CoinBrokerZ Review

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CoinBrokerz is an offshore, unregulated CFD and cryptocurrency broker that has faked their authorisation with The Financial Conduct Authority (FCA) and has been blacklisted. The FCA warns investors to stay away from CoinBrokerz and that the company is most likely to be a scam.

Read our full review to find out all you need to know about this new broker and whether CoinBrokerz is in fact a scam.

Tip: Trade withIQ Option instead, the best regulated broker for South African traders, with a minimum deposit of only $10!

The Account Types

One of the first issues we noticed with CoinBrokerz is that they don’t have any section that gives details on their account types, even though they specifically mention they have a selection of trading accounts available.

All brokers usually have a separate section on their website which specifically addresses the types of accounts, deposits required to start trading on each account, and the special features and trading conditions offered.

CoinBrokerz has no account section on their website, nor do they even mention the minimum deposit required to begin trading.

Trading Platform & Assets

CoinBrokerz offers South African investors a simple, web-based platform to trade with. This platform is made by Airsoft and is pretty straightforward and user-friendly enough for even a complete beginner could understand.

Being entirely web-based means that South African traders will not be required to download or install anything onto their PCs or laptops, but a simple internet connection would do. All you need to do is login to your CoinBrokerz account and you will be good to go.

Regrettably, the Airsoft trading platform is not available for mobile trading. This is indeed a huge disadvantage, because many South African investors prefer trading on-the-go from wherever they may be.

Another disadvantage we found is that CoinBrokerz does not offer South African traders the infamous MetaTrader4 (MT4) platform. Most brokers provide both web-based and MT4 platforms for South African investors to choose from. MT4 is arguably one of the most popular forex and CFD trading platforms worldwide, due to its user-friendly interface and powerful features. Now, even though MT4 caters to more professional traders, many beginners have stated they actually prefer the platform as well.

As for available assets, South African traders will be able to access over 100 underlying assets through the CoinBrokerz web-based platform, which include cryptocurrencies like Bitcoin and Ethereum, as well as currency pairs, commodities, stocks and market indices. The maximum available leverage is 100:1.

In general, the entire CoinBrokerz website appears to especially vague when it comes to basic information like trading accounts, conditions, available assets and the company itself. You can only find some generic information about cryptocurrencies, but no details on the exact role of the broker and the company behind it.

These are all massive red flags, because transparency is crucial for any company and the obvious lack of transparency here is a sign that something is not right.

Customer Support

South African users can reach the CoinBrokerz customer support team by phone, email or the contact form on their website.

The phone numbers provided are English and Russian numbers. There is no South African number available.

Company Info & Payment Methods

CoinBrokerz is owned by a company called Bitcom Limited, which is located in Saint Vincent and the Grenadines.

The UK address provided on their official website is fake.

CoinBrokerz accepts various payment methods, including credit card (Visa, Mastercard) and Skrill. South African traders also have the option of depositing in BTC or Tether.

Warning: South African traders are not advised to deposit any money with CoinBrokerz.

CoinBrokerz Scam

Through careful review of CoinBrokerz and taking all the above into consideration, our team has concluded that CoinBrokerz is a scam and South African investors are advised to stay away from this broker at all costs.

Instead of wasting your time with fraudulent companies, trade directly with the best regulated broker for South African traders, IQ Option South Africa!