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CoinMarketBull Review: A Scam or a Legit Broker?
CoinMarketBull is a cryptocurrency broker that claims to offer a variety of trading services, such as CFDs, futures, options, and spot trading. The broker also claims to have a user-friendly platform, competitive spreads, fast execution, and 24/7 customer support. However, there are some red flags that suggest that CoinMarketBull is not a trustworthy broker and may be a scam.
Regulation and Compliance:
One of the most important factors to consider when choosing a broker is whether it is regulated by a reputable authority. Regulation ensures that the broker follows certain rules and standards to protect the interests and funds of its clients. However, CoinMarketBull does not provide any information about its regulation or license on its website. This means that the broker is operating illegally and without any oversight. Furthermore, CoinMarketBull is not registered with any of the major regulatory bodies, such as the FCA in the UK, CySEC in Cyprus, ASIC in Australia, or NFA in the US. This means that the broker is not authorized to offer its services in these jurisdictions and may be violating local laws.
Another way to assess the credibility of a broker is to look at the feedback and reviews from its customers. Unfortunately, CoinMarketBull has very few customer reviews online, and most of them are negative. Many customers have complained about the broker’s poor service, high fees, withdrawal issues, and aggressive marketing tactics. Some customers have even accused the broker of being a scam and stealing their money. These reviews indicate that CoinMarketBull is not a reliable or reputable broker and may be involved in fraudulent activities.
Products and Services:
CoinMarketBull claims to offer a wide range of trading products and services, such as cryptocurrencies, forex, stocks, indices, commodities, and metals. However, the broker does not provide any details about its trading conditions, such as spreads, leverage, commissions, or margin requirements. This makes it difficult for potential customers to compare the broker’s offerings with other competitors and to make informed decisions. Moreover, the broker does not offer any demo accounts or educational resources for its customers. This suggests that the broker is not interested in helping its customers learn and improve their trading skills.
CoinMarketBull does not disclose its physical address or contact details on its website. The only way to reach the broker is through an online form or an email address. This raises questions about the broker’s transparency and accountability. It also makes it hard for customers to verify the broker’s identity or location. Furthermore, it makes it impossible for customers to file complaints or seek legal recourse in case of any disputes or problems with the broker.
CoinMarketBull claims to have a 24/7 customer support team that can be contacted via phone, email, or live chat. However, many customers have reported that the broker’s customer service is very poor and unresponsive. Some customers have said that they never received any replies from the broker’s email or live chat. Others have said that they were harassed by the broker’s phone agents who tried to pressure them into depositing more money or opening more trades. These experiences suggest that CoinMarketBull does not care about its customers’ satisfaction or well-being.
Is Your Money Safe in an Unregulated Company?
The answer is no. When you deposit money with an unregulated broker like CoinMarketBull, you are putting your money at risk. Unregulated brokers do not have to follow any rules or standards to safeguard their clients’ funds. They can manipulate their prices, execute their trades against their client’s interests, charge hidden fees, or refuse to process withdrawals. They can also disappear with your money without any trace or accountability. Therefore, you should never trust an unregulated broker with your money.
Based on our research and analysis, we conclude that CoinMarketBull is not a legit broker but a scam. The broker has many red flags that indicate that it is operating illegally and dishonestly. The broker is not regulated by any authority, has negative customer reviews, does not provide clear information about its products and services, does not reveal its location or contact details, and has poor customer service. We advise you to avoid this broker at all costs and to report it if you have been scammed by it.