The availability of the Internet allows each person to become a participant of exchange trading platform Forex. Thanks to the promoted brand and promises of high incomes, potential traders fly to this online resource like moths to the flame. And they often fall under the influence of fraudulent pseudo-brokers. Despite the abundance of information about the scammers, gullible traders still believe the scam brokers in 2021.
To reduce the number of defrauded traders as quickly as possible, we conduct analyses, check data on the defrauding brokers and identify dishonest companies on the market. Regular updating of the "blacklists" and honest reviews will help online traders to avoid scammers and keep their money.
Since there is enough information and warnings on the Internet about how to avoid cooperation with the fraudulent brokers, the swindlers invent various ways of attracting new traders. We devote this review to the broker Trading Coast and tell you about the tricks used by the fraudulent company to lure as much money as possible from trusting traders.
Types of trading accounts offered by broker Trading Coast
On the page of the company you will find the section "Types of accounts".
The broker offers general information on trading conditions and account types. Participants can choose from a variety of financial plans with a wide range of minimum investment amounts ($250-10,000).
In spite of loud statements (300+ financial instruments, wide range of currencies, bonuses up to 70%, etc.), unfortunately this section is not very informative. Especially for the newbies. But an experienced trader immediately points out the things that the broker prefers not to write about directly. So, the amount of the trader's minimum capital required to start trading operations should be equal to 250 USD. In fact it means that the Trading Coast broker has intermediaries specializing in the processing of non-trading transactions. It means that they control the deposit and withdrawal process.
For the clients of the company this fact will turn out to be impossible to issue a refund in a compulsory order (in accordance with the guarantees of the International Payment System (IPS)). The reason is banal: the user simply has no documentary confirmation of the fact of a money transfer to the company, everything is done by an intermediary (and probably more than one).
Trading coast trading conditions
At first glance, cooperation with a broker does not seem risky. And the truth, the "admission ticket" price is relatively low, the registration of the trading account from the phone is almost instant, a package of documents is not required, nobody warns about the risks (except for the small print at the bottom of the main page on the official company website. How many people read it?)
The Trading Coast broker offers its traders a leverage of 1:50, promising high profitability even with minimal volatility. The scammer is deceiving: In fact, even small fluctuations in the exchange rate of the base currency can lead to the loss of the full amount of investment, because trades go with leverage.
Let us elaborate. Just a simple mathematical calculation. Trading Coast provides $50 for every $1 of its client. Then, with the amount of, say, 2,000 of his own dollars, he can make a trade for 100,000, and the growth of potential profit and loss is proportional.
It is important for potential traders to pay attention to the fact that the website has information about leverage, however, the broker forgot to mention the margin requirements and contract specifications. What could be the reason? It shows priorities and goals of the company's activity. Every experienced trader understands that high margin requirements may force a trader to close his/her positions and fix losses on a regular basis. Trading Coast brokers are first of all interested in cooperation with inexperienced, beginning traders, who are not yet aware of the importance of the information about these positions and how it can affect their financial situation.
You have to find it out for yourself.
In fact Trading Coast offers cooperation in a number of popular directions.
The picture is traditional for the scam brokers who want to cover all possible areas of trading where it is possible to swindle traders out of more money.
The information in each section is presented vaguely. The broker deliberately does not stop at describing specific conditions - each section is filled with a description of the advantages of the Forex site, advertising the Trading Coast educational center, as well as attractive promises and tales of "air castles". It's as if the scammers aren't describing a specific job, but simply selling the dream of easy-access riches.
Trading Coast claims to be associated with stock market trading?
It's a lie. As traders know, CFDs and Forex currency pairs are derivative financial instruments. Every trading operation on the stock market is carried out with securities, and this is the method of actual buying/selling.
What about the amount of commissions? Or rather about the income of the broker. As a rule, the company's profit comes from the commission fees. Trading Coast doesn't mention any commissions for trading transactions at all in the corresponding sections of its official website.
Certainly, at first sight it is great for the trader, but what hides behind such "kindness". It looks like a conflict of interest. For the client, it may mean the absence of guarantees of funds security when working with Trading Coast.
Trading Coast Licenses
As usual for swindlers, the Trading Coast broker did not provide any screenshots of the licenses, certificates and other documents that regulate the trading activity.
Even in the corresponding section there is only a description of conditions.
By the way, the site is presented in two languages - Russian and English. However, for Russian-speaking traders the information on legal documents is presented only in English.
What is this? Another trick of the swindler, a tactical move calculated that this section will be skipped by the user and he/she will be able to rob with impunity?
And what will an in-depth document check reveal? Let's turn to the UK financial regulator (that's where the company's office is listed).
As you can see, this is clearly not our case. It turns out that the hero of our review is just another crook who works illegally. Although the section "About Us" mentions the presence of documents, this is yet another lie, as we have already seen.
Trading Coast reviews online.
At first we were surprised that the main search engines Google and Yahoo do not have a single review for Trading Coast. What we have instead: the official site and a couple of reviews in Russian presented on third-party resources. Of course, they are advertising and praising the broker.
By the way, the broker has not even 400 subscribers on the official Facebook page (and this is the leader of the world trading industry!).
So, since the question about the lack of reviews of real traders (or even custom reviews) still puzzled us, we decided to look into it.
In the section "About us" on the official website of the company the broker presents itself as a company which is one of the leading trading brokers in the world. Familiarity with this information raises suspicions about the honesty of this broker. The scammer doesn't hesitate to place an advertisement on the official website, the information in which is not just to praise himself, but to deliberately offer users a 100% deception.
Let's explain our position. How long do you think it takes for one of the hundreds of online companies to reach the world's top brokers?
Trading Coast broker has its own point of view. As the check through the service WhoIs, where the information about the registration data of the owners of domain names, IP-addresses and offline systems is available - it is only a few weeks.
This fact explains the lack of mentions of Trading Coast on the Internet. And it also may be the evidence that the broker has made a new domain registration and started his scams "from scratch" by choosing a new name.
Safety and security of funds with Trading Coast
Mentioning of trust and honesty is an abstract promise, not confirmed by facts. Usually these characteristics are emphasized by dubious organizations.
On the website, the broker promises traders safety of trading, reliable protection of data and accounts.
In reality, the scheme of the scammer is typical for the majority of financial internet scammers in the field of trading. In fact, the company makes a profit without allowing traders to earn more than the minimum, which serves more as bait for gullible traders. And if anything, the user's account will simply be blocked and only the broker will have access to the money.
As a result, the trader is left without the earned money and the start-up capital (which is at least $250, as you remember). As for the broker - he is always a lucky winner.
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Trading Coast is another scammer in the sphere of online trading. This disappointing conclusion is based on the following factors:
- the analysis of incomplete and sometimes deliberately hidden information on the broker's official website;
- verification of official data on the regulators' websites;
- assessment of broker's presence in the Internet.
This means that the rights of a trader who decides to cooperate with a Forex broker Trading Coast are absolutely unprotected. Don't look at the beautiful website, don't trust unsubstantiated promises. Check the facts and read honest reviews.We would strongly recommend not to trust the money to this scam!