The official owner of the company is CoinMENA B.S.C, with registration in Bahrain. Since 2019 they provide digital asset services worldwide. But to find out if they do that legitimately, you have to read our CoinMENA review carefully.
There are a few ways to determine if the company is legit. Even though you won’t find all the tricks in this review, you can check our 70Trades review to expand your knowledge.
| Regulated By: | BCB – Bahrain Central Bank |
| Is This Company Safe? | Possibly not |
| Known Websites: | Coinmena.com |
| Have Warnings From: | N/A |
| Registered In: | Bahrain |
| Operating Since: | 2019 |
| Trading Platforms: | N/A |
| Maximum Leverage: | N/A |
| Minimum Deposit: | N/A |
| Deposit Bonus: | Not available |
| Trading Assets: | Cryptos |
| Free Demo Account: | Not Available |
| How To Withdraw From This Company? | Considering their shady presentation you can expect potential issues regardless of their regulation. In such cases, you can contact our specialized team for further guidance on the refund. |
Legal Info: Is CoinMENA Legit?
CoinMENA owner is registered in Bahrain. Finally, Middle East citizens have Sharia-compliant and regulated entities.
In this case, CoinMENA is regulated by the Bahrain Central Bank. Generally, this brings some kind of comfort. However, not as much as Tier 1 licenses would do,such as, FCA, BaFin or ASIC. CoinMENA doesn’t have any.
Who Are CoinMENA’s Clients?
Since 2019 when the company registered, they were mainly active in the Middle East. However, they managed to reach out to some highly regulated countries. Some of their clients are coming from:
- UAE
- Bahrain
- Saudi Arabia
- Egypt
- United States
Knowing that they don’t hesitate to reach wherever they can, you shouldn’t either. Let us know about your experience with this company. But most importantly, if you need chargeback advice.
Traders Reviews
One of the worrying signs is the CoinMENA reviews. Only on Trustpilot, there are 7 comments and almost 60% of negative ones, mostly containing complaints about withdrawal issues. That tells you why Tier 1 regulations are crucial in the trading world.
Nevertheless, you can contact our team if you need guidance for a refund. After all, it’s your money that is gone.
Investment Costs With CoinMENA
Important to realize is that the CoinMENA exchange doesn’t reveal any investment costs, starting with minimum deposit, taker/maker fees or withdrawal fees.
Genuinely, that’s quite a strange thing considering their regulations. But we are not surprised since Bahrain Central Bank is not a Tier 1 ranked regulator.
Bonuses
Bonuses are often good option to motivate traders. Whether to deposit or trade more. But also, very often come with shady clauses. Luckily, the CoinMENA exchange doesn’t offer such features.
CoinMENA Trading Features
Many crypto exchanges play on the role of decentralized systems. Therefore, they have a backup for shady stories. In the case of CoinMENA Exchange, traders don’t have insight into their platform or trading conditions.
Available Trading Assets
Logically, the available assets are only cryptos. However, some exchanges can offer more than 100 assets. On the contrary, CoinMENA presents only a few. But it can’ be confirmed what exactly you can trade unless you register. Anyway, those are:
- Bitcoin
- Ethereum
- Litecoin
- Polygon
Account Types
Overall, exchanges motivate traders to trade or deposit more with better trading conditions. These are often separated through the account types. But with the CoinMENA exchange, every client gets the same condition and there are no account types.
Mobile Trading App
One of the leading signs of trusted exchanges is the mobile app. If the app is highly ranked on stores you can consider it safe. However, the CoinMENA crypto exchange doesn’t offer iOS or Android dedicated app.
Demo Account
Overall, crypto exchanges don’t offer a demo account. However, it would be a good practice considering many fake companies around. With a demo account, clients can see what features they can expect. Thus, CoinMENA doesn’t offer that transparent option.
Education
The only type of educational program, CoinMENA offers through their University and Blog. Yet, both provide only basic articles about investing. But if you were looking for live trading sessions or webinars, you’ll have to look elsewhere.
CoinMENA Withdrawal
In the first place, we have to mention that some traders reported insanely high CoinMENA withdrawal fees. On top of that, the company has to approve the withdrawal. These things can be quite complicated. Therefore, we suggest anyone to trade with highly trusted and strictly regulated companies.
After all, the CoinMENA exchange doesn’t have fully transparent withdrawal policies and fees. This is quite an unusual thing for licensed companies. But that tells you how strict their regulation is.
Customer Support
Another potential warning sign is CoinMENA contact options. In fact, the only way you can reach out to them is through the web form. Also, there are social media accounts on FB, LinkedIn, Twitter and Instagram. Thus, those are not official contact channels.
Key Information To Consider About CoinMENA?
In the first place, the company can’t be compared to the industry-leading exchanges. They are not listed on CoinMarketCap. But also, they don’t provide daily trading volume. Which is a key sign of how trustworthy the exchange is. Not to mention numerous traders reporting withdrawal issues with the company.
To avoid any irregularities, the best option is to stick with trusted and strictly regulated companies. But if you had any issues with this one, please contact us. Our specialized team can go through your case and present you the best solutions. Sometimes, it’s very simple. Get in touch today to find out more!
FAQ Section
What Is CoinMENA?
CoinMENA is a regulated crypto exchange coming from Bahrain operating since 2019.
Is CoinMENA Legit?
Indeed, the company is legit and operates with a license from the Bahrain Central Bank. However, some traders still report issues with this company.
How Much Are The Deposit Fees In CoinMENA?
In fact, the company doesn’t reveal any deposit or withdrawal fees. In any case, if you experience some trouble don’t hesitate to contact our team for advice.
