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Coverdeal

Cyprus|2-5 years|
Regulated in Cyprus|Suspicious Regulatory License|Suspicious Scope of Business|Cyprus Market Making(MM) Revoked|High potential risk|

https://coverdeal.eu/

Website

Rating Index

Contact

+357-25 635 040
info@coverdeal.eu
https://coverdeal.eu/

Licenses

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

Single Core

1G

40G

Open Now

Contact number

English

+357-25 635 040

Broker Information

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Company Name

Coverdeal Holdings Ltd.

Company Abbreviation

Coverdeal

Platform registered country and region

Cyprus

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away! 3
Previous Detection : 2024-02-24
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • CyprusCYSEC (license number: 231/14) The regulatory status is abnormal, the official regulatory status is Revoked. Please be aware of the risk!

WikiFX Verification

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Coverdeal · Company Summary

Note: Since Coverdeals official site (https://coverdeal.eu/) is not accessible while writing this introduction, only a cursory understanding can be obtained from the Internet.

General Information & Regulation

Coverdeal, a trading name of Coverdeal Holdings Ltd., is allegedly a forex and CFD broker regulated by Cyprus Securities and Exchange Commission (SySEC) with a license number 231/14 and founded in 2012, claiming to provide its clients with the industry-standard MetaTrader5 trading platform, leverage up to 1:30, high spreads on a wide variety of tradable assets.

Market Instruments

Coverdeal advertises that it is a multi-asset platform with an extensive range of trading instruments in financial markets, including CFDs on forex, stocks, indices, commodities, bonds, cryptocurrencies of bitcoin and more.

Account Types

It seems that only one standard account is offered by Coverdeal. Opening an account requires the minimum initial deposit amount of $250.

Leverage

The maximum leverage ratio provided by Coverdeal is up to 1:30. Bear in mind that leverage can magnify gains as well as losses, inexperienced traders are not advised to use too high leverage.

Spreads

As tested on the MT5 demo account of Coverdeal, the spread for the EUR/USD was quite high, floating around 3 pips.

Trading Platform Available

When it comes to trading platforms available, Coverdeal gives traders three choices: the industry-standard MetaTrader5, Webtrader and Mobile trading platforms. MT5 is one of the most popular forex trading platforms, which the traders praise for its stability and trustworthiness. It features sophisticated trading tools such as Expert Advisors, Algo trading, Complex indicators and Strategy tester. While with the MT5 mobile Apps, trading can be done from anywhere and at any time through the right mobile terminals including iOS and Android devices.

Deposit & Withdrawal

Coverdeal works with some payment options including wire transfer, credit/debit cards such as Visa and MasterCard, as well as some e-payment systems. Unfortunately, the broker does not accept other popular e-wallets like Neteller and Skrill. The minimum deposit requirement is said to be $250.

Bonuses & Fees

Coverdeal also takes an inactivity fee. If your trading account does not have active transactions for one month, it will charge an inactivity fee of $15 or equivalent monthly.

Customer Support

Coverdeals customer support can be reached by telephone: +35725635040, email: info@coverdeal.eu. Company address: Office 201, 2nd Floor, Mesa Geitonia 4000 Limassol, Cypern.

News

WIKIFX REPORT: Coverdeal FX operator no longer member of Cyprus Investors Compensation Fund

NewsWIKIFX REPORT: Coverdeal FX operator no longer member of Cyprus Investors Compensation Fund

2022-06-22 12:06

The Investors Compensation Fund (ICF) has withdrawn Coverdeal Holdings Ltd's membership in the ICF, which includes brands like Coverdeal FX, according to the Cyprus Securities and Exchange Commission (CySEC).

WikiFX
2022-06-22 12:06
News
WIKIFX REPORT: Coverdeal FX operator no longer member of Cyprus Investors Compensation Fund
WikiFX report: CySEC Withdraws ICF Membership of Coverdeal Holdings

NewsWikiFX report: CySEC Withdraws ICF Membership of Coverdeal Holdings

2022-05-16 18:58

The company terminated its services last year, and its CIF license was also withdrawn.

WikiFX
2022-05-16 18:58
News
WikiFX report: CySEC Withdraws ICF Membership of Coverdeal Holdings
WikiFX report: Coverdeal FX operator no longer member of Cyprus Investors Compensation Fund

NewsWikiFX report: Coverdeal FX operator no longer member of Cyprus Investors Compensation Fund

2022-05-16 18:52

The Investors Compensation Fund (ICF) has withdrawn Coverdeal Holdings Ltd's membership in the ICF, which includes brands like Coverdeal FX, according to the Cyprus Securities and Exchange Commission (CySEC).

WikiFX
2022-05-16 18:52
News
WikiFX report: Coverdeal FX operator no longer member of Cyprus Investors Compensation Fund
WikiFX report: CySEC-regulated brokerage Coverdeal Holdings renounces license

NewsWikiFX report: CySEC-regulated brokerage Coverdeal Holdings renounces license

2022-05-16 18:44

In principle, the exit of CySEC-regulated investment firms (CIF) is good news for European investors. Many of them help scam brokers or run frauds through offshore firms, all while pretending to be legitimate by using the CySEC CIF license. Although not all CySEC CIFs are scammers, a significant number of them are. In this regard, the withdrawal of CySEC companies is good news for investor protection. Coverdeal Holdings Limited has done so, surrendering its CIF license 231/14 and ceasing operations.

WikiFX
2022-05-16 18:44
News
WikiFX report: CySEC-regulated brokerage Coverdeal Holdings renounces license

User Reviews

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2

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FX1342919716
more than one year
They altered the GER30 index price from the price traded on all platforms, and when the market opened, I discovered that the price on their own platform had dropped 40 points, and there was a price gap on 2/17 not seen in any other companies where I had purchased the stock. Honestly, I don't think this broker is reliable.
2023-03-17 18:37
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FX1357902172
more than one year
They stole $4 000 from me. I just have to share my experience with these disgusting people. When I tried to withdraw I showed success but never reflected in the balance. They never replied to my calls or the emails I sent.
2023-03-10 17:16
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