The United Kingdom’s Financial Conduct Authority has issued a warning against Koin FX Global in October 2023
If you are looking for a reliable and trustworthy forex broker, you might have come across Koin FX Global. This is a relatively new broker that claims to offer competitive trading conditions, advanced technology, and excellent customer service. But is Koin FX Global a scam or a legit broker? In this review, we will examine the features, advantages, and disadvantages of Koin FX Global and help you decide if it is worth your time and money.
What is Koin FX Global?
Koin FX Global is an online forex broker that was established in 2020. It is owned and operated by Koin Global Ltd, a company registered in St. Vincent and the Grenadines. The broker offers over 200 trading instruments, including forex, commodities, indices, stocks, and cryptocurrencies. Koin FX Global provides access to the popular MetaTrader 4 platform, as well as its own web-based platform and mobile app. The broker also offers various account types, ranging from micro to VIP, with different minimum deposits, spreads, leverage, and commissions.
What are the pros and cons of Koin FX Global?
- Wide range of trading instruments
- Multiple platforms and devices supported
- Various account types to suit different traders
- Competitive spreads and low commissions
- Fast execution and no requotes
- Dedicated account managers and customer support
- Educational resources and market analysis
- Offshore regulation and lack of transparency
- High minimum deposit for some account types
- Limited payment methods and withdrawal fees
- No demo account or bonus offers
Is Koin FX Global a scam or a legit broker?
Based on our research we cannot recommend it as a legit broker. The main reason for our hesitation is the offshore regulation of the broker. Koin FX Global is registered in St. Vincent and the Grenadines, which is a jurisdiction that does not have strict rules or oversight for forex brokers. This means that the broker is not bound by any legal or ethical standards and can operate with impunity. Moreover, the broker does not provide any information about its license number, address, or contact details on its website, which raises further doubts about its credibility.
Another red flag is the high minimum deposit required for some account types. For example, the VIP account requires a minimum deposit of $50,000, which is very steep for most traders. Moreover, the broker charges withdrawal fees of up to 3% of the amount withdrawn, which can eat into your profits. Furthermore, the broker does not offer a demo account or any bonus offers to attract new clients or reward loyal ones.
What to Do If You’ve Lost Money with Koin FX Global?
If you have been scammed by Koin FX Global or any other broker, you’ll want to seek assistance from cryptocointrace.com immediately. Our experts will consult with you and bolster your claim to help you get your money back. Cryptocointrace.com is a leader in recovering your funds and will help you retrieve your funds from a broker scam.