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Coins247 Review: Scam Crypto Broker?

Coins247 Review: Scam Crypto Broker?

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Coins247 offers trading in a wide range of Crypto currencies. The platform states that they are the best way to buy, sell and trade leading Crypto currencies like Bitcoin, Ethereum, Ripple and many more. The platform is allegedly powerful and with strong security. In addition to this, Coins247 is offering us their service with minimal fees. In fact, they claim that this is the preferred trading platform for Crypto currencies. We take this claim with a pinch of salt because there is no way a website that was created two months ago can have so many users who even considers it the best destination for trading Crypto currencies.

Coins247

As a matter of fact, the domain coins247.io was created in September 2018. It was registered anonymously but on their website, they tell us that the company behind the website is known as Sheffieland Limited and the company that handles payments on behalf of the platform is known as TM Capital LTD. TM Capital LTD is incorporated in Bulgaria on the physical address  1505 Sofia City, Sofia District, Metropolitan Municipality, Slatina Region, 21 Brichebor Str., app 4.

On the other hand, Sheffieland Limited is allegedly incorporated in Dominica under the registration Number 2018/IBC00303. According to the Coins247 website, the address of their company is situated at 8 Copthall, Roseau Valley 00152.

Coins247 also provides a support telephone number and email as well. This telephone number suggests that Coins247 is either based in the UK or one of their representatives is based in the UK.

So the question is, can we trust Coins247 with our money? Is this one of the safest trading platforms for Crypto currencies?

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Coins247 Review

On this platform, you can trade a combination of the world’s most popular Crypto currencies. There are 4 different types of trading accounts offered by Coins247, and with all of these accounts, you can access leverage too.

The features of the accounts are as follows:

Basic account

Minimum deposit is $250 which is capped at $10,000. The maximum leverage provided on this account is 1:10. This account offers platform walk-through for beginners and there is also access to an account manager. Basically, this product is designed for traders who want to try their hands on Crypto currency CFDs.

Silver account

The minimum investment required to run this account is $10,000 and the maximum is capped at $25,000. Leverage is 1:20 and users can also access the services of a senior account manager. Unlike basic account type, silver account offers a deposit bonus of up to 75%. They claim that this account offers technical education meaning that the kind of training they will give is much more complex than the first account.

Gold account

For gold account type, Coins247 requires investors to deposit a minimum of $25,000 and a maximum of $50,000. Leverage is offered up to the tune of 1:30. Tech and fundamental education is offered in addition to daily Crypto signals. This account seems to be geared towards those who don’t want to perform trade analysis on their own.

ViP account

This account is designed for traders who can afford to fund their trading accounts with $50,000 and above. Leverage is 1:40 and traders also get access to VIP account manager. They offer tech and fundamental education in addition to 150% bonus.

Generally, the more you deposit with Coins247, the more you get features that will make your work easier. Having finished discussing all account types offered by this Crypto brokerage, we want to delve into certain issues which are of concern.

First of all, they claim that funds are held at an Australian based bank. This is available on their FAQ page where they state that their clients funds will be safe since they are held in a segregated account. However, on the footer of the site, they tell us that their payment processor is based in Bulgaria. The name of this company is TM Capital LTD.

So, this means that funds are actually not routed to this Australian financial institution which they claim to send funds to. The second concern has to be whether Coins247 is regulated. The company does not state whether or not they are regulated by the financial watchdog in the UK. The FCA does not have Coins247 in their database, and although Coins247 does not feign legitimacy by claiming that they are licensed to operate this kind of business, the fact of the matter remains that funds of their clients are at great risk since they are not held at segregated accounts.

The other issue with unregulated Crypto currency brokers like Coins247 is that it is easy for them to mishandle their clients since they don’t operate by a guidelines set forth by regulators. However, with Crypto brokers that are regulated, there is also a need to operate according to the strict guidelines which are set by the regulatory authorities.

Therefore, trading with Coins247 would be generally unsafe for any trader wanting to get into the Crypto currency market by trading Crypto CFDs.

The other issue is that this website is very new. It has not built itself any reputation and there seems to be zero client testimonials about this brokerage. You don’t want to be the first person to test their level of service because in the worst case scenario, you will get scammed.

Is Coins247 a scam?

Coins247 resembles cfreserve.com in terms of content and marketing style. In fact, these two websites have copy pasted content from each other which clearly means that they are owned by the same entity.

Lack of regulation is the first concern followed by lack of social approval. So Coins247 could be a scam.

