The offshore broker MCOINMARKET provides trading in numbers of CFDs concentrating on cryptos. It gives access to six accounts with different minimum deposits. The MCOINMARKET refuses to share information about the trading ecosystem. In addition, there are other several concerns about this broker. We will reveal those concerns in this scam broker review.
The crypto and CFDs broker MCOINMARKET serves in a rich product and services portfolio. It is consists of numerous CFDs associated with crypto, indices, several products, and shares. Furthermore, MCOINMARKET is unregulated and trader’s every bit of fund is at risk. The MCOINMARKET’s domain shades light on the leverage provided from 1:20 to 1:50 on six different accounts. Considering the volatile nature of cryptos as trading assets the leverage provided is relatively high. Several crypto brokers do not offer margin trading and those who do usually do offers leverage levels from 1:2 to 1:10.
Zed Consult LTD is the owner of the trademark MCOINMARKET situated in Bulgaria. The domain of this broker also mentions some Russia based company but there is no further information about it. The Bulgarian local financial body Financial Supervision Commission denies MCOINMARKETS registration with them. Also, no other EU financial authority like FCA, UK, and CySEC, Cyprus mentions anything about MCOINMARKET on its portal. It is mandatory for every CFDs provider to be regulated under any of these authorities to provide services in the EU. The zest of the above discussion is that the MCOINMARKET is unlicensed and unregulated.
The Zed Counsalt LTD also manages another broker called XCOINBROKER which has several negative feedbacks on social media. So we can say that both MCOINMARKET and XCOINBROKER are operated by a dubious company. Furthermore, without having proper license and regulation MCOINMARKET denies information on spreads provided. This can be treated as a significant disadvantage of MCOINMARKET and forces more towards a potential scam brokers list. It also avoids to provide any demo account and fails to please traders miserably.
As discussed earlier, the MCOINMARKET operates on an untrusted trading platform as identical as XCOINBROKER and it is evident that this platform is only used by scammers. The major disadvantage of MCOINMARKET is it does not provide trading with foreign exchange pairs. This will definitely be unattractive for traders who wish to trade in FX pairs.
Is MCOINMARKET scam or legit?
The major concern of the legitimacy of MCOINMARKET is profound. The broker is offshore, without a license and lacks regulation. The trading ecosystem of MCOINMARKET, from spreads to leverages and from initial deposits to the trading platform is unprofitable. This is surely a potential scam broker and should be strategically avoided.
Don’t give up. You can fight back and get your money refunded. Start by filling the form above and we will get in touch with you and provide you with information on how to start the process.