Coin2fx.com Review – Are they Trustworthy?

Coin2fx.com is a new broker who claims to have close to 3 trillion dollar trading volume. Their platform for the most part is web based and everything with them is too clean which is somewhat too good to be true. The existing reviews as of writing this article is all too favorable towards them, but the customer feedback tells an entirely different story.

Though they claim to be regulated, the facts clearly suggests otherwise. As traders, it is your duty to do a complete research before committing your funds with any broker or else the consequences may be undesirable. Stick with us till the end to find out every feature about this broker and then decide for yourself whether it is worth your time to indulge with them.

Regulatory Status and Customer Support

If you want to ensure the security of your funds and avoid the nasty malpractices around the trading sector, then you should stick with regulated and licensed brokers. In the past decade, the offshore brokers have caused a lot of chaos to investors financially and considering the risks involved, it certainly is not worth it in the end of the day. In short, security and insurance of the funds is more important than fancy features or little to none commissions.

Coin2fx.com is operated by SMART TRADE AND INVESTMENT LTD. We ran a background search on this broker and couldn’t find any information about them with the regulatory authorities. So, it is crystal clear that they are portraying themselves in a wrong way and that trait alone damages their credibility.

On their website, they have provided their physical address and contact details. The issue with it is the fact that, the address shown on their site is non-existent which is a huge red flag. If you have any queries, then the best thing to contact them via telephone and at all times remember to exercise caution.

Account Types and Trading Platforms

Just like most of the brokers out there, this one also features different account types. There are always few perks which comes along with choosing the top account type. However, do not be overwhelmed by the options instead choose the one which meets all your needs. For a more in-depth look at all the features, look at the list we have put up below.

• Personal VIP consultant
• Personal trading couch
• Risk free trades
• VIP events
• Exclusive strategies
• Higher trade amounts
• Exclusive trading signalS
• 24hr education center
• Exchange Lowest rates
• Higher leverages
• Up to 100% Margin loan

 

When it comes to trading strategies and signals, we do not know the win rate or the draw downs. So, try them out first on demo account and then incorporate it live or else it will drain your account quickly. Moving on to the leverage, the exact number is not mentioned anywhere on their site, but it is usually around 1:100.

For newbies leverage might sound interesting, but remember it is a double edged sword and if it is not used properly, it will cause some serious damage. This broker offers a simple web based platform and it also supports MT4. Default platform is supported by Tradingview charting which means, you can customize the data any way you want and have as many custom indicators as you want.

On MT4, you can run any expert advisor you need and take full advantage of algorithmic trading. Do note that there are risks associated with autotrading and for the best experience using it, avoid trading during volatile period.

Asset Class and Spreads

There are only two types of instruments available with this broker and they are forex and cryptocurrency. The number of pairs available is very limited and if you only trade the majors, then you might find them enough, but for the vast majority it will be disappointing. Spreads for the crypto was more than reasonable and just like with forex pairs, the pairs are too scarce and there are much better alternatives out there.

From the forex viewpoint, the spreads were not something out of the ordinary or competitive to say the least. So, clearly the availability of assets is not their strong point and the claim of 200+ tradable assets on their platform is definitely exaggerated.

Domain Insights

Using alexa.com and whois.com we managed to gather the following details about their website and the following they have earned so far.

Domain – Coin2fx.com

Registered On – 23/10/2019

Expiry – 23/10/2020

Alexa Global Rank – 9,217,610

Target Audience – Currently Unknown

Deposits and Withdrawals

The minimum deposit amount is not mentioned on their platform, but it usually is around $250. They accept all the debit and credit cards. However, the exclusion of major e-wallets is a bummer and certainly not something which is appreciated. Inactive fees will apply to any account which is silent for more than 3 months straight and the fees is 10% of the balance.

Withdrawals are said to be processed within 3 to 5 business days, but if you have taken any bonus, then the conditions might differ. So, always make sure you read the fine print in the terms and conditions and never accept bonuses to be on the safer side.

Coin2fx.com Review Conclusion

Coin2fx.com certainly isn’t the broker who can be easily recommended to everyone. They are unregulated which means dealing with them carries extra amount of risk and when there are much better options available, it is the duty of the trader to choose wisely. If you are fixated on joining them, then try them out with the least amount possible and that should give you a clear idea. As always, it is your money and you should do everything you can to ensure the safety of the funds.

Have you used Coin2fx.com as your main broker? Did you find their trading conditions and policies reasonable? Let us know your opinion by commenting below.