Not rarely do we see offshore brokers running several brands, trying to reach a larger audience. Sometimes, you can even find the same person complaining about the same broker, not understanding they’re part of the same plot.
Our detailed Coin-Royal review will explain everything about the said firm. Let’s get started.
Upon checking major Tier 1 databases such as FCA, CFTC, ASIC, and BaFin, we found nothing. In addition, we learned that the same owner runs two other fraudulent brands, AlphaTrade FX and Unicorn FX. None of them have a license for offering trading services.
Finally, most Tier 1-regulated areas have leverage limits imposed by the local regulator or the EU watchdog ESMA. The limit for retail traders in the EEA zone is 1:30, the same as in Australia and Canada. In the US, it’s slightly higher, standing at 1:50. And yet, Coin Royal offers from 1:100 to 1:600, directly violating all regimes.
Even though the authorities still did not spot it, we believe that Coin-Royal will soon be brought to justice. Until then, feel free to notify us of any details about their business.
Brokers are usually finding customers through ads or recommendations. Some ads are legitimate, showing what you can gain, while others exaggerate to lure you into investing more enormous sums.
As you can guess, Coin-Royal belongs to the second group, falsely advertising various tools it doesn’t offer. Their ads are mainly placed in the following countries:
Once you register an account, you will get access to the Coin-Royal trading platform. The company offers a proprietary app containing several charts, indicators and built-in economic news. It lacks advanced functionalities such as EAs and social trading. Other than that, it looks rather unimpressive.
In comparison, this software offers a significantly lower amount of in-depth analysis tools over third-party platforms such as MT4, MT5, or cTrader. With each of these, you’d get more features while also a higher level of fund security. There’s a good reason why MetaTrader has more than 16 million users, and the number is rising each day.
Let’s go over available tradable assets and trading terms. You can invest in the following markets:
We have already elaborated on unregulated leverage, while fees are not specified. The starting spread is 2 pips for the EUR/USD benchmark. It’s higher than the industry standard, standing at 1.5 pips.
Here’s a list of five Coin-Royal account types:
There’s a slight confusion regarding the minimum deposit. Namely, the Standard account displays $250, but if you check the main page, it says $500 for the same account. Whatever the sum, it’s too high, knowing that regulated brokers have Micro accounts starting at as low as $10.
You cannot trade for free. There’s no Coin Royal Demo account, which doesn’t surprise us. After all, which broker would like you to see trading conditions before paying the money, knowing their offer is not legitimate?
This is where regulated brokers come into play again. Not only do they require lower amounts of money, but they also offer trial accounts. You can practice different trading strategies and see if their platform is suitable for you before giving out the cash.
The company says you must be logged in to check your deposit and withdrawal options. Therefore, they’re forcing you to provide them with your phone and email before knowing crucial information. Then, they can call and pressure you to deposit, even though you have maybe decided against it.
Another possibility is that you’ll be pushed to deposit via crypto, as digital currencies are harder to track and trace. Unlike credit cards, crypto is not subject to a chargeback procedure, and the reversal is much more complex. However, it’s not impossible with the right tools.
All in all, it’s clear that Coin Royal withdrawal is not an option, which is a reason to avoid this scam.
In case you lost your hard-earned money with the Coin-Royal scam, don’t hesitate to report it immediately. Global Fraud Protection has chargeback experts ready to evaluate your case and find the best possible recovery method.
If you used your crypto, we will connect you with CipherTrace specialists. They can find the latest known wallet holding your digital money and help you prepare a detailed report for the authorities.
Book a free consultation now!
Coin-Royal is a scam broker without appropriate regulations. If you have already invested money, we may be able to help you get a refund.
Coin-Royal provides a proprietary platform that cannot be compared to MetaTrader or cTrader.
You can trade crypto and other CFDs with Coin-Royal, but we advise against it.
Coin-Royal is a scam broker without appropriate regulations. If you have already invested money, we may be able to help you get a refund.
Coin-Royal provides a proprietary platform that cannot be compared to MetaTrader or cTrader.
You can trade crypto and other CFDs with Coin-Royal, but we advise against it.
The post Coin-Royal Review: Old Owner, New Trading Scam appeared first on Global Fraud Protection.
