Beware! Cinpax 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.
Cinpax, just like the rest of the offshore brokers, promises superior trading, unmatched software and features not available anywhere else. Well, in reality, most of the things they promise and deliver are actually pretty standard, and the broker is indeed lagging behind. This is an unreliable entity, and we’ll explain why in the full Cinpax review.
Cinpax REGULATION AND SAFETY OF FUNDS
Cinpax was created in St. Vincent and the Grenadines, a shady tax haven having no adequate financial regulation. The local authority SVGFSA does not even care to license or in any way supervise the brokers operating legally from there, so the SVG brokers are considered high-risk entities. Moreover, the companies registered on the island are virtually anonymous and can cease to exist from one day to another. Consequently, your funds won’t be safe if you deposit with Cinpax. In fact, SVG is a place overcrowded with scammers merely because of the regulation deficit, so the broker in question indeed deserves to be labelled a suspected scam.
Avoid it, and consider the high-rated EU brokers and British brokers on both lists if you are interested in trading and investments. The European companies are suitably regulated, but most importantly, covered by deposit insurance funds protecting traders and investors’ money. For example, CySEC brokers’ clients can claim up to 20 000 EUR in case of bankruptcy, while the British guarantees are even up to 85 000 GBP. CySEC (Cyprus) and FCA (Britain) licenses are trustworthy, and you should keep this in mind while looking for trading opportunities.
Now, we’ll quickly show what regulation means. In the screenshot below, you can see fraudulent clauses in the Terms, which regulated entity can’t include in any possible way. It’s said that the broker has the right to terminate your account at its sole discretion and without prior notice. This should happen if your account has been inactive for 90 days or your balance fall below $100. The broker also states that it has the exclusive right to nullify profits in case of pending liabilities, which indeed means that Cinpax doesn’t offer negative balance protection. In contrast, if you trade with European brokers, your balance can’t get negative, and you won’t become indebted to a broker.
Worse, though, Cinpax doesn’t even utter a word about the funds after the account termination. This indicates that the broker will simply pocket the money and cut the communication with the client. You’d better pay attention to the screenshot below and think twice before depositing with unreliable offshore brokers.
Cinpax TRADING SOFTWARE
We never could access Cinpax’s allegedly web-based trading software. We tried multiple times to sign-up but in vain. The same error appeared over and over again, and you can see yourself at the bottom of this section. There is something wrong with this broker, so why don’t you avoid it.
As Cinpax is unreliable and a suspected scam, you’d better consider the high-rated MetaTrader4 brokers and MetaTrader5 brokers by following the links provided. MetaTrader distributions are market-leading platforms featuring advanced tools such as Expert advisors, many indicators, and excellent charting. The software also includes a marketplace with more than 10 000 apps and third-party developed solutions.
Hence, we can’t probe Cinpax’s services and assess real-time spreads. The broker doesn’t mention anything either, so we know nothing about the trading conditions. Fortunately, many reputable brokers offer tight spreads of 1 pip and below, so you don’t need to waste your time with useless entities like Cinpax.
The other critical element in trading is the leverage, and the broker claims to provide up to 1:400. Well, we can’t verify that’s true, but the ratio is too risky for retail traders, and if carelessly used, it can inflict total loss very quickly indeed- we are talking about minutes and even seconds. In fact, it is so dangerous that most financial authorities even regulate it and EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. Swiss brokers are reputable but not leverage restricted, so experienced, and risk-tolerant traders eligible to open an account in Switzerland can safely go for it. The rest of the high-leverage companies are poorly regulated and very likely a scam, so you need to be careful.
Cinpax DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with Cinpax is $250, a requirement generally in line with the industry standards. However, many regulated brokers let traders begin with as little as $5, so you have yet another good reason to stay safe and avoid this otherwise unreliable business. The funding methods are said to be Credit/Debit cards and Neteller, but we can’t validate their claims.
Anyway, while talking about deposits, see our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system. The high-rated companies are well-regulated, and you won’t face scammers, so you can safely open accounts.
The broker refuses to disclose anything about withdrawal requirements and transaction fees. This should generally mean that traders can take any amount out but not in this case due to the shady nature of the broker. You already know that Cinpax can terminate your account after 90 days of inactivity, but there is nothing about fees prior to that. Nevertheless, that’s a scam clause, and we don’t actually need to speculate further.
Overall, Cinpax is an unregulated and highly suspicious broker, so you should be sceptical about it and better stay away.
HOW DOES THE SCAM WORK
Swindling brokers and fraudulent websites appear literally every day. Still, most of the new schemes represent a modification of common fraud that’s not typical for the local markets but similar from country to country.
Nowadays, scammers are overcrowding the Internet and social media. The offers scammers make look legit and present exciting opportunities to invest money in the Forex market. Traders would get reassured that the people behind the broker have an excellent track record, who can secure high returns, seamless trading and guaranteed profits. The scammers intentionally make people believe Forex trading is risk-free, but actually, the opposite is true.
In the usual scenario, scammers just steal the money and won’t send a dollar back. Sooner or later, clients would ask for a withdrawal, but the con artists would delay or downright refuse transactions. If traders persist, scammers would find excuses to deny and would even ask for more money or directly cut the communication. Whatever the case, traders are going to lose some or all of the capital invested. At the end, when fraud becomes evident, the scammers would simply rebrand and start afresh, creating a new scheme under a different name.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If you get scammed, the first thing you need to do is to evade further risks. Deactivate your bank card immediately, contact the bank and ask for advice.
Report what happened, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly to recover funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
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