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CoinManagements Review - is it scam or safe?

CoinManagements review - Is coinmanagements.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz CoinManagements
CoinManagements is an offshore broker. Your money is not safe.

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CoinManagements is a CFD broker, focused on the crypto market, offering various asset classes traded against Bitcoins and USD Tether. All of that comes with a leverage as high as 1:400 and a web based trading platform. Unfortunately the broker is based offshore and is not regulated, so if you are about to deposit your funds with them be sure to read the following review.

 

Account type Min. deposit Max. leverage Spreads/ Payout
Standard Account $500

1:400

n/a

 

CoinManagements Advantages:

 

Leverage of up to 1:400

 

Such leverage levels are not that common anymore especially since most regulators throughout the developed world, including the financial authorities in the U.S., the European Union, including the UK, Canada, Japan and now even Australia capped the maximum leverage allowed with forex transactions to levels well below 1:100. Currently higher leverage is offered only by unregulated offshore brokers like CoinManagements and a few legit brokers regulated in New Zealand, South Africa and the United Arab Emirates. In any case you should always use higher leverage with caution as it is invariably linked to higher risk.

 

CoinManagements Disadvantages:

  

No license

 

As we already noted CoinManagements is not a licensed broker and that is a major issue. Your funds can not be safe with unregulated brokers, because such broker are completely unaccountable for the way they handle your cash. On top of that quite too often such brokers are simply involved with scam, so if you weight the risks it is totally irresponsible to deposit any of your funds with a unregulated, offshore broker like CoinManagements.

 

What is more, apart from the fact that the broker is based on St. Vincent and the Grenadines, we know almost nothing about them – not even the name of the company that operates the website. 

 

So once again we will repeat our usual advise to trade only with properly regulated brokers, licensed and authorized by a respectable institution 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).

 

If you trade with a regulated broker you will have the benefit to have your trading funds kept in a segregated, protected form creditors, trust account and also you will be granted a negative balance protection, meaning that you will not be losing more money than what you have deposited.

 

Also your broker will have to maintain a certain minimum operational capital, so that it will be bale to cover all outstanding payments towards customers. With all EU regulated brokers the minimum operational capital is as high as 730 000 EUR. 

 

And also you may benefit from a client compensation scheme. In case your FCA regulated broker happens to be insolvent, for example, your funds will be covered for up to 85 000 GBP. Here you may check our list of brokers regulated in the UK:

 

 >>FCA Regulated Forex Brokers<< 

 

Trading bonuses and unusual withdraw conditions

 

CoinManagements offers trading bonuses and that is another worrisome sign. The practice of offering trading bonuses is highly controversial, because such promotions always come with some special withdraw conditions, as for example a minimum trade volume requirement. 

 

And quite too often scammers use trading bonuses as a pretext to cancel your withdraw requests. You can see here that CoinManagements will not let you withdraw anything from your account until you meet the minimum trade volume requirement, which by the way can be changed without a prior notice. 

 

 

Bear in mind as well that trading bonuses are prohibited on the European market altogether.

 

High minimum deposit requirement

 

CoinManagements asks for a minimum deposit of no less than 500 USD and that is at least twice the amount most brokers would require with a standard account. And besides, with some big and well known names like FBS and IG you will be able to start trading with just 5 USD or even less.

 

MetaTrader4 not supported

 

CoinManagements offers a lousy looking web based trading platform that simply lacks some basic features freely available with classical trading solutions like the MetaTrader4. 

 

 

For example we miss the option to run automated trading sessions with the help of trading robots and market indicators. Such customizable instruments are readily available on the MetaTrader4, along with a set of advanced charting tools. So here you may check as well our list of brokers supporting the MT4 platform:

 

>>MT4 Brokers<<

 

Few payment methods

 

As it turned out CoinManagements accepts payments only with debit and credit cards like VISA and MasterCard and bank wire. No e-wallets like Neteller and Skrill are accepted and that is quite interesting especially in the light of the new anti scam policy adopted by Skrill a year ago. According to it Skrill partners only with legit and properly licensed brokers, and as we already established CoinManagements is not a licensed broker. Here you may check our list of brokers accepting payments with Skrill:

 

>>Brokers accepting Skrill<<

 

Conclusion:

 

Depositing any funds with unregulated websites like CoinManagements is basically a recipe for a scam. So  here we will repeat our usual advise to trade only with legit and authorized companies, holding licenses from well respected institutions like the FCA in the UK, CySEC in Cyprus, or ASIC in Australia.

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Traders` reviews for CoinManagements

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