Coverdeal

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.