Updated on January 29, 2024
Quick Links
In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding CoinbrokerZ due to the issues we've identified.
Is CoinbrokerZ Scam or Legit Broker? ▲
Our comprehensive research and analysis strongly advise against engaging with CoinbrokerZ due to its status as an offshore entity, raising significant concerns over its legitimacy and operational integrity. CoinbrokerZ, a subsidiary of Qossla Holdings Limited, is registered in St. Vincent and the Grenadines—a jurisdiction infamous for its minimal regulatory requirements and oversight. This lack of stringent regulation has turned St. Vincent and the Grenadines into a haven for questionable forex brokers, including the likes of Brokerz and TraderUR. Our extensive review of over 1000 brokers has revealed the substantial risks associated with trading platforms based in such offshore zones. As such, we stress the importance of steering clear of CoinbrokerZ and instead recommend choosing a broker with reputable and stringent regulatory oversight, such as those licensed by the FCA in the UK or ASIC in Australia.
CoinbrokerZ presents itself as a trading platform offering a trusted environment for trading a range of unique products, including up to 100x leverage on Bitcoin and high leverage on Altcoin futures. However, upon closer inspection, it becomes clear that the reality is far from the claims. Owned by Qossla Holdings Limited, which ostensibly operates out of Cyprus, CoinbrokerZ misleadingly states its office address in the UK, despite being a subsidiary of Bitcom Limited, established in the notorious offshore zone of St. Vincent and the Grenadines. This discrepancy raises red flags about the broker's transparency and honesty regarding its registration and actual location. Furthermore, the product offering from CoinbrokerZ comes with extreme risks due to the significantly high leverage on offer, amplifying potential losses. Despite the enticing trading conditions, the lack of trustworthiness, coupled with a public warning from the UK regulator (FCA) in September 2018, underscores the importance of dealing with regulated forex brokers to ensure a safe and successful trading experience.
After a thorough evaluation and considering the myriad of issues identified, our final verdict strongly advises against dealing with CoinbrokerZ. The broker's offshore registration, coupled with a lack of regulatory oversight, casts serious doubts on its reliability and safety as a trading platform. The allure of high leverage and unique trading products is significantly overshadowed by the risks posed by CoinbrokerZ's operational practices. Therefore, we recommend traders seek alternative, well-regulated brokers, such as those in the UK or Australia, which adhere to stringent regulatory standards, ensuring a higher level of investor protection and trading integrity. Notably, brokers like HYCM and AvaTrade stand out as reliable options. Additionally, it's worth noting that the CoinbrokerZ website has become inactive and unreachable, further indicating its operational cessation. Nonetheless, vigilance is advised to avoid any potential re-emergence or similar propositions from associated entities.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
coinbrokerZ Review 2024
