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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11 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.

  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.

  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

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