coinbrokerZ Review
Reason to avoid: No License
Listed Date: October 23, 2018
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Is CoinbrokerZ a scam or a legit broker?
We advise our readers, do not use CoinbrokerZ as it is an offshore entity. CoinbrokerZ is owned by Qossla Holdings Limited, which is an offshore company registered in St. Vincent and the Grenadine.
St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Brokerz, TraderUR and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.
About coinbrokerz
| 🗺️ Registered in | St. Vincent and the Grenadines |
| 🗺️ Type of License | Offshore License |
| 🛡️ Is coinbrokerz safe to trade | No |
| 🗺️ Recommended Licenses | FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺 |
| 🖥 Alternative Broker | FP Markets - licensed by ASIC in Australia |
CoinbrokerZ is a trading provider that offers a trusted trading environment to trade unique products up to 100x leverage on Bitcoin and high leverage on Altcoin futures. The owning company Qossla Holdings Limited located Cyprus, as well as the broker, states its office address in the UK, while in fact, the company is a subsidiary of Bitcom Limited firm established in St. Vincent and the Grenadines.
That means the broker mislead information about their register and actual address, while SVG is a known offshore zone that didn’t maintain the strictest requirement to incorporate firm or run the business. As well as the SVG does not oversee how exactly the company deliver its offering, which is mandatory in financial investment firms, thus the company is “self-regulated”. In addition, the product offering of the broker involves extreme risks, since the provided quotes are much more leveraged compared to other industry offerings, therefore increases potential losses timely.
Notwithstanding the fact that the broker shows its confusing proposal while attracts by progressive trading conditions, we do not advise to trade with them as there is no trust in what they say. Moreover, the UK regulator issued a public warning recently, which should be taken as a serious advice choosing among Regulated Forex Brokers in order to run successful trading.
“We believe the firm Qossla Holdings Limited under trading name CoinBrokerz has been providing financial services or products in the UK without our authorization. We strongly advise you to only deal with financial firms that are authorized by us, and check the Financial Services Register to ensure they are.”
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