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COINSMEX Review: Coinsmex.com Dubious Forex Scam

COINSMEX Review: Coinsmex.com Dubious Forex Scam

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COINSMEX (Coinsmex.com) is another Crypto Currency scam platform to hit the lucrative Crypto trading world. COINS MEX is claiming to helping investors get on board the Crypto trading train. CoinsMex is purporting to be the best Crypto trading platform where users can buy, sell, and trade Cryptos. With such claims, most investors have signed up without having a second thought. Read this honest and genuine Coinsmex Review for more details.

COINSMEX Review

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COINSMEX Review

With complaints coming in every day, we simply had to investigate what went wrong with this platform. Members are crying foul after it emerged the platform does not allow any withdrawals? How can a trading platform not allow their members to withdraw funds? Jenifer deposited $10,000 worth of Bitcoin and hoped to make a killing with this platform. After a few trades, she made a profit of $12,000. Next step was to withdraw the initial deposit and start trading with her profits. And this is where all hell broke loose.

COINSMEX is another rotten online scam platform targeting Crypto investors. No one has been able to withdraw any funds with this rotten scam. It has been a rude awakening for most investors who deposited funds with this platform. COINSMEX is simply cloning a Crypto trading website and targeting unsuspecting investors. What this means is your funds are not safe with this illicit Crypto platform. With such high number of complaints, we feel the COINSMEX is about to shut down.

About COINSMEX

According to the disclaimer posted at the bottom right hand side of their platform, they are based in Bulgaria Omicorn Ltd is the company which is listed as the owner of this rotten brokerage firm. It should be known that scammers will do or say anything to try and sell their services. We are afraid this information is nothing but a cooked up story. For all we know, this could be a money laundering website. Details are still unclear of where this Crypto platform is actually based.

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Another disturbing detail with this platform pertains to the real owners. With such a high flying platform, one would expect the owners to reveal themselves. COINS MEX is another example of an anonymous website with no known affiliations. Claims of being based in Bulgaria are unfounded since they have characteristics of offshore brokers. Without the names of the founding members, it is hard to trust this platform. Who is in charge of handling funds deposited by investors?

Is COINSMEX licensed or registered?

With no clear indication of where they are actually based, license and regulation becomes an issue. Website holds no information regarding the actual license and registration number. It is safe to say COINS MEX is not licensed or regulated by any regulatory body. We contacted the regulatory body in Bulgaria to try and verify their compliance status. The Bulgarian Financial Service Commission has never licensed or registered this platform. It is now clear we are dealing with an illicit platform.

Another shocking revelation with Coins Mex is lack of any documents to prove compliance. A true platform would post details of their licensing credentials for all to see. By doing so, they would give investors a chance to check their licensing status. Scam artists don’t want you to find out they are a scam. What they do is hide this information so you can sign up blindly. Problem with an unlicensed entity is safety of funds. With no clear protection from authorities, your funds are at risk of being stolen.

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Advantages of COINSMEX

With a scandalous platform, there is no trading advantage. COINSMEX lacks a valid trading license and is clouded with complaints from members. With this kind of reputation, it is best you stay away from it. Coins Mex is about to shut down since authorities have been tracking down scam websites. With over 20 members being locked out of accessing their funds, COINS MEX is definitely not worth your time. It is best to stay away from it and choose other recommended avenues.

Disadvantages of COINSMEX

Accounts offered

COINSMEX Account Types

COINSMEX is providing users with four different account types to choose from. Accounts are named CTMA Platinum, Diamond, Private, and AAT Corporate. What makes this a huge problem is the fact that these accounts require a huge depository requirement. Platinum account is the most basic of account types and it demands a minimum deposit of $100,000+. Account managers listed are unprofessional as they only call you when they require more funds. Stay away from any of the accounts mentioned.

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Deposit and withdrawal

Users can deposit funds using AstroPay, Bitcoin, MasterCard, Neteller, Skrill, among others. Depositing is easy and fast and anyone has easy access to these depository channels. A huge problem still remains withdrawing funds as no one has been able to achieve this fete. Withdrawals are hard to come by which makes trading with this platform totally useless. Why invest and trade and never enjoy the full benefits of your labor?

No Demo Account

Why have they failed to give users a chance to test how their platform works? A demo account gives users a great chance to test how well a platform places trades. Is the execution fast or slow? What are the leverage and spreads available with this platform. It means these scam artists want users to sign up blindly not knowing what to expect. It is best to first try out a platform before pledging any amount with them.

Unknown platform

No one knows which type of platform COINS MEX is using. Are they using MT4, MT4, SIRIX, XStation, or a custom made platform? Whatever investment option you choose, make sure you know their trading platform. Stability is the main reason why you should know what you are getting into. An unstable platform is prone to third party attacks leaving you open to hacking. Hackers will easily steal your credit card information thanks to an unstable platform.

Are funds safe with COINSMEX?

How can funds be safe with a platform which blocks access to withdrawals? Security of funds is a huge flaw with this platform as segregation of accounts is not being followed. COINSMEX is pooling funds in one account which is risky. Your funds may be used to pay creditors in case the platform goes broke. Another problem with this platform is lack of proper security features such as SSL Encryption.

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Is COINSMEX a scam?

COINSMEX Trading Platform

Evidence clearly shows we are dealing with a Crypto scam platform. COINSMEX is a scam which must be exposed to protect all relevant parties.

Conclusion

Adding this platform to our scam blacklist will help protect our readers. Stay away from this platform and ensure you use the right tools when trading.

Wishing all investors a happy and prosperous trading period.

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