Coinoverse Review: Warning Signs You Should Know About
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Coinoverse- DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2025
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website: https://coinoverse.com/
Regulation: No
Guaranteed Funds: No
Minimum Deposit: $20
Spread: 1.5
Leverage: 1:800
Segregated Accounts: No
Coinoverse is an offshore broker that focuses on cryptocurrency trading, but it also offers services in forex and CFD trading. However, there are some issues that raise concerns among potential traders.
First, Coinoverse is a completely unregulated platform with no one over its practices to ensure their safety and transparency. Despite offering one of the popular platforms for trading, MT5, its pricing policy is rather unclear, which makes one unsure of how much exactly they pay when trading on this platform.
The second main concern is the fact that Coinoverse only allows deposits and withdrawals in cryptocurrencies, meaning its users are limited to digital payment. Even more critically, Coinoverse is blacklisted by financial regulation in some countries, creating a major red flag concerning the usage of the Coinoverse trading platform if you ever think of working with them.
Coinoverse Regulation: What You Need to Know Before Trading
A critical factor when choosing a financial services provider is its regulatory status. Licensed brokers will be open about the jurisdictions in which they are located, which authorities have jurisdiction over them, and which jurisdictions they are registered to operate in. However, Coinoverse is managed by Coinoverse Trading Ltd, operating out of St. Lucia offshore jurisdiction. That makes the broker not licensed with any of the key financial authorities, so not very reassuring about the security of client funds.
If you’re considering trading with Coinoverse, it’s essential to check if the broker complies with the laws of your country. For example, Coinoverse has been blacklisted in certain jurisdictions, including Russia.
For new traders, the better option is to find a licensed broker operating within a well-regulated territory like the US, UK, EU, or Australia. These licensed brokers come with significant protections, such as the secure handling of funds and guarantees in case the firm goes bankrupt.
Coinoverse Trading Platform: Features and Customization Options
Coinoverse is a strong trading platform, offering advanced tools and features. Among the options available, MetaTrader 5, or MT5, stands out as one of the most popular and widely used platforms in the industry, known for its variety of technical indicators, ease of use, and high level of customization.
Here’s an overview of the platform’s key features:
- MetaTrader 5 (MT5): It provides more than 50 indicators and allows automated trading, custom scripts, and backtesting. It has both Android and iOS mobile versions.
- MetaTrader 4 (MT4): Still widely used, has more than 30 indicators and supports automated trading; also available for Android and iOS.
- cTrader: Offers more than 40 indicators, auto trading, and is mobile-friendly.
Such offers robust trading tools and trading options for both the beginner as well as the experienced trader who can easily develop and test trading strategies on various devices.
Coinoverse Minimum Deposit: What You Need to Start Trading
Coinoverse offers various account types with different minimum deposit requirements. The lowest deposit starts at just $20, so it is accessible for traders with smaller budgets. To access a wider range of tradable instruments, however, you’ll need to open a Standard account, which requires a minimum deposit of $100.
This is the entry-level account that gives you more trading options compared to the basic account. Coinoverse offers higher deposit threshold accounts for traders wanting to invest more, with up to $1,000, depending on the level of service and features you want.
Coinoverse Payment Methods: What to Expect
Coinoverse provides a very limited choice of deposit and withdrawal methods, mostly in the form of cryptocurrencies. Although traditional brokers allow for numerous payment options, Coinoverse limits its clients to digital currency transactions. Here’s an overview of the available methods:
- Bank Wire: Deposits take 2-5 business days, withdrawals 5-10 business days, with a fee starting at $25.
- Credit Card: Instant deposits and withdrawals within 24 hours, with no charges.
- PayPal, Skrill, Neteller: Deposits take about 1 hour, and withdrawals are completed in 24 hours. A 2% fee applies for these methods.
- Crypto: In most cryptocurrencies, deposits are processed in 24 hours, with the fees ranging from one cryptocurrency to another.
Overall, Coinoverse’s limited payment options may not impress everyone, especially compared with brokers offering a broader option of payments, including bank transfers and e-wallets.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
Coinoverse Spread: What You Can Expect
Coinoverse has variable spreads on its trading accounts, with the advertised spread for Nano and Standard accounts at 1.5 pips. However, in practice, spreads can often be around 2 pips, which is more than many of the competitors in the market. The spread is not that competitive when compared to other brokers that have tighter spreads, such as 1.0-1.3 pips on currency pairs like EUR/USD or GBP/USD.
- Spreads on popular pairs: The spreads on EUR/USD, GBP/USD, and USD/JPY are all from 1.9 pips.
Coinoverse also does not specify the commission fees for the ECN accounts, and the fees for cryptocurrency trading depend on the trading volume of the account.
Coinoverse Leverage: High Leverage with High Risk
Coinoverse offers very high leverage, up to 1:800, for all types of assets like currencies, stocks, and cryptocurrencies. This is significantly higher than what is provided by the regulated brokers of the world’s major markets. The higher the leverage, the more potential returns it gives, but with this leverage, the possibility of major losses also gets amplified.
Comparison of Leverage Limit:
- Coinoverse Up to 1:800
- UK, EU, and AU-regulated brokers usually have limits at 1:30 for currencies and 1:20 for commodities and indices.
- US-regulated brokers usually offer a 1:50 for major currency pairs.
The regulated brokers usually limit to protect traders from extreme risks.
Coinoverse Withdrawal Requirements
Coinoverse charges withdrawal fees based on the cryptocurrency used, with fees usually around $5 or the equivalent in other currencies. The broker does not specify trading volume requirements or minimum withdrawal amounts. This is different from regulated brokers in the UK, EU, AU, and US, who do not charge such fees.
Conclusion
Coinoverse is an offshore broker offering cryptocurrency, forex, and CFD trading, but it operates without proper regulation, making it a very risky platform for traders. Although it offers advanced tools, such as MetaTrader 5, and has high leverage up to 1:800, there are several red flags with this platform.
The unclear fees, limited payment methods (mostly cryptocurrency), and blacklisting in some countries are some of the reasons why this platform should not be used. With no clear withdrawal policies and high spreads, Coinoverse does not provide the transparency or protections found with regulated brokers. Overall, Coinoverse cannot be trusted and should be approached with caution.
Coinoverse
Pros
- None
Cons
- Lies About Regulation
- Blacklisted by CNMV
- Issues with Trading Platform
- Issues with Trading Conditions
- Issues with Payments
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more