Thinking of getting into business with Coinmaxis? Here is what you must know about this broker. Carefully read this review to find out if coinmaxis.com is the trading platform you will want to trade with.
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About Coinmaxis Broker
Coinmaxis is an offshore brokerage company with a lot of promises for traders. To begin with, the broker address and phone line are missing on the webpage. This is a red flag that we can’t take likely especially on fraudulent brokers. Here, we discover the broker operates under Kideyas Ltd and also under the laws of S.t Vincent and the Grenadines.
The broker discusses crypto diversity, trading security and customer support.
To clarify, regardless the trading instruments Coinmaxis claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
Here is a warning by Financial Services Authority, SVG.
coinmaxis.com: Reasons to Avoid This Broker
Firstly, coinmaxis.com is a platform with no financial authority overseeing its financial services. Financial Service Authority, SVG does not monitor nor regulate forex brokers.
Secondly, we noticed coinmaxis.com has no demo account for traders. Since traders can’t test the broker on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. In fact, It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, Coinmaxis withdrawal process takes 10 working days. The broker minimum withdrawal for credit cards is $100, while minimum withdrawal for wire transfer requires $250.
Minimum Deposit
Coinmaxis minimum deposit is not available.
As for the payment methods, the broker accepts Debit/Credit, Bank Transfer, and eWallets. But, you should not consider making any payment with this broker because it is a risk. So beware!
Coinmaxis Platform
Coinmaxis offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, the broker discusses nothing. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Coinmaxis Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
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Conclusion: Is coinmaxis.com a Reliable Broker?
No, coinmaxis.com does not seem like a reliable broker for traders even though it promises offers that look good to be true. The broker has shown no interest in discussing relevant information like account types, leverage, location and deposit.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.