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Mynetcoin Review: Mynetcoin.com an Illegal Forex Broker

Mynetcoin Review: Mynetcoin.com an Illegal Forex Broker

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Mynetcoin is a company that claims it has over 40 currencies to trade. The platform is dealing with forex, commodities, indices, digital currencies, and stocks. Additionally, the entity has a trading bonus for their clients. Join them seem like a solution to your entire problem.

However, is this the best broker in the market? Is the entity legit? How many investors have earned from this firm since it was launched? These are some of the questions that should come to your mind whenever you come across a lucrative investment venture.

Mynetcoin states that the time to start investing is now. Furthermore, the company brags that it has the best trading tools and support in the industry. Investors have access to the five best trading market. Nonetheless, the entity does not do much to verify its legibility.

The sales pitch of this broker is top-notch. Therefore, it is very easy for newbies to fall for their scheme. Sadly, this is an offshore firm that can do whatever they please to their clients. The entity is operating against the law, and eventually, people will lose money.

Mynetcoin has three investment plans which are attractive and tempting. They welcome both novice and expert traders to join them. You might assume this company has been in the market for eternity based on how it rains praises about its services.

Mynetcoin.com Review

The shady broker made it first sight in August 2020. Therefore, this platform lacks a trading history and reputation. Moreover, the firm is using a WebTrader platform to conduct its trading activities.

Mynetcoin claims that its main priority is the safety of their clients. Hence, they have put up full security measures to protect their customers. Unfortunately, this statement is familiar to all other offshore ventures.

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They use all the information in the world which can win them sales. After all, that is all they are after. The firm states that it has partnered with the best banking institutions in the market. Therefore, investors’ money is segregated.

Additionally, they have the protection of a negative balance. Mynetcoin is a broker with multiple red flags, making us not recommend them to the public. Investing with this nasty firm will only leave you high and dry. Choose the best forex brokers in the market.

Mynetcoin Trading Conditions

Mynetcoin is offering spread as low as 0 pips, and their leverage is that of 1:500. The venture does not provide traders with the MT4 trading platform. MetaTrader is known for its ease of use, reliability, and top-notch features.

They also state that orders are executed fast. The entity has a bonus as well. However, the trading conditions and offers which this broker makes are prohibited in the United Kingdom and EU. Additionally, this broker does not have a demo account.

We find it very odd that this entity does not have an endorsement from their clients with all these features. The company is operating with a meager trust score. The identity of the founder and his team is not known.

Furthermore, the domain of this company is still new. Mynetcoin is offering risky financial investments without the necessary certificates. The entity is indeed a suspicious broker, which you should be wary of.

Withdrawal and Deposits

Mynetcoin allegedly handles withdrawal requests fast. Therefore, their clients can request their funds whenever they please. The process takes 2 to 5 business days. The venture accepts a minimum amount of deposit of $250.

Investors can deposit money using credit and debit cards and wire transfers. They have withdrawal limits, which depend on the method that you choose to cash in. Wire transfer the least amount of cashing in is $200 and for debit and credit cards is $100.

The requirements of Mynetcoin are outrageous. In most cases, legit brokers do not limit their clients on the number of funds they can withdraw. You can cashout whichever amount that you please.

Moreover, the broker also does charges for withdrawals. They charge $10 for the processing fees, $25 for bank cards, and $50 for wire transfers. You can wait up to 14 days before receiving your money. Scammers will hold your money with all sorts of excuses.

Moreover, Mynetcoin also deducts 10% from the account that has been dormant for 6 months. Trustworthy brokers do not deduct funds from their clients using a percentage form. Instead, they have a monthly administrative fee, which is not much than $10.

This broker is after clients’ funds, and they do not hide the fact. Please stay away from their bonus plan as it has conditions that are not openly disclosed. The company claims that it does not allow negative balance. However, this is not true as they have indebted accounts.

Mynetcoin Customer Support

The entity states that it has professional, reliable, and responsive support. Nonetheless, we find this hard to believe. The firm is only after satisfying its own greedy needs. Mynetcoin does not have contact or a physical address.

Therefore, contacting this dirty company is an impossible task. Scammers are the ones that observe high anonymity because they do not want the authority to catch them. Oddly, this entity does not show where it is operating from.

Additionally, the people behind Mynetcoin are unknown; this is a huge red flag. Don’t you think it is odd sharing your data with a discrete company? The entity does not have enough funds to hire a customer support team.

Hence, expect the worst from this broker. They have no intention of helping any investor get rich. Legit forex brokers are transparent and avail all the necessary information to their clients. Avoid this entity at all costs.

Regulation and registration

Mynetcoin is an ignorant investment company that does not care about the law.  The entity fails to provide the necessary documents which can prove they are operating legally. In the platform term and conditions, the firm states it is observing the Estonian government law.

However, after we checked on the Estonian financial watchdog’s database, we were disappointed to find that this broker is lying. The entity is not licensed to operate in this area or any other European nation.

Mynetcoin is a scam that does not offer fund safety. To win over clients, the platform avail false information; this is a desperate move. The broker is not licensed by any financial body in the market.

The area in which the company is accepting clients has stringent guidelines for investment companies. The firm does not have a compensation scheme leave alone segregation of funds. The security measures which the broker brags about are all false.

Final Verdict

Mynetcoin is a suspicious broker that questionable enticing offers for traders. The country of origin of this shady venture remains a mystery. Moreover, this firm is not regulated, and venturing with them exposes you to multiple risks.

The chances of making money with an unlicensed broker are very slim. The trading conditions and withdrawal terms are unfavorable to their clients. The main objective that you should look for is the safety of your money.

Invest with legit forex trading brokers that have a history in trading. These companies avail the MetaTrader platform; therefore, clients can trade with ease. Venture with transparent entities that have nothing to hide.

 

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