March 5, 2021

Coindaq Review- Coindaq scam complaint

Coindaq is an offshore cryptocurrency broker which actually deals with CFDs on cryptocurrencies. The company is said to be owned by Moonlight Capital Ltd. which is incorporated in Commonwealth of Dominica. Let us read the Coindaq review in detail to understand whether the broker is legit or not.

About Coindaq

The broker is registered in Commonwealth of Dominica. This Caribbean island is a place where many other illegitimate brokers are registered as the financial regulations are poor. Thus it makes the incorporation of any brokerage easy there.

Coindaq seems to operate in many countries like United Kingdom, Australia and others. They are not regulated by any regulating authorities like FCA , ASIC or others. Thus, you can not trust Coindaq for fair operations as they don’t have any governing body and the investors’ funds are not safe.

Financial Conduct Authority (FCA) has warned people that Coindaq is not authorized by FCA. They stated that their activities require authorization. The website shown by FCA is Coindaq dot io but the website is now down. FCA has also warned that these types of scam companies give false details and contact details which change over time.

The crypto assets offered are of different types and 70 in number. There are six types of accounts offered by Coindaq. The accounts are Basic, Silver, Gold, VIP, Platinum and Diamond. But the minimum deposit required for advanced accounts are too high and reaches up to 500K for the most premium account.

The leverage offered seems to be ok which is 1:40. The platform offered is a web-based trading platform which lacks some basic features like algorithmic trading and others. A good trading platform like Meta Trader4 is the best and should be offered by all the legitimate brokers.

There are quite a good number of negative reviews about Coindaq broker and also warnings from regulation authorities like FCA. There are complaints from the Australian traders also about this broker and therefore we can put Coindaq under the category of Scam brokers Australia.

The company has claimed the guarantee of providing 100% guidance while trading. They boast of significant growth and also about the profits to be generated. But the funds safety does not seem to be the priority of Coindaq as they are not registered and have hidden motive of scamming traders of their hard-earned money.

Coindaq supports various payment methods like Mastercard, Bitcoin and Visa. But do not deposit such high volumes of money as asked by the different account types of Coindaq.

Is Coindaq scam or legit broker?

We can finally say that Coindaq is not regulated. This proves that a trader’s fund is not safe with Coindaq. The investment deposits offered by Coindaq are very costly and investing in them is a risky affair. There have been a number of negative reviews of Coindaq and very less positive reviews.

If you were scammed by Coindaq in Australia or anywhere, you have the right to get your funds back. File a complaint against this broker with Forex Scams Australia and get help to retrieve your lost money through the fund recovery process.