Coinmasfx Review – The Red Flags to Look for

Coinmasfx Review

Finding a legitimate brokerage has become a huge challenge for people in the financial markets. A lot of them are eager to start trading, so they opt for the first decent platform they come across, but most of these turn out to be scams.

Losing your hard-earned money to these criminals is not an easy pill to swallow and it is something everyone wants to avoid. How can you accomplish this? Your goal should be to ensure that he brokerage you choose does not have any red flags. The Coinmasfx review below will show you the kind of red flags these companies tend to have.

If you think that these scammers are going to give their true nature away on their own, then you are mistaken and will have to learn this lesson the hard way. A fraudulent brokerage will not come with a warning sign; you have to dig in to identify them and find out the truth in order to keep yourself safe.

Yes, it means that you should not just fall for the claims that a broker makes on their website because every company, whether legitimate or fraud, will make big promises to draw your attention.

No platform will ever reveal its own shortcomings and frauds do their level best to conceal their true nature. Hence, it is not a decision that you should make in a matter of minutes. You have to take some time to go over the offerings of the broker before making up your mind.

This will ensure that you know what you are getting into and can mitigate the risks as much as possible. You should do the same thing with Coinmasfx that is offering CFD trading services.

When you check out Coinmasfx properly, you will come across the red flags that show it is not what it portrays itself. What are they? Check them out below.

No licensing and regulation

The licensing and regulatory status of a brokerage depends on where it is based. Every jurisdiction has its own regulatory authorities with their laws and policies that companies have to comply with.

Opting for a brokerage that is being monitored by such an authority can give you peace of mind because you know they will have to comply with some standards and can be held accountable in case of a problem.

A look at the location of Coinmasfx shows that its offices are based in the United States. This is quite impressive because the US is one of the well-regulated jurisdictions in the world.

However, it is easy to claim to have an office in the US and actually having one is a different matter altogether. In order to operate in the country, a license has to be obtained from the Commodity Futures Trading Commission (CFTC) and a membership of the National Futures Association (NFA) is also required.

But, if you check these regulatory bodies, you will not find Coinmasfx mentioned anywhere. This means one of two things. First, the brokerage is lying about being based in the US, or secondly it is operating illegally from there.

Both of these are red flags and makes it apparent that you cannot trust the company because you have absolutely no idea who is behind it, or where it is based. Plus, it cannot offer you any protection like safety of funds.

No trading platform

The trading platform offered by a broker is also crucial because it used for trade execution and analysis. Without it, there can be no trading whatsoever and Coinmasfx promises a stellar trading platform to its clients.

Unfortunately, their stellar trading platform is absolutely no trading platform at all. That’s right, it is a brokerage without a platform, which means you cannot do any trading at all.

Then, what is the point? This is all the clarification you need to conclude that Coinmasfx is not an actual brokerage and is just a sham. It only offers a chart on its website that creates an illusion of a platform, but it offers you no functionality.

Most reputable and reliable brokers in the market offer the MT4 or MT5 trading platform, which boasts advanced tools and cutting edge technology that allows users to enjoy quick and smart trading.

Uncompetitive trading conditions

The trading conditions of a broker usually refer to the spreads and leverage they offer, since they have a direct impact on your profits. They determine how much flexibility you can enjoy during trading and the costs you will incur. Therefore, checking them out is a must to ensure that you are opting for a competitive brokerage that can allow you to make profits.

This does not appear to be the case with Coinmasfx because even though it is promising spreads of about 0 pips, there is no way for you to do any trading since there is no software.

It is just a claim to entice people to sign up and nothing more. As for leverage, Coinmasfx is advertising ratios as high as 1:500, which are not permitted in the US and are considered extremely risky and dangerous as well.

Only crypto payments

A look at the payment methods is also a must because you want to use them for making payments quickly and safely. The problem with Coinmasfx is that it only accepts cryptocurrencies and there are no other methods available. You can use different cryptocurrencies for making payments, such as Bitcoin and even Dogecoin.

The problem with these crypto payments is that it is not eligible for a chargeback, which means there can be no refunds.

Other payment options like credit cards offer this option, but it is not possible with cryptocurrencies. Coinmasfx is only offering this payment option and this should be a red flag because professional platforms will always offer you several choices.

Ending Thoughts

All of these are major red flags, which show that Coinmasfx is not the kind of broker it has advertised itself as and you should avoid such companies to ensure you do not suffer from any losses.