Mcoinmarket Review – 5 things you should know about mcoinmarket.com

Mcoinmarket Review – 5 things you should know about mcoinmarket.com

Beware! Mcoinmarket is an offshore broker! Your investment may be at risk.

RECOMMENDED FOREX BROKERS

FXTM

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

Mcoinmarket is a unregulated CFD broker, focused on the crypto market, offering a choice of 6 account types with a web based trading platform.

Trading instruments include various CFDs on crypto currencies like Zcash, Ripple, Monero, Stellar, Tron, Qtum, NEO, Litecoin, IOTA, Ethereum, Ethereum Classic, EOS, Dash, Bitcoin Gold, Bitcoin and Cardano against USD Tether or other coins, as well as commodities, indices and stocks against Bitcoin.

The minimum deposit requirements for the different account types are quoted in Bitcoins, which seems like an attempt to mislead investors that Mcoinmarket is a crypto exchange. That, however is not the case – we are talking about a CFD broker, which on top of that is not properly regulated.

Mcoinmarket regulation & safety of funds

Form the legal section of their presentation we learn that the web site is owned and operated by Mcoinmarket – a company based in Bulgaria. Also in the presentation we came across another company – Zed Consult Ltd, which is also cited to be operating the website. In any case non of the above mentioned companies has a legit license by the Bulgarian Financial Supervision Commission (FSC) or any other official financial regulator for that matter.

That significantly lowers the credibility of Mcoinmarket. Have in mind that the safety of any investment with unregulated brokers depends solely on the integrity of the people, who run those websites, and that quite often is not very high.

Properly regulated brokers on the other hand are completely safe, because they are obliged to abide by strict financial and ethical rules.

Brokers regulated by Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) for example have to file regular reports with their regulator, to allow external audits, to provide customers with a negative balance protection, so that they can not loose more money than they have invested, to keep clients money is a segregated account, to maintain a certain minimum capital adequacy ratio and in certain cases even to insure traders funds.

So if you trade with a FCA broker you will not have to worry about the first 50 000 GBP in your account, because under the current compensation scheme they will be restored to you even if your broker files for bankruptcy. Similarly with a CySEC broker the insured amount is 20 000 EUR.

Mcoinmarket deposit/withdrawal methods and fees

Mcoinmarket accepts various payment methods – from major credit or debit cards like VISA and MasterCard, through several e-wallets including QIWI, WebMoney and Yandex, to bank wire transfers.

We are not told what is the minimum deposit requirement for Mcoinmarket Micro Account, but for the Mini Account the minimum investment is set at 0,5 bitcoins, which is a significant amount even now, after the Bitcoin price has plummeted to a year low.

And be aware of the trading bonuses. If you accept a trading bonus, your right to withdraw will be subject to a minimum trade volume requirement equal to 30 times the bonus plus your deposit.

How does the scam work?

Often traders realize they have been scammed only after they have invested a significant amount. But it is truly amazing to what lengths scammers go to defraud investors. One pretty commonly used method to hunt for victims is through the so called robo scam websites like Crypto Revolt and Bitcoin Evolution. Those websites are usually organized around a well cut video promising you amazing, risk free returns with a minimum investment.

And if you get hooked all you have to do is leave your e-mail and phone, filling a simple registration form. Than you will be promptly transferred to the web site of a unregulated, offshore broker, where you will be invited to deposit about 250 USD. Besides, you will be surprised how successful your initial trades will be. Unfortunately those trades would not be real – scammers will manipulate your account so that you will be more easily convinced to invest a larger sum.

And that is precisely when you will get a phone call as well. It will be your “senior account manager” or “adviser”, who will explain that if you want to make some real cash you will simply have to invest more – like 10 000 USD.

And chances are you will invest those money as well and you will not know you have been scammed until the very moment you decide to withdraw a more significant amount form your account. Than it will suddenly turn out you have no right to withdraw, because of some minimum trade volume requirement, probably linked to a trading bonus you have so gullibly accepted in the first place. Of course it could be something else but the bottom line will be the same – you will not be allowed to withdraw a single penny.

What to do if scammed?

Unfortunately there are not many steps you may take after you have been scammed. Probably the best chance to recover your money is to file for a charge back with your credit card provider. The good news here is that VISA and MasterCard have extended the period in which you are allowed to do that to 540 days.

And if by any chance you have given away your credit card number and online banking password, immediately block your credit card and change the password for your online banking service.

And finally do not trust the so called recovery agencies. They will simply collect some money in advance and will leave you even deeper in to the red.

