Coinlocally
Pros and Cons
Pros
- Trading instruments: Forex, crypto, metals, indices, energies, equities, ETFs
- Leverage up to 1:1000
- Minimum deposit requirement as low as $50
- Trading platforms: Web-based, MT5, and Meta Mobile Trader
- 24/7 customer support availability
Cons
- No valid regulatory oversight
- Restricted access for US clients
- Limited educational resources available
- High spreads on certain instruments
- Outdated trading platform interface
Basic Information
User Reviews
Coinlocally Overview
Coinlocally is a forex broker founded in 2023 and headquartered in Armenia. As an unregulated broker, it currently lacks oversight from recognized financial authorities, which may raise concerns for potential investors regarding safety and security. Due to its unregulated status, traders are advised to proceed with caution and be aware of the inherent risks involved in trading with Coinlocally.
Is Coinlocally Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| No Regulation | Armenia | No protection measures |
Is Coinlocally Regulated and How Are Client Funds Protected?
Coinlocally is currently not regulated by any recognized financial authority. This lack of regulation poses significant risks to investors, as there are no formal mechanisms in place to protect client funds. Unregulated brokers often do not provide investor protection, making it easier for fraudulent activities to occur. As such, potential clients should be cautious when considering trading with Coinlocally, as the absence of oversight may lead to higher risks and potential loss of funds.
Trading Products and Services
What trading instruments does Coinlocally offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, Major & Minor Pairs | Many |
| Commodities | Gold, Oil | Varies |
| Indices | S&P 500, NASDAQ | Many |
| Stocks | US (e.g. Apple, Tesla), UK (e.g. BP, Vodafone) | Varies |
| Cryptocurrencies | BTC, ETH, XRP, LTC | Many |
Coinlocally offers a diverse range of trading instruments across several asset categories, catering to the varying needs of traders, from beginners to professionals. With access to Forex, commodities, indices, stocks, and cryptocurrencies, users can create flexible trading strategies and diversify their portfolios. This broad spectrum of products allows traders to adapt their approaches based on market conditions and personal investment goals. The inclusion of well-known assets like major currency pairs and popular cryptocurrencies ensures that both new and experienced traders have ample opportunities to engage in the markets effectively.
Account Types and Trading Conditions
What Account Types and Fees Does Coinlocally Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Standard Account | Beginner traders | Low minimum deposit, floating spreads from 0.0 pips | Suitable for small-capital practice |
| VIP Account | Experienced traders | Enhanced features, lower commission rates | Requires higher initial investment |
| Crypto Pro Account | Crypto enthusiasts | Specialized for cryptocurrency trading | Minimum deposit of $50 |
| ProCent Account | New traders | Micro trading options | Temporarily unavailable |
| ZCA Account | Corporate clients | Custom services and enhanced features | Requires corporate documentation, temporarily unavailable |
| Demo Account | All traders | Practice trading with virtual funds | Ideal for testing strategies without risk |
Account Opening Process
To open an account with Coinlocally, prospective traders must follow a straightforward process. First, individuals need to provide personal information, including their name, email address, and phone number. Next, employment details and financial information will be required to assess the trader’s suitability. Identity verification is crucial; thus, users must submit a government-issued ID and proof of address. It’s also worth noting that Coinlocally allows flexibility in account management, where traders can upgrade their accounts from a standard to a professional level as their trading experience and volume increase.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $0.0028 per lot | Tight spreads for major pairs |
| Forex (GBP/USD) | 0.9 | $0.0028 per lot | Competitive rates for trading |
| CFDs (S&P 500) | 1.5 | $0.01 per lot | Standard commission structure |
| CFDs (Gold) | 0.5 | $0.01 per lot | Attractive for commodity traders |
| Cryptos (BTC/USD) | 1.0% | 0.1% | Variable depending on market conditions |
Other Fees
It is essential for traders to be aware of additional fees that may apply. Coinlocally does not charge any deposit or withdrawal fees, making it accessible for traders. However, an inactivity fee may apply if an account remains dormant for an extended period. Traders should also be mindful of platform usage fees, if applicable, and overnight interest charges (swap rates) for holding positions overnight. Additionally, currency conversion fees may be incurred when trading in different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does Coinlocally Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MT5 | Windows, macOS | 2FA, symbol lookup, multiple order types, price alerts, technical indicators | Demo account, API interfaces |
| Web Version | Windows, macOS, iOS, Android | Encryption, symbol lookup, one-click trading, push notifications | Demo account |
| Mobile App | iOS, Android | Biometric login, market search, push notifications | Demo account |
The MT5 platform is suitable for advanced traders, offering extensive tools and features for market analysis and trade execution. The web version ensures accessibility across devices, facilitating trading from anywhere with internet connectivity. The mobile app provides convenient trading capabilities, secure logins, and real-time alerts, allowing users to manage their trades effectively while on the move.
