Overview of My Coin Elite Review:
With the internet becoming a catalyst for scammers to prey on their victims with the benefit of anonymity, people have to stay extremely cautious to stay out of the traps of these cybercriminals. Now we know, all of you must be thinking about whether the internet and the online finance market have become a dangerous threat to society. The answer to this is – NO, well there is a threat caused by scammers but these are avoidable with the help of a few tips. There are only two reasons behind you reading this My Coin Elite scam review. Either you have been scammed by this company or you are looking forward to investing but you heard about this My Coin Elite scam. While signing up for an account with a trading platform, the customers invest all of their money and faith in the brokerage firm. Therefore, it is really important for a trader to conduct thorough research before signing up with a brokerage firm.
With the help of our group of experienced traders and research specialists at ReportScam, we have done complete research about My Coin Elite. Not only have we helped various victims of the My Coin Elite scam by providing them with a viable solution to get their money back, but also have prevented many of our readers from investing in My Coin Elite. Read on to know how My Coin Elite scam works and how can you avoid it.
About My Coin Elite Scam:
As there are various problematic issues about My Coin Elite, in this review we will be visiting each of the problems that this scam broker can posess. Some of the major things that you should check for while looking forward to investing in a brokerage firm is that
the company must have a license issued by a regulator,
the company must offer a lower rate of leverage and spread,
the company must adhere to the rules of the regulator under which they are operating, etc.
Some of the red flags that My Coin Elite can have:
My Coin Elite Regulation and Possession of License:
Most of the countries appoint a regulatory body that looks after the safety of their citizens from broker scams. Such regulatory bodies conduct a series of tests that every brokerage firm operating in their country has to go through. On the basis of these tests, these brokerage firms are then issued a license by the regulators which gives them the legal permission to operate in that country. The reason why we emphasize the brokerage firms having a license is that the license bounds the company with certain rules in the interest of the trader such as a very low or nil minimum initial deposit, low leverage thereby reducing the chance of the trader losing, a compensation scheme in case of a dispute or a huge loss, etc. If your broker does not have a license, it is almost equivalent to you giving your hard-earned money to a robber.
In order to possess a license, these scam brokers go to any heights. The main example of this case is when the scam brokers register for a license in an offshore zone. The places that come under the offshore zone category do not have a regulatory body to supervise the brokerage firms that are registered there. Therefore, it is as easy for a scam broker to register for a license in an offshore zone as easy it is to make an omelet for your breakfast. Therefore, if the My Coin Elite does not possess a valid license issued by any of the major regulators, it is clear that the company is a scam.
Initial Deposit, Spreads, and Leverages offered by My Coin Elite
When it comes to a brokerage firm demanding a Minimum initial Deposit, we can plant one red flag against the scam brokers. The regulators of all the countries do not allow legitimate brokerage firms from asking for a minimum initial deposit. The initial deposit asked by the scam brokers ranges from $100 to $500.
Spreads and Leverages are yet another trick of these scam brokers to get all the money of the innocent traders. Higher leverage and spreads, although are tempting, do more harm than good. When the leverage and spread increase, the risk on the money invested by the trader increases. This in turn increases the risk of the trader winning or losing with the probability of losing is more. To avoid this, various countries put a limit on the leverage that can be offered. The leverage is capped at 1:30 in Europe and Australia whereas it is capped at 1:50 in the USA. In order to check whether the brokerage firm is offering very high leverage and spread, one must compare it with a legitimate brokerage firms’ offers. If My Coin Elite is offering a high leverage ad spread or is demanding a high minimum initial deposit, then this is the second red flag that leads us closer towards the My Coin Elite scam.
My Coin Elite customer support and whereabouts:
The reason behind why the scam brokers steer away from putting up the details of the founders or the contact information is to avoid getting caught by any of the authorities. Therefore, even if you try to contact these scam brokers with the numbers given on their fake websites, the higher probability is that there will be some error or issue. Regulators demand the brokerage firms that come under them to provide all of their details including the details of the Board of Directors on their website to establish transparency between the customers and the companies. Henceforth, if My Coin Elite does not reveal the members or provide a contact number, it is a scam.
What to do if scammed by My Coin Elite scam broker?
Now that you have reached almost the end of this review, it is pretty clear that spotting a scam broker is easier said than done. Thousands of people get scammed every day and this is where we come to help. If you have been a victim of the My Coin Elite scam, file a complaint with us at the earliest. Our team of experts will look into the case and get back to you with the best viable solution to retrieve your funds. Till then, read our reviews on other types of scams such as Binary Options Trading scams, Forex Trading Scams, etc.