Read our Coins Bank review to see why we do NOT recommend this broker for trading. Just to clear doubts, this is an coinsbank.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 Coins Bank 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.
| Regulatory Body | Status |
|---|---|
| FCA (UK) | No record of authorization |
| ASIC (AU) | No record |
| CySEC (EU) | No record |
| SEC / CFTC (US) | No record |
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 Coins Bank 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. Also, when these people change their website they tend to call the old clients, so if they call you from a new website please write it down on the comment or let us know it by contacting us. That would be really appreciated by us and families all over world. Also if you get phone calls from other companies please put the name of these companies also in the comment or send it to us. We will expose them too.
Coins Bank Review Conclusions
Making the Coins Bank 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 Coins Bank 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.
Disgusting vile ppl who take advantage of you. Make you download Anydesk and they take control of your device and empty every penny you have in your bank account. They then blackmail you and tell you if you transfer them money then they will give you your money back in fulll. They don’t they have no intention of sending you any of your money back at all. They’re smart they also open up a bank account in your name with all your details where they send your money too which is SwissBorg then boom its suddenly all gone !! No bank can help die to it being in your name and it makes it look like you were behind the whole thing when in fact you didn’t have a clue !! I’m devastated my kids money is all gone just under 2.5k right from under my nose 🥺
Hi Jennifer the same happened to me all sounded really good and looked like I was making money. Have you had any luck in trying to get your money back.
Cheers Chris
They have tried to do the same to me. I deposited money with them and over a couple of weeks saw my investment grow. Then the broker assigned to me asked me to invest £300 with them so I could make more money and he would make more money. I refused and asked them to release funds. They said I had to open a SwissBorg account. I started then stopped as I felt this was all wrong. He said i needed to deposit £300 into this account and they would deposit £3000 of my money into it so I can then withdraw £6000. After refusing to do this I have had numerous phone calls from this guy, all on different numbers which raises a red flag, and when I have talked to him it sounds like he’s in a call centre and once told me his manager would contact me. If he is actually this good at earning me money why work in a call centre with a manager. He should be working for himself. Please leave this scamming company. You won’t get any money back.
They have scammed me for $9500 !!!
I have just been rang from no. +44 7488 886583, the person said he was from Coins Bank and wanted my to download Anydesk so he could transfer my funds, stating that the platform was closing down in 2 weeks hence why he needed to remotely connect to my computer to see which was the best way as there was daily limits, I was extremely sceptical about this, and keep him on the phone on the pretence the download was taking so long, and googled, so glad I did! when I told him I wasn’t happy to do this, he still tried to convince me this was the best way, I said I’m sorry but no, he reply why didn’t you say this 20 mins ago, ok we will keep your money. I have since try to ring the no. back but it doesn’t ring
TOTAL SCAM! They are not even a broker, simply scammers. No contact address on website.
They first called me pretending they are calling from an institute i recently registered with. They ask me i need to start on a begginers platform to understand trading, learn tools and techniques, analysis, blah blah. I usually know how a scamer sounds like but unfortunately ended up paying $250 to get this platform. They say things like i started with an institute they are associated with where i started with $100 on MT5 platform and they rush you saying there are limited slots and you may cancel if you want. After that deposite, my money grew to $12000 in less than a week. I realized how foolish the decision was. They say they trade on behalf of me whereas no broker is allowed to trade on your behalf, it is illigal.
I ask a withdrawl, only just $200 not all money to test their withdrawl system. They initially believed me as i indicated i will invest more with them. But after some attempts, i lost my patience and said to them that i know they are scammers and lost my funds! They keep calling me from different numbers and offer me they will deposite $12000, 5000, 3000 in my crypto wallet or bank but when they ask me to go on Anydesk to do so, I refused. If anyone wants to deposite back into your account or wallet, they only need wallet address or bank account, thats it! They try to give several reasoning that but dont get trap. That is how you can protect your self from further damage.
They have given my number to several other scammers who also call to pretned they are calling from Blockchain.com and that they can get my money back, but then they will ask you to go on Anydesk. Never do that. They are only trying to connect your wallet with their malware and ask you to do things that dont sound normal. I read on blockchain.com they never call anybody, no matter what.
All this began with an inquiry i tried on social media. Never do that!
i did the initial 250 dollar buy in.. over the space of a few weeks she had the money up to 21k..then tried to open a loan acc in my name for 5 grand and promised it would only be for 30mins to an hr to be able to transfer the money into a binance acc she created.. i shut the loan down and was told im very dissrepectful, my reply was i wasnt born yesterday and im reporting u.. the site has either blocked me or been deleted and also any email sent to this clown gets sent to my email acc lol…hope they enjoyed only 220 euro lol
Been scammed by them too, much the same as described. Been told by UA fraud agency there’s nothing I can do. Lost £10k. Was deviating to my mental health.
Now I get calls from companies they tell me they can get my money back for free…. If I pay the fee for the exchange rate. Scam on a scam. Those calls come pretty much daily! It’s just a reminder and it’s prolonging the depression. Bastards!
(1/5)