A United States regulator warning has been issued against Paycoinchain in September 2023
If you are looking for a reliable and trustworthy broker to trade cryptocurrencies, you might have come across Paycoinchain. Paycoinchain is a platform that claims to offer access to over 100 digital assets, low fees, fast execution, and advanced trading tools. But is Paycoinchain a scam or a legit broker? In this review, we will examine the features, pros, and cons of Paycoinchain and help you decide if it is worth your time and money.
What is Paycoinchain?
Paycoinchain is a cryptocurrency broker that was founded in 2018 and is based in St. Vincent and the Grenadines. According to its website, Paycoinchain is regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines and has a license number of 25369 BC 2019. Paycoinchain claims to have over 250,000 clients from more than 100 countries and to process over 1.5 million trades per month.
Paycoinchain offers a web-based trading platform that is compatible with any device and browser. The platform has a user-friendly interface and allows traders to customize their charts, indicators, and trading tools. Paycoinchain also provides a mobile app for iOS and Android devices that enables traders to access their accounts and trade on the go.
Paycoinchain supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, Dash, Monero, Zcash, and more. Traders can also trade crypto pairs with fiat currencies, such as USD, EUR, GBP, JPY, and AUD. Paycoinchain offers leverage up to 1:100 for crypto trading and competitive spreads starting from 0.1 pips.
- A wide range of cryptocurrencies and crypto pairs
- A user-friendly web-based trading platform
- A mobile app for iOS and Android devices
- Competitive spreads and low fees
- Various account types with different features
- A demo account for practice
- Educational resources and market analysis
- Customer support via phone, email, and live chat
- Lack of transparency about the company’s background and ownership
- Lack of evidence of regulation by the FSA of St. Vincent and the Grenadines
- Lack of third-party verification of the platform’s security and performance
- Lack of negative balance protection and compensation scheme
- High minimum deposit requirement for some account types
- Limited payment methods (only credit/debit cards and wire transfer)
Is Paycoinchain a scam or legit?
While Paycoinchain has some attractive features for crypto traders, it also raises some red flags that suggest it might not be a legitimate broker. The most concerning issue is the lack of transparency about the company’s background and ownership. The website does not provide any information about who runs or owns Paycoinchain or where it is located. The only contact details are a phone number and an email address.
Another issue is the lack of evidence of regulation by the FSA of St. Vincent and the Grenadines. The website claims that Paycoinchain is regulated by this authority and displays a license number, but there is no way to verify this claim or to check the validity of the license. Moreover, St. Vincent and the Grenadines is known to be an offshore jurisdiction that does not have strict regulatory standards or oversight for financial services providers.
Furthermore, there is no evidence that Paycoinchain uses any third-party services or tools to ensure the security and performance of its platform. The website does not mention any encryption, firewall, or anti-virus software that protects the platform and the clients’ data and funds. The website also does not mention any auditing, testing, or verification of the platform’s functionality and accuracy by independent entities.
Additionally, there is no guarantee that Paycoinchain offers negative balance protection or a compensation scheme in case of insolvency or fraud. This means that traders might lose more than their initial deposit or not be able to recover their money if something goes wrong with the broker.
Finally, Paycoinchain has a high minimum deposit requirement for some of its account types and a limited range of payment methods. This might make it difficult or costly for some traders to access the platform and withdraw their profits.
Paycoinchain is a cryptocurrency broker that offers a variety of digital assets, a web-based trading platform, and various account types. However, it also has some serious drawbacks that cast doubt on its legitimacy and reliability. Paycoinchain lacks transparency, regulation, security, and protection for its clients. Therefore, we advise traders to be cautious and do their due diligence before investing with this broker. There are many other reputable and regulated brokers that offer crypto trading with better conditions and safeguards.
What to Do If You’ve Lost Money with Paycoinchain?
If you have been scammed by Paycoinchain 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.