BEWARE of CoinPro Exchange – illegal broker review

CoinPro ExchangeThis review gives you reason why not to trade cryptocurrencies with CoinPro Exchange.

CoinPro Exchange allows you to speculate on cryptocurrencies price movements. You can trade through five different accounts, minimum deposits start at $250.

But it is not a good idea to use CoinPro Exchange

Stay away

First of all, CoinPro Exchange is in fact not an exchange, but a broker. This means that you won’t be buying or selling cryptocurrencies directly with it, only indirectly through CFDs. You won’t own any cryptocurrency.

This is not necessarily a bad thing, but…

Illegal broker

Company infoOnce you offer crypto trading through CFD, you are a broker and you need a licence valid in every country you are targeting.

Since the phone number of CoinPro Exchange leads to the UK, it obviously is present in the UK and targeting UK customers. But it has no licence from the Financial Conduct Authority, which means that it is operating illegally.

With unregulated brokers your money is not protected in any way.

Real user negative experience

One of our readers sent us her story about how she lost big money with CoinPro Exchange. This is also a huge read flag:

“I just don’t want other people to make the same mistake. It was 25 000 pounds. 

I’m a Nurse and my salary isn’t much more than that annually. They were pressuring me to put more in and constantly using different tactics. 

I was directed to their sight through coindesk.com and thought I was buying Swedish coin. Then once the money was in there I couldn’t get it out and it’s been 2 months of hell. 

Now I’m ignored. 

It’s terrible that people take advantage of novices like this, I was new to this industry and wet behind the ears. They completely played me and took my 25 k in two months. 

They put and out lied. They aren’t financially regulated as they are based in Cyprus. 

Thank God I didn’t put more in. They were pressuring me too. 

I even think they were manipulating the platform.

It’s all a total and utter scam that has dragged on for two months and almost broken me. 

But yes I will trite something and give you all the facts. 

My money has gone but I just don’t want them to do it to anyone else!! 

They have no ethics, no morals and are just ripping people’s life long savings any way they can.”

Conclusion

CoinPro Exchange is an illegal broker that people have bad experience with, we recommend staying away.

If you want to trade cryptocurrencies, start with a free demo with a regulated broker.

Be sure to understand all the risks before you possibly start to trade with real money.

Summary
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CoinPro Exchange
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28 thoughts on “BEWARE of CoinPro Exchange – illegal broker review

  1. I signed up in March to Coinpro.exchange trading, paid 1000 USD, traded a few weeks but wanted to stop due to lack of time. I requested refund of remaining balance but got several request for my credit card details incl. signature etc. I did not send anything and since a few weeks no more answer. This site is 100% scam because when I was trading I got calls every day asking for more investment, email answered within minutes and when I wanted to get a few dollars back they play dead. Add this company on any black list to avoid other people loosing money.

    1. Hi please can I speak with you! The same thing happens to me with them! But they took a lot lot more. Please get in touch ASAP. My email is [email protected] I agree with everything you said. I want to know who you spoke to and did they hand you to complaints. I recorded some of the calls also. I don’t think we are the only ones. I would really like to talk. Thank you.

      1. Dear Julia,

        I’m currently on long-term travel……….so difficult to talk.

        I initially talked to a guy called Alex Gray who tried to convinced my to sign up for more but I declined. A few weeks later I got contacted several times by Ethan Fox who tried the same approach.
        Finally when I requested a refund I got an “apparend automatic reply” telling me to wait 48 hours for
        an answer but nothing happened. I repeated my request several times but got the same answer until they stopped answering any of my mail so I’m sure I will never get anything back and have no
        way to complain to anybody. They never “suggested” to contact the complaints department.

        1. Hi Frred and Julia,

          Please see my comment below: I have actually managed to get some of my money back from these people. I informed my bank I had been scammed and they looked into it for me. They were able to identify the company used to transfer the money (they were called VoguePay) and suggested I contacted them. I did (through Twitter). I wasn’t expecting any joy, but VoguePay investigated and have today refunded me! I have not got all of my money back (I’m down about £20, which is no big deal, considering) but most of the stuff they took is back. It is worth finding out which company transferred your money to the scammers and contacting them. I’m sorry if you’ve already tried this, but I thought it was worth mentioning. Good luck.

