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CoinBull Review - is it scam or safe?

CoinBull Review - Is coinbull.io scam or good crypto broker?

RATING: 1 / 5 REVIEWS
CoinBull is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts & Conditions

 

Account type Minimum deposit Maximum leverage Spread
Green Not specified Not specified Approx. $150 (2.25%) for BTC/USD trading
Blue Not specified Not specified Approx. $150 (2.25%) for BTC/USD trading
Platinum Not specified Not specified Approx. $150 (2.25%) for BTC/USD trading

 

CoinBull (which operates out of coinbull.io) is something reminiscent of a CFD broker, offering crypto-assets. It took us quite some time and testing their platform to get to this conclusion, as the overall presentation is rather poor. Read the full review, to see what we managed to find about them.

 

CoinBull Advantages

 

Decent variety of coins

The most popular coins are offered at CoinBull’s platform. BTC, ETH, XRP, DASH, NEO, XLM and more (for a total of 29) can be traded. We have to reiterate, as we may not have been that clear in the beginning – thees are Contracts For Difference (CFD) and not the actual coins. In case you are looking to buy Bitcoin, Ethereum or another coin, check our reviews of cryptocurrency exchanges.

 

>>Learn more about Crypto CFDs here<<

 

Traditional methods and Bitcoin accepted

Your account at CoinBull is held in either USD, EUR or BTC. This is a rather interesting offer, which is rather diverse. Even some of the forex brokers accepting Bitcoin payments only use it as a means of transfer and don’t allow you to have a balance in the oldest cryptocurrency. The ways you can make a deposit to CoinBull are Bank Transfer, Credit Card or Bitcoin

 

CoinBull Disadvantages

 

Offshore, unregulated company

The legal entity operating the CoinBull brand is ABC Marketing. They are registered in Dominica. The country may not be as popular as some other offshore destinations, but the local institutions have very clearly stated they don’t regulate forex brokers. The “classic” combination of an offshore, unregulated company is enough for us to give CoinBull this rating.

 

Trading conditions aren’t clear 

CoinBull’s website is very light on useful information regarding the trading environment which they provide. At first glance we weren’t sure if this is a CFD broker or binary options provider.  After testing their platform, we realized they are the former, but the entire execution of their idea is rather clunky.

 

Strange platform, although nice charts are available

Trading with CoinBull is done via a web-based interface, which is a bit odd. When placing an order, one can manage his maximum loss and desired profit. In essence, this is similar to a binary options platform. Here is a preview:

 

The default interface at CoinBull

 

We have to mention, further customization is available, after accessing the settings:
 

How you can change the platform

 

We find it very unusual for a company to offer the top-tier TradingView charts and not display them by default. The rest of the settings imply MetaTrader lots are in place, but the actual platform isn’t provided – yet another strange phenomenon.

 

Very high spreads

The BTC/USD spread we saw when testing the aforementioned trading interface  was substantially higher than the offers by other similar companies, at around $150 (or 2.25%). Most brokers, who offer Bitcoin CFDs provide a tighter spread, around $30-$50.

 

>>A list of regulated crypto-CFD brokers<<

 

Offer focused on bonuses and advice 

The account types at CoinBull may not make much sense as we have presented them, but this simply due to the fact we look at the objective trading conditions. The different clients (for which the deposit levels aren’t revealed) will get various benefits, including bonuses and trading signals directly from the company. Most of them present a potential for conflict of interest.

 

Conclusion

 

CoinBull is an unregulated, offshore cryptocurrency CFD broker. This is enough to earn them the low score on our website, as we value financial regulation very highly. Even if that wasn’t the case, the trading conditions offered by CoinBull aren’t impressive – spreads are too wide and the platform is somewhat unusual. All of this comes before you take into account the abysmal presentation.

 

 

In case you are looking for a more reputable company, which also offers trading on non-crypto assets, take a look at the brokers registered with Financial Conduct Authority (FCA).

 

>>Discover FCA-regulated brokers<<

 

This is the United Kingdom’s financial regulator, which oversees a lot of brokers. There are a lot of rules imposed by them, but we will only present the ones which ensure the security of your investment.

 

1) segregation of client accounts – all of the traders’ funds can’t be accessed by the broker, without a certain procedure. This prevents simple theft. 

 

2) bankruptcy protection – the Financial Services Compensation Scheme (FSCS) is a complicated insurance-like system which will cover you, in case your broker goes under (limited to £50,000).

 

To summarize this review:

 

Pros Cons
Decent variety of coins Offshore, unregulated company
Traditional methods and Bitcoin accepted Trading conditions aren’t clear 
  Strange platform, although nice charts are available
  Very high spreads
  Offer focused on bonuses and advice 

 

Latest news about CoinBull
No news about CoinBull. Check back later.
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Traders` reviews for CoinBull

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Coinbull is really a scam company

Don't trade with coinbull. They are scamming people's money. I had a bad experience with them. This person name Liam Barry, his email [email protected] he is supposed to be the senior analyst, he did not want to give my money back. I still have USD 2913 in the account. I have requested the money many times but they refused. i just hope i can report them to someone who can take actions on them.

wan 08/14/2018

Stay away!!!!

You will Never get your money back no matter what you do. These people should be shut Down, How can they be allowed to run this scam....

Giuseppe 08/05/2018

CoinBull withdrawal

i can't get my money (500) back after withdrawal
even though it was approved.

Myrna Murphy 07/21/2018

scam broker

scam broker you will not get your funds back if you invest with coinbull

keith 06/28/2018

Coinbull a definite scam

They will never return your money! 100% guaranteed! Let’s not fall for this scamster website EVER

Mohammad Awais Patel 06/16/2018
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