Updated on January 12, 2024
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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 Cointeck due to the issues we've identified.
Is Cointeck Scam or Legit Broker? ▲
It's imperative to question the legitimacy and security of engaging with Cointeck. Located in Estonia, one would expect Cointeck to possess the necessary authorization from the Estonian Financial Supervision Authority (EFSA) to offer financial services within the country. However, despite its claims of regulation, thorough checks reveal that Cointeck is not registered with EFSA, casting serious doubts on its legitimacy and raising concerns over the safety of trading with this broker.
Registered in: There is no registration.
Type of License: Absence of any license.
Is Cointeck safe to trade: The answer is a resounding no.
Recommended Licenses: The Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC) in Australia are among the recommended licenses for brokers, ensuring a high standard of security and regulatory compliance.
Cointeck presents itself as a brokerage service, facilitating trading in CFDs and cryptocurrencies. Despite its claims of being operated by a registered Estonian company, CCLR Limited, and even providing a supposed license number, our comprehensive check with the Estonian Financial Supervision Authority (EFSA) has found no evidence of Cointeck's registration or licensure. This discrepancy is alarming and significantly undermines the trustworthiness of Cointeck. Moreover, Cointeck's assertion of having a base in Leicester, UK, without holding a corresponding license from the UK's Financial Conduct Authority (FCA), further compounds the issue, suggesting a lack of legal authorization to offer financial services in the UK.
Our latest findings indicate that the Cointeck website is no longer active, signaling a halt in their trading offerings. Although the platform has ceased operations, we strongly advise against engaging with any offers that may surface in the future. It's crucial to remain vigilant and steer clear of proposals from entities that have previously demonstrated a lack of regulatory compliance or transparency.
Given the critical issues identified with Cointeck, including the lack of regulatory compliance and misleading claims of licensure, it's challenging to identify any reliable advantages or pros of trading with this broker.
Absence of Regulatory Compliance: Cointeck does not hold a license from the Estonian Financial Supervision Authority (EFSA), despite claiming to be regulated.
Misleading Claims: Despite asserting to be licensed and based in Estonia and the UK, checks reveal no such registrations, raising severe trustworthiness concerns.
Inactive Trading Platform: The cessation of the Cointeck trading platform further erodes confidence in the reliability of their services.
Lack of Transparency: The discrepancies between claimed licensure and actual regulatory status underline a critical lack of transparency.
In conclusion, our extensive review process and investigation into Cointeck have revealed several alarming issues. The absence of regulatory compliance, coupled with misleading claims about licensure and operational status, significantly undermines the trustworthiness and reliability of Cointeck as a broker. Given these critical concerns, we strongly recommend against engaging with Cointeck for trading purposes. It's essential for traders and investors to prioritize safety and regulatory compliance when choosing a brokerage, opting for entities regulated by reputable institutions such as the FCA in the UK or ASIC in Australia.
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.
Cointeck Review 2024