Rich Snippet Data
Review Date
Reviewed Broker
Mcoinmarket
Broker Rating
11stargraygraygraygray

Top Forex Brokers

Broker Country Rating Min. Deposit Website
US 5/5 $50 Click for a special offerWebsite
UK, Cyprus, Belize 4.95/5 $5 Click for a special offerWebsite
Australia 4.90/5 $100 Click for a special offerWebsite

34 Comments

  1. The moment you give your information they will call you non-stop and annoy the shit out of you. AVOID AT ALL COSTS. Luckily, I did not give them ANY money….

    1. Lucky you!I did it and I lost all my money, they are SCAM. Be really careful with Mcoinmarket, they call, they show how to win the 97,5% of the operations with criptos, at the beginning your account will grow just doing what they tell you to do (it seems easy and without risk) but one day they tell you a big operation in which you´ll lose almost your full account (a way to get more money from you) and you can put more money to save your account, and one day they tell you other bad operation in which you lose all your money.

      Conclusion: the operations at the beginning where manipulated to show earnings but it is all FALSE. And they make you lose all your money so they get all your money.

      IT IS A BIG SCAM, DO NOT TRUST THEM!!!

      1. I too have lost all my money and the are still ringing me every day
        How can they be reported?

  2. Just had a call from a “sales-rep” ( that already called me yesterday, where i did only have very short time to talk ). I told him that i did not have time to talk again as i was at my work, and also told him that i had read some reviews about them which tells to stay away from MCOINMARKET. Hi tried all kind of ways to convince me about the opporsite, in a more and more unfriendly and agressive way.
    As i told him that i was not interested in MCOINMARKET, he told me “to fuck off and go back to my shitty life”.
    I can only say that it speaks for itself what kind of company that is.

  3. Be really careful with Mcoinmarket, they call you non-stop, they show you how to win the 97,5% of the operations with criptos, at the beginning your account will grow just doing what they tell you to do (it seems easy and without risk) but one day they tell you a big operation in which you´ll lose almost your full account (a way to get more money from you) and you can put more money to save your account, and one day they tell you other bad operation in which you lose all your money.

    Conclusion: the operations at the beginning where manipulated to show earnings but it is all FALSE. And they make you lose all your money so they get all your money.

    IT IS A BIG SCAM, DO NOT TRUST THEM!!!

    1. very helpful as the senior account manager phoned me and said everything you have said so I won’t be parting with my money

    2. Julio Jose Santos

      Bastards should go to jail forever

  4. Don’t invest your money. It’s a big SCAM. Firstly they giving Special Trading Signals as they are calling it and you are gaining money. Then 1 operation and 4.000 dollars been lost. Then if you invest more money, you will get some money in bonus and then again they will tell you trade that you will lose. I wish I’ve read them comments earlier. DON’T INVEST IN THEM SCAMMERS.

  5. I can confirme that Mcoinmarket is a total Scam !!
    because I have lost my 10000 EUR.
    The operations at the beginning where manipulated to show earnings but it is all FALSE. When I asked for a withdrawal they make you lose all your money in one operation so they get all your money.
    TOTAL SCAM !!! DON’T TRUST THEM AT ALL !!!
    DON’T REPEAT THE STORY

    1. I lost my money ass well and they call me continues even when they know that the police and my Bank is involved. ….Nasty scam .J.B

  6. Have someone ever being successful withdrawing money from mcoinmarket? I’ve being trying to figure this out and whenever i ask my account manager he just ask me to add more money.

  7. My father has just been scammed by these bastards and now he has just had a stroke so we tryed to contact Mcoin but no replies to any thing e there email addresses don’t exzist the account manager Matt Miller won’t even answer his WhatsApp account in which he got my father to join Don’t go any were near them

    1. Which is the number they’ve been calling you?

      1. +44 2393162496 +929 999 5836 +44 7765107622.

  8. How can i withdraw my money without them knowing?

  9. I am on a call with them as I type.. he claims, these claims are fake.. I am trying to see If I can leave a comment here..

  10. Xcoin broker is completely cheating people,they’re Brady cruel, lair,they kill me

  11. I have invested money with mcoinmarket and found them very agreeable I have made over $1000 in a couple of weeks. They have showed me how to deal and offer my money back at any time.

    1. Have you tried to retrieve any of you investment yet? Best of luck, everyone is told that but when you try to get any money returned to your account the account shows zero and your money has gone with no hope of any return. I hope you haven’t invested more than the minimum or you have seen the last of it. DONT GET INVOLVED WITH THESE THIEVING SCUM BAGS.

    2. I started like that, and when i had a revenue of over $5000 I asked them to withdraw and they never let me.
      Even started to tell me to stop withdrawing, because we were about to make more money and blah blah… I didn’t listen and still press the withdraw money and I never got the money back.

