Coins FM Review: Coinsfm is a forex broker that is supposedly in Dominican and licensed by the authorities of the Dominican Republic. In the review below, we take an in-depth look at the features Coinsfm.com allegedly offers. This review answers the questions: is Coinsfm legit? Is Coinsfm good? The review covers aspects of its licensing, its account types, its leverages, its withdrawal and deposit methods. Read through our review to see what we and other experts have to say about Coinsfm.
Table of Contents
Coinsfm Trading Platform
Although the website looks professional and well-designed. It feels empty as the necessary information isn’t provided. At first glance, we discover that this broker support neither the MT4 nor the MT5 trading platform. In fact, it does not mention much in the way of trade conditions.
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Coinsfm Account Types
In this portion of the review, we aim to explore the account types a broker might have. We check the account with its corresponding deposit and leverage. Doing this gives a clearer idea of how a broker might work.
After thoroughly checking, we discovered that this broker has five account types
Coinsfm Deposit and Withdrawal Methods
Deposit and withdrawals are the two most important transactions for us, because the end goal of trading is making a profit. In this section, we look at these methods to make sure everything is okay with it.
There is no discernable method that we could discover for depositing or withdrawals.
This broker claims not to have any withdrawal fees.
Another thing to keep in mind is that there might also be withdrawal conditions concerning accounts that take advantage of the bonus promotion. Some fraudulent brokers stipulate that a trader must achieve a certain trading volume to be eligible for withdrawal. They do this to stop traders from making a withdrawal.
Is Coinsfm Licensed?
Licensing is one important part of our reviews. This is because we can trust a regulated broker to some extent not to do anything fraudulent. We do this part of the review by first checking the name of the company attached to the broker. Then we run that name through various regulatory bodies to discover if it regulates them.
Just like 7online, this broker claims to be in the Dominican Republic. Read our review of that broker here.
The Dominican Republic is a place that attracts shady brokers because of their lack of proper licensing laws and a regulatory body.
To Know if a body licensed a broker. Traders should check regulatory bodies such as the FCA in UK, ASIC in Australia, CySEC in Cyprus, BaFin in Germany, CONSOB in Italy and many others.
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Conclusion
In fact-checking this broker, we found that many of its claims were false or unverifiable. We can’t confirm their location, and also, there is a lack of transparency in depositing funds and even a foggier and non-explained process of withdrawing. We don’t advise you to invest with this broker, any attempts to do so we lead to loss of your funds.