In the world of online trading, it can be challenging to determine which brokers to trust and which to avoid. Unfortunately, some traders fall victim to fraudulent brokers and part with their hard-earned money. One such broker that has been accused of scamming traders is CoinBoxs. In this article, we will provide a review of CoinBoxs and explore why it is important to avoid unlicensed brokers like them.
Company Overview
| Broker Name | CoinBoxs |
| Website | http://coinboxs.cc/ |
| Location | Unknown |
| Regulation | Unregulated |
| Warning | Multiple |
Team
When investigating a broker, it is essential to know the team behind the company. Unfortunately, there is very little information about the team at CoinBoxs available on their website. This lack of transparency is a red flag and should make any potential investor cautious when considering them as their broker.
Services and Products
CoinBoxs offers a range of financial products and services to its clients, including forex, CFDs, and cryptocurrencies. However, it is important to note that the company does not provide any educational resources or trading tools to help its clients make informed trading decisions.
Trading Platform
The CoinBoxs trading platform is web-based and appears to be user-friendly. It comes with basic features such as charting and technical analysis tools. However, it is worth noting that the platform is not very advanced and lacks essential features found in other platforms.
License and Regulation
License Status
CoinBoxs claims to be registered with the International Financial Services Commission (IFSC) in Belize. However, it is important to note that this is not the same as being licensed. The IFSC only offers registration to brokers, not licenses. This is a major red flag pointing to a potential scam.
Regulation Status
As for regulation, CoinBoxs is unregulated, which means they are not bound by any regulatory body. This lack of regulation provides them with the freedom to do what they want without any consequences.
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.
Why Should Not You Trust An Unlicensed Broker?
Unlicensed brokers are not accountable to anyone, and their operations are not monitored by any regulatory body. This puts traders at risk of losing their money as these brokers can engage in unethical practices such as price manipulation, stop loss hunting, and even disappear with investors’ money.
Legal Warnings Against CoinBoxs
Several financial regulatory bodies, including the Australian Securities and Investment Commission (ASIC), have warned investors about CoinBoxs. The ASIC has even included the broker on its blacklist, warning investors not to deal with them.
Client Feedback About CoinBoxs
About Their Trading
CoinBoxs does not provide its clients with any trading education or tools to help them make informed trading decisions. This is a significant disadvantage for traders as the financial markets are complex, and without the right knowledge and tools, it can be challenging to make profits.
About Their Customer Service
Another area where CoinBoxs appears to be lacking is its customer service. Several traders have reported poor customer service, with emails and phone calls going unanswered.
How Can Reviewsadvice Help You If You Get Scammed?
If you get scammed by this broker, you can contact us. We will evaluate your case and will provide you with a free consultation and service recommendations. These companies can help you in recovering the lost fund.
Final Thought
CoinBoxs appears to be a fraudulent broker that traders should avoid. The lack of transparency regarding their team, the absence of educational resources and trading tools, coupled with their lack of regulation and licensing, make them a significant risk to investors. We urge traders to be cautious when dealing with unregulated brokers like them and to invest only with regulated brokers.
