Heard of Shackecoins.com trading platform? Really want to find more details before choosing the broker? You can carefully read the Shackecoins reviews to know about this forex broker whether to use or not.
This post promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
Shackecoins FX otherwise known as Shackecoins.com is an offshore brokerage with a lot of promises for forex traders. The forex company claims to offer crypto investment services to their clients.
Further, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices.
What We Discovered about Shackecoins.com Regulation
First of, Shackecoins claims to be owned and operated by Simple Tech Inc with a registered address in Marshall Islands. What to know, the Marshall Islands is a nation where a forex brokerage can incorporate itself without having a physical presence on its territory, making it extremally easy for all sorts of shady players to open an online business.
The situation always gets worsen for unlicensed brokers when some institutions issue a warning against them. Another financial authority from the Canadian Securities Administrators (CSA) has blacklisted the broker for public to see. The CSA specifically states that the subject of such warnings is companies that appear to be engaging in securities activities that may pose a risk to investors.
Again, the broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These drawbacks are for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Does Shackecoins Have Account Types?
Shackecoins offers different account types such as Silver, Gold and Platinum. According to the account descriptions, the maximum leverage reaches 1:400 and a spread of 2.1 pips on EURUSD, 2.4 pips on GBPUSD, and 2.4 pips on USDJPY.
There is no information about the Shackecoins minimum deposit.
In contrast, you should better stay with a legitimate broker that clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
As for the funding methods, the broker accepts a restricted range of payment methods, limited to credit/debit cards.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Shackecoins Provides What Trading Software?
Shackecoins offers a web trading software. The platform comes with some basic tools and custom indicators but nothing more advanced.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Frankly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Shackecoins Licensing and Regulation
Like in any corporation, integrity is a key to uphold these days. It doesn’t matter if you make a lot of money but you can’t take it out. That is to say, exactly what is happening with non-licensed companies.
Having said that, it is not far from believing that Shackecoins.com is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Shackecoins FX located at Shackecoins.com appears like a trustworthy trading broker, however, you should not take the words they say and the attractive website layout. By all appearances, we would advise traders to steer clear from unlicensed brokers as they likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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