CoinsTrades (www.coinstrades.com) is an unregulated CFD broker that operates outside the regulatory framework and offers different account types with leverage levels prohibited in the EEA. In their Pro Account, a 1:400 leverage is offered at one million investment. On the website, one searches in vain for the legal entity behind CoinsTrades. Only the address Strawinskylaan 1, 1077 XW Amsterdam, Netherlands, is given. While we found no legal information, we found BridgerPay as the payment processor for the illegal broker.
After registering with CoinsTrades, one receives a confirmation email with the password. Still, even in this email, one searches in vain for a legal entity or other operators’ references. Of course, social media links are missing on the website.
In the EU, according to the specifications of ESMA, maximum leverage of 1:30 is allowed, or only 1:2 for cryptocurrencies. In this respect, the CoinsTrades offer is light-years outside the regulatory framework. So the offer is obviously illegal. This, in turn, apparently does not bother BridgerPay by Ran Cohen and Nati Harpaz. They act as payment facilitators as they do for many other scams.
