August 12, 2020

MyCoin Banking review


MyCoin Banking provides only one trading account. The broker also claims that the spreads offered are low with more than two hundred and fifty tradable assets. The broker MyCoin Banking is situated in an offshore country SVG and is not regulated. Also, it has received a warning against it in recent times. So if any of our followers want to invest in this broker, they must read this MyCoin Broker review, first.

About MyCoin Banking:

The only trading account available is called Standard Account. The trading environment at this broker is not discussed on the official website. Therefore we don’t have any idea about the values of spreads and leverages offered. Also, the required minimum deposit is missing. From this, we can conclude that the broker MyCoin Banking wants to hide critical information. Such brokers are not credible and always turn out to be a scam broker.

Furthermore, the broker claims to provide more than 250 trading assets, including Forex Pairs, Crypto Coins, Commodities, Indexes, and Stocks.

The company named MyCrptoWallets LTD based on an overseas country of Saint Vincent and Grenadines owns and operates a brand MyCoin Banking. The SVG territory is infamous for unregulated and unlicensed brokers, and its government does not oversee any operations of any brokers. Furthermore, Belgium based local financial regulator Financial Services, and Markets Authority (FSMA) blacklisted this broker recently for providing illegal brokerages in its country.

 The broker’s client agreement mentioned that the broker could change it’s the minimum withdrawal limit at brokers’ convenience. Furthermore, the broker also charges salty withdrawal fees to its clients. They include a 30 USD withdrawal fee and 100 USD for account maintenance fees per month.

The broker also offers controversial trading bonuses that require high trading volume before it can be withdrawn. The trading bonuses are banned in many regulated trading markets like the USA, Japan, European Union. The broker does not have the facility of the free demo account, and all the trading conditions are hidden. Furthermore, the broker does not support trading on the MetaTrader platform, and it is another drawback of MyCoin Banking.

The payments at MyCoin Banking does not support e-wallet Skrill.

Is MyCoin Banking scam or legit?

The broker does not regulated any financial regulator, and it is unlicensed. SVG based nature is worrying, and the broker does not share trading information. Red flagged by FSMA is the clear cut indication that the broker is a potential Australian trading scam.