Another scammer in the market: an honest review of the broker MyCoinBanking and customer feedback.
Broker MyCoinBanking is a relatively new participant in the European financial market, offering its clients the use of Contracts for Difference (CFDs) with the promise of fast transactions. Despite the promises, from the very beginning of its operations, the intermediary has faced a number of negative reviews. Traders actively express concerns about the company’s dishonest practices. To verify the accuracy of these accusations, we have prepared a detailed review of the website mycoin-banking.com.
Information about “My Coin Banking”
The website mycoin-banking.com is owned by the company MyCryptoWallet LTD, registered in the offshore zone of Saint Vincent and the Grenadines. The company’s office is located at: Beachmont Business Center, Kingstown. Despite this, the contact numbers are listed with a British code (+44).
The broker’s target audience includes residents of Europe, the Middle East, and CIS countries. The MyCoinBanking website is available in four languages: English, German, Arabic, and Russian.
The broker does not have a license for brokerage activities, raising questions about its reliability. All of this poses a risk to investors, as in the event of violations, it will be difficult for them to protect their interests without a regulatory body. This raises doubts about the safety of working with MyCoinBanking.
Official Website of MyCoinBanking
The design of the official MyCoinBanking website leaves much to be desired, the content is scarce, suggesting short-term intentions of the company. Promises of educational courses are not backed by real materials, a demo account is unavailable, preventing investors from verifying trading conditions without risking funds.
The broker promises to triple the initial deposit for amounts over $100, but the rules for withdrawing bonus funds are not explained. The referral program also offers bonuses, but the reward amount is not specified.
MyCoinBanking operates daily, except on Saturdays, Sundays, January 1st, and December 25th. Communication with clients is conducted exclusively in English, which hinders interaction and support. Only one communication channel is available – the technical support email.
MyCoinBanking User Agreement
The MyCoinBanking User Agreement contains insufficient specific provisions, creating distrust among traders. Some points are written in a confusing manner, leaving room for interpretation. The responsibility for investor losses is entirely placed on the investors themselves, raising questions about the company’s honesty.
The broker reserves the right to change the contract terms at its discretion, creating uncertainty for clients. In addition, the terms for handling complaints violate standards of openness and transparency, casting doubts on the company’s honesty.
MyCoinBanking Trading Conditions
Deposits and withdrawals can be made using various methods, with withdrawals only available to the card or account from which the deposit was made. The broker works with basic currencies: US dollars, euros, British pounds. Trading is conducted through MetaTrader 4 and 5 terminals.
According to MyCoinBanking’s rules, the company may close deals under certain conditions, limiting the trader’s opportunities in the market and creating a risk for their capital.
Review Summary
Reviews about the broker MyCoinBanking raise serious questions about its reliability and honesty. It is recommended to exercise caution and carefully study all terms of cooperation before investing funds. Choosing reliable financial intermediaries is crucial for successful trading.
Author: Irina Vladimirova