CoinEvo foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://coinevo.co/register, about the company's legal and temporary regulatory information, the company's address First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vencent & the Grenadines.
CoinEvo Forex Broker
Basic Information
Saint Vincent and the Grenadines
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
CENTAcc
ProAcc
Coinevo Forex Broker - Complete Information Guide
1. Broker Overview
Coinevo, established in 2021, is a trading platform operated by Lilac Group LLC. The company is headquartered in Saint Vincent and the Grenadines, a jurisdiction known for its lenient regulatory environment. As a privately held entity, Coinevo caters primarily to retail clients seeking access to various financial markets, including forex, commodities, and cryptocurrencies.
The development of Coinevo has been marked by its focus on providing a user-friendly trading experience, despite its lack of regulatory oversight. It has positioned itself as an accessible platform for traders looking to engage in online trading. However, the absence of a regulatory framework raises concerns regarding the safety and security of client funds.
Coinevo operates under a business model that primarily focuses on retail forex trading, offering its clients access to a range of trading instruments. The platform aims to attract novice and experienced traders alike, though its reputation has come under scrutiny due to various complaints and warnings from regulatory bodies.
2. Regulation and Compliance Information
Coinevo operates without any valid regulatory oversight. It is not licensed by any major financial authority, including the Financial Conduct Authority (FCA) or the Australian Securities and Investments Commission (ASIC). This lack of regulation is a significant red flag for potential investors, as it indicates that Coinevo does not adhere to the standards set by recognized financial institutions.
The company has been blacklisted by several regulatory bodies, including the Commissione Nazionale per le Società e la Borsa (Consob) in Italy and the Comisión Nacional del Mercado de Valores (CNMV) in Spain, due to its unlicensed operations. No regulatory numbers or licenses are available for verification, and the company does not participate in any investor compensation schemes, leaving clients without a safety net in case of disputes.
Coinevo's client fund management practices are concerning, as there is no indication of a client funds segregation policy. Furthermore, the company has not disclosed any KYC (Know Your Customer) or AML (Anti-Money Laundering) compliance measures, which are crucial for protecting against fraudulent activities.
3. Trading Products and Services
Coinevo offers a variety of trading products, focusing primarily on forex and CFDs (Contracts for Difference). The platform provides access to:
- Forex Currency Pairs: Coinevo offers a selection of major, minor, and exotic currency pairs. However, the exact number of pairs available is not specified.
- CFD Products: The broker includes commodities, indices, shares, and cryptocurrencies in its offerings. Notable cryptocurrencies available include Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).
- Unique Products: While Coinevo claims to offer a comprehensive range of trading instruments, there are no specific unique products mentioned that differentiate it from other brokers.
The frequency of product updates and the introduction of new trading instruments remain unclear, as Coinevo does not provide transparent communication regarding its product offerings. The broker primarily serves retail clients, and there is no indication of services tailored for institutional clients or white-label solutions.
4. Trading Platforms and Technology
Coinevo utilizes a proprietary web-based trading platform known as Webtrader. This platform lacks support for popular trading software like MetaTrader 4 (MT4) or MetaTrader 5 (MT5), which are widely recognized for their advanced features and user-friendliness. The Webtrader platform is described as basic, offering only fundamental functionalities such as asset overview and balance tracking.
The absence of mobile applications for iOS or Android further limits trading flexibility for users. The execution model used by Coinevo is not clearly defined, raising questions about its reliability and efficiency. Additionally, there is no information available regarding server locations or technical infrastructure, which are essential for ensuring optimal trading conditions.
API access and support for automated trading are not mentioned, indicating that Coinevo may not cater to traders looking for advanced trading solutions.
5. Account Types and Trading Conditions
Coinevo provides three different account types, each with varying minimum deposit requirements and trading conditions:
- Cent Account: Requires a minimum deposit of $250. This account type is designed for beginners, with spreads starting from 3 pips and no commission per lot.
- Pro Account: Requires a minimum deposit of $2,500. This account offers variable spreads starting from 2 pips and a commission of $3.4 per lot traded.
- Pro+ Account: Requires a minimum deposit of $25,000. This account type features competitive spreads starting from 1.5 pips and a commission of $4.1 per lot.
Coinevo does not offer a demo account, limiting the ability for potential clients to test the platform before committing real funds. Leverage options are not clearly defined, which can pose significant risks for traders. The minimum trade size is set at 0.01 lots, and overnight fees or swap rates are not disclosed.
6. Fund Management
Coinevo supports several deposit methods, including:
- Bank Transfers
- Credit/Debit Cards
- E-wallets
The minimum deposit requirement is $250 for the Cent Account, while the withdrawal limits are set at $100 for credit/debit cards and $250 for bank transfers. The processing time for deposits is not specified, and there are no clear guidelines on withdrawal processing times.
Withdrawal fees are significant, with $25 charged for credit/debit card withdrawals and $50 for bank transfers. Additionally, a processing fee of $10 applies to all transactions, making the withdrawal process costly for clients. Coinevo also imposes a monthly inactivity fee of 10% after six months of account dormancy, which is considered excessive compared to industry standards.
7. Customer Support and Educational Resources
Coinevo offers customer support primarily through email, with no telephone support available. The email contact is support@coinevo.co. The service hours and coverage across time zones are not clearly defined, which may hinder timely assistance for clients in different regions.
The platform reportedly supports multiple languages, although the specific languages are not listed. Educational resources provided by Coinevo include basic market news and analysis, but there is a lack of comprehensive training materials, such as webinars, tutorials, or eBooks, which are essential for novice traders.
Market analysis services, including daily updates and research reports, are also not adequately highlighted, limiting the support available for traders looking to enhance their market understanding.
8. Regional Coverage and Restrictions
Coinevo primarily targets clients in regions where regulatory oversight is minimal, including countries in Europe and beyond. However, it has faced significant scrutiny and warnings from regulatory bodies in Italy and Spain, which may affect its operations in those jurisdictions.
The broker does not disclose specific countries where it does not accept clients, but it is implied that individuals from regions with stringent financial regulations should avoid engaging with Coinevo. The lack of transparency regarding regional restrictions further complicates the decision-making process for potential investors.
In summary, while Coinevo presents itself as a trading platform offering a variety of financial instruments, the significant risks associated with its unregulated status, high fees, and lack of transparency raise serious concerns for potential clients. Investors are advised to conduct thorough research and consider regulated alternatives to safeguard their funds.
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Latest Reviews
张张大魔王
United Kingdom
Very bad experience, don't trust them, no account safety, no reply to your doubts, money management is bad, and don't put your hard-earned money into CoinEvo.
37130
2022-12-19
郑州街球王者
Egypt
Leverage 1:100 - it's more than enough to become rich-to-the-sky if you know what you're doing. I even managed to double on a daily basis the demo account using this leverage in contest conditions (mean using a higher risk than what I would use in live conditions. However, I did not get the pleasant trading experience when I started real trading. That’s why I left this broker soon.
37130
2023-03-23