CoinsFM review – 5 things you should know about Coinsfm.com

CoinsFM review – 5 things you should know about Coinsfm.com

Rating: 1.1

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

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CoinsFM is a Forex brokerage  registered in the Dominican Republic. Traders are provided both with a web-based platform, as well as a wide range of trading products with a focus on crypto currencies. The required minimum deposit is the industry average at $250 and the leverage is quite low at 1:10, however, further trading conditions remain undisclosed.

CoinsFM regulation & safety of funds

According to the website of the brokerage the company behind it is registered in the Dominican Republic by the name TM Capitals Ltd and the payments are supposedly processed by a Bulgarian company registered with the name Bristolord ltd. Going through the terms and conditions of the brokerage we find no mention of a regulatory oversight and this shouldn’t come as a surprises since the Dominican Republic is not known for its strict regulatory standards.  We can safely conclude that TM Capitals Ltd does not fall under any regulatory oversight. The lack of regulation brings with it a whole hornets nest of troubles, most important of which is the lack of authorities to which to turn in case of fraud. Furthermore with regards the second company, we remind readers that brokerages operating on the territory of Bulgaria have to abide by strict rules imposed by the local Financial Supervision Commission. Upon running a check through the online registry of the FSC we did not find any relevant information regarding the broker brand on the website of the Bulgarian financial watchdog. Having in mind all that was mentioned we are inclined to believe that the safety of the clients funds may be compromised.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the Financial Conduct Authority in the UK or CySEC in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. The FCA compensates traders up to 85 000 pounds where as CySEC guarantees up to 20 000 euro per person.

CoinsFM trading software

The MetaTrader 4 trading platform is not supported which is something we always consider a disadvantage since the MT4 is among the foremost trading terminals in Forex trading at the moment, close to 80 percent of users prefer it. The platform provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs). Instead, there is supposedly a web-based trading terminal available, however, we were unable to register for a demo account which leaves us lacking in any relevant information regarding the potential trading conditions. Furthermore, the website in question does not provide any mention of the spread offered by the brokerage which is the most crucial aspect of Forex trading. We only learn that the minimum deposit is the industry average of $250. All this further supports our view that CoinsFM is involved in foul play and we always recommend to readers not to risk it and steer clear from such offers.

CoinsFM deposit/withdrawal methods and fees

Going through the website we are unable to discern what the available payment methods for clients are. Usually in Forex trading clients may deposit or withdraw via Visa, MasterCard and e-wallets such as Skrill or Neteller.

We did not find any stated withdrawal fees either, however, dealing with unregulated brokerage we may never be sure whether they wont charge unexpected fees once the clients have deposited their funds.  There are also withdrawal conditions pertaining to accounts that have taken advantage of the bonus promotion. A trader has to achieve a certain trading volume in order to be eligible for withdrawal which is purposefully excessive in order to impede any trader from actually receiving his money.Legitimate brokerages which are regulated in Europe do not offer such promotions and even if they do, the information regarding potential withdrawal requirements is always presented straight-forward on the website, not hidden away in the terms and conditions.

Such website are also the reason we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

One of the reasons regulation has such value in the trading world is because scamming is quite common and it acts as a sort of guarantee that such a thing would not happen. Nevertheless, here is how a typical scam would go about:

Through clicking an ad with promises for fast money, you will be redirected to a website such as CashlessPay Group or Crypto Revolt where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.

It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And with the case of Axe invest – they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. 

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

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4 Comments

  1. Rebecca McColgan

    Hi, I recently invested $250 with CoinsFM and I tried to get my money back straight away because I became very nervous and let’s just say that everyone that I spoke to at CoinsFM didn’t careless. I never got my money back. I’ve been thinking of investing again but I’m obviously a bit concerned. I am interested in talking to someone though. But I really don’t know who I can now actually trust. What should I do?

  2. Hi I recently invested £250 in the coinsfm and was told a senior consultant would call back to to guide through the trading . but never received the call at the scheduled time and felt something doggy. So rang my credit card provider to cancel the payment card and secure the account . This was done , but the payment can not be called back as the transactions for trading , lottery etc are not covered by the card .

    Now the concern is about privacy of personal data entered in this website .

    I feel like a learnt idiot doing for doing this . A horrible thinking of worst the hackers could do with my personal details

  3. I was surfing online, a google ad of the false trading and investment company; CRYPTEC popped and I clicked on the ad. In about 10 mins or less, I got a call from Mr. Larkin who walked me through the process of creating an account and then depositing 250 Euro via bank transfer. From there, I deposited a total of seventy eight thousand Euro and my profit was almost at two hundred and twelve thousand but I couldn’t make a withdrawal of my profit. They kept asking for money for withdrawal like SIP Certificate, State tax charges and the likes, which I paid for but still couldn’t get my funds. It dawned on me I was only shown simulated trades with the sophisticated false trading platform after extensively reading several downright negative reviews about CRYPTEC. This manipulation lasted for 6 weeks. I found a recommendation to employ the services of a top wealth recovery company written by Zwischen Kult and Stan Seb who are movie celebrities in Germany who were swindled by CRYPTEC & CRYPTO NXT, and some other fake trading and investments companies but recovered their funds back without suffering yet another loss! They sang the praises of the top international penetration firm (details on my bio) who intervened and helped repatriate funds alongside some percentage of profit. CRYPTEC is a fraudulent company and they will do all that’s within their means to show you alluring ROI to get you to make more financial commitment into a dubious course. I was able to recoup my capital and a decent percentage of my ROI from this bogus company. They will make you question humanity. Stay away from this false trading and investment company as they have absolutely no moral compass. Pardon my English as I am not a native speaker of English. L. Maes

  4. wecome to the club, coinsfm got a pile of money from me, and all along Kent was calling me hi friend, now for all the nice guys at coinsfm, may your girlfriends, sisters, daughters and wive, may they akk get a job as tellers in a sperm bank. heartless bunch of devils with no blood in their veins maybe rats piss or the equivalency, signed dInero

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