Coinmanagements.com Review: this is the name of a broker that offers digital currency trading and is based in UK. Is CoinManagements a legit cryptocurrency broker or a scam? With the continuing rise in illegal and fraudulent cryptocurrency companies, it is vital that you read this review before opting to trade with this broker.
On the website of the company we found two addresses placing the broker in the UK and Russia. The fact that the company is based in these two locations means that it requires a proper license to operate legally in those regions.
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Forex trades in the UK is regulated by the Financial Conduct authority or the FCA. When we looked at the name of brokers regulated by this commission, we did not find any mention of CoinManagements and this tells us that it is not a licensed company.
Unlicensed brokers are dangerous to trade with as they are under no obligation to play by the fair rules of trades. They also do not have to answer to any authority in the case of misappropriated funds. We have always warned readers and traders alike not to choose to invest funds in any company that is not registered by a commission.
Advantages of CoinManagements
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
Most of the good things mentioned on the website of this broker is generally about how digital currency is safe and profitable. The broker only mentions the offer of managed accounts by professional traders which is not really a good thing. Managed accounts may lead to loss of funds because the broker stands to gain more when traders lose.
CoinManagements Trading Platform
The trading software used by CoinManagements is operated on a web-based platform and mobile. This is not the MT$ and MT5 trading platform and we find this discouraging. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are likely mostly going to be major digital assets like: Bitcoin, Ethereum, Litecoin, Ripple, Bitcoincash and more. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverages offered is 1:400 and while this may seem generous, they could pose danger. High leverages can lead to huge loss of funds as well. Spreads are not made available to the public.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on CoinManagements
The means of making payments with this broker are: Bank Wire Transfer, VISA, digital currency transfer, and MasterCard. The fact that e-wallets are left out is disturbing because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is $500 which is within the obtainable average of $100 – $250 among brokers. Withdrawal are said to be dependent on some minimum trading volume requirement set by the broker.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
We also find that bonuses are offered for every new deposits and this is a red flag. The withdrawal conditions that many unregulated broker use to tie funds down after giving clients bonus is unrealistic and unethical.
Is CoinManagements Licensed?
No. CoinManagements is not a properly licensed brokerage. Although the company claims to be located in the UK, we found that it does not even mention the FCA at all as a regulatory body. It is clearly an unlicensed brokerage trading without proper registration making it free to disregard trading rules.
We advise our readers to always avoid unregulated brokers because they have no obligation to keep your funds safe.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To speak to a customer care representative, dial: +44 20 3318 4609 (London) or +74993713847 (Moscow). You can also send an email to: firstname.lastname@example.org
As an unlicensed broker, we warn traders that it is no wise to trade with CoinManagements. It does not really have tempting offers and it is simply not worth the risk. If you have anything to add to this crypto broker review, do so via the comment section.
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