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Cointrade

Dominic|2-5 years|
Suspicious Regulatory License|MT4/5 full license|Regional Brokers|High potential risk|

https://cointrade.cc/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

Full License

1
Server Name
TwingleConsulting-Real1 MT5
Server Location United Kingdom

Contact

support@cointrade.cc
https://cointrade.cc/
8 Copthall, Roseau Valley, 00152 Commonwealth of Dominica

Licenses

No valid regulatory information, please be aware of the risk!

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Disclosure

Danger

DE BaFin
2022-07-29

Broker Information

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Company Name

Twingle Consulting LTD

Company Abbreviation

Cointrade

Platform registered country and region

Dominic

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away!
Previous Detection : 2024-03-04
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

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Cointrade · Company Summary

Aspect Information
Registered Country/Area Dominic
Founded year 2-5 years
Company Name Twingle Consulting LTD (Cointrade)
Regulation No valid regulatory information
Minimum Deposit Starter account: $250 Premium account: $2,500 Business account: $25,000
Maximum Leverage Up to 1:150 (for premium and business accounts)
Spreads Starter Account: from 1.0 pip, Premium and Business Accounts: from 0.5 pips
Trading Platforms Cointrade Web Trader (limited features)
Tradable assets Currency pairs, commodities, indices, shares
Account Types Starter, Premium, Business
Demo Account Not available
Customer Support Email (support@cointrade.cc), contact form
Payment Methods VISA, MasterCard, Maestro Credit/Debit Card, Wire Transfer

General Information

CoinTrade, operated by Twingle Consulting LTD, is an unregulated broker or exchange platform with its registered country/area listed as Dominic. Founded within the last 2-5 years, CoinTrade does not possess any valid regulatory information, indicating a lack of oversight and accountability. This absence of regulation raises concerns about the platform's transparency, security measures, investor protection standards, and fair trading practices.

CoinTrade allows traders to access a range of financial markets and trade various assets. Currency pairs, commodities (such as precious metals, energy commodities, and agricultural products), indices (including popular stock market indices), and shares of listed companies are available for trading. However, the platform does not support cryptocurrency trading, which may disappoint traders seeking exposure to digital assets.

The platform offers three account types: Starter, Premium, and Business. The Starter account requires a minimum deposit of $250, while the Premium account has a higher minimum deposit of $2,500, and the Business account requires a significant minimum deposit of $25,000. Unfortunately, the specific details regarding spreads, leverage, and commissions associated with each account type are not provided, making it challenging to assess the potential costs and benefits of trading on CoinTrade.

CoinTrade operates through its web-based trading platform, Cointrade Web Trader, which has limited features compared to more widely recognized platforms like MetaTrader 4 (MT4) or MetaTrader 5 (MT5). The absence of automated trading capabilities is a notable drawback for traders who rely on algorithmic strategies. The platform's security may also be a concern, as web-based platforms can be less secure than dedicated desktop or mobile applications.

Customer support on CoinTrade is available through email (support@cointrade.cc) or a contact form, but live chat support is not offered. The platform accepts payments through VISA, MasterCard, Maestro Credit/Debit Card, and wire transfer, but popular online payment methods like Skrill, Neteller, and PayPal are not available. Withdrawals from CoinTrade are subject to fees, including a minimum withdrawal fee of $35 and a 10% levy on the withdrawal amount. The platform imposes additional transaction fees based on the chosen withdrawal method, and high fees are applied to dormant accounts.

In conclusion, CoinTrade's lack of valid regulation, limited features on its web-based trading platform, and absence of cryptocurrency trading options raise concerns for potential users. Traders should carefully consider the risks and limitations associated with engaging with an unregulated platform and explore alternative options that offer greater transparency and regulatory oversight.

basic-info

Pros and Cons

CoinTrade, an unregulated broker or exchange platform, presents several pros and cons for potential users to consider. On the positive side, CoinTrade offers access to a range of financial markets, including currency pairs, commodities, indices, and shares, allowing traders to diversify their investment opportunities. The availability of different account types caters to traders with varying capital levels, providing flexibility. CoinTrade's web-based trading platform, Cointrade Web Trader, is compatible with various operating systems. However, there are notable drawbacks. The lack of valid regulatory information raises concerns about transparency, security, and investor protection. The absence of a demo account makes it challenging for users to evaluate the platform's features before depositing funds. Furthermore, the high fees associated with withdrawals, limited customer support options, and the absence of popular online payment methods can cause inconvenience and hinder user experience. It's important to note that one significant drawback is the unavailability of the official website, which raises questions about the platform's reliability and accessibility. Considering these pros and cons is crucial for users to make an informed decision when considering CoinTrade as a trading platform.