Our best advice for you

There are better brokers to trade with and if the only choice you have is Coins247, you should be prepared for disappointments. In the meantime, check out these trading products. 

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64 Replies to “Coins247 Review: Scam Crypto Broker?”

  1. I’ve used coins247.io and personally think they are a legitimate operation. Their staff are professional, quick to a**ist and I haven’t had any issues with navigating their platform or making withdrawals.

      1. this is not me in the picture. is this site ok? why would you add a female face to my comment? i’m a man!

    1. Helaas slechte ervaring. Zijn erg uit op je geld. Adviezen hebben mij veel geld gekost. Ik denk dat zij een andere agenda hebben dan ik als klant. 5000 euro verloren en moeite gehad afscheid te nemen. Mooie praatjes, daden minder…

    2. They are definitely a scam broker.
      As soon as I requested to withdraw money the account manager never made contact again.
      The withdrawal was never made.

    3. They are definitely scam and I can prove this. Try to take all your money and you will see.
      Do not accept their bonus.

  2. In an email coins247 is asking for:
    1. A clear color copy of a Valid Government
    Issued photo ID (e.g. Pa**port/ National ID card/ Driver’s License) – front and back
    2. A clear color copy of a Bank Statement or
    Utility Bill (e.g. Electricity/Gas/Water/Phone bill) showing: your name, current residential address, issuing date within the last 6 months, and the company name and logo. Please note, a P.O.
    Box is not an acceptable proof of residence.
    3. A clear color copy of your Credit/Debit
    Card ending in 9865 used to fund your account (front and back). Please ensure that the following appears on the credit card: the card holder’s name, expiry date, and the last 4 digits on the front, and signature (and the last 4 digits) on the back. For your rea**urance, please cover
    the first 12 (front and back) digits and the CVV number (3 digits code) on the back of the card.
    Do they need all this information to trade?

    1. Hi Ron, when I signed up I was told that this was for security purposes to verify that I am indeed the person who signed up for the service and to ensure I wasn’t using my crypto account for money laundering.

    2. they requested the same from me but this is a too personal info to just give to them specially online. so i don’t trust it. also i don’t understand that they did accept to open my account just by a mail address. they never asked for any ID when opening the account and taking the money but when i asked them to return the money suddenly all kind of info was needed. looks a Scam to me.

            1. Hi everyone – got my money back last week. had a call from customer service where they explained i did not deposit enough money and asked me to do another trade. i deposited 250 more and made 30 $ on top. than they released my money. CS was very helpful but i will not trade with them again.

  3. Unfortunately I’ve fallen for this. For 4 days now I’m trying to withdraw my money back, and all they want is to call you. I accepted one call and said I want a withdrawal, and the same person sent me a mail where he heard that I wanted to trade?! (inert a lot of curse w***s here)

  4. I have asked for my moeny to be returned, and I’m told I can’t have it unless I provide lots of personal information. When you see their link appearing on reputable sites, you a**ume it’s not going to be a scam. Beginning to look like I’ve been fleeced like a f***.

  5. They called me daily and insisted on investing 5000$ more i refused and asked for amount withdrawal. Different account managers call me and bulls*** about the market. They ask about personal info. Unprofessional staff they seem to be south african. Each day i am a**igned new account manager ! looks like i lost my money. Run away.

  6. Yep! Seems like a scam alright. I was curious about bitcoin so thought I would have a flutter so gave them £500 to set me up. I stated categorically that I only wanted to buy into Swedish Government Bitcoin. That was on December 20th last year. By the second week they had done nothing then I had a guy (account Manager and South African) come online and said that he would fix it all up whilst I was online. OK! So I watched him. By the time I established contact with him on 9Th January the price had gone up from 0.19p to 0.35p per coin an apparent increase of 184%. No problem sasy he I’ll just backdate your entry date so now my investment looked as though it was £1,420.00. Not a bad increment?? Yeah but there is a catch! No transaction details, no receipts or trading notes, just keystrokes (that he made, not me) online. Long story short he then says if I give him another £1,000 he will turn it into £3,000 immediately and then I would have that as ‘Equity’ to deal in. Soon after and another dozen phone calls later he is saying that my investment is far too small as he is dealing in ‘millions’ from Investment Managers and Hedge funds. If I put in another £12,500 to £15,000 it would then be worth his while to be my account manager. At this moment I realised it was the age old scam, make it look like the client is winning and draw them in with more and more cash. I immediately realised at that point I have been had and asked for my original money back. Immediately my accounts were ‘closed’ and all balances shown as zero with my original cash so called purchases recorded online as 100% losses. I had not ever touched a button or administered a keystroke in the whole process yet not I have no cash balance, no equity and the account is registered as zero. I have repeatedly tried to contact the guy to no avail so I can now confidently claim this is an unholy scam. I cannot find an operator licence number for them. The same details as those shown above for the Company are the only ones that exist. They seem to be operating out of London as they are using UK phone numbers but when I asked for them for their postal address in London they were evasive and did not give me the information I requested. I suspect the phone numbers are the same as the Nigerians use. Routed from wherever they are based – I suspect South Africa but routed (and untraceable) via third countries into the UK… As so many above have said in their comments – run folks, run. They will steal your money…..!!!

