Cryptocoin Centre Review: this is the website of a Cryptocoin Centre Forex broker that claims to be based in the UK and offers an excellent trading platform. Is it safe to invest funds in Cryptocoin Centre? Consider our reviews and see our expert take on this.
The most vital part of our reviews is uncovering if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
Cryptocoin Centre discloses that it is based in the UK and uses an address and phone number in the country. Yet, we still found that its email address shows up somewhere in New York City. Forex trading in the UK is regulated by the Financial Conduct Authority (FCA). When we checked the online register of the authority, there was no mention of the Cryptocoin Centre.
Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Advantages of Cryptocoin Centre
We could not find anything encouraging about Cryptocoin Centre. It is common for Forex brokers to claim that they provide the fastest trade execution speeds in the market. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
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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.
Cryptocoin Centre Trading Platform
No useful information is provided about the trading platform provided for clients of the Cryptocoin Centre Forex broker. It only provides an unclear chart of cryptocurrencies.
We advise readers and traders to always look out for the MT4 or MT5 platforms. 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 systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come 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 not clearly stated. This is not advisable of any serious brokerage. 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.
Cryptocoin Centre does not reveal what the maximum leverage it offers to clients and while some may seem generous, it is not advisable. High leverages can lead to huge loss of funds for inexperienced traders.
The broker does not mention what spreads it offers to traders. 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 Cryptocoin Centre
Cryptocoin Centre mentions that withdrawal and deposit can be done via Bitcoin, ethereum, litecoin and bank wire. These withdrawal methods are not enough.
They are not characteristics of a legit broker because they usually make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.
The broker does not mention the minimum deposit it requires from traders. This makes it difficult to know if it is within the average minimum obtainable among top brokers or not. Usually, many legit brokerages require between $100 – $250 or even lesser. It charges withdrawal fees that will be deducted from the withdrawn amount.
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.
Is Cryptocoin Centre Licensed?
No. Cryptocoin Centre is not a licensed brokerage and cannot be trusted. It falsely claims to be registered in the UK while it likely operates from an offshore location. Even if anyone comes across a mention of licensing from this firm, so long as it is based in the offshore location, it is not likely to be a trustworthy one.
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.
The broker does not provide any means of getting in touch with it, this makes it difficult for the public to get additional details about it.
Cryptocoin Centre has proven to be a broker unworthy of trust and thus, we rate it low. It does not reveal enough information for us to go on with and tries to falsify some claims. Do not invest with any company that withholds information from the public.
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- No customer support
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