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A regulator warning has been issued by Canadian authorities against Coinivate in September 2023
If you are looking for a reliable and trustworthy online broker, you might have come across Coinivate. Coinivate is a new broker that claims to offer a variety of trading instruments, such as forex, stocks, commodities, indices, and cryptocurrencies. But is Coinivate a legit broker or a scam? In this review, we will examine the features, advantages, and disadvantages of Coinivate and help you decide if it is worth your time and money.
What is Coinivate?
Coinivate is an online broker that was launched in 2021. It is owned and operated by Coinivate Ltd, a company registered in St. Vincent and the Grenadines. Coinivate claims to be regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines, but there is no evidence to verify this claim. Coinivate offers four types of trading accounts: Basic, Silver, Gold, and Platinum. The minimum deposit required to open an account is $250. Coinivate provides access to over 200 trading instruments, including forex pairs, stocks, commodities, indices, and cryptocurrencies. Coinivate also offers a web-based trading platform, as well as mobile apps for Android and iOS devices.
What are the advantages of Coinivate?
- A wide range of trading instruments to choose from
- A user-friendly and intuitive web-based trading platform
- Mobile apps for Android and iOS devices
- Competitive spreads and leverage
- Multiple payment methods, including credit cards, debit cards, wire transfer, Skrill, Neteller, and Bitcoin
- Customer support available 24/5 via phone, email, and live chat
What are the disadvantages of Coinivate?
- Lack of regulation and transparency
- High minimum deposit requirement
- No demo account or educational resources
- No MetaTrader 4 or MetaTrader 5 platforms
- Potential withdrawal fees and delays
- Negative customer reviews and complaints
Is Coinivate a legit broker or a scam?
Based on our research and analysis, we cannot recommend Coinivate as a legit broker. There are several red flags that indicate that Coinivate might be a scam or at least an unreliable broker. These include:
- Lack of regulation and transparency: Coinivate claims to be regulated by the FSA of St. Vincent and the Grenadines, but there is no proof of this on their website or on the FSA’s website. Moreover, St. Vincent and the Grenadines is known to be a offshore jurisdiction with lax regulatory standards and oversight. Therefore, trading with an unregulated broker exposes you to a high risk of fraud and loss of funds.
- High minimum deposit requirement: Coinivate requires a minimum deposit of $250 to open an account, which is higher than the industry average. This might be a way to lure unsuspecting traders into depositing large amounts of money that they might not be able to withdraw later.
- No demo account or educational resources: Coinivate does not offer a demo account or any educational resources for its clients. This means that you cannot test their platform or services before investing your money. It also shows that they do not care about educating their clients or helping them improve their trading skills.
- No MetaTrader 4 or MetaTrader 5 platforms: Coinivate only offers a web-based trading platform that might not have all the features and tools that professional traders need. Moreover, they do not support MetaTrader 4 or MetaTrader 5, which are the most popular and widely used trading platforms in the industry.
- Potential withdrawal fees and delays: Coinivate does not clearly state their withdrawal policy or fees on their website. However, according to some customer reviews and complaints, they charge high withdrawal fees and impose long delays on processing withdrawal requests. Some customers even claim that they were unable to withdraw their money at all.
- Negative customer reviews and complaints: Coinivate has received many negative reviews and complaints from its customers on various online forums and websites. Some of the common issues reported by customers include poor customer service, platform glitches, account closure without explanation, false promises, manipulation of prices and trades, and difficulty in withdrawing funds.
In conclusion, we do not recommend Coinivate as a legit broker. There are too many signs that suggest that Coinivate might be a scam or at least an unreliable broker. Therefore, we advise you to avoid trading with them and look for a more reputable and regulated broker instead.
What to Do If You’ve Lost Money with Coinivate?
If you have been scammed by Coinivate or any other broker, you’ll want to seek assistance from brokercomplaintregistry.com immediately. Our experts will consult with you and bolster your claim to help you get your money back. Brokercomplaintregistry.com is a leader in recovering your funds and will help you retrieve your funds from a broker scam.