  7. I have already had 2 different guys call me with the same spiel about the company having so many thousands of clients investing millions. First call from a UK number, 2nd call from Sweden. Got me to logon to the platform and directed me straight towards the ‘credit card to fund account.’ The explanations were very vague about the currencies, but the kept talking about blockchain, in an apparent effort to blind me with BS. I was also told that if the Swedish government coins do not materialise (why wouldn’t they?) then I could trade hundreds of available currencies they offer. (I was interested in the Swedish government, having read several articles about it). I asked how they can reserve coins at a specific price before the ICO, but did not receive a suitable answer (basically no answer). Everything about this to me, is suspicious.

  8. My experience is evolving similarly. Some promises to refund my investment but not in full. Willing to take part in your investigations

  9. I invested 500 $ with them just using my email address and later I wanted to withdraw and they wanted me to invest more disregarding my request. After insisting they asked loads of confidential papers and forms which I will never provide. With daily calls and take our hands and we walk we you bla bla bla.
    So I left them everything and blocked them eventually they will never refund.
    Take care of them

  10. No nobody here was able to get a refund from Coins247? I have falling into the pit myself. NO way of getting the refund then? One of the “sales executive” called with +44 20 8089 8690. Judging by the voice in the background they are calling from somewhere in India. He asked why I would like to make a withdrawal. I said “based on my searches you r company doesn’t sound legit. Thus would like to get a refund.” He started to speak ambiguously “that is totally incorrect” and etc… He said he will process the refund so let’s see. Crossing fingers.

    AND I sent an email to BBC as they seem to use this fake website to lure people in. https://trupurchasescom.com/blog/2018/1/24/?fbclid=IwAR0Qm11v32yrSTUEo9l-MKRC34_Y6jAk174ZkQ29jpc3zbK1Ce4BZ9qpC0c

  11. Legit. Had to send my info twice which i didn’t like, but found customer service very helpful when needed to withdrawal my money.

      1. Hebben jullie ooit een withdrawl gedaan. Ik heb een account en twijfel echt of ik mijn persoonlijke documenten wil opsturen.

          1. i lost my money on the first trade as well. and then made a killing in my second attempt, using BTC cash and drooping 50 K on my toilet! haha that was fun. more contra for me now! keep loosing money and i will be rich. that is what you say!

  12. +1 in the list of scammed
    Usd 250 gone down the drain to some despicable human beings. Where should we report this, so others don’t fall for it?

  13. Stay away with Coins247!!!!!! I have signed up with them but not make a deposit yet, they were calling me like 5 times in 2 days asking me if I need help for deposit also keeps on telling me how good is the market right now, at the last call they even swear to me for wasting their time and not making a deposit, this is 100% a scam company.

  14. “As a courtesy, you shall receive a $100 Bonus amount which shall be added to your account upon receipt of the KYC documents. This Bonus amount will be used, with your trading account, to accrue potential profits which your account manager shall a**ist you with.” Scammers!

  15. I checked the location of their office who will recieve the money. It is located in Sophia City, BULGARIA.

    I was thinking so many scammers in Bulgaria.

    BETTER RUN AWAY FAST!

    1. I will come to their offices and thank them personaly – made 11K last month, thank you Eddie, my broker for convincing me to stick with BTC and bet on FB stocks in NYSE. great advice bae

  16. Not a scam – great site! made 33% profit and will make another investment with them today as i (Finaly…) got my money in my bank account today! don’t be distracted by pushy salesman, if you think straight you can use them and them rather than get scammed.

  17. After 4 months with Coins247 I have understood their business model: They offer you bonus money to play with and ask you to sign that you cannot withdraw that extra amount. What they don’t say is their internal rule which increase tremendously the turnover required to be able to withdraw anything. After 4 months I finally got the concrete answer that I need a turnover 100 times what I have (so I can decide between losing my USD20,000 or waste years of my time.