          1. Hi Gem
            I invested 10,000 USD, Kindly let me know the exact procedure to recover the money, I would also like to follow the same.
            Thanks

          2. Hi Gem,
            Did Voguepay just refunded to you directly or they need Luxibrick to approve first?
            Did you request withdrawal in coinpro platform? Now I follow you suggestion and don’t know how Voguepay handle this case. Can you pls give me the name of Voguepay staff?

  2. Hi Fred, I just wrote as I want to get in contact with you. The same thing happened to me. But a lot more and worse

    How can we get in touch and talk?!

    1. Hello, my name is Ranko, I was also scamed sweedish coin. I started to trade with them and when they advice me, I always had loss. I signed a bonus contract for 2000 eur. Then I started to trade on my own and I got great resaults. Now it is a problem to withdraw. They want to close my acount , because I traded on 1 minut chart and it is against the bonus contract.
      Are you interested that we go together in a lawsuit against these guys, to stop what are they doing and pay.

      1. Hi ranko. My name is Kenny.
        Just read your comment. The same thing is happening to me. I opened my account. With 1400 pounds. Alex Grey was my account manager. He gave me a trade to do I made 60 quid. The next day his executive trader came on put 3 trades o. The board. Eth BTC and bch. All my capital to buy. Just when it peaked in August. I watched my ballance go down in the space ov a hour or two. I closed the trade £700 down. They did not phone me till the next day. And he did not say anything cas the price was still down. So then I said I will do this my self. I made back my money and a 1000 pound profit. Wanted to withdraw 500 they said yes OK. That night I was trading eth and my account froze with me in profit. The price continued to go down but not my platform. 232 to 214 was the final price. My account was still showing£ 6,32 profit, so I emailed them to withdraw all my funds. The next day they suspended my account. Saying I am trading within the 5 minutes rule. My 500pound they gave it me but the rest just sits in my account. They say they are getting back to me soon. Think I’m gonna contact my bank

  3. It seems I too have just fallen for this. Only a few hundred quid, which I realise is nothing compared to what some people have lost, but it’s still half my mortgage gone. I’m kicking myself, because I’m usually so careful with online things. I’ve never ever fallen for anything before and I feel very stupid, especially since I constantly tell my mum to be careful! I did, however, manage to get my bank to look into it. They can’t refund it (because I ‘authorised’ it) but they did tell me that the payment service these scammers used was a company called VoguePay. They request the amount in US dollars, apparently. I don’t know if this information will help anyone, but there it is, anyway. I’m going to try to contact VoguePay about it and see if there’s anything they can do (doubtful, but you never know: at the very least they might stop supporting these people). Banks are fairly good at straight forward fraud, but they can do little about scams such as this. I wish there was better protection, I really do.

    1. I can’t quite believe I’m saying this, but, I just got most of my money back! I contacted VoguePay via Twitter @VoguePay and explained the situation. I had looked these folks up before previously and was frankly convinced they would do nothing, as some of their reviews weren’t promising. But they said they would look into it and they did. They then said they knew what the company was and what they were up to and that they would refund me. Still skeptical, I checked my bank account and….there it was! It’s not the full amount: I’m down about £20 (I assume they take a fee for every transaction or something) but I am seriously so relieved and in shock: I never thought I’d see that money again. I STRONGLY suggest you all find out through your banks which company it was which these scammers used to transfer your money (it might be a different company to the one mine used) and CONTACT THEM DIRECTLY. If they find it’s a scam, they might refund you. It’s worth a shot.

    2. Contact FCA FINANCIAL CONDUCT AUTHORITY FIRST. In google u will find details. God only knows how many people have been scammed. I was contacted by them today. But I was wise enough with the mercy of God to search in google found out the fact! Hope u guys get ur money back. God bless

  4. HI Gem, I fell into the same trap and informed the payment company Netpay-intl. I had made the transaction just 2 hours ago. Hope i have some luck with this

  5. JUST STAY AWAY – These people may be shut down soon, but they are unlikely to face cross border justice as there is no such thing and scamming is not fraud. You are simply donating your money.

