leverage brings higher profit potential. All in all, this is just a good lure.
The broker claims their leverage can go up to 1:500. This is another reason to mention the regulations because licensed companies can not have leverage that can go higher than 1:50. Do not trust this broker, or you will become a victim of a scam.
CoinmasFX Deposit, Withdrawal Methods
The company accepts a few deposit methods, and all of those are done by crypto. This is a perfect way for a scammer to get away with their client’s money. The crypto transactions are virtually not traceable, and they’re not eligible for a chargeback, so if you deposit this way, it will be almost impossible to get your money back.
The only thing on withdrawals that we managed to find was this one:
Generally, withdrawal requests are processed within 1-2 working days.
CoinmasFX Range of Trading Instruments & Spreads
The company offers multiple trading instruments such as:
- Forex – EUR/GBP, USD/GBP
- Shares – Amazon, Google, Apple
- Crypto – BTC, ETH, XRP
- Indices – NASDAQ, DOW 500
- ETFs – S&P 50, FTSE
- Commodities – gold, silver, palladium
Even if the company claims to have perfect spreads that can be as low as 0.0 pips, you must not believe them. There are simply too many red flags about this so-called brokerage.
Also, remember the names of theKapital Consult,CryptoGo365andHotTradestrading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!
Bonuses and Referral Program – A Fraudulent Methods
Many non-legit brokers use a bonus scheme as a way of fraud, and here is how they do it. They will give you a certain amount that seems quite generous, but when you try to withdraw your profits, you will soon find out that every bonus comes with a catch.
Clients must reach a particular trading volume that is enormously high and unreachable. That goes along with their primary goal of getting away with your money. Remember that bonuses these companies offer do not exist; on the contrary, they will bring more suffering.
Scammed by CoinmasFX Broker? – Let Us Hear Your Story
If this broker scammed you, please share your experience with us because our team can help you to restore your money! There is a way, but you must act quickly!
First of all, report the scam and request a chargeback. Contact us via online chat and let’s evaluate your case. Don’t let the scammers go away with your hard-earned money!