Note: CoinsBank's official website: https://coinsbank.io/ is currently inaccessible normally.
CoinsBank Information
Founded in 2021, CoinsBank is an unregulated brokerage company registered in China. It offers four account types and limited ways for customer support. Lack of transparency and regulatory hurdles are the biggest drawbacks.
Is CoinsBank Legit？
CoinsBank, incorporated in China, operates without regulation from any recognized financial authority. This lack of regulatory oversight is a major red flag for potential traders. Opening an online brokerage account can be an easy way to start investing and there are always risks in investing. But we can choose to stay away from certain risks.
Downsides of CoinsBank
CoinsBank's official website is currently inaccessible. Maybe it's time to find another brokerage.
You can only find limited information online about this brokerage. This lack of transparency can really dampen investors' enthusiasm.
The regulatory hurdle is the biggest drawback of some online brokerages. CoinsBank is one of them.
Account Types
There are four types of trading accounts on offer: Blue, Silver, Gold, and Elite. The minimum initial deposit for each account is absurdly high, with the Blue Account requiring as high as $5,000 to start real trading, almost 25 times the amount of the industry standards. The Silver, Gold and Elite Account requires $20,000, $50,000, $150,000, respectively.
Typically, accounts with more capital funded can enjoy lower spreads. For instance, the Blue account offers spreads from 0.4 pips on major currencies, and traders who hold an Elite account can enjoy spreads as low as 0.1 pips.
Even for the blue account, the minimum deposit is $5000, which is much higher compared to some other brokerage. That could be a huge barrier for beginning investors. Furthermore, its website lacks detailed information about commission fees.
Customer Support
Coinsbank offers minimal contact information. You can contact them via email: support@CoinBank.io. There is no customer support phone number listed on the website. That could be an inconvenience if you need help with your account and time is of the essence. Other online brokerages may offer you more options for getting in touch with customer service representatives or investment experts.
Conclusion
Lack of transparency is a huge barrier for beginning traders. CoinsBank is not a trusted broker because it is not regulated by a financial authority with strict standards. If you want to stay safe, only sign up with brokers that are overseen by a top-tier and stringent regulator.
