Coinbase-otc.xyz is an online trading broker that claims to offer professional investment services to its clients with secure and reliable trading platforms. However, there have been reports of its fraudulent practices, making many traders skeptical about investing with the broker. In this article, we will review Coinbase-otc.xyz and investigate whether it is a legitimate trading broker or a scam.
Company Overview
| Broker Name | Coinbase-OTC |
| Website | https://coinbase-otc.xyz |
| Location | United States |
| Regulation | Not Regulated |
Team
Coinbase-otc.xyz does not disclose the names and details of its management and employees. This lack of transparency raises a red flag and raises questions about the legitimacy of the broker.
Services and Products
Coinbase-otc.xyz offers services in cryptocurrency, forex, and commodity trading. The broker claims to offer several platforms with cutting-edge technology for trading to help clients achieve their investment objectives. However, there is not much information available on these platforms, which raises doubts about their functionality and reliability.
Trading Platform
Coinbase-otc.xyz offers clients two types of trading platforms – a web-based platform and a mobile app platform. The web-based platform can be accessed through any browser, while the mobile app platform is mobile devices. However, traders have reported that the platforms are slow and frequently suffer from technical glitches, making it difficult to execute trades.
License and Regulation
License Status
Coinbase-otc.xyz is not licensed by any regulatory body, and there is no evidence of its compliance with strict regulatory standards. The lack of a regulatory license can place traders at serious risk of losing their investments and personal data.
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Regulation Status
Coinbase-otc.xyz is not subjected to supervision by any regulator, and therefore, there is allegedly no protection for investors from illegal practices by the broker. Unregulated brokers like Coinbase-otc.xyz are known to engage in unethical practices, such as withholding funds, refusing withdrawals, manipulating prices, and other fraudulent activities.
Why Should Not You Trust An Unlicensed Broker?
Unlicensed brokers are not monitored by regulatory authorities that enforce strict rules and regulations to safeguard clients’ investments and personal information. With such brokers, traders cannot enjoy the protection that comes with regulated brokers, and the chances of losing their investments are high.
Legal Warnings Against Coinbase-otc.xyz
Several countries have already warned their citizens about dealing with Coinbase-otc.xyz. Among them are the UK Financial Conduct Authority, the Australian Securities and Investments Commission, and the Financial Markets Authority in New Zealand, among others. These agencies have stated that the broker is not authorized to offer investment services within their respective jurisdictions.
Client Feedback About Coinbase-otc.xyz
About Their Trading
Clients have reported that the platform is extremely slow, making trading close to impossible. Some traders have also reported manipulation of trading prices, making it difficult for them to profit from their trades. The lack of transparency surrounding the identity of the broker’s management team and the lack of information about the company’s operations also raises concerns regarding the legitimacy of Coinbase-otc.xyz.
About Their Customer Service
Traders have reported poor customer service from Coinbase-otc.xyz, with customer support representatives being unresponsive to customers’ complaints or requests for assistance. Furthermore, when traders attempted to withdraw funds from their trading accounts, customer support representatives were slow to provide assistance, leading to delays in the withdrawal process. This unresponsiveness and delays further raise questions about the legitimacy of the broker.
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Final Thought
It is crucial for traders to conduct due diligence before investing with any online trading broker, especially those without a regulatory license. Coinbase-otc.xyz has several red flags that consumers should pay attention to, including unresponsive customer service, lack of transparency regarding its management, slow and unreliable trading platforms, and lack of regulatory oversight. Therefore, it is advisable to exercise extreme caution when dealing with Coinbase-otc.xyz or any other unlicensed broker.
