Blue Coin Trade claims to be a leading social trading platform in the world, offering a range of investment opportunities for traders. In our review, we will assess whether this broker lives up to its self-proclaimed status and investigate any indications of scam activities. Our aim is to provide an objective analysis and help traders make informed decisions based on factual information.
- Blue Coin Trade General Information
- Registration and Client Portal Review
- Blue Coin Trade Trading Conditions
- Account Types
- Trading Platform
- Blue Coin Trade — Deposit and Withdrawal of Funds
- Additional Options
- Is Blue Coin Trade a Scam?
- Legal Information and License
- Bluecointrade.com Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
Blue Coin Trade General Information
|Address||14 Woodlands Square Singapore 737716|
|Leverage||Up to 1:888|
Registration and Client Portal Review
The official website of Blue Coin Trade greets traders with the cliché images of skyscrapers on its homepage. There seems to be a lack of creativity or originality, as the only options for visual representation are either skyscrapers or generic financial charts. It appears that modern brokers are severely limited in their imagination when it comes to website design. However, we can at least appreciate the absence of animated characters.
Furthermore, the website is filled with excessive self-praise and boasts about being a leader in the industry. It seems that refraining from self-praise is not an option for them. It makes us wonder, if we were to gather all the brokers claiming to be industry leaders, how long would it take for them to start contradicting each other?
The registration process at Blue Coin Trade is no less remarkable than their website. Surprisingly, there is no registration form available on the platform. Traders can only log in, leaving no option for new users to create an account. This new approach of granting access to the client portal exclusively through invitations raises questions.
For those unfamiliar with this practice, let us explain that it is not considered a standard procedure. Reputable brokers have nothing to hide, and they do not hide the registration buttons or invent numerous requirements that traders must fulfill before gaining access to their personal accounts.
Blue Coin Trade Trading Conditions
We will now examine the platform’s purported leadership qualities to see if they hold true. We are genuinely curious to discover what unique offerings this broker provides to traders
Blue Coin Trade offers a minimalist approach when it comes to account types, providing only three options: Mini, Green, and Premium. The Mini account requires a deposit of $500 and grants a leverage of 1:888, along with a personal manager. The Green account, which requires a deposit of $5,000, offers similar features as the Mini account, with the addition of Skrill as a funding option alongside bank transfers and cards. The Premium account, with a deposit requirement of $10,000, doesn’t differ significantly from the Green account, except for a leverage ratio of 1:100.
It’s difficult for us to discern the purpose of introducing these account tiers, as the differences between them are not substantial.
Blue Coin Trade provides its clients with a range of trading platforms, including a web trader, mobile application, and desktop application. It’s important to note that these platforms are not proprietary developments by Blue Coin Trade itself but are provided by Easy Technologies. However, it’s worth mentioning that the performance and user experience of these platforms have received mixed reviews. Some traders have accused various brokers using this trading terminal of engaging in fraudulent activities. Therefore, we recommend approaching this platform without overly high expectations.
Blue Coin Trade — Deposit and Withdrawal of Funds
Blue Coin Trade allows users to fund their accounts through bank transfers or credit/debit cards. As mentioned earlier, Skrill is also available for certain account types. It is likely that the same methods can be used for withdrawals as well. However, the broker does not provide any information regarding the associated fees or commissions.
While we were unable to access the Blue Coin Trade’s client portal, we can provide a general overview of the verification process. Typically, the verification procedure involves submitting certain documents to confirm your identity and address. This may include providing a copy of your identification document, proof of residence, and possibly additional supporting documents. The broker will review the submitted documents and verify your account accordingly.
Among the additional services offered by Blue Coin Trade, the only notable feature is the provision of a daily analysis, which is available for all three account types. This analysis is offered free of charge, but there is limited information available regarding the broker’s research or forecasts. Therefore, it is challenging to assess the quality of the materials they provide.
Is Blue Coin Trade a Scam?
It is time for us to delve into the legality of the services provided by Blue Coin Trade. It appears to us that mere lofty promises will not suffice in this regard.
Legal Information and License
The leverage of up to 1:888 provided by Blue Coin Trade has indeed amused us. It seems that the employees of this company may have chosen this number simply because it is aesthetically pleasing. However, it is worth noting that in the majority of jurisdictions, brokers are prohibited from offering such high leverage to retail clients. Now, let’s take a look at the contact information, which includes a Singaporean address. This leads us to believe that the broker’s management company is registered in this jurisdiction. Although there is also a phone number listed for the United States, it is important to note that trading CFD contracts is explicitly prohibited in the US, making it impossible for Blue Coin Trade to operate legally in that country. This leaves us with Singapore as a potential jurisdiction. By the way, the fact that we have to rely on guesswork rather than finding all the necessary legal information readily available on the website already speaks volumes about the broker’s “transparency.”
All financial companies in Singapore are required to be listed in the ACRA registry. Additionally, brokers are expected to be regulated by the Monetary Authority of Singapore (MAS). To keep it brief, we have found no trace of Blue Coin Trade in either registry. Furthermore, it is highly unlikely that they would be listed, considering that such high leverage is not permitted in Singapore. In fact, registering with a legitimate Singaporean broker involves a complex and time-consuming process that can take up to two weeks. This procedure is openly acknowledged and accessible to anyone. In conclusion, it is evident that Blue Coin Trades is a true scam.
Bluecointrade.com Domain Info
Blue Coin Trade also fails to impress with its tenure in the industry. We conducted a domain check and discovered that it was registered on August 21, 2022. However, the broker actually commenced operations even later.
Among the provided contact details, the only non-fake information appears to be the email address. We have already established that Blue Coin Trade is not registered in Singapore. Now, we will present evidence of the phone number’s falseness. Not only does the area code belong to the United States, but the number is also registered to an individual. You can verify this information yourself by referring to the screenshot below.
Pros and Cons
- Fake legal data.
- No official registration.
- No license.
- Short lifespan.
- Fake contacts.
- Negative reviews.
Frequently Asked Questions (FAQ)
Blue Coin Trade claims to offer a range of trading services, including access to various financial markets and trading instruments. However, based on our findings and analysis, we cannot verify the legitimacy or reliability of these offerings.
Blue Coin Trade states that the minimum deposit amount is determined according to their trading conditions.
No, it is a fake broker engaging in fraudulent operations.