This is yet another critical post which I have decided to label as ”CoinPro Exchange review”. CoinPro Exchange offers CFD assets, meaning that they let traders buy and sell leveraged instruments across 4 different trading accounts.
The minimum deposit for trading with CoinPro.Exchange is $250. The domain of this website was created on January 2018 and is set to expire in exactly 1 year from now.
This trend is common among scam websites, and I do not know why the owner of CoinPro Exchange decided to pay for 1 year of hosting. It suggests they will be out of business in 2019.
Since the website has been around for 170 days only, there is not much that can be found online with regards to reviews and user testimonials.
So in this CoinPro Exchange review, I will try and analyze it according to the information that I have about them. I have received some feedback and that’s what I am going to dwell on since those reviews seem to carry some weight with regards to the services and user experience offered by CoinPro Exchange.
CoinPro Exchange has an anonymous owner, which I find unethical. Customer support can be reached through the email [email protected], telephone +441184091034 and chat as well.
The area code +44 suggests that CoinPro Exchange is based out of the UK.
Everything aside, can we trust CoinPro Exchange?
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CoinPro Exchange Review
The name of this website is quite misleading. It is not really an exchange but a broker since leverage is offered alongside other features which are synonymous with Forex and Cryptocurrency brokers.
Since they are a broker, you will not be handling Cryptocurrencies directly in the traditional sense. Instead, you will be buying and selling indirectly in form of CFDs.
Is this a bad thing? No it is not. But I wish that this broker would have figured out how to replace the name ”Exchange” with something that immediately communicates what they offer to their clients.
CoinPro Exchange Review – breakdown of features and account types
There are 4 types of accounts here. These are Standard, Silver, Gold and VIP respectively. Each account has a minimum requirement.
- Minimum trading capital $250
- Leverage 1.10 up to 1.40
- Account Manager yes
- Bonus from 50% all the way to 150% (Beware of bonuses)
- Platform education Yes
CoinPro Exchange makes the assertion that investors are ”enjoying gains that are unmatched by any other asset class”.
They also claim that trades are executed at lightening fast speeds. Payouts can be withdrawn to bank accounts, a card or an e-Wallet.
CoinPro Exchange Review – an illegal broker
This broker is targeting many countries outside the UK. UK regulates CDFs through the FCA. Other countries around the world where Coin Pro Exchange is targeting clients are also regulating this activity.
So Coin Pro Exchange actually needs a license or some sort of authorization from these countries.
The reason CoinPro Exchange is an illegal broker is because it is operating out of the UK without a license. The FCA and other regulators will soon blacklist it the very same way they did to Golden Markets and several others.
The idea is that if you send your money to an unregulated broker, they might steal it and you will do nothing about it.
CoinPro Exchange Review – customer reviews and testimonials
I found a review that was sent directly to my inbox by someone who lost 25,000 pounds to Coin Pro Exchange.
They claim that CoinPro Exchange has been pressurizing them to deposit some money and even using different tactics to get them to send more money.
This user also claims that they found this broker at coindesk.com and decided to sign up (it’s unfortunate that CoinDesk does not check which brokers they are working with).
Once they sent the money, they could not get it out. This client describes CoinPro Exchange as a scam, a rip off and a den of robbers who have no ethics.
Claims that they were ripped of their life-long savings by this shady broker.
Coin Pro Exchange review – the conclusion
I think the above review/testimonial is a real red flag. Think about it, a broker is not regulated and after 170 days of operation, clients start to post negative reviews highlighting their painful experience with the broker.
Isn’t this a bad thing? At least we know what is going on. Never trade with an unregulated broker.