Pros Cons
Access to various financial markets Lack of valid regulatory information
Different account types for traders with varying capital Absence of a demo account
Compatibility with various operating systems High fees associated with withdrawals
Limited customer support options
Absence of popular online payment methods
Unavailability of the official website

Is Cointrade Legit?

Cointrade, a broker or exchange platform, does not have any valid regulatory information. This means that there is no recognized authority overseeing or monitoring its operations and ensuring compliance with financial regulations. As a result, engaging with Cointrade poses significant risks to users.

Without proper regulation, there is a lack of transparency and accountability on the part of Cointrade. The absence of regulatory oversight means that the platform may not adhere to strict security measures, investor protection standards, or fair trading practices. It could potentially engage in fraudulent activities, market manipulation, or misappropriation of user funds without legal repercussions.

Regulation

Market Instruments

Cointrade offers traders access to various financial markets and a wide range of market instruments. Here is a brief overview of the available assets:

1. Currency pairs: Traders can engage in forex trading with a variety of major, minor, and exotic currency pairs. This allows them to speculate on the exchange rate movements between different currencies.

2. Commodities: Cointrade provides the opportunity to trade commodities such as precious metals (gold, silver), energy commodities (oil, natural gas), agricultural products (corn, wheat), and other commodities. Traders can speculate on the price movements of these commodities.

3. Indices: Cointrade allows trading on a range of stock market indices, such as the S&P 500, NASDAQ, FTSE 100, and more. By trading indices, investors can speculate on the overall performance of a specific group of stocks from a particular market.

4. Shares: Traders can invest in individual company stocks through Cointrade. This includes shares of various companies listed on major stock exchanges worldwide. By trading shares, investors can take positions based on their expectations of a particular company's performance.

It is important to note that Cointrade does not offer cryptocurrency trading, which may be a drawback for traders looking for exposure to digital assets. Additionally, the lack of a demo account makes it difficult to verify the diversity of trading instruments offered by the platform.

Pros Cons
Access to various financial markets No cryptocurrency trading
Wide range of market instruments Lack of exposure to digital assets
Speculation on exchange rate movements Lack of a demo account to verify instrument diversity
Opportunities to trade precious metals, energy commodities, agricultural products, and other commodities
Trading on stock market indices
Investment in individual company stocks

Account Types

Cointrade offers three different account types for traders to choose from:

1. STARTER ACCOUNT: This is the basic account type requiring a minimum initial deposit of $250. The specific details regarding spreads, leverage, and commissions associated with this account type are not provided in the information provided.

2. PREMIUM ACCOUNT: The Premium account requires a higher minimum initial deposit of $2,500. Again, the details regarding spreads, leverage, and commissions are not specified.

3. BUSINESS ACCOUNT: The Business account is the highest-tier account option, with a minimum initial deposit of $25,000. Unfortunately, the specific details regarding spreads, leverage, and commissions for this account type are not mentioned.

The lack of detailed information regarding spreads, leverage, and commissions for each account type makes it challenging to evaluate the potential costs and benefits associated with trading on Cointrade.

It is worth noting that the absence of a demo account is a significant drawback. A demo account allows traders to practice and familiarize themselves with the trading platform and its features without risking real money. The unavailability of a demo account suggests that potential users will need to deposit funds before being able to explore the platform, which is a risky proposition, particularly considering the lack of regulation and licensing associated with Cointrade.

Pros Cons
Provides three different account options to cater to varying traders Lack of detailed information on spreads, leverage, and commissions for each account type
Offers flexibility with different minimum initial deposit requirements Absence of a demo account, making it challenging for users to evaluate the platform's features before depositing
Lack of transparency regarding account-specific features, costs, and benefits
Risky proposition to deposit funds without the ability to explore the platform first

Leverage

When it comes to trading leverage, the maximum leverage offered by Cointrade is up to 1:00, and traders who hold the premium and the Business accounts can apply for even high trading leverage, up to 1:150. Since leverage can amplify gains as well as losses, traders should take care when using it.

