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Is MCOINMARKET a scam broker?
MCOINMARKET is a Bulgarian broker that provides six types of accounts. It focuses on a crypto-based variety of CFDs. The scam brokers provide very little information on the trading environment. Before doing any business with this broker please go through this scam broker review.
About the MCOINMARKET:
This broker provides a splendid portfolio including a range of CFDs on cryptocurrencies, indices, commodities, also stocks. The six account types provided by the broker are Micro, Mini, Silver, Gold, Diamond, and VIP. The minimum deposit required to trade with this broker are up to 0.5, 10, 20, 45, and more than 45 BTC respectively. The leverage offered on each account in an orderly manner is 1:20, 1:25, 1:30, 1:35, 1:40, and 1:50. Sadly, MCOINMARKET fails to provide forex pairs for trade. The most worrisome fact about this broker is that it is unregulated. That being said every bit of your investments is at high risk. The website suggests the leverages offered are variable according to different accounts from 1:20 to 1:50 and are high in comparison to the market average 1:2 to 1:10. This is why the major real crypto brokers do not offer margin trading.
MCOINMARKET is owned by the Bulgarian company called Zed Consult LTD. Its client payment support is provided by an Azerbaijani company called Masterpay LTD. The website of this broker does not feature anything regarding regulations. The Bulgarian authority Financial Supervision Commission does not have any information about the broker. Also, the broker does not claim to be regulated by any other financial body. This shows MCOINMARKETS’s unreliable character. Zed Consult LTD also manages another broker called XCoinBroker that is named scam broker by many reviewers. Along with this, the absence of information about the spreads poses high uncertainty about the broker. There is a lack of a demo account that hinders the transparency of the trading environment. Unlike other professional brokers, this broker uses some unproven trading platform. All the real broker has MetaTrader as their first chose. There is an absence of forex trade this makes MCOINMARKET useless for forex traders.
Is MCOINMARKET scam or legit?
In the end, MCOINMARKET is an unlicensed and unregulated scam broker. The services provided by this scam broker are limited. Lack of information on the trading environment, the absence of MetaTrader platform and the presence of shady partners make it worse for this broker. I would like to call MCOINMARKET is a scam broker. Avoid this MCOINMARKET scam broker at any point.