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CoinCall Review - is it scam or safe?

CoinCall review - Is coincall.co scam or good forex broker?

RATING: 1 / 3 REVIEWS CoinCall
CoinCall is an offshore broker. Your money is not safe.

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CoinCall is an offshore forex and CFD broker with a focus on the crypto market that claims to be regulated in the Bahamas. Our research however shows that this is not true. On top of that there is conflicting information about who actually owns the website, so if you are considering opening an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Micro Account $250 1:200 0.8 pips
Bronze Account $5000 1:200 n/a
Platinum Account $25 000 1:200 n/a
Gold Аccount $50 000 1:200 н/а

 

CoinCall Advantages:

 

Lots of currency pairs and CFDs on various asset classes 

 

We always consider any advantages a broker might have so here is surely one. CoinCall offers a comprehensive list of trading instruments, including lots of currency pairs - major, minor and crosses, and CFDs on commodities, indices, stocks gold, silver, natural gas, oil and even crypto coins like Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Cardano, Llitecoin, IOTA and USD Tether. But if you are tempted by the idea of trading crypto assets, here you may also check our list of brokers trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage as high as 1:200

 

Higher leverage is also considered an advantage. And yet, because of the higher risk it is usually associated with, last year the European Securities and Markets Authority (ESMA) followed the example of the regulators in the U.S., Canada and Japan and capped the maximum leverage allowed with forex transactions at 1:30. That in practice leaves Australia the only major regulatory hub where high margin trading remains unrestricted. So here you may also check our list of brokers regulated in Australia:

 

>>Brokers regulated in Australia<<

 

Competitive spreads 

 

We tested the CoinCall web based trading platform and we liked the spreads, which started at abount 0,7 pips – 0,8 pips. Still, as we are not sure, if those spreads apply for the starting Micro Account or one of the premium accounts, here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Acceptable minimum deposit requirement 

 

At CoinCall you can open a trading account with 250 USD and that is in line with the minimum deposit requirement most brokers would ask for a standard account. Still with some well known names like FBS and IG you can open a trading account with just 5  USD.

 

CoinCall Disadvantages:

 

No license

 

CoinCall Global Markets Ltd says to be a part of CoinCall Group Limited  and to be regulated by the Securities Commission of The Bahamas. 

 

 

Usually we are not very impressed by a license issued on the Bahamas, because the Commission there simply lacks the capacity to oversee internationally operating brokers, and their regulatory requirements in no way match the rigorous regulations of well known institutions such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).

 

Still we diligently checked the registers of  Securities Commission of The Bahamas and were unable to find the above mentioned companies there. On top of that from other sections of  CoinCall website we learn that actually the broker is owned by the St.Vincent and the Grenadines based  Vaneda Partners LTD and and Zeus Partnership OÜ, which is based in Estonia.

 

 

So we are a bit confused who actually runs the broker. In any case non of the three companies is licensed or  regulated anywhere, so basically  CoinCall is not authorized to offer its services on regulated markets like the EU, the US, Canada, Australia or Japan. Besides, here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Trading bonuses, unusual withdraw conditions and fees

 

We will talk about the controversial practice of offering trading bonuses later, but let us first pay attention to one rather disturbing withdraw condition we came across while reviewing CoinCall  Terms and Conditions. According this clause, if you have not traded your deposit at least 200 times, when you request a withdraw you will automatically lose 10% of your account. This is highly unusual if not outright outrageous. On top of that, if you accept a trading bonus you will not be able to withdraw until you trade the bonus plus your deposit at least 30 times.

 

And bear in mind that trading bonuses are prohibited in the European Union and on other well regulated markets altogether.

 

In addition  CoinCall say they are “not committed to any time frame” regarding withdraws and that is also strange.

 

Skrill not accepted as payment method

 

CoinCall says to accept payments with bitcoins, bank wire, MasterCard, VISA, OK Pay, Naspay and Cheetah Pays, but not Skrill and that is worth noting, because of the recently adopted ant- scam policy of the money transfer company, according which if a broker is not properly regulated it can not offer Skrill to clients in Europe. As we already noted CoinCall is not a regulated broker.

 

MetaTrader4 not supported

 

And that is another negative point. CoinCall offers an overly simplified web based trading platform, which lacks many features, standard with platforms like the MetaTrader4.

 

 

For example the CoinCall platform does not have the option to run automated trading sessions - something that you can quite easily do with a MetaTrader4, using specially designed customizable trading bots. Besides, here you may also check our list of brokers offering the MetaTrader4:

 

 >>MT4 Brokers<<

 

Conclusion:

 

CoinCall is a unregulated, low credibility, offshore broker with a shady background, which we strongly advise you to avoid. Actually our best advise is to avoid all unregulated brokers and to trade only with companies holding legit licenses from respectable financial authorities such as the FCA in the UK, CySEC in Cyprus or ASIC in Australia.

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

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Coincall is a fraud

I did a deposit, it did seem that all worked perfect, but I did not can do any withdrow. Ada Marcus called me from coincall to understand. But after No one did anything and I lost my money. They don't answer me.

Maurizio 08/12/2019

the money that you sent them are lost

Hi.
I opened an account with coincall. they didn't call and follow. all money are lost only because they don't call and follow.
I asked to take some money, then they desappear.

Maurizio 07/29/2019

El fraude de Banc de Monarch está relacionado con el fraude de Coincall.co

Somos varios estafados por Banco de Monaco y Coincall.co. Mucho dinero estafado.La valoración es estafa total

Translated by Google:

We are several scammed by Banco de Monaco and Coincall.co. A lot of money cheated. The valuation is total scam

Eduardo Calatayud 04/19/2019
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