    Word to the unwary. I may know my own world well, but was fast and loose with setting up a crypto account, so basically an idiot. Within 20 mins I realised the site felt wrong, web searches revealed various horrors including nurses losing 25K.

    I put money in, as soon as I realised it attempted to pull it out. Pulling it out is of course not practically possible. Know your customer, anti-money laundering is a likely excuse, that is reasonable but a few iterations later its just a string to pull, and I have done all that stuff, their game is easy to spot but they have your cash if you jumped in. And also in the process of doing KYC they will have your passport, home address, utility bill and card pictures, which is simply dangerous.

    We can all get caught if we don’t pay attention. This is a non-fca regulated company called coinpro-exchange. Thus it appears they are operating illegally as a broker in the UK (something I should have checked), home company I found address in the Marshall Islands, Bulgaria and Cyprus. All impossible jurisdictions for UK law if you want your money back.

    I suspect their names are made up, Wade Grey lol, the aussie accent was distinct. But anyway have spent many hours with my bank fraud people and my banker trying to get them to first understand the seriousness of this (I realised within a few minutes), now they get it (and no its not about the money ‘donated’ but what can potentially happen from there). My main aim is to chop this off.

    Here I am anyway warning you guys, don’t be as daft as me. And if you are, just imagine the damage that can be done to you with your passport, card, and home address if I was so inclined? Spent several hours with my bank to ensure steps beyond the norm, don’t go through the same.

    If anyone knows anyone at the FCA who can fast track anything then let me know, and if anyone knows anyone with great skills re electronic and mobile comms and finding some undesirables then even better. The police have no interest of course and the FCA have no sting. But you never know.

  6. I just rang them…supposedly outside Cape town South Africa – spoke to Riley, account manager Wade Grey. We don’t believe names or anything else is real. If anyone can get a real address that would be helpful. On my side I changed cards and everything else on my bank’s advice.

    But names and addresses for scammers can make a huge difference. Lets stop it happening to others.

  7. Dear all,
    does anyone here know how to get anything back from them?
    I did invest a lot, they crashed my account, i brought it up to plus 165000 USD but unfortunately i did not read the terms and conditions of trades running below 5 minutes (which i think is illegal if noone did go through that in detail?).

  8. YEA ME TO PUT IN £300 SPOKE TO WADE GREY TRYING TO GET MONEY BACK ////////////////SCAM//////////////////SCAM///////////////////SCAM/////////////////

  9. Hi. Thanks for the information . I will try to get my money back that way. I opened an account 6 November – 1000usd. My “senior account manager” Analeah Adams talked me into an additional 2500usd – and continued to try to convince me on another 2000usd. “Just relax and I will keep an eye on your account. Don´t do anything yourself!” Luckily I stopped at 3500usd and lost it all in less than 48 hours. I called her when my balance was 50 % down. She replied “everything looks normal. Just relax and don´t do anything yourself”! After that I have written complaining emails to her and the company about this disastrous “advice and managing”. Now miss Adams is “so sorry that the market crashed down”…… but if I only trust her and add up new money she promise to make short positions for me so I will have the amount I lost back in 2 weeks????? I will contact my bank now and inform about this scam from Coinpro Exchange.

  10. I to have been scammed. I invested £9.5K and some reasonable trading I received a Coinpro bonus of £10K making their bonus greater than my investment and allowing them to impose a 20% withdrawal fee on my investment if I did not reach the Required Leverage Amount (RLA) . The RLA works likes this Bonus received £10K x 20,000 = 200 million divided by 4 = 50 million RLA
    My silver account leverage was 1-20 and therefore for each trade of £25K I would have traded 500,000 RLA multiplied by 100 trades to get to the 50 million RLA. I would therefore have to trade over £2.5 million in order to be able to receive any profits made and not pay the 20% fee on my investment. Which of course is utterly ridiculous and unachievable. At one time I had £50K in the account and closed it with £28K in the account received £7K so far. This is a total scam do not invest under any circumstances.

    1. I made a deposit of 1000 US , did not trade yet. I want to withdraw my money but they ask me to many details , like idd , credit card with signature , mailing address. Did anyone put that info on the site and got money back ?

