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24option is a legal and well-regulated broker, making it unlikely that their services are a scam. Another indicator that this isn’t a scam is that their financial claims come with a warning label
Coinepro is a new broker and was founded in 2020. Even though it was established relatively recently, it has already attracted the attention of regulators. There have been warnings, including from the reputable UK Financial Conduct Authority FCA in March 2021. Therefore, CoinePro already has some significant red flags associated with it. But is it worth the risk? Fund Recall experts researched CoinePro thoroughly and this is what we found out.
|Product Types||Forex, stock indices, shares, precious metals, commodities, cryptocurrencies|
CoinePro is an unregulated broker founded in 2020. It has already received a warning from the Financial Conduct Authority of the UK. Even without the warning, Fund Recall experts would not recommend an unregulated broker, but it is important to examine why. By analyzing CoinePro’s services thoroughly, we will demonstrate how brokers that are unregulated end up providing subpar service and engage in questionable practices.
Not every unregulated broker is necessarily a scam broker, but it simply isn’t worth the risk. CoinePro has several irregular policies that are in line with scam brokers. For instance, fees are not stated openly and it says it reserves the right to decide when to release funds. Unregulated brokers can do this because there is no regulatory oversight.
It is important to work with a broker that has a license from a respectable regulator. If a regulatory broker behaves unacceptably, the client has recourse and can make a complaint to a regulator. With no standards at all, an unregulated scam broker can engage in any fraudulent activities with few obstacles.
Although Fund Recall does not recommend unregulated brokers, we will continue to examine CoinePro’s other features and show that working with an unlicensed broker is not worth the risk.
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CoinePro’s account offerings seem regular. There is a micro account ranging from $250 to $4999, a standard account from $5,000 to $24,999, and a premium account from $25,000. Many reliable brokers allow $100 minimum, but many reliable investment services ask for $200 or $250. It should be noted there is no demo account. The best brokers usually offer prospective clients a demo account to try out their service.
There is not much transparency about CoinePro’s fees which is not a good sign. The fees that are published on the site and in the paperwork are strange and are the type that are not seen with legitimate brokers. For instance, they charge a 10% fee on any account that doesn’t make at least 200 transactions.
It is also written that their policies “cannot be exhaustive and additional requirements and conditions may apply at any time.” The notion that any company providing a service is simply unable to outline a complete list of procedures concerning deposits, withdrawals, and fees is patently absurd. Of course, this gives them leeway to do whatever they wish with client accounts.
Additionally, the paperwork states that CoinePro is “not committed to any timeframe” for honoring withdrawals. This means they can hold onto customer money for as long as they want.
Unlike many brokers, CoinePro does not offer any form of MetaTrader but has its proprietary account. Although proprietary accounts are not necessarily signs of scam brokers, taken along with other problems with CoinePro, it is another red flag.
In the case of scam brokers, proprietary platforms are fake and are designed to fool the customer into thinking they are actually trading or can even rob money and data. One dodgy sign with CoinePro is that it encourages customers to install Anydesk. The stated reason is to give the CoinePro staff a chance to help them access the platform by giving them access to customer computers.
Installing this and giving CoinePro access to your computer is an extremely dangerous move that gives them the ability to execute transactions on customer’s behalf and steal money and data.
Although there is no way of confirming whether customer reviews are genuine on most review sites and they shouldn’t be the only way to evaluate a broker, the many negative reviews help confirm what Fund Recall has already observed on the site. Numerous CoinePro reviews describe fraudulent practices and say they were not able to get their funds back. These are hallmark activities of scam brokers.
It should be noted that whenever a review contains any promotional material, it should be called into question, and many reviews were promoting another service. However, there were sufficient reviews that did seem genuine that we can determine that the tone of customer reviews was mainly negative about CoinePro.
After examining CoinePro’s website and service and looking at customer feedback, it is clear that prospective traders should not open an account with CoinePro because it is unregulated and has received complaints from regulators. The other issues with CoinePro’s service resembled the pattern we often see with unregulated brokers.
Like many scam brokers, CoinePro was not transparent about fees, and stated they could adjust essential factors such as withdrawal time. The 10% fee on accounts executing less than 200 transactions is unreasonable and unusual. There was no demo account, no extra resources to help traders. The sole advantage is CoinePro’s selection of trading products, but this hardly matters if the service itself hardly seems legitimate.
Fund Recall experts recommend that you look for a regulated broker and read our other broker reviews to research their features and services. If you already have an account with CoinePro, ask for a withdrawal. If you don’t receive one, FundRecall can assist you.
If CoinePro or a Scam broker will not return your money, contact experts at Fund Recall today. Our team has extensive experience helping clients report scams, track down fraudsters, and seek a refund. Fund Recall has close contacts with major banks, regulators, and organizations that can help stop scam brokers. Contact us immediately so we can get started helping you recover from losing money to a scam broker.
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