Beware! Coinmaxis 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.
Coinmaxis is honestly not worth the risk. This so-called broker is just another investment fraud that barely tries anything, seemingly copying most of its elements from other shady sources. But the scammer brokerage industry is basically dependant on these delicate thefts of virtual property. It seems that other unlicensed brokers don’t mind at all! Read the following review and discover why Coinmaxis is not worth it.
The account creation tool seemed simple and enough, and as it turns out users are encouraged to register but Coinmaxis cannot meet their demands. The reason for this is that once we completed the account creation process the broker told us that we could not create an account at this time for reasons unknown. We have come across this type of issue only with unregulated brokers because at least legit ones will give you a reason.
The failed account creation means that we will have to take all of the trading information from the website. As always, we do have to warn our readers not to trust the website in its entirety because the information laid in it may not be accurate.
Coinmaxis is, as it turns out, is a crypto-based broker, or at least so it says. Apart from this, we cannot get any other trading details. We have come to expect only bad things from crypto-based brokers, as most of these have turned out to be complete scams in the past.
Coinmaxis is available to speakers of English and German.
COINMAXIS REGULATION AND SAFETY OF FUNDS
The website of the company states that the broker is registered in Saint Vincent and the Grenadines. Being the most overused location for scammer FX brokers, Saint Vincent and the Grenadines is not without its reasons the most notorious FX location. It has no FX license issuer, yet you will be hard-pressed to find a location more filled to the brim with brokers, 99% of which are unlicensed and scams.
Coinmaxis may very well be registered there, but it definitely is not licensed there as there is nothing to be regulated by!
Coinmaxis offers no other regulatory details, not that what we just talked about classifies as regulatory information.
This broker is without a doubt unregulated and a risk to all users, not to mention that it may very well be a scam.
Any UK, EU, US, or Aussie-regulated broker is your best hope of getting back on the trail and avoiding scams. Investing, and even dealing with unregulated brokers is both a waste of time and money! Licensed brokers tend to the need of their users, and provide a safe and fair trading environment, accommodated with all the necessary tools to bring clients a superb trading experience. Not to mention that the FCA and CySEC, offer reimbursement schemes that see users getting covered for any losses should their broker fall into insolvency. The FCA guarantees up to £85 000, while CySEC guarantees up to €20 000 per person.
COINMAXIS TRADING SOFTWARE
Coinmaxis is plagued by one of the most common issues to ever encumber any unlicensed broker- the complete failure to deliver on a trading platform.
The firm does not have a trading software, meaning that users cannot trade with it, and therefore Coinmaxis does not fall into the definition of an FX broker.
COINMAXIS DEPOSIT/WITHDRAW METHODS AND FEES
The following payment information is from the website. It’s obvious that the level of trust is very low. Think about it: unregulated brokers have nothing to lose, and so they are encouraged to lie as much as they can on their websites as long as users keep investing. So any payment information taken from the sites of unlicensed brokers is probably misleading.
That said, Coinmaxis offers almost no information on payments, including no details on deposits. There is no minimum deposit requirement revealed anywhere.
There is a very suspicious withdrawal policy that does not give us too much reason to trust it. However, we have no choice but to quote from it. From the withdrawal policy we learn that clients scan pay via crypto wallets, credit cards, and wire transfers. The typical withdrawal processing time is up to 10 days.
Other than that, there are no other payment details revealed anywhere!
Coinmaxis is a pure scam and a risk to all invested capital and personal user details. Never invest in it!
HOW DOES THE SCAM WORK
The scam works very easily. Users are lured by online ads that promise unrealistic, and therefore unattainable things. Then they are redirected to the investment schemer website, and from then on the manipulation begins.
First, users will be asked to provide contact details so that the broker can directly contact them and ask them for payment. But this is not done directly; there are scripts upon scripts with psychological tricks and tactics that lead to users being charmed into investing.
These tricks range from all the imaginable to the impressive. What the main goal is to keep the user invested in the scam, and deposit at least once!
After a while, each user will feel the pressure and will want to withdraw. This is where the last line of defence of the fraudulent broker will deploy, cutting the user from his or her funds by means of shutting down the account, stalling clients, or simply shutting the website. The scammer will do everything not to let you withdraw!
WHAT TO DO IF SCAMMED
File for a chargeback with your credit or debit card provider. It’s the surest way to get your money back, although it is not set in stone. MasterCard and VISA have a chargeback period of 540 days.
Bank transfers are harder to trace and are most like lost for good. Although, certain banks might have a special plan-of-action ready for scammed users, so be sure to check with your local bank for more info. It is also a good idea to change your bank account password and user name.
Crypto investments are lost for good. The only way to get them back is if the broker itself reimburses the money back.
Do not trust recovery agents that promise to return your lost money without ever giving any technical details. These are separate fraudsters that will ask a commission for the “service” and will alter disappear without a trace!