Beware of the MyCoin Banking broker – review

In this review we have a look at MyCoin Banking and examine whether it is a good idea to trade with this broker.

MyCoin Banking broker

MyCoin Banking reviewMycoin Banking offers a wide range of trading instruments and assets. You can trade currencies on Forex, stock indices, commodities, stocks and cryptocurrencies with it.

The broker doesn’t publicly say what is the minimum deposit to open a live account.

Stay away

The reason why you should not trade with Mycoin Banking simply is that this broker is not regulated. It is located in Saint Vincent and the Grenadines where the financial regulation is not comparable to what is the standard in the US, EU, Australia, Japan and other countries and markets.

When a broker is regulated, it means that it is supervised by an independent financial authority and that clients’ deposits are insured. Also, in case of problems you can ask the regulator for help.

Since Mycoin Banking is not regulated at all, nobody is controlling what it does and where it puts the money it gets from clients. If the broker fails or disappear, nobody will be able to help you and you will lose money that you had on your trading account.

Not to mention the standards for sensitive data protection, that again is on a certain level with regulated brokers but often questionable with those that are not licensed.

Illegal?

MyCoin Banking scamOne important thing to notice is that MyCoin Banking gives a UK support phone number, which suggest that it is offering its services in the UK, among other countries perhaps.

But since the broker is not regulated, it has no rights to solicit UK residents or residents of most other countries since they have regulations in pace that require brokers to be regulated.

It is very well possible that MyCoin Banking is breaking UK’s law by offering its services to its residents.

MyCoin Banking review conclusion

Mycoin Banking is a broker that is not regulated, therefore we recommend staying away from it.

For trading you should always use regulated brokers to have at least same basic level of protection.

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