A United States regulator warning has been issued against Paycoinchain in September 2023
If you are looking for a reliable and trustworthy broker to trade cryptocurrencies, you might have come across Paycoinchain. Paycoinchain is a platform that claims to offer access to over 100 crypto assets, low commissions, fast execution, and advanced trading tools. But is Paycoinchain a scam or a legit broker? In this review, we will examine the features, pros and cons, and reputation of Paycoinchain to help you decide if it is worth your time and money.
What is Paycoinchain?
Paycoinchain is a cryptocurrency broker that was founded in 2018 and is based in St. Vincent and the Grenadines. According to its website, Paycoinchain is regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines, and has a license number of 25369 BC 2019. However, this does not mean that Paycoinchain is a reputable or safe broker, as the FSA is not a well-known or respected regulator in the crypto industry. In fact, many scam brokers use offshore jurisdictions like St. Vincent and the Grenadines to avoid strict oversight and compliance requirements.
Paycoinchain offers four types of accounts for its clients: Basic, Silver, Gold, and Platinum. The minimum deposit for the Basic account is $250, while the Platinum account requires a minimum deposit of $50,000. The accounts differ in terms of spreads, leverage, commissions, bonuses, and access to trading signals and education. Paycoinchain also offers a demo account for traders who want to test the platform before investing real money.
Paycoinchain claims to provide a web-based trading platform that is compatible with any device and browser. The platform has a simple and user-friendly interface, with various charts, indicators, and tools for technical analysis. The platform also supports multiple order types, such as market, limit, stop loss, and take profit. Paycoinchain says that its platform has fast execution speeds and low latency, ensuring that traders can take advantage of market movements.
Paycoinchain also claims to offer a wide range of crypto assets for trading, including Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, and many more. The broker says that it sources its prices from multiple liquidity providers, ensuring competitive spreads and fair market rates. Paycoinchain also says that it charges low commissions and fees for its services, and that it does not have any hidden charges or costs.
Is Paycoinchain a scam or a legit broker?
While Paycoinchain may seem like a legitimate broker at first glance, there are several red flags that suggest that it is a scam or at least a very risky broker to deal with. Here are some of the reasons why we do not recommend Paycoinchain:
- Lack of regulation: As mentioned earlier, Paycoinchain is registered in St. Vincent and the Grenadines, which is a notorious haven for scam brokers. The FSA of St. Vincent and the Grenadines is not a credible or reputable regulator in the crypto industry, and does not provide any protection or compensation for investors in case of fraud or insolvency. Moreover, Paycoinchain does not have any license or authorization from any other reputable regulator in the world, such as the FCA in the UK, the CySEC in Cyprus, or the ASIC in Australia. This means that Paycoinchain is operating illegally in most jurisdictions, and that traders have no recourse or legal support if they encounter any issues or disputes with the broker.
- Negative reviews and complaints: A quick search on the internet reveals that Paycoinchain has received many negative reviews and complaints from its clients. Many users have reported that Paycoinchain is a scam that does not allow them to withdraw their funds, manipulates their trades, blocks their accounts, harasses them with phone calls, and uses aggressive marketing tactics to lure them into depositing more money. Some users have also claimed that Paycoinchain has stolen their personal information and identity documents, and used them for fraudulent purposes.
- Unrealistic promises and bonuses: Paycoinchain makes unrealistic promises and offers generous bonuses to attract new clients. For example, the broker claims that it can guarantee profits of up to 85% per trade, which is impossible in the volatile and unpredictable crypto market. The broker also offers bonuses of up to 100% on deposits, which are usually accompanied by strict terms and conditions that make it hard for traders to withdraw their money. These bonuses are often used as bait by scam brokers to lock in their clients’ funds and prevent them from leaving.
- Lack of transparency and customer support: Paycoinchain does not provide much information about its background, ownership,
What to Do If You’ve Lost Money with Paycoinchain?
If you have been scammed by Paycoinchain 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.