      Now my account is in 0! I wouldn’t recommend to keep on investing, this is a complete SCAM

  12. Mcoinmarket is a SCAM! The account manager will put pressure on you to add more funds and even ask you to apply for a loan. They are thieves on line big time.

  13. Email addresses that are good,

    [email protected] (Portfolio Manager) and scumbag.

    [email protected] (Trader,sales) and absolute scumbag

    These emails have been tried and answered.

    1. has anybody had good news

  14. I doubt it. I deposited the minimum 250 but then did a bit of digging and found this. So tried to withdraw saying I had a change of heart. Won’t let me do it. Says there is a minimum trade of 50 even though I didn’t take any bonus coin. Told him BS I just want my money back. Not heard from them since. Luckily I paid by visa so I will now be asking them for a charge back and see how I get on there. Luckily it’s only 250

  15. I got scammed by mcoinmarket as well for £10500 but have tried to withdraw my money out of my account has anyone managed to withdraw any money as I went into my account at night time so will see what happens

  16. I have tried to get my money out but can’t like everyone else it’s a massive scam

  17. I have tried to withdraw my funds from mcoinmarket but I can’t and not only that I cant even log in anymore into my account with my log in details and they are a bunch of scammers and thieves and no one should touch them with a barge pole

    They arba bunch of scumbags and liars they should all be jailed and the keys thrown away as they are scamming bastards

  18. Yes they are one big scam as I have deposited money in the scam and they keep asking for more money the bottom line is don’t give them anymore money as you won’t be able to withdraw money from this wicked scam they should all be jailed as there are all a bunch of scammers there is one guarantee yiu will lose your money so avoid this scam at all costs as I have lost thousands to this horrible scam

  19. I worked for them. I had 2 months working and I literally faked conversation, jokes, I laughed in a forced way and I saw how low a salesperson can be. They laughed when people called them on whatsapp to get their money back and the Seniors were just some old romanian guys that had more experience in the Sales area than the rookies. They are totally and completely fake! I was tired of lying, reading the same script and trying to scam people for their money. NEVER EVER TRUST THEM OR THEIR SITE OR THEIR SALES PITCH!
    They say that they work with Jubiter, Coin exchanges or any other trustworthy sites for good review and they try to convince people with cheap tactics and sites like coin360, coinbase and investopedia. They are masters at lying. Sadly, i wasn’t.
    They are from Romania and they use a fake ass aplication called Zoiper to mask/VPN their ass.
    They will probably convince you to invest between 240-400 euros (“as a start .. to see how your investment goes”) and you will lose alot of money later when a black guy with big mouth from retention convinces you to put more money in. NEVER EVER TRUST THEM.

  20. Oh and btw, i have their sales pitch with me. Do not trust the fact that they will tell you ” you do not need time, knowledge, research etc.”. They literally have a sales pitch with counter-arguments to things like “let me talk with my wife, i dont have enough money, i am investing in something else etc” .. you are basically talking with 20-30 year old people that are counter-arguing what you say, selling the IDEA that you will make a proffit in a big time. You will not. You will just make your money go astray. And they even put loud music in background to fake that there are alot of people trading, but in reality they are a bunch of liars that sit in their chair and lie and wait for their luch breaks and power hours (times when they don’t stay in their chair for 1 hour). Yeah, i know that I am snitching like 8ix9ine, but I don’t want people to lose money over scammers.
    The rookies are there to make you positive (from totally no to maybe yes) and you will get passed to a Senior that is basically a bigger and better liar. Screw their company and their lies !

  21. Who are you , what is your name that you are helping us?

  22. I just tried to withdraw funds from my account but surprise there is no money left to withdraw as it’s been lost what a shock if anyone reads this stay well away from mcoinmarket as it’s all false you will lose everything you put into this scam and they keep asking you for more money it’s one of the biggest scams going and I hope they all get caught and jailed for many years as that’s what they all deserve never get involved with this scamming outfit

  23. I went onto my mcoinmarket account to withdraw money but no money left to withdraw but am not surprised as everyone says on the reviews here you cant withdraw money or you don’t have any left to withdraw so it’s a huge scam and run by a lot of gangsters so don’t go anywhere Near this outfit as you will never ever get your money back so don’t invest in this as you will lose everything as it’s a total scam

  24. So I lost £10,500 in the mcoinmarket scam as went I went to withdraw money there was none left what a surprise and anyway of course you can’t withdraw any funds anyway as it’s one huge massive scam and run by a lot of crooks so stay well clear of this mcoinmarket scam as you are guaranteed to lose all of your money and all they do is keep phoning you with false promises and keep asking you for more money but my strong advice is never ever get involved with this scamming outfit as they are nothing but scumbags and thieves

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like

Australians have lost over $33 mln in investment scams since January

For the first nine months of 2019 traders