Director: Ivan Dimitrov / Arvid ORM
The name “Storm” is appropriate for this merchant whom we are going to expose today. They destroyed the acquirers, payfacs, and bank like a STORM with whom they have dealt with previously.
Their activity and their financial crimes and irregularities are all over the Internet.
No financial regulation
Mcoinmarket is allegedly a brand of Zed Consult Ltd., a company operating out of in Bulgaria. The website of this broker also features the name of a Russian company – OOO «САМДАР», but mentions nothing whatsoever about regulation. And, according to the legislation in Bulgaria, CFD providers have to be authorized by the local Financial Supervision Commission (FSC), or a similar institution in another EU Member State. Needless to say, Zed Consult Ltd. is not licensed by the Bulgarian FSC, which makes this broker highly unreliable.
Furthermore, the company also operates another brokerage brand, XCoinBroker, and considering the plethora of negative user comments posted to our review, this is most likely a scam broker. So, our best advice is to stay away from both Mcoinmarket, XCoinBroker, and any other dubious broker operating illegally.
Trading conditions not clear, no demo accounts
On top of the lack of corporate regulation, the website of Mcoinmarket contains no information about spreads and that is another significant disadvantage of this broker. Furthermore, Mcoinmarket does not offer free testing service with “paper” money, so its pricing is not transparent at all.
“Scmamex” platform, no MetaTrader
Just like XCoinBroker, Mcoinmarket offers its services on an oversimplified web trading interface we have dubbed “Scamex”, as it is only used by shady unregulated brokers.
This trading solution lacks many of MetaTrader’s advanced features, such as the great charting and the automated trading options by the highly praised Expert Advisors.
So this company came to us through a reputed cashier platform, requesting a payment processing solution. Since the referer was deemed to be a trustworthy partner we thought the companies coming through them will be legitimate and we tried our level best to get them a solution and voila we were able to place them with one of our partners, only to be sorry afterward.
Within a week we started receiving complaints from their customers on a regular basis. A sample is attached below.
Our Risk team sent an email to the merchant requesting for KYC documents for the customers to authenticate the sale.
After repeated emails and deadlines to upload the required documentation which could establish the authenticity of the sales processed, finally we terminated the merchant.
Once they were terminated all the transactions were refunded and they were notified. And then the game of defamation on social media and internet started.
The forums were filled with quotes and intimidations.
THE BEST PART IS AFTER WE SENT THE TERMINATION EMAIL, WE GOT THEIR REPLY AND AS USUAL WHAT BETTER CAN YOU EXPECT FROM SUCH FRAUDSTERS……
WE DONT TELL STORIES, WE PRESENT FACTS FOR OUR READERS TO DECIDE FOR THEMSELVES……..