      1. Update : as nobody replied back for this site i decided to give them CionPro full details of card and address. I did not do any trading , therefore not broke any rules and got refund within 2 days.
        Missing 70 dollars from the 1000 which is ok for me , since the value of the dollar goes up and down.
        So if you want your money back and you did not break any contract rules , go for it!!
        I will be having a great birthday party tomorrow now my mind is at ease.

        Cheers

      2. OMG!! how did I end up here. I’ve advised many people not to believe in these scammers and I fell in deep trouble with these coinpro guys. I was reading some news articles and happened to see a CNBC post where they said the author invested some money in to the singapore coin thorough CoinPro. I just didn’t care to verify any details because it was a CNBC article and just registered with many attempts to deposit money. finally, they made me to buy a bitcoin for which they promised to pay back the service fee of 10% I paid to exchange. So, far I have deposited 12500 AUD but have not started trading or even opened a trading account with them. All the money is just sitting in this CoinPro account.

        The manager I was talking to is LeeLevit and he’s gonna call me again today to open up a trading account. Can some one please suggest me a way to get back the money I have already transferred to this account ?

        1. Hi Sri , as i wrote before i did not do any trading also and got my refund.
          Just follow their rules by upload your copy driver license , credit card and a bank statement so they can verify its you.
          My copies where all in Thai , but all had my name on it.
          Be prepared to lose a little fee or exchange rate.
          I got 32.300 baht back within 2 days for the 35.000 bath which is 1000.- US , so i lost only 95 dollar but got the rest back. Good luck

        2. Hi, I had same experience with you but luckily I got all money back. My suggestion is following.,.
          1) call your bank to cancel credit card and issue new one for replacement. then request for fund withdraw from their platform and captured this screen as evidence. Write email to them that you want to cancel and stop investment with coinpro and also capture screen. Dont pick up phone call from coinpro due to they will use many tricks to convince you and ask you to share screen.
          2) find out which banking agent Coinpro hv used e.g. VoguePay or other service similar to VoguePay. You may find it from SMS on your phone. Please check immediately.
          3) Contact them directly and explain clearly that you were scammed in my case I contact them via tweeter
          4) they will ask your for some tracking data e.g. registered email, ref transaction number…
          5) ask this banking agent to refund money back because you were scammed
          6) if they found your record they will contact coinpro and ask for refund

          I have tried and successful with procedure above. It may take 3-4 weeks! but worth to do. Important thing is stop everything in their platform after sending withdraw request.

          Hope everyone good luck getting money back like me.

          Steve

  11. OMG!! how did I end up here. I’ve advised many people not to believe in these scammers and I fell in deep trouble with these coinpro guys. I was reading some news articles and happened to see a CNBC post where they said the author invested some money in to the singapore coin thorough CoinPro. I just didn’t care to verify any details because it was a CNBC article and just registered with many attempts to deposit money. finally, they made me to buy a bitcoin for which they promised to pay back the service fee of 10% I paid to exchange. So, far I have deposited 12500 AUD but have not started trading or even opened a trading account with them. All the money is just sitting in this CoinPro account.

    The manager I was talking to is LeeLevit and he’s gonna call me again today to open up a trading account. Can some one please suggest me a way to get back the money I have already transferred to this account ?

  12. Hi, I had same experience with you but luckily I got all money back. My suggestion is following.,.
    1) call your bank to cancel credit card and issue new one for replacement. then request for fund withdraw from their platform and captured this screen as evidence. Write email to them that you want to cancel and stop investment with coinpro and also capture screen. Dont pick up phone call from coinpro due to they will use many tricks to convince you and ask you to share screen.
    2) find out which banking agent Coinpro hv used e.g. VoguePay or other service similar to VoguePay. You may find it from SMS on your phone. Please check immediately.
    3) Contact them directly and explain clearly that you were scammed in my case I contact them via tweeter
    4) they will ask your for some tracking data e.g. registered email, ref transaction number…
    5) ask this banking agent to refund money back because you were scammed
    6) if they found your record they will contact coinpro and ask for refund

    I have tried and successful with procedure above. It may take 3-4 weeks! but worth to do. Important thing is stop everything in their platform after sending withdraw request.

    Hope everyone good luck getting money back like me.

    Steve

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