  18. Ook ik ben er in getrapt. Ze laten je eerst winst maken en als je dan een withdrawal wilt doen geven ze niet thuis en laten niets van zich h***n. Na vele e-mails nemen ze contact met je op en doen alsof ze je willen helpen met een withdrawal. Ze willen dan nog wel een keer een trade doen om je balance te verhogen. Vervolgens raak je op deze manier al je winst en deposits kwijt omdat het achteraf een slechte trade zou zijn. Ze bieden je dan aan om je account te sluiten omdat je balance op 0 staat. Of je moet weer investeren. Echt een hele grote scam. Geld weg en een illusie armer. Maar wel wijzer. Nooit meer met dit soort gasten in zee gaan. Zoals eerder genoemd, hard weglopen voor dit soort bedrijven.

  19. Ok it seems they have a formula that it works by placing trades to loose your equity then ask you to put some of your money back and they will match it with bonuses. Then they trap you that you cannot take the money back unless some turnover is reached . I have traded successfully by myself and reached an equity of 121k euro and then I asked to take out 16k euro which was constantly blocked . Then someone called me and said we need an other 4m eurotrade and lets place it now so we can release the money .They forced me to place insane trades despite my protests that i operate with caution and better by myself and wiped off my equity in few minutes . Then I asked Lev Rosenberg the chief executive to call me or I go public and all i got was an one liner “I understand” Wow!! I am still waiting for someone to call me back and if they do and offer a satisfactory solution I will let anyone know but so far I feel I have been scammed badly and repeatedly

    1. They did the exact same to me, the difference being that I did not start trading, I wanted to opt out and have my funds returned. Rosenberg and his fellow thieves stole $5000 from me, before I even started.

      1. I made tons of money of this stupid platform. when you smart you trade and win. use thier agents dont let them mess with you and you will win big and buy a house on a boat.

  20. Great site, helpfull customer serivce. I had a problem but it was solved in no time thanks to customer support manager. i would def recomend this site.

  21. Finally had my money transferred back into my account. I will never ever trade with this company again, they paid this time not before threatening me and asking me to add more funds. surely no.
    I had to raise my voice a few times but yesterday the promised the money will be refunded. Today i got an email with confirmation of the process. See you in court bi*ches!

      1. This is a first! closing your account for winning? this isn’t fair. Are you sure you were winning?
        I do not remember the exact w***s but i was using the term sh*t and f**kers quite often. one time while talking on the phone i told them i’m coming to get them and fired my shotgun. They probably peed their pants.

  22. They are thieves and scammers, stay away! I initially wanted to invest only $1000 in the soon to be released Swedish eKrona, and after opening an account and transferring the money, I was called by and agent, one Jay van den Berg, a South African like me, out of their Cape Town office. He smooth talked me into upping my investment to $250 so I trusted him and upped my funds to $2500. Later I got a call from a Keegan Stockwood, a smooth talking con artist who convinced me to double my investment to %5000 in order to reach the next level of investment cla** with higher leverage. As soon as I deposited the funds he wanted to raise my investment to $7500, alarm bells immediately started ringing in my head, but the more I pushed back, the more he upped his bully tactics. Eventually I ended the call as he would not stop. Then the phone calls started from Jay and from one Lev Rosenberg, trying to convince me to stay, because I told Jay that I want out and that I want my money refunded. I also got a second opinion on the matter from an Investment banker, who told me that the Bonus Scheme I was locked in to, is very high risk. For two days I tried to facilitate a refund of my $5000, with no results. Then someone from Financed called, and said he will a**ist me in getting refunded, but I have to make one large trade first, before he can proceed. I refused, as alarm bells were again going off in my head. Later the same day, another South African, a certain Rigler, called me to say he will a**ist me. He explained to me that due to the Bonus contract I signed, I was locked in, and in order to make a withdrawal I had to trade to reach the required Leveredge amount. There were more documents to sign as he then proceeded to move me to the VIP trading level, with 1:40 leverage. He then directed me to the trading floor where we went to a Bitcoin currency. He guided me to enter an amount of $9550 in the buying block, as well as in the profit and loss blocks. He told me to click on Buy, which I did. Within seconds, I saw my money disappear before my eyes, to zero balance. He then said something along the lines of “we have a serious problem, I will call you back”, and put the phone down on me. I have not heard anything further, I was conned out of $5000, which my wife and I agreed to take out of our retirement savings.

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