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21IncPool Review: Is 21incpool.com a Dangerous Scam?

21IncPool Review: Is 21incpool.com a Dangerous Scam?

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21incpool.com is a Forex and Crypto broker based in the UK and providing trading in 3 different types of trading accounts. They offer MT4 platform too but appears to be focused more on Crypto currency trading than any other instrument. However, 21incpool does not have a regulator’s license, which is one of the most important things we usually consider in a review like this. We would have loved to see that this entity is well regulated. But unfortunately this is not the case.

However, this is not to say that this brokerage has no advantages. There are two strong points that can be used to argue the case of 21IncPool. One of them is that they seem to offer fair trading conditions and also the fact that they are offering MT4 software for trading means they are mindful of traders who prefer this platform to other alternatives in the market.

Overall, the trading conditions offered by 21IncPool are attractive as maximum leverage can be up to the tune of 1:1000. This is the best thing a broker can do because a broker must understand that they are dealing with traders who want to use various trading styles and risk profiles. Restricting leverage too much is never a good idea. But at the same time, using too much leverage is never a good thing. At the end of the day, the trader has to choose whether they want to trade with the maximum leverage or just a bit of it. This broker allows this kind of thing to happen.

21IncPool

The announced spreads for trading a pair like EURUSD is 1.3 pips on their MT4 software. This is not bad at all. We believe this is within industry standards and if 21IncPool would have been able to get all the other things right, we would be saying that 21IncPool is not a really bad broker. Also, the fact that they support MT4 software as the main trading platform means that all traders can enjoy the benefits and flexibility which this trading platform offers them. They range from diverse charting options to compatibility with various EAs and indicators. If you have just purchased your trading software from this page, you can rest assured that this broker will support you since they have MT4 platform for trading.

Having said this, we realize that this broker is not focusing on some of the most important things as it should be. Let’s discuss them below and if they are of concern, you will need to make an informed choice based on what you have just read here.

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21IncPool review

The first discovery that we made while investigating this broker is that they did not have a corporate name that governs their activities. They only claim to be based out of the UK in London but does not give us the specific details of their regulations. They even fail to mention the company that oversees their trading activities. So we presume that there is no company that is in charging of overseeing their operation. 21IncPool appears to be operating on its own accord.

21IncPool does not provide a physical address or a contract number. That means they are operating anonymously and are not registered either. This is the most disturbing thing about 21IncPool. It is the reason we can’t recommend them among the best brokers that we have always endorsed here. 

The truth is that when you opt to trade with an unregulated and anonymous broker, the broker in question can decide to steal your money and you will have no legal options to pursue. 99% of these brokers are scammers. There is no way an unregulated broker can promise you that they will let you trade and make money off their platform and yet the basic things that are protecting customer rights are not in place. There must be something wrong with this broker which is the reason they cannot seek licensing. If they are based in the UK, the body that regulates brokers in this jurisdiction is called FCA.

Initial deposit not disclosed

We believe that brokers must disclose all trading conditions on their site so that traders may not face any surprises later on. When we look at this platform, we see that they are maintaining a certain level of anonymity with their clients. They do not want to fully disclose everything, and one of the things they do not want to disclose is the minimum deposit which one can use to fund their trading accounts with.

Lies

21IncPool claims that they offer up to 2000 tradable assets but when we go to the demo, we find 30 Forex pairs, CFDs on Gold, Silver, Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Gold. There is no way these trading instruments can reach 2000. There is a possibility that their trading portfolio on their live account is quite different from those in their demo. But there is no way to find out unless we go that extra mile to open a live account.

What we think about this broker

In as much as they are offering a wide range of features which can attract a potentially serious trader, the fact remains that an unregulated broker is a dangerous broker. We do not want to fathom the kind of situation we can face in the hands of this broker due to the obvious things that usually happen to people who trade with brokers who are not regulated.

Our best advice for you

Their trading conditions are not bad, plus their wide selection of trading instruments in addition to the MT4 platform which they are offering for trading are all good features that this broker can be credited for. However, they still do not score highly in terms of transparency, and that’s how we decided to rate them poorly. In addition to this, we were hoping to see that 21IncPool was regulated but all our efforts did not bear fruits. Having said this, we are only going to recommend brokers who are regulated. Find them here. 

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21IncPool
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