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Caution Investors Coinbed FX Trader – Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements
Overview of Coinbed FX Trader:
Coinbed FX Trader is a website that claims to be a leading provider of online trading services for forex and cryptocurrency markets. It claims to offer access to over 200 trading instruments, including currency pairs, indices, commodities, stocks, and cryptocurrencies. It also claims to offer competitive spreads, fast execution, low commissions, high leverage, and various account types and trading platforms. However, there is no evidence to support these claims, and the website provides very little information about the company behind the platform.
Regulation and Compliance of Coinbed FX Trader:
According to the ASC, Coinbed FX Trader is not registered to deal in securities or derivatives in Alberta and has not filed a prospectus or an exemption from prospectus requirements with the ASC. This means that Coinbed FX Trader is operating illegally and may be violating securities laws. The ASC also warns that Coinbed FX Trader may be involved in fraudulent schemes, such as high-pressure sales tactics, unrealistic returns, false or misleading information, identity theft, and misappropriation of funds. The ASC advises investors to exercise caution when dealing with Coinbed FX Trader or any other unregistered online trading platform.
Customer Reviews of Coinbed FX Trader:
A quick search on the internet reveals that Coinbed FX Trader has received many negative reviews from customers who have lost money or encountered problems with the platform. Some of the common complaints include:
– Difficulty in withdrawing funds or closing accounts
– Poor customer service or no response from the support team
– Manipulation of prices or execution
– Hidden fees or charges
– False or misleading advertising
– Account hacking or unauthorized transactions
Products and Services Offered By Coinbed FX Trader:
Coinbed FX Trader claims to offer a variety of products and services for online traders, such as:
– Forex trading: Trading of currency pairs in the foreign exchange market
– Cryptocurrency trading: Trading of digital currencies such as Bitcoin, Ethereum, Litecoin, etc.
– CFD trading: Trading of contracts for differences on various underlying assets such as indices, commodities, stocks, etc.
– MT4 platform: A popular trading platform that supports multiple charting tools, indicators, expert advisors, etc.
– WebTrader platform: A web-based trading platform that allows access from any device with an internet connection
– MobileTrader platform: A mobile trading platform that allows access from smartphones or tablets
– Demo account: A free account that allows traders to practice trading with virtual money
– Live account: A real account that allows traders to trade with real money
– Standard account: A basic account that requires a minimum deposit of $250 and offers a leverage of up to 1:200
– Premium account: An advanced account that requires a minimum deposit of $5,000 and offers a leverage of up to 1:400
– VIP account: An exclusive account that requires a minimum deposit of $20,000 and offers a leverage of up to 1:500
Location of Coinbed FX Trader:
Coinbed FX Trader does not disclose its physical address or contact details on its website. It only provides an email address and a phone number for customer support. However, the phone number has a UK country code (+44), which suggests that the platform may be based in the UK or targeting UK customers. However, this does not mean that the platform is regulated by the UK authorities or compliant with UK laws. The Financial Conduct Authority (FCA), the UK’s financial regulator, has also issued a warning about Coinbed FX Trader, stating that it is not authorized to provide financial services in the UK.
Customer Service Provided By Coinbed FX Trader:
Coinbed FX Trader claims to provide 24/7 customer support via email and phone. However, many customers have reported that they have received no response or poor service from the support team. Some customers have also claimed that they have been harassed or pressured by the support staff to deposit more money or open more trades. Moreover, some customers have alleged that they have been blocked or ignored by the support team after requesting withdrawals or raising complaints.
Defensive Measures Against Fraudulent Brokers:
If you are considering trading online with any platform, you should always do your due diligence and research before investing your money. Here are some tips to help you avoid falling victim to fraudulent brokers:
– Check the registration and regulation status of the platform with your local securities regulator or financial authority
– Verify the identity and reputation of the platform by searching for customer reviews, complaints, or warnings on the internet
– Use a secure and reliable payment method that offers protection and recourse in case of disputes or fraud
– Start with a small amount of money and test the platform’s features, performance, and service
– Do not accept any bonuses, incentives, or guarantees that may come with hidden clauses or restrictions
– Do not trade with money that you cannot afford to lose or that you need for other purposes
– Do not let emotions, greed, or fear influence your trading decisions
– Do not trust anyone who claims to have insider information, secret strategies, or guaranteed profits
– Do not hesitate to report any suspicious or fraudulent activities to the relevant authorities
Coinbed FX Trader is an online trading platform that claims to offer forex and cryptocurrency trading services. However, it is not registered or regulated by any reputable authority and may be involved in fraudulent schemes. The ASC and the FCA have both issued warnings about this platform, and many customers have reported losing money or facing problems with it. Therefore, we do not recommend trading with Coinbed FX Trader or any other unregistered online trading platform. Instead, we advise you to look for a licensed, reputable, and trustworthy broker that can provide you with a safe, secure, and satisfying trading experience.