Trader Coins Review – Is this a Legitimate Brokerage?

Trader Coins Review

Signing up with a brokerage is the first step in your online trading journey. But, before you can do that, your priority should be to find a legitimate and reliable one. This can be tougher than you expect because there are hundreds of companies clamoring to offer their services and each of them make some very big and impressive claims that can lead to confusion. The issue is that not all platforms are authentic, even if they claim to be so. You will discover that there have been various scams that have happened in the market and this Trader Coins review shows you just how they operate.

The reason these online brokerage scams continue to happen is because people are eager to delve into the financial markets and in their hurry, they do not focus much on the brokerage they are choosing. This can be a major mistake on your part because you later come to know that the company you opted for is not one to be trusted. Having your money stolen can be disastrous and people would prefer to avoid this scenario. How can you do this? You need to make sure that the brokerage you are choosing is a legitimate one.

Is it possible to do so? Indeed, there are some clear indications that can help you see if a brokerage is fraudulent or legitimate. The only thing you have to do is make a little bit of effort to find out the truth. As long as you are willing to do so, you can save yourself from a mess in the future. One of the brokerages you will come across is called Trader Coins and it will grab your attention, but you have to check it to ensure its legitimacy. Unfortunately, you will find that there are a lot of inconsistencies and problems with the company that prove otherwise. What are they? You can learn more here:

Not licensed anywhere

When you want to choose a legitimate brokerage, your priority should be to consider their regulatory status. A regulated and licensed company is considered authentic because they have to meet a certain criteria to get this license and also follow proper standards, laws and policies when providing their services. Traders can enjoy a lot of protections when dealing with a legitimate brokerage. You need to check for same at Trader Coins and a look at their website shows that they have not explicitly mentioned regulation anywhere.

This should immediately send up a warning sign because a genuine brokerage would always talk about their regulation and licensing and provide you with relevant details to confirm it. This does not seem to be the case with Trader Coins, which should be a concern. But, what you will find on their website is an address of their office located in London, United Kingdom. The fact is that for any brokerage to exist in the UK, it has to have a license from the Financial Conduct Authority (FCA).

This is the regulatory body in the region and they are quite strict. But, when you check the FCA’s online register to see if a license has been issued to Trader Coins, you will be disappointed. This means that either it is operating from the UK illegally, or is lying about its address, both of which show that it is not legitimate at all.

Does not appear to be a CFD provider

When you check out the website of Trader Coins, it is a given that you will assume it is a CFD provider. But, you will later discover that it does not appear to offer you any trading services at all. This comes as a surprise because trading is why you sign up with a brokerage. But, you will find that rather than offering account plans for trading, they are offering investment plans instead.

This is where they ask you to deposit money and they will give you returns. Thus, it seems that Trader Coins is running an HYIP scheme, which is known as a high-yield investment program. The rate of returns that are promised are quite obscene, which is another warning sign because no one can guarantee you any kind of returns from the financial markets.

The volatility of the financial markets make them very lucrative, but risky as well, so it is not possible for anyone, no matter how good they may be, to promise you any kind of profits. Yet, Trader Coins is doing so and this should warn you about their lies.

Lack of trading software

Since it has become evident that Trader Coins is not a CFD provider, it is obvious that they will not provide a trading software. This is exactly what you see when you go through their website. In order to fool their clients, they have just added a chart that does not do anything and only creates the illusion of a trading software. You cannot use it for executing any trades, or doing anything else for that matter. Of course a reputable and reliable brokerage would offer you the MT4, MT5 or the cTrader platforms, but Trader Coins is clearly not a genuine platform.

No chargeback can be filed

If you have signed up with an unreliable brokerage, you would obviously want to protect your funds and withdraw them right away. This can be done by filing a chargeback, which is only possible in certain payment methods. When you check out the ones supported by Trader Coins, you will discover that the company does not support any method that gives its clients a chargeback option. Instead, you have to make your deposits and withdrawals via crypto that are final and anonymous as well. This means that if you have deposited with them, your money will be lost to you.

Conclusion

Given that Trader Coins is only pretending to be a CFD brokerage and is not one in reality, it is definitely not legitimate and cannot be considered for any kind of trading activity.