Contrary to what you see online, externalcoins.com is not a trustworthy broker. External Coins may be promising dozens of features and benefits on their website but this doesn’t negate the requirement that such a broker should hold a valid license before offering services to clients.

As we investigated External Coins, we also noted that this broker is actively using an aggressive marketing campaign to promote its brand while ensuring that all negative comments cannot show up in the first page of Google.

This means that if you search whether External Coins is legit or not, all you will see is a list of articles/reviews claiming that the broker is legit and you should go ahead and sign up.

Isn’t this deceptive?

We’ll give you reasons why.

External Coins review

The people who operate externalcoins.com are trying very hard to achieve some form of legitimacy or at least look like they are trustworthy.

But in the process, they end up leaving a lot of red flags here and there which is not a good sign.

At the moment, External Coins is promoted on the content mills. These content mills just require a kickback to say good things about a broker even if the entity is known to defraud clients.

This is what happens with LiteGraphs and General Trust Group.

In the end, the scammers get clients who are quickly turned into victims.

External Coins is a broker that claims to be based in the UK.

So the most logical question to ask them is why they’re not on the FCA database to prove that they’ve been given a license that authorizes them to provide financial services?

Our search on the financial authority’s website can’t return any results because External Coins is simply an unregulated and risky broker.

In addition to this, the broker has refused to disclose company information. We can’t tell whether this is a company or a website.

Marketing information on their website is also vague as it provides generic information about trading instead of proper introductions or reasons why people should trust the broker.

When you find a broker that is sounding so vague in their about page, just know that the broker is possibly a scam.

Reasons we don’t recommend External Coins broker

Here is a list of the things that we have observed that made us rate this broker poorly.

1)Not a licensed broker.

2)No track record of ever serving traders.

3)Fake paid reviews littering Google search results.

4)External Coins allows US traders yet CFDs assets are banned in the US.

5)A forum has accused this broker of publishing fake reviews which were deleted anyway.

Final thoughts on the externalcoins.com broker review

The broker is banking on the fact that there are a lot of naïve people on the internet who don’t investigate before they commit.

This is why the scams will always thrive.

Because this is a CFDs broker, expect unfriendly spreads, hunting of stops and manipulation of your positions including closing down your active positions and liquidating your account.

All of this happens because the broker is clearly a bucket shop. They make money when you lose money.

If you’re going to make money, they’ll remove the profit from your account and freeze it. They will always come up with some kind of excuse to defend their illegal action.

In conclusion, don’t trade with externalcoins.com.

Do you have experience with this broker or any other scam? Take your time to write a comment down below so that others can take precautions too.