One of the first things you will notice about this firm is its low transparency, especially about legal information, registration, and license details. Fairly, that’s already a hint that you should not trust them.
On the positive side, one thing can drastically change the situation. It’s a trusted license. So, let’s find out in this Krakcoin review if they have them and if your money is safe in their hands.
| Regulated By: | No Regulations |
| Is This Company Safe? | No |
| Known Websites: | |
| Have Warnings From: | CNMV, FSMA, IOSCO, FSC |
| Registered In: | Cyprus (allegedly) |
| Operating Since: | 2024 |
| Trading Platforms: | WebTrader |
| Maximum Leverage: | N/A |
| Minimum Deposit: | $250 |
| Deposit Bonus: | N/A |
| Trading Assets: | Forex, indices, shares, commodities |
| Free Demo Account: | Not Available |
| How To Withdraw From This Company? | Withdrawing funds from this brokerage is mission impossible considering all the warnings against them. We recommend you apply for a refund immediately and if you don’t know how, reach out to our team for detailed guidance. |
Legal Info: Is Krakcoin Legit Or A Scam?
If you want to trade with top-tier licensed firms, you choose one with FCA, BaFin, ASIC, or CFTC licenses. Of course, there are a few other regulators of a kind. Sadly, this brokerage doesn’t have any of those. Neither do they have a license issued by domestic CySEC. Consequently, all the company’s promotions, advertisements, trading conditions, and security measures become questionable, especially since they lie to traders about registration in 2018.
It appears the company’s domain was registered just three months ago. To be honest, if they were operating since 2018 there would be at least some Krakcoin reviews available. Lastly, but most importantly, there are numerous warnings from regulators starting with CNMV, FSMA, IOSCO, and FSC.
Who Are Krakcoin’s Victims?
Usually, unregulated brokers tend to target countries with a higher percentage of wealthy citizens. But they forget they don’t have authorization to do so. In this case, from countries like:
- Italy
- Spain
- United Kingdom
- Switzerland
With this in mind, you should make sure to learn as much about trading firms as you can. We can help you with our honest Vkkcoin and Xetracoin reviews. But also with refund assistance if you become a victim of any of these manipulative companies.
Leverage, Commissions, Spreads, Fees and Taxes
Krakcoin broker mostly hides their trading conditions, starting with fees, commissions, and, most importantly, leverage. Even in Cyprus, the maximum allowed leverage for retail traders is 1:30. So, if you get any higher than that, you can bet you are getting scammed.
At least, the company presents us with some spreads, starting with 0.2 pips for major forex pairs. Thus, with misleading details about the registration date, can you truly trust it?
Bonuses
One of the rarely positive things with Krakcoin trading company is a lack of welcome bonuses. At least you won’t have to worry about cheesy requirements and withdrawal limitations.
Krakcoin Trading Features
What the company advertises as advanced trading is the basic functionality for some. Such options include real-time depth charts, order books, trade history, and easy-to-use charting tools. Fairly, there’s nothing advanced in there. So, you can forget about any truly useful options like social and copy trading, EAs, etc.
Trading Platforms Available
In addition to quite poor features, traders should be prepared for manipulation. Without trusted third-party apps like cTrader or Meta Trader, it’s hard to believe the Krakcoin Forex broker.
First of all, the company’s platform is web-based, and that’s already a sign to stay away from it. Secondly, it can be controlled by the company’s agents. Therefore, a perfect soil for a trading scam is set.
Available Trading Assets
As can be seen from the presentation, the Krakcoin platform doesn’t offer crypto trading. However, they highly promote Kraken crypto exchange, which also sponsors the Williams F1 team. After all, they might be using it to transfer money from traders to their pockets.
Anyway, available trading assets are:
- Forex – USD/JPY, EUR/NOK
- Commodities – crude oil, copper
- Shares – AMD, BMW
- Indices – DAX30, ASX200
Account Types
Sadly, the company’s accounts don’t reveal much of benefits for clients. If you deposit more money, you can only expect private monthly sessions with analysts, weekly market reviews, smart money management plans, and other fictive features. None of these accounts include lower fees, commissions, or any other financial benefit.
However, if you decide to continue, you can opt between:
- Basic – $2.500
- Silver – $10.000
- Gold – $25.000
On top of that, the company claims to have a low minimum requirement of $250. For licensed firms, a low minimum means $10. Keep that in mind.
Mobile Trading App
Another problem is the Krakcoin app. Or to be precise, the lack of it. If you prefer trading on your iOS or Android devices, prepare your nerves. Without optimized platform you can only expect issues.
Demo Account
If the company was operating any close to legitimately, they would also offer a demo account. Unfortunately, that’s not the case, primarily because they want to keep their secrets hidden for as long as possible.
Education
If you want proper education, you should always stick to top-tier licensed firms. Even though the company advertises advanced educational tutorials, it’s most likely as advanced as its poor platform.
Krakcoin Withdrawal
One of the positive things about this firm is the zero-commission withdrawal policy. All withdrawals should be processed within 5 business days.
However, if the company requires more documents from a client, it may take longer. Nevertheless, withdrawal methods can be bank transfers, card transfers, or UnionPay. Thus, this company is obviously a scam. So, all of these details are subject to change.
Be careful if they require you to pay them some non-existent fees or taxes. But also, don’t be surprised if your Krakcoin login details suddenly stop working.
Customer Support
Another issue with this company is its customer support. They don’t reveal any working hours. So, you can only hope they will respond quickly if you have any issues.
Even though live chat and phone numbers are available, you can’t rely much on those. Not to mention e-mail and web contact forms that can be ignored completely.
Key Information To Consider About Krakcoin
The biggest concerns with this company are the Krakcoin withdrawal procedure, lack of licenses, and issued warnings. Consequently, getting funds stuck with them is the most likely option.
However, if you reach out to our refund team, you might find out how to recover it from such companies. Most importantly, the first consultation is completely free and non-obligatory. Book yours right away.
FAQ Section
What is Krakcoin?
Krakoin is a trading firm allegedly registered in Cyprus that has been offering its services since 2024 and not 2018 as they claim.
Is Krakcoin Legit?
Absolutely not. The company is not regulated in Cyprus or anywhere else. On top of that, a few regulators issued a warning against this company.
How to Recover Money from a Financial Fraud?
Since the company highly promotes cryptocurrencies, you should learn more about CipherTrace’s capabilities. For a step-by-step guide, reach our refund experts.
Source:
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