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Blue Coin Trade Review | Is It a Scam Scheme or a Legitimate Company?

by Kevin Berry
Rating: 
  1/5   Reviews: 3
Blue Coin Trade - logo

The Singapore-based broker, Blue Coin Trade, is offering CDC trading with the advantage of leverage. They confidently claim to be a leading social trading platform, boasting licenses, regulations, more than 30 awards, and a client base exceeding 1000 individuals from regions of Europe, Asia, and America. Nonetheless, it’s crucial not to take such claims at face value. Reviews about this organization vary, and the official website appears highly suspicious. We’re tasked with discerning whether it’s a scam scheme or a legitimate company.

Highlights

🏛️ Country Singapore
⚠️ Regulation
🖥️ Website https://www.bluecointrade.com/
🎲 Demo Account No
⏳ Start Time 2022
💲 Minimum Deposit $500
⚖️ Minimum and Maximum Leverage 1:100-1:888
⚙️ Trading Platform EasyTrader
📨 E-mail support@bluecointrade.com
📞 Phone +1-987-654-1234

First Impression of Bluecointrade.com

Informativeness and usefulness are not hallmarks of Blue Coin Trade’s official website. Most are accustomed to encountering websites with expansive sections covering trading terms, platform details, and supplementary services, but this site falls short. What’s present is merely some general company info, devoid of specifics, contact details, and a user agreement document. Some terms are briefly touched upon on the site’s homepage. It seems as if the scammers didn’t invest much effort into building a polished website.

Blue Coin Trade - site

The design and layout of the website appear templated. Similar sites, blatantly owned by scammers, have come under our radar before. Blue Coin Trade seems to fall in the same bracket. The backdrop features a prominent urban skyline, supplemented with images of suited individuals on phones, giving off a business-savvy vibe. The broker’s site was crafted with a “don’t care about quality” mindset. Calling it comprehensive, professional, or informative would be silly.

Partnership and Bonuses

Blue Coin Trade remains silent on its affiliate programs or any bonus. Notably, the user agreement doesn’t touch on these aspects either. It took us aback because brokers of this kind often entice clients with various bonuses, setting them up in disadvantageous positions since bonus funds typically carry specific conditions. However, it might be that the company offers a deposit bonus at the time of account funding.

Account Opening on Bluecointrade.com

There were some challenges in setting up an account with Blue Coin Trade. The site lacks a clear registration option. While a ‘Login’ feature is present, the ‘Sign up’ button is nowhere to be found. The registration process remains a mystery. Perhaps assistance from the managers is needed? This approach is bewildering. Moreover, they don’t offer a demo trading mode.

Verification

Blue Coin Trade doesn’t provide specifics regarding its verification procedure. However, one can assume that this procedure is mandatory and standard. The firm likely demands two primary documents: one for identity confirmation and another to verify the residential address. If a bank card is the chosen deposit method, a photo or scanned copy might be requested, along with additional audio or video verification.

Pros
  • None.
Cons
  • Do not disclose information without pre-registration.

Trading Software

Blue Coin Trade operates on the EasyTrader platform, developed by Easy Technologies Software S.R.L. This platform is versatile, allowing access via any web browser or through its smartphone application, available in both the Play Market and AppStore. It boasts essential features like basic indicators, technical analysis tools, market and limit order options, as well as alerts. However, it notably lacks functionalities like auto-trading, copy trading, and advanced tools including market depth and open interest.

EasyTrader is not popular among traders. It’s a lesser-known, limited-capability platform. The user ratings tell a similar story; the Play Market is rife with critical reviews. People complain about frequent software glitches and some label the creators as scammers and fraudsters.

Features Blue Coin Trade London Bridge Cap  OnyxTraders
Demo Account
Mobile App ✔️
Own Development

How Can I Trade With Blue Coin Trade?

Blue Coin Trade offers CDC trading. We realized that it is an analog of CFD. The trader’s deposit is protected by negative protection, the number of assets is more than 50, technical support is 24/5, there is help from a personal account manager, order execution is instant, and spreads are variable.

All Info About Accounts

At Blue Coin Trade, you’re presented with three account options, each with its quirks. The first tier, with a huge deposit of $500, allows for an unusually high leverage of up to 1:888 and trades in lots from 0.01. The next step demands a substantial $5,000 deposit for a 1:200 leverage and 1 lot trade sizes. If you’re considering the top tier, be prepared to part with at least $10,000. Interestingly, its leverage is restricted to just 1:100, but they do throw in an advanced personal manager.

Account types

A pressing question emerges: what distinguishes these rates from one another? Why even consider the “Green” tariff when the “Mini” offers identical terms? Also, why shroud the spreads and commission sizes in secrecy? A potential client would like to know in advance what spreads and commissions they’ll be dealing with. The 1:888 leverage also raises eyebrows, suggesting that Blue Coin Trade might be operating without the necessary licenses. Had they been appropriately licensed, regulators would have likely reprimanded them for such excessive leverage by now.

In summing up Blue Coin Trade, their trading terms and account structures appear murky, convoluted, and monotonous. Demanding a $500 initial deposit strikes as quite hefty, especially when juxtaposed with established brokerages that enable trading for as little as $10. Not a word about the cent tariff, nor the Islamic account.

Pros
  • None.
Cons
  • The types of accounts do not differ significantly from each other.
  • The Islamic account is not mentioned.
  • Demo, cent account types are absent.
  • High minimum deposit.
  • Important parameters of trading conditions are hidden; for example, spreads and commissions.