Spreads & Commissions

Cointrade offers different spreads and commissions depending on the account type. The exact details of the spreads, commissions, and account types are not specified in the provided information. However, it is mentioned that the spreads in the Starter account start from 1.0 pip, while the spreads in the Premium and Business accounts start from 0.5 pips. Additionally, it is noted that the Business account incurs a commission of $15 per micro lot. Traders should carefully review the specific spreads and commissions associated with their chosen account type before engaging in trading activities.

Fees

Cointrade imposes various fees on its services. It's worth noting that Cointrade only accepts crypto deposits, which may limit the options for clients to retrieve their funds. Crypto deposits are not eligible for chargebacks, potentially impacting clients' ability to recover their money in case of disputes.

When it comes to withdrawals, Cointrade charges fees that are described as high or insane in the provided information. Clients will be charged a minimum of $35 for withdrawals, and a 10% levy is imposed on the withdrawal amount. However, to avoid this levy, clients must achieve a turnover requirement that is mentioned as being practically unattainable in practice. This requirement may significantly hinder clients' ability to withdraw their funds.

Cointrade also applies high fees on dormant accounts, which are described as the highest seen. The specific amount of the fee is not provided, but this policy may pose a burden for clients who have inactive accounts for an extended period.

Another concerning aspect is the bonus policy of Cointrade. Profits made with bonuses issued by the broker are stated as not eligible for withdrawal. However, the lack of a clear distinction between these profits and profits made from trading with clients' own funds can potentially lead to Cointrade prohibiting any withdrawal, creating an obstacle for clients to access their profits.

In addition to the withdrawal fees, Cointrade imposes transaction fees based on the chosen withdrawal method. Wire transfers are subject to a transaction fee of $50.00 USD/GBP/EURO, while credit card withdrawals have a transaction fee of $25.00 USD/GBP/EURO, along with a processing fee of $10.00 USD/7.00 EUR/5.00 GBP. ePayments withdrawals also incur a transaction fee of $25.00 USD/GBP/EURO.

Trading Platform Available

In terms of trading platform available, what Cointrade offers is a web-based platform called Cointrade Web Trader. There is no need for download, installation process or additional conditions. One click and the platform will be open in the browser. It is compatible with any operating system you might be using.

Minimum Deposit

The Cointrade platform offers three trading accounts: Starter, Premium, and Business. The minimum initial deposit for the Starter account is $250, while the Premium account requires a higher deposit of $2500. The Business account has the highest minimum deposit of $25000. It's important to note that these deposit amounts are relatively high. However, given the lack of regulation, caution should be exercised when considering engaging with an unregulated broker like Cointrade.

Deposit & Withdrawal

Cointrade allows traders to fund their accounts using common payment methods such as VISA, MasterCard, Maestro Credit or Debit Card, and Wire Transfer. However, popular online payment methods like Skrill, Neteller, and PayPal are not available. It's worth noting that CoinTrade only accepts crypto deposits. While this is not inherently problematic, it does limit the options for clients to retrieve their funds, as crypto deposits are not eligible for chargebacks.

When it comes to withdrawals, Cointrade imposes fees. The specific details of these fees are not provided in the available information. Traders should carefully review the withdrawal fees imposed by Cointrade before initiating any withdrawal requests.

Pros and Cons

Pros Cons
Accepts common payment methods such as VISA, MasterCard, and Wire Transfer Does not support popular online payment methods like Skrill, Neteller, and PayPal
Allows crypto deposits, offering flexibility for certain users Limits options for clients to retrieve funds as crypto deposits are not eligible for chargebacks
Lack of specific details regarding withdrawal fees

Cointrade offers a web-based trading platform called Cointrade Web Trader. The platform does not require any download or installation process, as it operates directly through the web browser. It is compatible with various operating systems, providing flexibility for users.

