Suisse CoinHub – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Suisse CoinHub - DO NOT TRADE WITH THIS PROVIDER
2.2/10
$100
Minimum Depositupdated 2023
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 URL: https://suissecoinhub.ch
Founded: 2023
Regulations: Not Licensed
Languages: English
Deposit Methods: Not Specified
Minimum Deposit: $20,000
Free Demo Account: Not Offered
Number of Assets: Unknown
Types of Assets: Currency, Stocks, Cryptos, Commodities
Trading Accounts and Conditions
Suisse CoinHub offers their clients various types of trading accounts, with the starter account having a minimum deposit requirement of $20,000. The highest tier account type has a minimum deposit require of $100,000.
The broker does not give any details about the trading conditions associated with each of these trading accounts. We are not told what spreads or leverages they offer, what their order execution methods are, if they have commissions per trade or not and so on.
Suisse CoinHub – Advantages
There are no advantages to trading with Suisse CoinHub.
Suisse CoinHub – Disadvantages
Suisse CoinHub is a scammer and here are all the red flags are that make this fact clear:
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Unregulated Clone Firm Blacklisted by FCA
The first – and clearest – indication of Suisse CoinHub’s scam is the fact that this broker is an unregulated scammer that has been blacklisted by the Financial Conduct Authority of the UK for being a clone firm. A clone firm is a broker that has appropriated another legitimate broker’s details and passed them off as their own in order to scam people into thinking that they are the real deal.
Here is how we know. This broker has provided a Switzerland address on their website, and offers us a firm reference number to prove that they are registered in the UK. However, when we checked that number against the UK’s database, we found out that it belongs to another company – Novia Global Limited.
Novia Global Limited is an FCA-authorized firm, and is therefore listed with the regulator. Suisse CoinHub, on the other is not listed with the FCA at all. The fact that Suisse CoinHub has tried to use another legitimate company’s details proves that this broker is a clone firm. We also checked the Swiss financial regulator, the FINMA’s database – with the same results. There is no company or broker by the name of Suisse CoinHub listed with that authority either. This means that this broker is not regulated at all.
Thus, we have a broker that is not authorized by any regulator in the jurisdictions that they operate. And we have discovered that they have used another broker’s credentials and tried to pass them off as their own.
And finally, the FCA has also noticed these same anomalies and has blacklisted Suisse CoinHub for these exact reasons. The authority has warned all traders to steer clear of this broker as they are scammers and a clone firm.
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.
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Unable to Access Platform
The two things a broker offers to their clients are their trading platform and their trading conditions. Let us talk about Suisse CoinHub’s trading platform here first.
On their website, this broker promises that they offer high-end trading software, the kind that makes that trading almost intuitive. However, there is no mention of what kind of trading software they have on offer.
Legitimate brokers will make is easy for their prospective clients to check out their trading platform; they usually have a demo account available where visitors can assess their trading platform (and their trading conditions).
With Suisse CoinHub, we could not access their trading platform at all. And neither is there a demo account where we could check their offerings. When you are unable to even see the kind of trading platform a broker offers, it is a red flag, usually indicative of a scam.
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Issues with Trading Conditions
As we highlighted in the previous point, a broker has two things to offer – their trading platform and their trading conditions. We have already shown you that this broker’s trading platform is questionable. Next, let us address the issues we have with Suisse CoinHub’s trading conditions.
This broker tells us that they offer various types of trading accounts. Which is how it should be. However, the minimum cost of opening a basic account is a massive $20,000! Considering the fact that the market average is just $100 to $250, the kind of money this broker is asking their clients to deposit is unheard of. It is also a red flag that this broker is not safe – or honest.
We also have no other trading conditions – no spreads, no leverage ratios, no order execution methods, no commissions, fees, etc. The lack of such critical information tells us clearly that we are dealing with a scammer here. No legitimate broker would hide such details from their customers.
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Issues with Payments
The lack of information permeates every segment of this broker’s website. Another key piece of information is hidden from us by Suisse CoinHub – we have no information on the types of payment methods this broker offers. And neither are we told what their withdrawal requirements are.
Usually, brokers will list our numerous payment methods – card payments, bank transfers, wire transfers, e-wallets, and even cryptocurrencies. Scammers, on the other hand, hide this information since they will usually offer only one payment method. And that is usually cryptocurrencies. We need to warn traders that if you are using a new broker, it would be unwise to choose crypto payments as your transaction method. This is because such transactions are permanent and anonymous – perfect for a scam setup.
Not revealing withdrawal requirements means that scammers can cover up the fact that they have no intention of letting you withdraw your funds – they will have impossible conditions in place that will not allow you to get to the point that you can take your money back.
Conclusion
Suisse CoinHub is a clone firm that must never be dealt with. It would be best to find another trustworthy broker to do business with.
Suisse CoinHub
Pros
- None
Cons
- Unregulated Clone Firm Blacklisted by FCA
- Unable to Access 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.
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