Shackecoins review 2023: 5 things you should know about shackcoins.com

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

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

If you are looking for a reputable and trustworthy broker, Shackecoins is certainly not your best bet. Just because this offshore firm has multiple signs of scam – as a beginning it isn’t regulated and trading here would be highly insecure. On top of that a prominent Canadian organization has come up with a warning against Shackecoins stating that this broker is not authorized to offer financial services. So this firm happens to be quite shady. On top of that it offers very costly spreads and risky leverage, so it’s definitely not providing any favorable conditions. For more details on Shackecoins and the reason to avoid it, keep reading the following lines.

Shackecoins Regulation and safety of funds

As a beginning you are probably going to notice the difference between the brand name and the domain this firm uses. Apparently, there’s a letter missing and this is the first worrisome fact we spotted right away. Most scammers tend to slightly change their domain name the moment their previous one gets closed or banned. And this is most probably just the case with Shackecoins as well.

Furthermore, this broker claims to be headquartered in the Marshall Islands – an offshore zone with quite weak and flawed regulation. Even if this firm is licensed there (which it doesn’t mention at all), note that the forex market in the Marshall Islands is not so heavily regulated like the one in the UK or Australia for instance. To be precise it brings much lower client protection and the brokers are not strictly supervised by the local authorities. For this reason we advise you to always look for reputable brokers authorized by well-established jurisdictions like the Financial Conduct Authority (FCA) of the UK or the Australian Securities and Investments Commission (ASIC).

This however is not the worst thing when it comes to Shackecoins’ credibility. It turned out that there is an official warning set against it. A Canadian organization, that is ahead of the security regulators in this country, has recently blacklisted this firm as being unreliable. To be precise, the Canadian Securities Administrators (CSA) has posted a press release stating that Shackecoins is not authorized to offer financial services. See for yourself:

At this point it’s crystal clear that this broker is crooked and untrustworthy. Don’t deal with such bogus websites or you may realize your money’s gone for good in a blink of an eye.

Shackecoins Trading software

Shackecoins claims to offer its own platform that is user-friendly with “high quality and reliability”. Once we registered there was just a simple WebTrader with no special features. Take a look:

As you see, there are only random tools and indicators, but nothing more. This platform definitely doesn’t deserve your attention, as there are much better options out there. Most reputable brokers tend to offer much more advanced platforms like MetaTrader 4 or MetaTrader 5, so better stick to them.

Shackecoins Trading instruments

This broker claims to offer several trading instruments like crypto, forex, indices, commodities and shares. Nothing too impressive for sure, so better turn to a reputable firm that offers not only a variety of assets, but a safe trading experience as well.

Shackecoins Spreads and cost of trading

On the website there is no decent data regarding this broker’s spreads and account types. The only information we managed to find is that Shackecoins offers three account types – Silver, Gold and Platinum. However not much information about them is provided.

After we registered and saw the trading platform we realized why the broker was so closemouthed. The spreads turned out to be quite disadvantageous at least to say – 2.2 pips for EURUSD, as well as 2.4 pips for GBPUSD and USDJPY. These amounts are certainly going to be too costly so don’t waste your time here. Instead look for legitimate firms that offer tight spreads below 2 pips or even better – around or below 1 pip.

Shackecoins Maximum leverage

The maximum leverage here is said to be 1:300. This volume however is too risky and speculative, so better don’t bother investing with such trading conditions. Not to mention that the leverage is restricted in most of the countries that heavily regulate forex brokerage – 1:30 for the EU and 1:50 for the US for instance. Still, if you want to try and trade with higher leverage we suggest looking at some of the offshore subsidiaries of reputable forex brokers.

Shackecoins Deposit and withdrawal methods

Shackecoins claims to accept mainly credit/debit cards like Visa, Mastercard, and Maestro as well as a wire transfer. The limited choice is another worrisome detail and yet another reason to avoid this shady broker. Apart from that it also claims that there are zero deposit fees, but we would take its words with a grain of salt.

In addition, the withdrawals are said to be done with wire transfer only. This is even more worrisome and suspicious, so better refrain from investing here.

Shackecoins Minimum deposit

There is no data when it comes to this broker’s minimum deposit requirements. Be careful however, as there may turn out to be very high and disadvantageous amounts that are not in your interest. Better look for a genuine firm that requires around 250 USD of minimum deposit, as this is the standard for the sector. Another great option would be to open a micro account – it usually requires around 10 or even 5 USD.

Shackecoins Withdrawal requirements

Sadly, we didn’t manage to find much data regarding this broker’s withdrawal requirements. It doesn’t mention anything about its withdrawal fees, so be on guard. To be precise, scammers usually ask for around 20% fee upon every withdrawal request, unlike legitimate brokers who don’t require any fee in order to get your money.

Apart from that, the minimum withdrawal amount with Shackecoins is said to be 50 USD, which is yet another scam alert. Beware that reputable brokers don’t have such silly and unfair requirements, so keep your eyes open.

As a whole, Shackecoins seems like a perfect example of a deceitful website so better refrain from investing here.