Mynetcoin.com Review: Is Mynetcoin Scam Broker?

Our review of Mynetcoin.com will provide a quick overview of who they are, what type of brokerage services they offer and whether or not to use them for trading.

If you want the best Forex brokers in the industry, our list of recommendations will serve you well.

And of course we do encourage traders and investors to use these trading tools once they’ve found the best Forex brokers.

Meanwhile, Mynetcoin.com was actually registered in August 2020, so they are a fairly new broker with no customer feedback or reputation.

They offer up to 5 asset categories for trading which spans across Forex, Stocks, Commodities, Indices and Digital Currencies.

MyNetCoin does not offer the popular MT4 trading software, which is the first setback we encounter when reviewing this service.

However, they provide an in-house trading platform called MyNetCoin WebTrader.

MyNetCoin broker review

Traders are definitely not used to this sort of trading software and we can also guarantee that its performance won’t be at par with that of MT4 or any other popular trading platform.

We currently don’t know the location of this broker, although one of their phone numbers suggest that they may be operating from the UK.

They fail to provide an address but want us to reach them on their email at [email protected] or through the phone numbers +44 203 807 5956/+49 331 879 03835.

This is certainly something we will not do because we typically don’t feel motivated to engage anonymous brokers.

But before you go, we ask you to skim through this review to understand what issues we have against this broker.

Mynetcoin review

Although this broker has a professional website, we still feel hesitant to use their service or even recommend it.

They tell us all the attractive features that is provided on their platform. However, we feel that these features are quite basic and any professional Forex broker won’t have trouble offering them.

Currently they offer 3 account types for trading. We have highlighted some of the most important features in the table below:

AccountAssetsLeverageDeposit
Junior28 currency pairs, Indices,
Stocks, Crypto, Commodities
1:500$250
Advanced36 currency pairs, Indices,
Stocks, Crypto, Commodities
1:200$1000
Elite36 currency pairs, Indices,
+10.000 Stocks, Crypto, Commodities
1:100$5000

Advanced and Elite account types come with “financial advisors”.

In terms of support, it is on 24/5 basis. However, Junior account types are restricted to calls only, no email or chat.

This is a very big setback considering that there are some things that need to be put in writing for clear communication and evidence.

Therefore, this is the wrong type of trading account. It is the right of every customer to get access to email and chat support respectively.

Cost of trading with Mynetcoin broker

They claim that spreads are floating and starting from zero.

We would like to see them publish live spreads for their assets. This is the best way to become transparent to traders who are willing to sign up.

No demo trading

This is the classic hallmark of a scam broker and we see Mynetcoin taking this route by denying traders a demo account.

First of all, they offer a strange trading platform which they claim is professional and exceptional.

But how do we commit money to something that we are being introduced for the first time?

Deposit and withdrawals

They accept deposits and withdrawals from all major payment processors.

That said, we saw a statement on the Mynetcoin website claiming that they charge zero commission for deposit and withdrawals.

In addition to this, withdrawals take between 2 to 5 business days which is quite long.

We don’t understand why withdrawals should take this long when the service is accepting instant deposits into the customer’s account.

Is MynetCoin regulated?

They’ve refused to disclose their location and so the issue of their regulatory status is kept under wraps.

The truth is that this broker is not regulated. They are illegally operating without a license.

This means they are not reliable and will eventually steal your money because they are not accountable to any oversight authority.

Conclusion

MynetCoin is not the type of Forex broker that one would want to invest with.

They seem to be liars because on their website, they claim that the company was founded in 2009 but this is misleading.

We know they are only a couple of months old. Also, they’ve refused to be regulated from their jurisdiction. We can’t risk our money to this illegal broker.

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