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.
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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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:
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.
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.
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.
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.
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.
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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