Coinnery is facing serious allegations by the Financial Conduct Authority. There have been several complaints lodged against connery.com. And this has led to one of the most prominent regulators issuing a warning. It doesn’t come much riskier than this when a reputable regulator issues a warning. Hundreds of investors signed up, hoping to invest and make a killing. Instead, the opposite is what happened. Please find out more in our detailed COINNERY REVIEW.
On the about us page, Coinnery claims to have been founded with clear objectives. To provide investors with affordable access, easy and safe trading platform. Unfortunately, we don’t know what happened as the platform is a complete bust.
There’s no denying that most naïve investors fell in love with the aesthetics. The platform comes with an appealing web layout design. And this could potentially have triggered most investors into believing the platform.
You should ensure a platform is compliant before committing any funds. Unfortunately, Coinnery.com fails to provide any compliant documents, only registry numbers. And these numbers don’t match any registered platforms.
As an investor, you stand a better chance of investing with credible platforms. These platforms offer proven options that help you get realistic ROI. Try your hand in Coin Staking, DeFi, and Masternoding. It’s what successful investors have been using all along.
Coinnery, on the other hand, will only take you for a ride. The platform will probably trade on your behalf and deny you the chance to withdraw funds. And this is the reason why we have to expose the platform.
Before investing in any platform, do some research first on the platform. Check their background and history and confirm whether withdrawal is possible. You will make a better and informed decision if you check what others are saying about the platform.
Coinnery offers six trading accounts to members. These accounts include standard, silver, gold, platinum, diamond, and VIP. Leverage on these accounts increases as you go to the more exclusive accounts.
Here’s a closer look at each of the six accounts;
Standard
It’s the most basic account, and investors have to deposit $1,000 to start trading with it. It’s an absurd minimum deposit requirement for a standard account. The industry has set $250 as the acceptable minimum deposit.
Silver
For Silver account holders, you must deposit $10,000 to start enjoying this platform. The account comes with 15 percent SWAP discounts, and the leverage is set at 1:200.
Gold
You must make a minimum deposit of $50,000 to start trading with the platform. Spreads start from 0.5 pips, and the leverage is set at 1:300.
Platinum
There’s a minimum deposit of $100,000 to start trading with the platinum account. The leverage set for this account is 1:400. Members get a 50 percent Swap discount and spread of 0.5 pips.
Diamond
For the diamond account holder, you must deposit $250,000. The account offers raw spreads and swap-free account features. There’s leverage of 1:500 available on this account.
VIP
It’s the most exclusive account, with investors having to get an invitation to join. We believe the platform targets institutional clients with this account.
There are five classes of trading instruments available on the platform. These include commodities, Crypto, forex, indices, and stocks. You get to trade leading commodities such as cocoa, sugar, and wheat.
When it comes to Crypto, the platform pairs leading crypto assets with major currency pairs. You get to trade Bitcoin, Ethereum, Litecoin, and Ripple. With the Crypto market being volatile, it makes sense to trade with this asset.
Forex trading is at the core of the platform’s allure. You get to trade both major and minor currency pairs. However, we have a problem with the high leverage which means the platform exposes your risk.
The platform also offers investors a chance to trade in leading international markets. You get to trade with DAX, Dow Jones, Nikkei, NYSE, and more. With this asset, you get to spread your risks in international markets.
Stock trading is one of the biggest ways of investing. The platform does justice by offering over 100 international company stocks. In addition, you get to trade with the most sort-after stocks, such as the FAANG group stocks.
Coinnery Ltd is the entity listed at the disclaimer as the owner of the platform. The entity is seen as registered in St. Vincent and the Grenadines. It’s an offshore registered entity that puts some homes on its platform.
With offshore trading platforms, there are huge risks involved. Transparency is not found on most of these offshore platforms. An excellent example is the lack of information on who owns the entity.
We don’t get to see the names of the people working for the platform. There’s no way we can prove their skill sets if we don’t have their profiles. So it means we are dealing with an anonymous and offshore platform.
Coinnery is not a licensed platform and does not offer investors any legit trading services. As a result, the Financial Conduct Authority has issued a warning about the platform. And other regulators around Europe will follow suit.
With a warning from a recognized regulator, it’s best to stay away from the platform. However, it would be best if you first found out whether a platform is compliant or not. Compliant platforms usually provide insurance cover for deposits made.
Go for platforms regulated by reputable regulators such as ASIC, BaFIN, CNMV, CONSOB, CySEC, and FCA. Other reputable regulators include FINMA, NFA, and the SEC. Regulators work to ensure all parties adhere to strict trading rules.
When choosing which platform to invest with, you should consider the support structure. First, check to confirm how fast a platform offers its support to investors. In this case, the platform doesn’t provide any direct means of communication.
You should invest in platforms that will help you at any time. The platform should at least offer a phone number. Trading platforms even provide live chat support that helps investors. With Coinnery.com, this is not the case.
Coinnery offers three crypto accounts that are different from the trading accounts. The three accounts include small, medium, and large. With a small account, you need to invest $5,000 to get started.
Medium and large account holders must deposit $25,000 and $75,000, respectively. And the platform fails to inform investors of the possible ROIs with these accounts. Instead, all you get is an algorithm with no proven accuracy.
Even with Crypto being a part of their forte, the platform only allows bank and wire transfers. You can only deposit funds using Maestro, MasterCard, and Visa. Depositing takes less than five minutes to complete as funds will appear in your account within 24 hours.
Withdrawing funds with the platform remains the most significant hurdle facing investors. Members have not been able to access funds for the past few weeks. And this is the reason why you need to stay away.
Your funds are far from safe with a platform that fails to offer investors any safety. The platform does not segregate accounts as required by law. There’s no insurance cover to protect members from unforeseen circumstances such as bankruptcy.
Please stay away from Coinnery and any other platform facing a warning from regulators.
You should instead invest in proven methods such as coin staking, DeFi, and Masternoding. It’s the best way to trade and invest.
If you have any queries, feel free to contact us via email or drop a comment.
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