Read our Coinlife review carefully to see why we do NOT recommend this broker for trading. Just to clear doubts, this is a coinlife.io review.
Who are they?
After taking a look at their website, it shows that they do not fall under any regulating agency. That is a MAJOR RED FLAG!! That should be enough for you NOT to invest with them. And they also work with websites that offer “Automated trading software” which is another red flag, as this kind of websites are notoriously famous for scamming schemes.
So Coinlife is just another unregulated forex broker, which means the customers are not protected, and there is highly likely they will get away with your hard earned money and there will be no regulating agency to hold them responsible.
How does it work?
Usually unregulated forex brokers work in the following way. They will call people to persuade them to make the initial minimum deposit, while trying any conceivable method in order to make that happen. They will offer deals that sound too good to be true, like we will double your initial deposit or you will make $100 per day easily. Please don’t fall for anything they say!!! It is a SCAM! After making the initial deposit, people get transferred to a smarter scammer, called a “retention agent”, who will try to get more money out of you.
Withdrawing funds
You should submit a withdrawal request ASAP, because your funds are never safe with an unregulated broker. And here is when things get tricky.
If you want to withdraw your money and it does not matter if you have profits or not, they will delay the withdrawing process for months. If they delay it for six months, you won’t be able to file a chargeback anymore and your money is gone for good. It does not matter how often you remind them or insist in withdrawing your money, you will NOT get them back. And if you signed the Managed Account Agreement or MAA, which is basically authorizing them to do anything they want on your account, they will lose all your funds so there won’t be anything to request anymore.
How to get your money back?
If you already deposited your money with them and they refuse to give your money back, which is very likely to happen, don’t worry, it might be a way or two to get your money back.
First of all you need to keep the emails as a proof that you have been requesting the money back from them but they don’t give it to you, or they delay the process for too long, with the intention of not refunding your money.
The first thing you should do is perform a chargeback! And you should do this right away! Contact your bank or credit card provider and explain how you were deceived into depositing for a trading company that is not regulated and they refuse to give your money back. This is the simplest way of getting your money back and is also the way that hurts them the most. Because if there are many chargebacks performed, it will destroy their relation with the payment service providers. If you haven’t done this before or you are not sure where to start or how to present your case to your bank or credit card company, we can assist you in preparing your chargeback case. Just contact us at [email protected] but do not let your broker know they you read this article or that you are in contact with us.
What about wires?
If you sent them a wire, there is no way to perform a chargeback on a wire. For this step you need to raise the fight to a different level. Tell them that you will go to the authorities and file a complaint against them. That will get them to rethink the refund possibility. Another thing you can do is prepare a letter or email for the regulating agencies. Depending on the country where you live, you can search on google to find the regulating agency for Forex brokers in that country. After that you can prepare a letter or an email describing how you got deceived from them. Make sure you show this letter or email to them, and tell them you will send it to the regulating agency if they don’t refund your money. If you do not know where to start, reach for us at [email protected] and we will help you with this step as well.
Make sure you leave reviews about Coinlife in other sites
Another way to hurt them and save other people from falling victims is to leave bad reviews on other sites, and describe shortly what happened. If you fallen victim please leave a review and a comment on this site at the comment section.
Coinlife Review Conclusions
Making the Coinlife review is actually a pleasure for us, and we hope to save as many people as possible from losing their hard earned money. A good rule of thumb is to carefully review all the Forex companies and any other company for that matter, before you perform any transaction. We hope that our Coinlife review has been helpful to you. If you have any questions or you need an advice about the withdrawing process, feel free to contact us at [email protected] or by using this contact form.
If you like to trade please do it with a trustworthy, regulated broker, by choosing one of the brokers listed below.
Coinlife.io, my god please..Don’t do it!!!they are a SCUMS lurking in every corner. They have convince me to fund my account promise 2 week money back guarantee. From the moment My playment have gone through I’ve requested for my money back. Ive use chats, emails And spoke to my account manager stating my concernS and request for a refund she said she’ll get back to me..but nothing until now. I’ve also contacted costumer service and emailed their playment platform “BrianHub” costumer service and all I get is that “ my account manager/someone will contact soon” until now I am waiting!
Thank you for your kind assistance!! You have saved me all the headaches imaginable! !Sorry for your plight.
