The online trading industry has been growing rapidly in recent years, and with it, so has the number of scams and fraudulent activities. Coin-lumen.com is one such website that has been accused of fraudulent activities, and this review aims to shed light on the company’s practices.
Company Overview
Coin-lumen.com is an online trading platform that offers various financial instruments such as Forex, CFDs, commodities, and cryptocurrencies. The company claims to have over 5,000 clients worldwide, and its website is available in English, Russian, and Chinese.
| Name | Coin-lumen.com |
| Location | Marshall Islands |
| Contact Address | Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH 96960 |
Team
Coin-lumen.com does not provide any information about its team members or employees on its website. We tried to find it on their website but did not find any information about this.
Services or Products
They offer various financial instruments such as Forex, CFDs, commodities, and cryptocurrencies. The company claims to have a user-friendly trading platform that is accessible from anywhere in the world.
Trading Platforms
Coin-lumen.com claims to offer a web-based trading platform that is user-friendly and easy to navigate. The platform is said to be available on desktop and mobile devices, enabling traders to trade on the go.
License and Regulations
The lack of regulatory oversight is one of the significant concerns surrounding Coin-lumen.com.Â
License Status
The company claims to be registered in the Marshall Islands, which is known to have lax regulations regarding financial services providers. As such, Coin-lumen.com is not licensed by any reputable financial regulator, making it an unregulated broker.
You also can go through our other scammer lists such as the SEC Blacklisted Companies, FCA Unauthorised Firms List, ASIC Blacklisted Companies, & Bank Guarantee/SBLC Review.
Regulation Status
When we tried to find its regulation status from other regulatory websites, we found no authorization. Organizations like FCA, FNMA, FINMA, CySEC, SEC, or no other organization regulate them to do the trading.
Why Dealing With Unlicensed Brokers Is Risky?
Dealing with unlicensed brokers is risky as there is no regulatory oversight to protect traders’ interests. Unregulated brokers are not held to the same standards as regulated brokers and may engage in fraudulent activities such as market manipulation, misappropriation of funds, and unfair trade practices.
Legal Warnings Against Coin-lumen.com
Several regulatory bodies have issued warnings against Coin-lumen.com. The Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Italian financial regulator CONSOB have all issued warnings against Coin-lumen.com.
Client Feedback About Coin-lumen.com
There are numerous negative reviews about them online. Traders have reported difficulties withdrawing their funds, account closures without explanation, and unauthorized trades. These reviews are a red flag and indicate that Coin-lumen.com may be engaging in fraudulent activities.
About Trading
Several clients posted common reports against them- faulty trading platforms. They did not have a stable trading platform. The platform they use was not user-friendly, not stable, and continuously crashing.
About Customer Service
Coin-lumen.com claims to offer 24/7 customer support through live chat, email, and phone. However, some traders have reported difficulties getting in touch with customer support, which is a cause for concern.
How Can Reviewsadvice Help You If You Get Scammed?
If you have been scammed by Coin-lumen.com or any other unregulated broker, you should contact Reviewsadvice. We are a scam watchdog company that helps traders to recover their funds from fraudulent brokers by providing proper guidance. If you get scammed, please submit your case to us. We will provide you with a free consultation and service recommendations to help you in recovering the fund.
Final Thought
Coin-lumen.com is an unregulated broker that has been accused of fraudulent activities. The lack of regulatory oversight, negative client feedback, and warnings from regulatory bodies make it clear that this broker is not eligible to get investment.
