Although External Coins presents itself as a trustworthy forex broker, the reality is that it lacks regulatory oversight, making it an erratic and possibly dangerous choice.
Therefore, before even thinking about making any investments with an unregulated company, it is wise to carry out a comprehensive assessment of them. When selecting a forex broker, your first concern should always be making sure your investments are safe and secure.
Even though External Coins states that it is based in the United Kingdom, it does not have a valid FX license to do business there.
The Financial Conduct Authority (FCA), a highly respected regulatory body in the United Kingdom, has issued a strong warning about External Coins, which is even more worrying. The FCA has designated External Coins as both an unlawful entity and a clone of an FCA-authorized organization, formally acknowledging External Coins’ fraudulent acts.
HOW EXTERNAL COINS WORKS
We tried to register a trading account with External Coins, but we ran into trouble because they required a Referral Code, which we were missing. This requirement contradicts the policies of respectable businesses, where registration is typically simple and painless.
Unquestionably, these opening requirements are exorbitant for an account with this dubious broker, especially in light of their total lack of trustworthiness and dependability. On the other hand, most respectable brokers usually just want a two hundred USD minimum deposit. This significant disparity in minimum deposit amounts draws attention to the possible dangers of using External Coins and raises questions about their motivations.
Although External Coins may claim to offer tight spreads, it’s critical for traders to realize that this does not justify ignoring the total lack of credibility surrounding this broker. It is important to take seriously the questions surrounding their regulatory position and validity.
Therefore, if you’re looking for brokers who keep a solid reputation while also offering competitive spreads, we highly advise looking into alternative choices from the list of reputable brokers mentioned above.
HOW TO GET YOUR MONEY BACK
Recovering money that has been scammed can be challenging, but taking prompt and appropriate actions can improve your chances. This steps may help you recover your money:
- If you made the payment using a credit card, contact your credit card company immediately.
- Report the scam, provide details of the transaction, and inquire about the possibility of a chargeback.
- Many credit card companies offer some level of fraud protection and may be able to reverse the transaction.
- Report to the Payment Service Provider:
- If the payment was made through a payment platform (e.g., PayPal), report the issue to the provider.
- Payment service providers often have dispute resolution mechanisms and may assist in recovering funds.
- File a Complaint with Law Enforcement:
- Report the scam to your local law enforcement agency.
- Provide all relevant information, including details of the scam, any communication with the scammer, and transaction records.
- you may also feel free to contact us crptoreviewz so that we may be of great help to get tour die hard money back.