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121 CoinX Review: Another Unregulated Platform

121 CoinX Review: Another Unregulated Platform

121 CoinX (121coinx.com) has a crypto feel, but it’s a forex trading platform. There are several scary features with 121CoinX on top of them being regulation. 121 COIN X is not a regulated platform and fails to comply with set regulations. And this is the reason why you need to stay away from it. We have concrete proof that clearly shows why trading with 121coinx.com is a problem. Here’s our eye-opening 121 COINX REVIEW.

A Brief Summary of 121 CoinX

121 CoinX Review

According to the homepage, 121 CoinX is a financial provider that mainly deals with CFDs. The platform claims to offer more than 300 trading instruments. And the vision is to create a platform that provides transparency and technologically advanced trading tools.

We don’t know where the platform went wrong as the platform failed in its objectives. There’s a lack of transparency from the platform, which is a huge problem. Investors need to find better and proven investment platforms.

121coinX will do or say anything to make investors sign up. What the platform doesn’t tell you are the vast problems you will face. Withdrawing funds is at the top of the list. If you can’t withdraw funds, it doesn’t make sense to sign up with them.

It would be best if you instead went for investment strategies with a proven track record. These are innovative strategies being used to advance trading. For example, try out coin staking, DeFi, and Masternoding as part of your investment.

We will help expose the red flags found on the platform. Thanks to our keen eye, we have seen several issues with the platform. The platform imposes harsh and unfair trading conditions, not in line with the industry.

When choosing which platform to choose, your first step should be conducting thorough research. Try and find out what others are saying about the platform. It helps you to make a better and informed decision as we advance.

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Accounts 121 CoinX

121 CoinX fails to inform investors of the available trading accounts. And this means investors are signing up blindly, not knowing available trading conditions. The platform also fails to notify users of the estimated minimum deposit.

We believe the platform is taking advantage of these investors. The platform will claim that the more you deposit, the higher your chances of winning. Unfortunately, it’s not the case as investors can start making a profit with as little as $50 with forex trading.

Furthermore, the industry has set $250 as the acceptable minimum deposit. There’s also no information on the adequate leverage available on the platform. And this makes the platform introduce high leverage.

The industry wants to protect investors from high leverage that puts their funds at risk. For instance, the United States puts a lid on maximum leverage at 1:50 for retail traders. Other regulators in Europe put maximum leverage at 1:100.

Account Opening Procedure

Opening an account with the platform is straightforward. You only need to fill in your address, contacts, and full names. Members have to have Crypto wallets to sign up with the platform. We have an issue with the way the platform verifies accounts.

The platform will wait until you withdraw funds for the first time for account verification. After that, you will have to send sensitive documents such as bank statements and credit card information. We don’t see why a platform needs these documents.

There are other ways of verifying accounts, such as email links and SMS codes. Cyber security experts warn that the platform could be harvesting banking data. You could see charges on your credit card for online purchases you didn’t authorize.

121 CoinX Account Types

Affiliate programs

The platform also creates an affiliate program to allow members to attract more investors. Sadly, you won’t receive a penny from the platform. There are no commissions, percentages, or rates for bringing investors into the platform.

You will end up facing the blame for directing investors to a platform that blocks withdrawals. With the platform failing to answer emails, these victims will turn to you. You will end up losing your credibility, all thanks to an offshore trading platform.

Business Proprietor

121 CoinX claims to be an international business company and even lists its registration number. Sadly, the company is not found on any company register anywhere on the planet. And this makes it an anonymous platform.

The platform is also seen as using random digits to act as registration numbers. We have seen this before. The only way to prove registration is by providing copies of your registration. Alternatively, you can have a link that directs users to your registration records.

Would you mind avoiding platforms that fail to provide their full registration documents? What we have is a platform that doesn’t offer investors any chance of trading fairness. The platform wants to remain a mystery.

Compliance, License, and Regulation 121 CoinX

121 CoinX is not a licensed trading platform. No one knows where the platform resides. There are do documents on the entire website to prove compliance. It shows the lack of concern from the platform.

Joining an unregulated platform is the beginning of all problems. Such platforms impose harsh and unfair trading conditions. Therefore, it’s best to go with platforms that offer practical investing methods, thanks to compliance.

Reliable regulators include ASIC, CFTC, CySEC, FCA, and the SEC. Other notable regulators include BaFIN, CNMV, CONSOB, FCA, FINMA, and NFA. These regulators ensure all parties adhere to strict trading rules.

Contact and customer support

You should ensure the platform in question provides direct access to support. The platform should provide an easy way to reach out. We don’t see it with 121COINX as members only get to leave a message.

Opt to use platforms that offer a more direct conversation. From what we can see, the platform wants to control the communication lines. So, for example, it’s easy for the platform to reach members than for members to contact support.

Dedicated Account Supervisory

Are funds safe with 121coinx.com?

Yes, there are SIX accounts available on the platform. These accounts include basic, classic, premium, advanced, pro, and VIP. These accounts come with a different set of features. What stands out is the availability of account managers.

These managers should provide financial advice instead of the account managers hassle funds from investors. Members have been complaining of receiving constant calls from account managers. The managers claim to have a lucrative investment opportunity.

All you have to do is deposit with them and wait for the profits to soar. Unfortunately, it’s not the case as these account managers suddenly go missing. Attempts to contact support end up with having a new manager. As a result, you end up losing more funds.

Deposit and Withdrawal

After funding your account, the balance immediately reflects on your trading dashboard. You can start to trade and see the balance rise or fall depending on your trading results. We don’t recommend funding accounts as withdrawing is a significant problem.

Investors have had it rough trying to withdraw funds with the platform. No one gets to withdraw funds, especially in large amounts. It’s unfair as members should have the right to withdraw as much as they can.

Fund Safety 121 CoinX

IS 121 CoinX Licensed or regulated?

Your funds are far from safe with a platform that doesn’t enjoy compliance. Moreover, there’s no insurance cover for deposits made by investors. The best option is to avoid such platforms.

Our Verdict

There’s no way we would recommend anyone to sign up with an unregulated platform. So please stay away from 121coinx.com.

Go for reliable platforms with a proven track record. These platforms guarantee the safety of funds. It’s what successful investors use to stay ahead.

If you have any queries, feel free to leave a message.

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