Are you looking for a cryptocurrency broker? If, yes, then the first thing you need to ensure is that you go for a legitimate and regulated broker. Now, the problem is that is there is a wide range of crypto trading brokers available in the market. However, you need to use your discretion before making your pick.
We will just explore one of the brokers here that are known as Coinspace.
- The initial impression of the Coinspace site
- The regulation issue
- The missing demo option
- The policy concerns
- Is Coinspace.eu Legit or a Scam?
When you are about to select a crypto trading broker, then the first thing you do is visit the site. Most traders are keen to get information about the people who operate the broker. The reason is that when you know the team that you develop a comfort zone regarding your choice.
Well, when you visit the Coinspace site, you will find the about us page, but it does not have any information about the people who operate the site, so that makes you sceptical.
Another problem with Coinspace is that it is not regulated. Initially, it was assumed that Coinspace got its regulation from MFSA, but that is not the case for sure. We suggest that you should have a good look at the image below where MFSA announces that Coinspace is not registered with it.
Now, when you click the Join Now Button on the site, then a new page opens up. Well, if you think things will get smooth here, then you are in for a surprise. The minute you click on the landing page you will realize that the site is not secure so this is something to worry about. There are two options that you see on the screen here.
One is Japan, and one is International. When you click on the International option, you get diverted to a sign-up. There is no option here that allows you to open a demo account with the platform.
When the demo account is available, then you can try the platform with ease and convenience, but that does not happen here.
You will also notice the fact that the policies are unclear. When you go through the Coinspace policies and procedures, you will know that this platform readily allows the members to purchase Coinspace products from other Affiliate members.
The below-mentioned text is acquired directly from the Coinspace site
“There is no requirement to enroll in the Compensation Plan or commit to a minimum order to purchase COINSPACE products. Customers may purchase COINSPACE products directly from Independent Member Affiliates, by placing an order through an Affiliate’s replicated website.”
It is never a smart move in any situation to encourage the practice mentioned above. If you start to deal with the affiliates, there are chances that you will have to deal with frauds. The platform needs to take ownership of the members.
Apart from this, there are some other things to get concerned about. Coinspace does not have the email address on its site. Every platform has an official email address, and this is important information that is missing.
The discussion mentioned above shows one thing clearly, and that is there are many doubts and shady areas related to Coinspace. We suggest that you avoid this broker in the first place and think along the lines of opting for regulated options.