de | cn | ru

Cointeck Review - is it scam or safe?

Cointeck review - Is cointeck.io scam or good forex broker?

RATING: 1 / 0 REVIEWS Cointeck
Cointeck is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Cointeck is a CFD broker focused on the crypto currency market, which unfortunately does not have a license to provide its services on regulated markets like Europe, the US, Australia or Japan or anywhere else where proper authorization is required by law.

 

Account type Min. deposit Max. leverage Spreads
Basic Account $250 n/a n/a
Bronze Account $1000 n/a n/a
Silver Account $2500 n/a n/a
Gold Account $10 000 n/a n/a
Platinum Account $25 000 n/a n/a
Black Account n/a n/a n/a

 

Cointeck Advantages:

 

Plenty of crypto CFDs

 

Actually Cointeck is focused solely on the crypto market, offering CFD trade with 36 crypto pairs, with basically all major coins like Bitcoin, Bitcoin Cash,  Ethereum, Ethereum Classic, Dash, Zcash, Ripple, Monero, NEM, Stellar, Nxt, Litecoin, Bytecoin, BlakCoin and OmiseGO. Of course, you can always check our list of brokers offering Bitcoin CFDs as well:

 

>>Bitcoin Forex Brokers<<

 

Various payment methods

 

Cointeck accepts deposits in a lots of ways including various e-wallets like PaysafeCard, WebMoney, QIWI Wallet, Yandex Money, AstroPay, Neteller and Skrill

 

They also accept payments with VISA and a bank wire, but there is no option to pay with Bitcoins for example, so here you may check our list of brokers, accepting bitcoins as payment:

 

>>Forex Brokers Accepting Bitcoin<<

 

Acceptable minimum deposit requirement

 

You can open a trading account at Cointeck with 250 USD and that is in line with what most other brokers would ask you as a minimum deposit requirement. Still have in mind that some big well established players like FBS and IG do not have a minimum deposit requirement at all.

 

Cointeck Disadvantages:

 

No license

 

Cointeck is owned and operated by CCLR Limited – an Estonia based company, but as we already noted, they do not have a license to provide brokerage services. That is a major setback and our main issue with Cointeck.

 

Note, that the safety of your investment with unregulated brokers depends solely on the integrity of the people, who run those brokers. So we strongly advise you to deal only  with brokers, regulated by well respected institutions such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).

 

Among others, properly regulated brokers are required to guarantee traders a negative balance protection, to keep all invested money in a segregated, protected form creditors account, to refrain form offering investment bonuses, to maintain a certain minimum operational capital with which to guarantee all outstanding payments, to file regular reports, to allow external audits and with some regulators even to insure traders funds.

 

For example, if you trade with a FCA regulated broker your account will be insured up to 50 000 GBP, while with CySEC brokers the insured amount is up to 20 000 EUR. Here you may check our list if FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

High spreads

 

As tested with a demo account the BTCUSD spread was fixed at 75 USD, which is way higher than the spreads traders consider acceptable, when they buy or sell bitcoins on a crypto exchange. Have in mind that the acceptable BTCUSD spread should not exceed 50 USD. In any case here you may check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Various withdraw fees

 

That is another issue with the broker - they have a  3,5% service fee on all withdrawals and also a profit clearance fee and a monthly maintenance fee. We shall all agree we do not like fees, especially withdrawal fees.

 

No MetaTrader4 supported

 

Cointeck offers a web based trading platform, which lacks many features, standard with classic trading solutions like the MetaTrader4. 

 

 

We miss for example the option to run automated trading sessions and that is definitely another set back. Besides, here you may check our list of brokers offering MetarTrader4:

 

>>MT4 Brokers<<

 

Conclusion:

 

Cointeck is a unregulated broker and that alone is a sufficient reason to avoid its services. As we already discussed trading with unregulated financial companies involves a unreasonably high risk of losing your money to scammers. 

Latest news about Cointeck
No news about Cointeck. Check back later.
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Hong Kong SFC MarketSpeed FX,
Trading Station
$1 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus CySEC MT4, Web $25 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website

Traders` reviews for Cointeck

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

de | cn | ru