Extracto:MyCoin Banking is a St. Vincent and the Grenadines registered online Forex and CFD broker. MyCoin Banking is not currently subject to any effective regulation.
General Information & Regulation
MyCoin Banking is owned and operated by an offshore company, the Saint Vincent and the Grenadines based MyCryptoWallet LTD. MyCoin Banking is not subject to any regulation at this stage.
Market Instruments
MyCoin Banking claims to offer investors a wide range of trading instruments in more than 250 categories, including Forex currency pairs, commodities, indices, and cryptocurrency CFDs.
Minimum Deposit
In terms of minimum initial deposit, this part involved is not fully disclosed. Most brokers would ask at least $100-$200 to start trading.
MyCoin Banking Leverage
There is no trading leverage related information displayed on the MyCoin Banking website.
Trading platforms
MyCoin Banking does not provide information about trading platforms, which means that it does not offer traders the most popular MT4 trading platform on the market.
Deposit & Withdrawal of MyCoin Banking
MyCoin Banking states that it accepts traders to deposit and withdraw funds to their investment accounts via VISA, MasterCard, wire transfer, and WebMoney. However, popular e-wallet payment methods such as Skrill and Neteller are not supported. MyCoin Banking reserves the right to limit the minimum withdrawal amount for its clients, according to the terms and conditions of trading set by MyCoin Banking.
MyCoin Banking Pros & Cons
MyCoin Banking Disadvantages Include:
1. No regulation & blacklisted by the Belgian Financial Supervisory Authority
2. No minimum deposit information
3. Not providing key information on spreads & commissions, leverage
4. Not providing information on the trading platform
5. Withdrawals restrictions
6. Payment Methods like Skrill not available
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