Cointerio
Is Cointerio a Scam Broker?
Cointerio claims to provide trading of bitcoin, forex, commodities, and indices and they say they are licensed. That may be enough for many people, but they would still be in danger. Cointerio may have a license, but it is from a fourth-tier regulator, St. Vincent, and the Grenadines. This regulator has simply refused to regulate its forex brokers and has given its stamp of approval to many brokers that turned out to be forex scams or crypto scams.
The first thing to look for in any broker is if it is licensed. Not only is Flameoption not licensed, but there is a complaint against it by the Financial Commission. Although the Financial Commission is not a regulator and it is a private organization, its case seems reliable base on other information we discovered about Flameoption. Also, because Flameoption is not regulated in the first place, it makes any reviews or complaints easier to believe.
Is Cointerio Scam or Legit Broker?
A bad license is not much better than no license at all, except that it unfairly inspires confidence among consumers who don’t know the difference between regulators. Cointerio straight out says it will not release funds to traders without huge fees. It slaps a 20% withdrawal fee on all requests by traders who are under a certain trading volume. However, the volume it demands is not possible for most people.
Our experts have examined Cointerio and have found the following problems?
- 4th tier license
- Charges 20% withdrawal fee
- Extravagant promises
- No regulation protection for forex trading
- Has its own inefficient platform
We do not recommend opening an account with Cointero because it seems like a scam. Instead, research our other broker reviews and sign up with a regulated broker. If you have an account with Cointero, close it right away and seek fund recovery. Our professionals are here to help you.
