Thinking of getting into business with Coinnery? Here is what you must know about this broker. Carefully read this review to find out if coinnery.com is the trading platform you will want to trade with.
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About Coinnery Broker
Coinnery is an offshore brokerage company with a lot of promises for traders. The broker provides us with an address showing it is from United Kingdom.
There are different account type the broker offers. See below.
Added, the broker claims fast execution, no slippage, 24/5 multilingual support and re-quotes.
To clarify, in spite the trading instruments Coinnery claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head. Here is a warning by Financial Conduct Authority, UK. See below.
coinnery.com: Reasons to Avoid This Broker
Firstly, coinnery.com is a platform with no financial authority overseeing its financial services. The regulation claim is not legit because Financial Conduct Authority, UK does not recognize the broker.
Secondly, we noticed coinnery.com has no demo account for traders. Since traders can’t test broker on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, the broker mentioned its minimum amount of withdrawal through Wire Transfer is $250 and processing days may take 5 to 10 working days.
Also, for an inactivity account of 2 months, the broker charges $85.
Minimum Deposit
Coinnery minimum deposit is pegged at $1000.
As for the payment methods, Coinnery mentioned Debit/ Credit card, Wire Transfer, and Skrill. But, you should not consider making any payment with this broker because it is a risk. So beware!
Coinnery Platform
Coinnery claims to offer web based trader and MT5 (Industry standard trading platforms). The presence of MT5 doesn’t make this broker legit because any scam broker can do the same to lure forex traders.
As for the leverage, it can get up to 1:500. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Coinnery Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion: Is coinnery.com a Reliable Broker?
No, coinnery.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