However, it is important to note that the Cointrade Web Trader is not a widely recognized or reputable trading software like MetaTrader 4 (MT4) or MetaTrader 5 (MT5), which are commonly used in the industry. The Cointrade platform is described as limited and lacking the features of MT4 and MT5, notably automated trading capabilities. The absence of automated trading may be a disadvantage for traders who rely on algorithmic or systematic trading strategies.

The web-based platform may have limitations in terms of charting tools, technical indicators, and overall functionality compared to more robust trading platforms. The platform's security may also be a concern since web-based platforms can be inherently less secure than dedicated desktop or mobile applications.

Additionally, Cointrade offers a mobile app for traders to access the platform on their mobile devices. However, it is important to note that the mobile app corresponds to the web-based platform and may have limitations in terms of charting tools, indicators, and security.

trading-platform

Pros Cons
Web-based platform, no download or installation required Not a widely recognized or reputable trading software
Compatible with various operating systems Limited features compared to industry-standard platforms
Absence of automated trading capabilities
Limitations in charting tools, technical indicators, and overall functionality

Customer Support

Cointrade offers customer support services during a 24/5 timeframe. However, the available contact options are limited. Users can only reach the customer support team through email at support@cointrade.cc or by using a contact form. Unfortunately, live chat support is not available, which is often considered the quickest method to receive a response. The absence of live chat may potentially result in delays in obtaining assistance or addressing urgent concerns.

Conclusion

In conclusion, CoinTrade is an unregulated broker or exchange platform that poses significant risks to users due to the lack of valid regulatory information. The absence of regulation means there is a lack of transparency, accountability, and investor protection. CoinTrade offers a variety of market instruments, including currency pairs, commodities, indices, and shares, but does not support cryptocurrency trading. The platform provides three account types, but the specific details regarding spreads, leverage, and commissions are not provided, making it challenging to evaluate the costs and benefits. CoinTrade's web-based trading platform, Cointrade Web Trader, has limited features and lacks automated trading capabilities, which may be a disadvantage for some traders. Customer support is available through email and a contact form, but live chat support is not offered. Withdrawals on CoinTrade are subject to high fees, and the platform only accepts crypto deposits, limiting options for fund retrieval. Overall, the lack of regulation, limited information, high fees, and absence of a demo account raise concerns about the trustworthiness and user experience of CoinTrade.

FAQs

Q: What payment methods are accepted by CoinTrade?

A: CoinTrade accepts payments through VISA, MasterCard, Maestro Credit or Debit Card, as well as Wire Transfer. However, popular online payment methods like Skrill, Neteller, and PayPal are not available.

Q: Does CoinTrade offer cryptocurrency trading?

A: No, CoinTrade does not offer cryptocurrency trading. The platform allows trading in currency pairs, commodities, indices, and shares, but digital assets are not available.

Q: What are the account types offered by CoinTrade?

A: CoinTrade offers three account types: Starter, Premium, and Business. However, specific details regarding spreads, leverage, and commissions associated with each account type are not provided.

Q: Is there a demo account available on CoinTrade?

A: No, CoinTrade does not offer a demo account. Traders will need to deposit funds before being able to explore the platform.

Q: What is the maximum leverage offered by CoinTrade?

A: CoinTrade offers leverage options up to 1:150 for premium and business accounts. However, the potential risks associated with using leverage should be carefully considered.

Q: What are the fees for withdrawals on CoinTrade?

A: CoinTrade charges fees for withdrawals, including a minimum withdrawal fee of $35 and a 10% levy on the withdrawal amount. Additional transaction fees apply based on the chosen withdrawal method.

Q: How can I contact CoinTrade's customer support?

A: You can contact CoinTrade's customer support team through email at support@cointrade.cc or by using the provided contact form. Live chat support is not available.

Q: Can I access CoinTrade's trading platform on my mobile device?

A: Yes, CoinTrade offers a mobile app that allows users to access the web-based trading platform on their mobile devices. However, the platform's features and security may be limited compared to dedicated mobile trading applications.

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FX1068316332
more than one year
An agent from this company contacted me and promised that I’ll have big profits if I put my money here. I trusted them, so I made a deposit of $2,000. After I paid the money the mobile device from which they called me can no longer be accessed. Why are they lying to people? And I am now in a tough situation, really don’t know what to do?
2022-12-01 10:13
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