Its a pure scam they wont give you the money back and will force you to trade off the credit that they pushed into your account that’s how you gonna lose all your money stay away like from fire
I have sent these people £200 in bitcoin from my coinbase account
Any idea how I can get them back
Ye coinlife are the scum of the earth and have nothing to do with them.No matter how well they sell the story they are lying through there teeth.
Don’t touch coinlfe they are sharks and are only after your investment and you wont be able to get it back
They just taught to buy some BTC, but when they tell me to transfer my BTC into another account I feel strange. Luckily the coinspot staff called me and I got chance to cancel the transfer…It just feels strange when someone teach you to buy something and then transfer it to an account you are not sure…
i too have been had by them sined up i recieved a call from a man named peter arranged to call again a wee later he never called herd nothing so i applied for a refund 4 weeks later i had acall about refunding me but they insisted i down loaded a site to allow them to access my computer i declined then i got a load of abuse i rang off 10 min later a woman called asking me to do the sae again i declined.DONT DOWN LOAD THAT LETS THEM INTO YOUR COMPUTER.YOU WILL LOOSE A LOT MORE.
Be very wary about using Coinlife
I have had two bad experiences through bad advise from my account manager Losing around £38k in one night, he manipulated me into buying more shares than I wanted to.
These guys are hard sell and all they want is for you to put more money into the investments even to the extent of borrowing money? they are NOT regulated so very difficult or non existence to get your money back.
I have complained by E Mail with follow up messages but no reply after 6-8 weeks.
I started trading with Coinlife in January. Things appeared to be going very well. I started off with some bitcoin then eventually my “broker” Steve Binder, suggest that some ETH would be good. As things were on the up all appeared to be going well. Overnight all of my funds vanished.
I contacted my broker who explained that this was due to lack of trading volumes (???) and I needed to send £12k to enable the “Restoration Department” sufficient volume to trade at. This money also miraculously disappeared – do I feel stupid. Of course I do but at the time you are in a panic to get back your hard earned cash. Covid came as a good excuse for the account manager/ broker disappearing but lucky me I was contacted by his “boss” who had a recovery / restoration plan of his own and all it would take was another £11.5k to get all of my money back! I naturally refused and was told it is a shame as there is nothing they can do. I was even luckier a week later as I had the senior account analyst contacting me who “never really talks to customers” but felt he needed to help. For a mere £20k he could guarantee my cash back and lots more besides. I wasn’t going to give them another penny. Now they have stopped responding to my requests for return of my funds.
I have subsequently spoken to some of the so called fraud recovery firms, who sound as shady as the companies you want them to investigate.
One firm sent me a Bank of England web page stating Coinlife was potentially fraudulent, published in February! I wish I had seen that earlier.
Coinlife do not have an App – 1st alarm bell should sound.
All transactions are made by converting FIAT to digital wallet in Binance. Then transferred to your Coinlife wallet. I do not believe this actually exists, but believe the money at that point is syphoned off into some other bank account.
You cannot call them, they call you if you email them and direct you through the myriad of phases depositing your hard earned cash.
They show you how to withdraw and by this point, even though I took notes, you are quite dizzy trying to work out how you did this.
The amount they suggest you withdraw to prove their system works is small compared to what it is likely you will want to put in for the “long term” solution to inflation. Try to get any more out and you have complete a questionnaire which they, Coinlife, have to approve to get your own money out!!.
Don’t get me wrong, these guys have invested a lot of time and money in making the website look great and it does. You get sucked in by how professional it all feels then “Bam” there is a system “glitch” and the funds appear to have gone but they will reassure you your funds are there, they just need some stimulus to recover them. The “names” I have been liaising with so far are Steve Binder, Ben King (the Analyst),Joseph Walsh, and Daniel Foster, all nice english sounding names with eastern European/ Russian accents. They would all happily rob you blind and make scam excuses as to why your money has disappeared. If anyone out there has considered using this shower of charlatans then please don’t. Use an FCA approved company, because regardless of what these guys tell you, there are digital trading organisations out there that are accredited such as Binance. Do NOT entertain them. From my personal experience this is a FRAUD.
I would love to see the lot of them serving hard time in prison.
All the adverse comments about this site are TRUE. They are sophisticated scammers who lead you on very slowly and then when you want to take money OUT thats the end as they will run you round the block for ages till you want to scream! I should know better but when I traded Bitcoin from $9000 to $28000 and made $70000 in profits they just trousered the lot including my equity of $28000 when I wanted out.
They need to be in goal especially Martin Wilson, a German and Max Nowak–probably ficticious.