In this Cofinancial review, we will talk about the broker that claims to be registered and situated in the country of Russia. It also claims to support MetaTrader trading platform and provides a wide range of trading assets including foreign exchange pairs, commodities, stocks and metals. If all of the claims of this broker manipulated you to consider to trade with Cofinancial we highly recommend that you should read this review. It will inform our readers about the true characteristic of this potential scam broker. Make most of it.
The broker claims to be the proprietary of DKG Group LTD operational and registered on the Marshall Islands. It also claims to be a subsidiary of LLC IC Prime Broker that is regulated by the Central Bank of the Russian Federation. However, the brokers operational from the Russian Federation must be registered under the local body called the Russian Association of Forex Dealers (AFD). When we thoroughly research the DKG Group LTD and LLC IC Prime Broker in the registry of AFD we found nothing. It means the broker Cofinancial is falsely claiming its regulations. Furthermore, the broker Cofinancial is blacklisted by several financial regulated across the globe. Some of them are CNMV of Spain, CONSOB of Italy, and FSMA of Belgium. It is clearcut sing of a potential scam broker. At the unregulated and blacklisted scam broker, no trader can make money. Contrary to this traders investments gets locked to the broker.
The broker Cofinancial also fails to share information about trading accounts it offers and we assume that only one trading account is available. Besides, no record of the minimum deposit required can be seen on the website. It is an alarming aspect of any broker. While checking provided trading platform, web-based, we came across a higher leverage level of 1:200 and 3 pips spread value over USDEUR fx pair. These trading conditions are not good enough to make substantial profits. The broker misleads its traders to offer MetaTrader trading platform, in reality, it offers an only web-based trading platform that is managed by the third party. The payment section claims to accept deposits via Visa and Mastercards also Skrill. However, we could not confirm brokers claims.
Is Cofinancial scam or legit?
The broker is situated on the overseas region of Marshall Islands and claims to be regulated by Russian financial body. Cofinancial itself contradicts its claims. The broker is been blacklisted by several financial regulators and it’s a notification to call it a potential scam broker 2020.