My Net Coin Review: Mynetcoin Forex broker is another case of an unlicensed broker giving a slew of big promises and boasts. As usual, our review takes an in-depth look at the features the broker (mynetcoin.com) allegedly offers. 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 Mynetcoin.

Mynetcoin Trading Platform

At first glance, we discover that this broker doesn’t support either the MT4 or the MT5 trading platform. It uses a web-based trading platform with leverage capped at  1:500.

High leverages are a double-edged sword in the sense that a trader can make a huge profit if the trade falls in the right place, but that also means that the trader can also lose a huge sum if the reverse is the case. Regulatory bodies have put a cap on leverages for brokers. But unregulated brokers lack this capped leverage. We do advise restraint if you ever come upon a broker with leverage exceeding 1:30, especially if you are new to the market.

Mynetcoin 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 checking, we discovered that this broker has

Mynetcoin 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.

Wire Transfers and Credit/Debit cards.

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 Mynetcoin Licensed?

Licensing is another important part 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 said brokerage.

In checking the license status of this broker, we had to check several regulatory bodies. We checked the FCA in the UK, ASIC in Australia, CySEC in Cyprus, BaFin in Germany, CONSOB in Italy, and many others. At the end of our search, we didn’t find any licensing information concerning this broker.

To Know if a body licensed a broker. Traders should check regulatory bodies such as the FCA in the UK, ASIC in Australia, CySEC in Cyprus, BaFin in Germany, CONSOB in Italy, and many others.

To get a better understanding of how brokers(both licensed and unlicensed) work, read our review on GrandeFX Trading,Cache Coin, AximTrade, MskFinance.

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Licensed in UK(FCA), Dubai(DFSA), St Vincent and the Grenadines, Cyprus(Cysec) and Cayman Islands

Accepts Traders Worldwide

Minimum Trade Deposit $100

Maximum Leverage
1:500

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Licensed in UK(FCA), Australia(ASIC), Belarus(NBRB) and Canada(IIROC)

Accepts Traders Worldwide

Minimum Trade Deposit $100

Maximum Leverage
1:300

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Licensed in Australia(ASIC) and Cyprus(Cysec)

Accepts Traders Worldwide

Minimum Trade Deposit $100

Maximum Leverage
1:500

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(Get a special Offer)

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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.