https://coverdeal.eu/
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40G
+357-25 635 040
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Coverdeal Holdings Ltd.
Coverdeal
Cyprus
Pyramid scheme complaint
Expose
Note: Since Coverdeals official site (https://coverdeal.eu/) is not accessible while writing this introduction, only a cursory understanding can be obtained from the Internet.
General Information & Regulation
Coverdeal, a trading name of Coverdeal Holdings Ltd., is allegedly a forex and CFD broker regulated by Cyprus Securities and Exchange Commission (SySEC) with a license number 231/14 and founded in 2012, claiming to provide its clients with the industry-standard MetaTrader5 trading platform, leverage up to 1:30, high spreads on a wide variety of tradable assets.
Market Instruments
Coverdeal advertises that it is a multi-asset platform with an extensive range of trading instruments in financial markets, including CFDs on forex, stocks, indices, commodities, bonds, cryptocurrencies of bitcoin and more.
Account Types
It seems that only one standard account is offered by Coverdeal. Opening an account requires the minimum initial deposit amount of $250.
Leverage
The maximum leverage ratio provided by Coverdeal is up to 1:30. Bear in mind that leverage can magnify gains as well as losses, inexperienced traders are not advised to use too high leverage.
Spreads
As tested on the MT5 demo account of Coverdeal, the spread for the EUR/USD was quite high, floating around 3 pips.
Trading Platform Available
When it comes to trading platforms available, Coverdeal gives traders three choices: the industry-standard MetaTrader5, Webtrader and Mobile trading platforms. MT5 is one of the most popular forex trading platforms, which the traders praise for its stability and trustworthiness. It features sophisticated trading tools such as Expert Advisors, Algo trading, Complex indicators and Strategy tester. While with the MT5 mobile Apps, trading can be done from anywhere and at any time through the right mobile terminals including iOS and Android devices.
Deposit & Withdrawal
Coverdeal works with some payment options including wire transfer, credit/debit cards such as Visa and MasterCard, as well as some e-payment systems. Unfortunately, the broker does not accept other popular e-wallets like Neteller and Skrill. The minimum deposit requirement is said to be $250.
Bonuses & Fees
Coverdeal also takes an inactivity fee. If your trading account does not have active transactions for one month, it will charge an inactivity fee of $15 or equivalent monthly.
Customer Support
Coverdeals customer support can be reached by telephone: +35725635040, email: info@coverdeal.eu. Company address: Office 201, 2nd Floor, Mesa Geitonia 4000 Limassol, Cypern.
The Investors Compensation Fund (ICF) has withdrawn Coverdeal Holdings Ltd's membership in the ICF, which includes brands like Coverdeal FX, according to the Cyprus Securities and Exchange Commission (CySEC).
The company terminated its services last year, and its CIF license was also withdrawn.
The Investors Compensation Fund (ICF) has withdrawn Coverdeal Holdings Ltd's membership in the ICF, which includes brands like Coverdeal FX, according to the Cyprus Securities and Exchange Commission (CySEC).
In principle, the exit of CySEC-regulated investment firms (CIF) is good news for European investors. Many of them help scam brokers or run frauds through offshore firms, all while pretending to be legitimate by using the CySEC CIF license. Although not all CySEC CIFs are scammers, a significant number of them are. In this regard, the withdrawal of CySEC companies is good news for investor protection. Coverdeal Holdings Limited has done so, surrendering its CIF license 231/14 and ceasing operations.
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