Market Analysis and Education With Bluecointrade.com

Blue Coin Trade offers all its clients a free daily market analysis. Unfortunately, we cannot verify its quality. There’s also an available table with online quotes and price movement dynamics, sourced from the Tradingview service. Beyond that, there are no further auxiliary services.

Deposit, Withdrawal, and Fees

Deposits and withdrawals are made via credit/debit cards, bank wire, and Skrill. Blue Coin Trade does not mention cryptocurrencies as a transfer method and does not disclose the fees at all.

Features Blue Coin Trade Finorax Gainful Markets
Debit/Credit Cards ✔️ ✔️ ✔️
Electronic Payments ✔️ ✔️
Crypto Transfers
Deposit Fee ✔️
Withdrawal Fee ✔️

How Can I Contact It?

If you want to contact the managers of Blue Coin Trade, there is a phone number, email, and a special form where you can submit a feedback request.

Checking the phone number of this company revealed that the same number was listed for brokers Xglobalfin, HedgeStone, and Damac Investment. Notably, these were deceitful entities that terminated their operations after defrauding traders of every penny. It raises serious concerns about Blue Coin Trade.

A check of the email showed that it doesn’t exist. Another scammer’s office called BrighterFields is located at this address in Singapore.

Email

Pros
  • None.
Cons
  • The phone number belongs to other fraudulent companies.
  • The email does not exist.
  • There is another fraudulent broker at the address given.

Is Blue Coin Trade Dangerous?

An almost empty official website designed from a cookie-cutter template, coupled with a fake email and mass phone numbers, not to mention predatory terms. It’s clear at this point that delving deeper into Blue Coin Trade might be futile, given the glaring indicators of it being a scam. Nevertheless, we’ll probe its operational history and licensing further to solidify our suspicions.

How Long Does The Broker Work?

There is no information on how long the firm has been in operation, nor are there any documents that could tell us the founding date. We checked the Blue Coin Trade domain and it was registered in August 2022. So much for the true operating date of the scam.

Domain

How Is Blue Coin Trade Regulated?

In the “contacts” section, a Singapore address is indicated, and in this jurisdiction, the MAS Financial Commission regulates relations between brokers and traders. Blue Coin Trade was not found in the registers of this regulator. Conclusion: the company is not regulated.

Features Blue Coin Trade ForexLive InvestFW
European Zone
Asian Zone
American Zone
African Zone
Offshore ✔️

Frequently Asked Questions (FAQ)

Kevin Berry
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Expert Opinion

Why the ploy to deny users the ability to register an account? At Blue Coin Trade, you can’t just go and sign up. To me, it seems like the silliest condition. On the flip side, it might be a blessing in disguise. Many newcomers wanting to taste this scam won’t be able to create an account and will abandon this doomed endeavor. I can’t say anything good about their trading terms; they are non-competitive and ridiculous. Such terms are a rarity among reputable brokers. The lack of a license and a mere year of operation is hardly surprising. We’re looking at yet another scam broker. It’s even getting boring. This time, the scammers didn’t come up with anything new or interesting.

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Blue Coin Trade rating

The level of trust
Quick withdrawal of funds
Efficiency of technical support
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The level of trust
Quick withdrawal of funds
Efficiency of technical support

3 reviews about Blue Coin Trade

Lovely666 August 10, 2023 - 02:41
A lot of people here have lost money
The level of trust

It’s strange that there are positive reviews online about this scam with its fake chart and liquidity. It seems odd to me because these scammers tried to deceive me. They tried to persuade me to top up the deposit, but I instantly sensed the scent of fakery and fraud. Verified brokers wouldn’t engage in such activities. And besides the positive reviews, there’s a whole slew of negative ones where people write and complain that they can’t get their funds back. I think you should steer clear of this fake broker. Many have lost money here.

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John Smith August 15, 2023 - 19:09
Be careful because these are crooks and scambrokers
The level of trust
Quick withdrawal of funds

Be cautious, because the creators of this fraud scheme actively spend money to buy fake positive reviews and fake positive overviews. If you see any positive reviews about Blue Coin Trade, they are fake! I’m just warning you not to believe these tales.
How can a company, which has a mass phone number that was also listed on websites of blatant fraudsters and swindlers, be reliable? How can a broker without a license be legitimate? How can a firm operating for just 1 year be verified and popular? It simply can’t!
Trust my experience. I’ve been in trading for over 15 years. I know what I’m talking about and what I’m writing. Blue Coin Trade will lead you to losses and lost money.

Reply
HappyTrader August 24, 2023 - 11:39
Don't trust these scammers
The level of trust

Blue Coin Trade is neither secure nor beneficial as a broker. It conspicuously lacks ECN/STP and, alarmingly, operates as a Dealing Desk, hinting at potential conflict of interest. Such fake dealing desks thrive when traders lose. Rest assured, any funds deposited here are at significant risk. How can one even contemplate trading with a broker that intentionally hides trading conditions, such as spreads and commissions? Imagine depositing only to find exorbitant commissions, starting from 1% or even higher.
Blue Coin Trade is a representative of the fraudulent breed of fake brokers. Entrusting such entities is a monumental error. These scammers might sweet-talk you, telling you about super advantages or some beneficial services, but all that is pure nonsense because they want to steal your money.
In short, if you see a similar company, immediately close the website. After all, there isn’t even a license, and the specified address in Singapore is fake.

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