MCoinMarket is an offshore based broker that provides CFDs on all assets with a particular focus on crypto coins. The trading account offered by this broker is six with maximum leverages starting from 1:20 to 1:50, respectively. Apart from this, there is no such useful information available on the trader’s site. Also, the broker is controversial and has gained many red-flags from different financial authorities. In this MCoinMarket review, we will cover all the necessary information about this broker. Traders must read it thoroughly to save your valuable investments.
The provided rich product portfolio is one of the positives of the MCoinMarkets. The trading assets available are many commodities, indexes, and shares. Unfortunately, forex exchange is not offered and will disappoint many forex traders. As mentioned earlier, the MCoinMarket is not regulated, and it is worrisome.
The leverages provided of 1:20 to 1:50 are quite high, considering the volatile nature of the cryptocurrencies. Many regulated brokers offer leverage ratio in between 1:2 to 1:10. Mentioned high level of leverages is very damaging in terms of investments. The investment will disappear within a matter of seconds.
The trademark MCoinMarket is owned and managed by Zed Consult LTD allegedly operating from Bulgaria. There is also another company mentioned on the official website called OOO CAMAP based in Russia. Nevertheless, there is no mention of any regulator or license on the website. Bulgaria’s local Financial Supervision Commission also does not have mention about MCoinMarket in its registry. The Zed Consult LTD also manages another shady broker named XCoinBroker.
Also, the MCoinMarket does not share any information about trading conditions provided to traders for trading. Also, a demo account is not available, so the traders cannot see any of the trading conditions provided.
The broker also provides “ScamEx” trading platform. Traders will miss the MetaTrader if trade with this broker.
Is MCoinMarket scam or legit?
A most crucial aspect of any broker is its regulation. Sadly, MCoinMarket does not follow regulations. Also, the trading condition involves a high risk of loss. The owner of MCoinMarket is associated with another scam broker. The trading platform is unproven and does not help traders in any way. In our research, we found that the broker MCoinMarket is a potential Australian trading scam. It will be helpful if traders do not perform trading with MCoinMarket. Trader’s funds are not safe here.