Coinlocally supports mobile trading with a dedicated app, ensuring fast order execution and efficient market search tools. The emphasis on secure logins across platforms enhances user trust and data protection.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| SEPA Transfer | 1-2 business days | No platform fee, 0.5% bank charge | Min 100, Max 25k/day | EUR, USD |
| GrabPay | Instant | No platform fee, 1.2% processing fee | Min 50, Max 10k/day | SGD, MYR |
| SPEI | Instant | No platform fee | Min 100, Max 15k/day | MXN, USD |
| Credit/Debit Card | Instant | No platform fee, 2.5% card charge | Min 50, Max 20k/day | USD, EUR |
Minimum Deposit
Coinlocally requires a minimum deposit of $50 across most payment methods. However, this minimum may vary based on the account type and regional regulations, with certain methods like SEPA allowing a higher minimum of $100.
How to Withdraw
To withdraw funds from your Coinlocally account, follow these steps:
- Log in to your Coinlocally account.
- Navigate to the ‘Withdraw’ section of your account dashboard.
- Select your preferred withdrawal method from the available options.
- Enter the amount you wish to withdraw, ensuring it meets the minimum and maximum limits.
- Confirm your withdrawal request and review any applicable fees.
- Submit the request. You will receive a confirmation email once processed.
Customer Support
Coinlocally Customer Support Overview
Support Channels
Coinlocally offers a variety of contact methods to ensure effective customer support. Users can reach out via:
- Email: Customers can email their inquiries to support@coinlocally.forex.
- Live Chat: For immediate assistance, the live chat feature is available on their website.
- Telephone: Users can contact Coinlocally at +374 10239997 for direct support.
- Social Media: Coinlocally is active on various platforms, providing support through channels like Telegram, Instagram, Pinterest, and X.
Service Availability
Coinlocally provides customer support 24/7, ensuring that help is available around the clock. Furthermore, multilingual support is offered, catering to a diverse clientele, with support available in English and several other languages.
Additional Resources
To enhance user experience and knowledge, Coinlocally provides a range of educational resources, including:
- Video tutorials
- Webinars
- Market analysis
- Trading signals
These resources are designed to empower users and help them make informed trading decisions.
Frequently Asked Questions
Coinlocally is currently not regulated by any financial authority. This means that the broker does not have to adhere to specific compliance standards that regulated brokers must follow, which can lead to higher risks for traders. It is essential to conduct thorough research and consider this factor when choosing to trade with Coinlocally.
Coinlocally offers trading with leverage up to 1:1000 and spreads starting from 0.0 pips. The minimum deposit requirement is $50, and the platform supports trading in various instruments, including forex, cryptocurrencies, metals, indices, energies, equities, and ETFs.
While Coinlocally offers various deposit and withdrawal methods, including cryptocurrencies and major credit cards, it does not provide specific information on fund protection measures. As there is no regulation, traders should be cautious and consider potential risks associated with fund security.
Coinlocally provides 24/7 customer support through multiple channels, including live chat, email at support@coinlocally.forex, and phone at +374 10239997. They also maintain a presence on social media platforms like Telegram and Instagram for additional support.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.