Coin Pay Bank Wallet is not a bank or any financial institution related to a bank. They are just a fraud broker who is pretending to be a legitimate broker. In this review, we will show why we are calling this broker a scam broker and you should not invest with them.
Overview
CoinPayBankWallet is a digital cryptocurrency broker that offers numerous currency pairs for trading, including Bitcoin, Ethereum, and Ripple. The broker is relatively new, having been established in 2020. Coin Pay Bank Wallet also offers leverage up to 1:500, which attracts traders seeking to maximize returns on their investments.
Is Coin Pay Bank Wallet Regulated
One of the key factors that determine whether a broker is legitimate is regulation. CoinPayBankWallet claims to be regulated, but no regulatory body oversees it. This raises concerns about the safety of your investments, as unregulated brokers are more likely to engage in fraudulent practices.
Warnings from Financial Regulators
Coin Pay Bank Wallet has caught the attention of financial regulators in various countries who have issued warnings about the broker’s activities. The Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC) have stated that Coin Pay Bank Wallet is not authorized to offer trading services in their countries. The fact that two major regulators have warned about Coin Pay Bank Wallet is a red flag, and traders should exercise caution before investing in the broker.
What Currency Pairs Do They Offer?
Coin Pay Bank Wallet offers a wide range of currency pairs, which is a positive for traders. Besides Bitcoin, Ethereum, and Ripple, traders can also trade Litecoin, Bitcoin Cash, and Tether. The availability of numerous currency pairs allows traders to diversify their portfolios and increases the probability of making profits.
Customer Support
Customer support is an essential aspect for any broker, as traders need to be able to get help when they need it. Coin Pay Bank Wallet offers customer support via live chat, email, and phone. The support team is available 24/7, and traders can choose their preferred mode of communication. While it is commendable that Coin Pay Bank Wallet offers various modes of customer support, there have been complaints about slow response times and unhelpful representatives.
Trading Platform
They should have provided about their trading platform whether it is MT4, MT5, or a web-based platform. don’t have any demo account option too. It is recommended to provide a demo account to check the platform features and smoothness. Based on that, traders can take their decision.
What Do Traders Think About Coin Pay Bank Wallets?
The reviews and feedback from traders who have used CoinPayBankWallet are mixed. Some traders report having good experiences with the broker and making profits, while others report having problems withdrawing their funds, as CoinPayBankWallet’s process can be quite slow. Many traders have also complained about their account managers who aggressively persuade them to invest higher amounts.
What To Do If You Get Scammed?
Investment scams are unfortunately common, and it is essential to know what to do if you fall victim to one. The first step is to report the scam to the appropriate authorities, such as the FCA or ASIC. You should also contact your bank and any payment processors you used to make deposits and request a chargeback.
You can submit your case and we will provide you with a free consultation and service recommendations to help you in recovering the lost fund.
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Final Thoughts
Based on this review, CoinPayBankWallet appears to be a questionable broker that raises significant concerns, particularly as it is unregulated. Traders should be cautious when dealing with CoinPayBankWallet, as there are other legitimate and regulated brokers available in the market. Remember to conduct due diligence on any broker before investing, and to stay vigilant about potential scams.
