As a result of the crypto boom that is currently being experienced all across the globe, there have been hundreds of ‘get rich quick’ scams that sprung up in recent months. For example, we can now see a wide array of so called “automated trading systems” in the market. The creators of these platforms claim to make use of “advanced software coding” to help make sustainable profits (thereby luring in novice investors).

However, to stay away from such projects, we need to educate ourselves and learn some telltale signs that can help us make better decisions. For starters, to check for the legitimacy of a broker, we should see whether they have appropriate licensing or not. So for example, if the broker is based in the United Kingdom, they should be certified by the FCA, and if they are based in Australia, then they need to be validated by ASIC.

What Is Coin Bull?

Coinbull has been described as a “Cryptocurrency trading platform” which claims to deliver on many fronts including:

  • Customer Service: the company claims to deliver an excellent trader experience in terms of “security, features, user-friendliness, tools and education.” However, none of these claims are founded on any factual data.
  • Easy to Use: the company claims its interface is one of the most accessible in the market today, and can be used by novices and experts alike.

Signs To Be Wary Of

While all of the facts that are presented on the official company website may look really appealing at first sight, it should be understood that CoinBull is an “unlicensed service”. This basically means that, it is not running in accordance with official guidelines or laws, thereby making this service a potential scam. In addition to this, some of the other things that stand out include:

New To The Market:

All across the website, Coinbull claims to be delivering amazing exchange options for a long time. However, when we did some investigation of our own, we discovered that the domain name that the site is running under, has been registered only recently in July 2017.

No Details Of Founders:

Another sure shot sign which indicates something mucky is going on, is when a website does not provide any authority links. Coin Bull does not mention on their website any details regarding who the company is owned by. There are no names, no locations or any contact details that have been provided for us to get in touch with company representatives. All that is given is the following email address: [email protected]

What Claims Does Coin Bull Make?

Secure:

CoinBull uses a fully “web based” design that can offer CFD trading with a wide array of cryptocurrencies including Bitcoin, Litecoin, Dash, Ethereum, NXT, REP, ZEC and STR. In addition to this, there are “three account types” that we can choose from when we open our account.

Bonuses:

The company claims to provide its users with bonuses of up to 20%. This may look amazing, but on simple inspection of the “Terms and Conditions”, one can find that in order to keep reaping incentives “users are required to execute a minimum trading volume of 40 times for every $1 bonus”.

Other Important Details

Online Complaints: there are many blogs and discussion threads where users have come forth and claimed that withdrawing money from Coinbull is tough, and that bonuses are not delivered timely or are hard to obtain.

Unlicensed: as mentioned earlier, CoinBull is not a licensed broker and thus for people looking to make legitimate investments, they should consider some alternate means.

Coin Bull Conclusion

From all of the data that has been presented above, it becomes quite obvious that this service is not to be trusted completely. While certain short term gains can be obtained, due to a lack of specific details, there are many loopholes in this project. In closing, we would like to say that there are many other licensed trading platforms out there, and thus casual investors should go there rather than spending their money at Coinbull.

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6 COMMENTS

  1. Coinbull address 8 Copthall, Roseau Valley, 00152, Dominiica is the same address that Option League binary option broker was located at. Option League closed down and took all the customer money. Coinbull will do the same…

  2. I’ve found Coinbull to be very much legitimate and upstanding. They do every thing they say. No they aren’t going to magically make you rich like everyone thinks will happen as soon as you put $2 in your crypto currency of choice. They are a broker and they do that professionally with a much easier to use software than most competitors I might add.

  3. Coinbull has performed very well for me in my experience with them. Withdraws are quick and they are very supportive. I trust them and would recommend them.

  4. Be very very careful…I have been trading with coinbull for a few weeks and in that time some good profit has been made…however, the I then came under pressure to inject more funds into the account…I asked why? If I am making money from the initial investment why do I need to invest more? I then decided to test the site and tried to withdraw the funds from my account. At this point I discovered that I am not in control of the funds and that a representative from coinbull has to approve my withdrawal request. This is when the problems started and I warn anyone, don’t invest with coinbull, you are not in control of the funds. I was offered back my original investment but not the money I have made since trading. It is in my opinion a scam.

  5. Coinbull transferred with my help the money I had with Coinbase and then ask me for more money. I told them no that all I had they did not take no for answer. They try everything possible to get money from me.
    They got me to open account with BitBay, Coinmama . And scam my credit card for 7500.00 my limit. I got a call from VISA my card was flag for scam.!!!!! Is there a way to get my money back? I would appreciate any advice!

    Thank You.

  6. Hi i opened an account with coinbull on 2nd May 2018 i made deposit then broker force me to do another deposit of same ammount so i did €275 twice then total amount was €550. After that i did not hear anything from them then i start chaseing them by email and phone calls every time they said we are going to assign account manager to you he will help you then i got a call from account manager he said your account is small if you put more money in then i will help you other wise i will assign someone else to your account since then they assign 6 account managers everyone says same put more money in the account and did not help me. i made withdrawl requests several time but they are not approveing my withdrawl request. i am sending emails to support team and all account managers but no reply today is 8th July its over two months now but my mony shows in account they are not approving my withdrawl request its still in pandeing. its a big fraud company

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