Broker Name- Covercoin
Broker Website – https://covercoin.net/
Address of the broker – Not Mentioned
Broker Company – CoverCoin
Broker Regulation – No Regulation
Warned by- FCA UK
CoverCoin is an offshore broker which is not regulated by any reputed regulation authority in its region. The broker may operate in many countries without the regulation required by the reputed regulation authority in its country like CySec, ASIC, FCA, CNMV etc. But regulation can’t be the only reason for calling this broker as a scam. Many CoverCoin complaints and negative Broker reviews and other possible scam features can also be the reason. Your funds may not be safe if you are trading with CoverCoin .
Possible scam activities of scam broker CoverCoin
Here are some of the possible reasons why we have flagged CoverCoin as a scam broker in this CoverCoin review.
- The broker may have made a number of false claims through its website.
- The rules and regulations, Bonus and Withdrawal policies are not legitimate and they are made for defrauding traders.
- The CoverCoin makes continuous calls to the traders and urge them to invest higher and higher amounts.
- The broker promises return which are too good to be true.
- The risk warnings may not be disclosed on their webpage or that would be hidden.
- The broker may be located in the countries or small islands where there is no proper regulation and registering a company is very easy. Usually, these countries are haven for the scam brokers.
- CoverCoin provides you good chances of making profits and when you decide to withdraw your money, they will state their illegitimate rules of withdrawals and ultimately you are not able to make withdrawal.
- Broker remains operational for some time and suddenly you are not able to contact the broker or the website seems down. The broker also changes name and website URL without any notice to existing traders.
Negative CoverCoin Reviews and CoverCoin Complaints
CoverCoin has got many negative reviews and traders who traded with this broker have raised many complaints against it. ReportScam has investigated a lot about this broker and based on the negative reviews, complaints and other scam features, we have listed CoverCoin in the list of scam brokers 2021.
Is CoverCoin scam or legit broker?
ReportScam does not recommend traders to trade with CoverCoin and your funds may not be safe with this broker and CoverCoin review is negative. Instead look for regulated and reputed brokers who can really help in growing your investments.