Beware! Coinifyfx Market is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
If we hold a contest for fancy brokers’ names, Coinifyfx Market may have a shot at winning. However, let’s not judge a book by its cover and find out whether it is safe or not to trade with this broker.
Coinifyfx Market Regulation and safety of funds
Apparently, the address of Coinifyfx Market is in UK, so we checked the register of the Financial Conduct Authority (FCA), the official body that regulates forex brokers in the UK to find out if the name is in the register. From the image below you can see that it is not. This is sufficient proof that this broker is non-legit and most probably is a scammer.
Unfortunately, this is not all. This broker offers trade in binary options which is not legal in the UK. Below is an image of the warning issued by FCA regarding trade with binary options and warns that if traders are approached by a broker offering binary options products it’s probably a scam. And this is another reason to stay as far as possible from this broker that will fleece you of your hard-earned money.
The good news is that UK forex brokers are strictly regulated by FCA and it is very easy to check the register to find out whether the broker you intend to trade with is legal or not. The benefits of trading with licensed brokers are many. For example, in order to get their license, they must be well-capitalised and invest 730,000 EUR initial capital which also serves as a barrier against scammers. Also, they must keep clients’ funds segregated with tier-1 bank establishments, provide protection against negative balance, report regularly their transactions for the sake of transparency and keep low leverage which does not exceed 1:30. One of the upsides in trading with legit UK brokers is that they must participate and deduct funds towards the local Financial Services Compensation Scheme which serves to reimburse clients whose broker goes bankrupt by providing up to 85,000 GBP per client.
If you want to expand your scope of search for a suitable broker, we suggest looking up EU brokers as the trading conditions are very similar to those in the UK with the only difference that licensed EU brokers participate in a local investor compensation fund from which clients can be repaid up to 20,000 EUR per person if the broker becomes insolvent.
Coinifyfx Market Trading software
Coinifyfx Market trades in forex and binary options which we already explained is illegal in the UK. We registered an account with this broker to find out the properties of the trading software. We were disappointed to see that in fact, there is no trading platform that the clients can use. What you see in the middle of the image below is just a chart of the BTC/USD pair developed by a third-party TradingView without any options for executing any transactions. If you click on the ticker tape that runs on top of the screen, it takes you to another dodgy website from which you can buy or sell.
Another worrisome sign is that the leverage quoted on Coinifyfx Market website is 1:500. First of all, this is another proof that we are dealing with a scammer as the leverage in the UK is capped at 1:30 for forex currencies and 1:2 for cryptocurrencies. Secondly, trading with high leverage is reckless as the client’s funds will be exposed to high risk in case of unsuccessful transactions amplified by the high leverage.
If you are looking for a legit broker with good quality trading software, then may we suggest that you find one that offers either MetaTrader 4 or MetaTrader 5. These two platforms are on top of the list of trading software thanks to the excellent package of trading tools and instruments they offer, such as auto trading option, VPS, code base with customs scripts, an app market, a financial calendar, trading signals, expert advisors, etc. A key feature for both platforms is the charting options that offer many charts, time frames, colours and even the option of creating customised templates which combined with the array of technical analysis indicators, such as moving averages, Bollinger Bands, Fibonacci retracement, etc., help traders predict the future direction of exchange rates and make a profit.
Coinifyfxmarket Deposit/Withdrawal methods and fees
Coinifyfxmarket offers a forex trading account and a binary options trading account. There is no information regarding the minimum initial deposit. The deposit methods that exist are Bitcoin, Skrill, Western Union, MoneyGram and bank transfer. To find out how much they can deposit, clients must contact either the live chat option or their account manager. The withdrawal methods are the same as the deposit ones and again, we do not have information regarding the minimum withdrawal amount.
The lack of the financial information once again proves that this broker is not reliable. Furthermore, the legal document posted on this broker website would have made us laugh aloud if the matters were not so serious. From the image below you can get an idea what we are talking about. The first two paragraphs are in Latin but we doubt anyone uses Latin in forex trade. The Brand Guidelines which are below the Latin text repeat ad finitum till the end of the document. And that’s it! So much about legalities!
How does scam work?
A lot of people get scammed in different scammers’ schemes not because they are naive but because scammers are masters of persuasion and manipulation. It all starts with unsolicited telephone calls or a flashy ad on the Internet or social media. Sometimes people give up to temptation and invest money in shady schemes made to look legit and attractive and always promising quick and easy money fall. Once you deposit money into any of these schemes, you reach a point of no return! Your money is gone down the scammers’ food chain and you’ll have a lot of trouble recovering it. Scammers will do anything in their power to delay you, so you miss the opportunity to file for chargeback. They will ask you for this and that document and will find hundreds of reasons not to let you retrieve your money. The trick with offering bonuses in forex trading is one of those as your funds are mixed with the bonus money and it takes a lot of hassle to fulfil the broker’s requirements before you are able to withdraw any funds.
What to do if scammed?
Speed does it! You need to act very quickly if you want to recover your money. Immediately apply for chargeback if you have made your deposit via credit card. Fortunately, VISA and MasterCard give you 540 days within which to apply for chargeback.
If you have paid via wire transfer or Bitcoin, chances of retrieving your fund are grim. Anyway, we want to warn you that some of the so-called recovery agents may approach you and offer to retrieve your funds. For a fee, of course! Be cautious when dealing with them as it may be another form of scam! Always check if the recovery agency is legitimate and visible to the public!
Another thing we advise you to do is to immediately cancel any credit cards if the scammers have your CVV code. Also, make sure to erase any programs on your computer that give scammers access to your personal data on your PC.