Beware! RemaxCoinVest 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.
RemaxCoinVest claims to be one of the world’s leading Forex CFD providers with over 20 years of experience. But this website is actually a good reminder that you should always do careful fact checking before you put your money on the line. Despite its claims, this anonymous website lacks even the basic characteristics and finesse of a credible forex broker. Let’s take a detailed look at how you could tell such fake brokers from the real ones.
RemaxCoinVest Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
Legitimate forex brokers provide clear and detailed information about the legal entity that owns and operates them, where it is based, what licences it has and which regulators oversee its activities. Lack of such details or improper presentation of them are always a red flag that we are probably dealing with a scam.
RemaxCoinVest does not disclose which company is behind this website. Even the text of the Terms and Conditions does not name a legal entity nor provide details of a regulatory licence.
RemaxCoinVest provides a contact address in Canada that is undoubtedly false. Such an anonymous website could not offer financial services in a regulated jurisdiction.
This has been confirmed by the Canadian financial authorities, who have blacklisted RemaxCoinVest.
Before investing your money in financial instruments, it is imperative to make sure you do so through a licensed intermediary and not one of the many scammers lurking online.
Depending on your location, it is advisable to choose a company that is regulated by an institution such as Commodity Futures Trading Commission (CFTC) in the US, Australian Securities and Exchanges Commission (ASIC), UK’s Financial Conduct Authority (FCA) or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).
Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds. In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.
RemaxCoinVest Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|MT4||30+ indicators||✅||✅||Android and iOS|
|MT5||50+ indicators||✅||✅||Android and iOS|
|cTrader||40+ indicators||✅||✅||Android and iOS|
After signing up for an account, it becomes apparent that RemaxCoinVest does not offer trading software. This supposed leading broker does not actually have the technical capacity to facilitate trading in financial instruments.
If you use the services of a licensed broker, you will get the opportunity to use established software with advanced features and versions for all types of devices and operating systems. The most widely used trading platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
RemaxCoinVest Trading instruments
Given the lack of licence and software, it is quite clear that the RemaxCoinVest does not offer any real trade.
RemaxCoinVest Spreads and cost of trading
When you visit the website of a legitimate broker you will find proposals for different types of trading accounts suitable for investors with different preferences, as well as detailed descriptions of trading parameters – minimum deposit, order execution method, tradable financial instruments, leverage, spread, swap, commissions, etc.
On the RemaxCoinVest website we see a list of investment plans in whose descriptions there is no specific information on the terms of trade.
RemaxCoinVest Maximum leverage
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders.
Regulated brokers offer higher leverage only to professional clients who must meet very high standards for capital and experience and forgo the guarantees enjoyed by retail traders.
RemaxCoinVest claims to offer deposit bonuses, another practice banned by financial regulators. If you are willing to take the risk of trading with high leverage and benefit from bonuses and promotions, the best option is to invest through an offshore division of an established brand.
RemaxCoinVest Deposit and withdrawal methods
The deposit menu is unavailable without account verification, but RemaxCoinVest did not send the required email for this. As a result, we were not able to determine what payment methods RemaxCoinVest uses.
Scammers usually prefer cryptocurrencies because these transactions are not subject to refunds. Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill or Neteller.
RemaxCoinVest Minimum deposit
RemaxCoinVest requires a minimum investment of 1,000 USD. For literally a hundred times less than that, you could open a Micro Account with some of the leading brands in the industry.
RemaxCoinVest Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|RemaxCoinVest||Not specified||Not specified||Not specified|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
RemaxCoinVest does not specify special conditions for withdrawal. But these types of scams always surprise you with hidden fees and other tricks that prevent you from withdrawing your money back.