Who doesn’t want to earn money? Everyone works because they want to live a lavish lifestyle, but the fact is that you can only earn so much with a 9-to-5 job. No matter how hard you work, there will always be something out of your reach. So, why not consider becoming a trader part-time? Every day, you will come across stories about traders who earn thousands of dollars or even massive fortune within a few days or weeks. Don’t you want to do the same? Yes, they are able to do so because they have extensive skills and experience, but even if you don’t, you can still earn profits.
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The best part is that you don’t need to have a lot of money to start trading and you can enjoy a great deal of flexibility as well. Moreover, considering the number of financial instruments that can be traded, everyone can find something that suits their risk tolerance. All of this sounds very appealing and people are eager to get started. But, in order to do so, there is one essential ingredient that you need; a broker. You have to find a broker that can cater to your trading needs by providing you the platform and the tools needed for beginning your journey.
Finding something these days is immensely easy; all it takes is one Google search and the same applies to brokerages. You can find hundreds of brokers in this way, but this doesn’t mean you pick the first one you come across. Why? This is because the market also has a lot of scam brokers and they have duped thousands of aspiring traders. No one wants to be scammed, but some people do fall for their tricks because they are very good at it or the trader doesn’t know what to look for.
You can identify a scam broker by considering its features and services. When you see red flags, you need to run in the opposite direction. This is what needs to be done with Coinspace scam. The brokerage is based in Malta and its holding company is called Coinspace Ltd. Obviously, you will visit the broker’s website when you are considering them as your choice. You will be keen to get information about the people behind the broker in order to determine its legitimacy. This is because knowing the team can be very reassuring and it will help you get comfortable, especially if they are well-known individuals with a good reputation.
When you visit Coinspace’s website, you will discover that it has an About Us page. This only makes the broker appear legitimate, but it doesn’t take long for you to realize that it is Coinspace scam. Why? This is because the page has absolutely no valuable information to offer. You will find nothing whatsoever about the people operating the website and this automatically makes it suspicious. Even if you get past this glaring problem, there is another that you have to contend with and that is about the broker’s regulation.
As the broker is based in Malta, it should be regulated by the Malta Financial Services Authority (MFSA). Coinspace does give the impression that it is properly regulated and licensed, but if you get in touch with the regulator, you will immediately realize that this is not true. The bottom line is that Coinspace is not a regulated broker, which means it cannot be relied upon and you should not trust them with your money or with your personal information. Most unregulated brokers turn out to be scams in the long run and this is also true in the case for Coinspace scam.
When you move onto the signing up portion of the broker’s website and visit their landing page, you will notice instantly that Coinspace’s website is not secure. This is worrisome because registering with the broker means that you have to share some personal information with it. Plus, you will have two options at the time of signing up; one is Japan and the next International. No matter which option you go with, you will not be offered a demo account. Most legitimate brokers are known to offer a demo account to help potential clients in getting familiar with their trading platform and to see their trading conditions firsthand.
This is not the case here and this further confirms the Coinspace scam concept because the demo account is usually missing in situations where the broker wants to hide something. Another elements that further prove Coinspace scam is their policies. You can peruse the broker’s website thoroughly and it will tell you that there is not much you can learn about their workings. There is no information about their withdrawal policy, which means your funds could get stuck. Scam brokers are known to impose restrictions like requiring high trading volume for being able to withdraw your money.
In addition, you also need to check their pricing policies and commission to get an idea of the cost you will incur. Again, no such information is provided by Coinspace, which means it is not a transparent broker. You don’t want to risk your hard-earned money with a brokerage like that because they can impose different kinds of fee and eat up your deposit. Apart from that, Coinspace policies also indicate that it uses affiliate for selling Coinspace products and this is also a warning sign.
Frauds are very common where affiliates are concerned and you could end up becoming a victim. This means that the platform doesn’t take ownership of its members and this opens them up to a lot of risk. Lastly, the broker doesn’t have an official email address on its website, something no legitimate or professional broker would ever do.
Conclusion
When you combine all these warning signs and take into account the lack of information and transparency of the broker, the Coinspace scam becomes rather obvious. It is best for you to not open an account with them as they are unregulated and cannot offer you the kind of experience you want.
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