The broker My Coin Banking has about 250 trading tools to offer. The trading is aided on a single trading platform. We could not find information about trading a condition and minimal funding required to open that account on the official website. The website sheds light on the origin of this broker and it is operational from Saint Vincent and the Grenadines. The broker is not regulated and in this My Coin Banking review, we will inspect all other aspects of it. Make sure to read this review first before adding funds in it.
About My Coin Banking:
The broker provides CFDs over many trading tools including foreign exchange pairs, commodities, indexes, and cryptos. Sadly the provided trading platform is inaccessible and we could not very trading tools provided.
The organisation based in Saint Vincent and the Grenadines named My Crypto Wallet LTD manages the brand My Coin Banking. The sad part is, the brokers operational from the offshore territory of Saint Vincent and the Grenadines does not fall under the regulation of international financial regulators. In short, the brokers from SVG are unregulated and unlicensed, trading with them involves a high scam risk. In addition, Belgium based local financial regulator Financial Services and Markets Authority aka FSMA blacklisted My Coin Banking for providing unauthorized and illegal brokerage services in the respective country. Now it is confirmed that we are dealing with a potential scam broker.
Withdrawals at this broker are subjected, brokers will and can not be withdrawn. If the broker allows withdrawals then the 30 USD is charged per transaction. Also, maintenance charges of 100 USD are levied on the traders. As mentioned earlier the broker fails to furnish any information so we don’t know what actual trading volume is required to be eligible for the withdrawals of offered bonuses.
Trading conditions section is a clean slate and we could not determine the cost of trading and risk in trading at My Coin Banking. The demo account is not provided and this makes trusting this broker a hard task. The highly anticipated trading platform is not available for the trading and Skrill like electronic wallet is also missing. All this fact suggests that the broker is involved in some sort of scam.
Is My Coin Banking scam or legit?
Our detailed inspection about this broker leads us to believe that the My Coin Banking is a potential scam broker 2020.