Cointeck is a cryptocurrency broker that claims to offer its clients a variety of features, including a user-friendly trading platform, competitive spreads, and high leverage. However, a closer look at Cointeck reveals that it is a scam broker that should be avoided at all costs.
Company Overview
Cointeck is a company that lets you trade CFDs and cryptocurrencies on the Forex market. CCLR Limited is in charge of Cointeck.io. There are terms and conditions on the website that say “CCLR Limited is registered in Estonia under the Companies Law and has a license to offer financial and crypto services.” It has the license number 14447182. Its main office is at 4 Parda St., 10.151 Tallinn, Harju County, downtown area.
Does Cointeck Have Any License?
No, Cointeck does not have any license from any financial authority. This means that it is operating illegally and is not subject to any oversight or regulation.
Is Cointeck Regulated By Any Authority?
No, Cointeck is not regulated by any financial authority. According to their claim of being regulated by the EFSA, we looked in the Estonian Financial Supervision Authority’s (EFSA) database but couldn’t find Cointeck’s license. You could say that’s the biggest issue with this brokerage.
Pros and Cons
Pros | Cons |
Wide range of cryptocurrencies to trade | Not regulated by any financial authority |
Competitive spreads and high leverage (claimed) | History of fraudulent activity, including manipulating prices and blocking withdrawals |
Poor reputation among traders |
How Does Cointeck Reach To Their Prey?
Cointeck uses a variety of methods to reach its prey, including:
- Cold calling: Cointeck cold calls potential customers and offers them free consultations or trading signals.
- Social media: Cointeck uses social media platforms, such as Twitter and Telegram, to promote its services and recruit new customers.
- Affiliate marketing: Cointeck partners with affiliate marketers who promote its services in exchange for a commission on each new customer.
Technical Details
Minimum Deposit:
The minimum deposit at Cointeck is $250. (Source: Cointeck review – Is cointeck.io scam or a good forex broker? (forexbrokerz.com))
Trading Platform:
Cointeck offers a web-based trading platform. The platform is user-friendly and easy to navigate. However, it has been known to glitch and freeze at times.
Spread:
The spread between BTC and USD was set at 75 USD in a demo account test. This is much wider than the gaps traders normally accept when they buy or sell bitcoins on a crypto exchange. Remember that the BTCUSD spread shouldn’t be more than 50 USD. (Source: https://www.forexbrokerz.com/brokers/cointeck-review#:~:text=Regulated%20Forex%20Brokers%3C%3C-,High%20spreads,-As%20tested%20with)
Leverages:
Cointeck did not publish any information about their leverage. This is quite susceptible.
Packages and Products They Offer
Cointeck offers a variety of packages and products, including:
Account type | Min. deposit | Max. leverage |
Basic Account | $250 | n/a |
Bronze Account | $1000 | n/a |
Silver Account | $2500 | n/a |
Gold Account | $10 000 | n/a |
Platinum Account | $25 000 | n/a |
Black Account | n/a | n/a |
Withdrawal and Deposit Method
Cointeck accepts deposits and withdrawals in a variety of cryptocurrencies. Withdrawals are typically processed within 24 hours.
What Do Their Previous Traders Say?
The vast majority of previous Cointeck traders have negative reviews. Traders complain about Cointeck manipulating prices, blocking withdrawals, and refusing to refund deposits.
Summing Up- Why Should Not You Trust Cointeck
There are many reasons why you should not trust Cointeck. Cointeck is a scam broker that is not regulated by any financial authority. It has a history of fraudulent activity and a poor reputation among traders. If you deposit money with Cointeck, you are at risk of losing it all.
If Bad Things Happen, Where Can You Get The Quick Solution?
If you have been scammed by Cointeck, there are a few things you can do:
- Contact your financial institution and report the scam.
- File a complaint with the financial regulator in your jurisdiction.
- Contact a recovery service that specializes in recovering funds from scam brokers.
You can also contact us to get a quick solution. We provide a free consultation call and recovery service recommendations to help you recover your lost funds.
File A Complaint Against Scam Broker's
Final Thoughts
Cointeck is a scam broker that should be avoided at all costs. If you are looking for a reputable cryptocurrency broker, there are many other options available. Be sure to do your research and choose a broker that is regulated by a financial authority and has a good reputation.
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