Coverdeal Spreads, leverage, minimum deposit Revealed

WikiFX | 2024-11-06 15:50

Abstract：Coverdeal is a financial broker registered in Cyprus. It offers six types of trading instruments and support trading through the world-leading MT5 platform. In addition, Coverdeal's website is available in English, Czech, and Spanish, while customer support is offered in 10 languages, including Czech, Polish, Portuguese, and others. However, this broker lacks normal regulation from legal authorities.

　　Note: Coverdeal's official website: https://coverdeal.eu/ is currently inaccessible normally.

Coverdeal Review Summary
Founded	/
Registered Country/Region	Cyprus
Regulation	CySEC (revoked)
Market Instruments	Forex, commodities, indices , shares, bonds and cryptocurrencies
Demo Account	❌
Leverage	1:30
Spread	From 3 pips
Trading Platform	MT5
Min Deposit	$250
Customer Support	Email: info@coverdeal.eu
Customer Support	Phone: +357-25 635 040

　　Coverdeal is a financial broker registered in Cyprus. It offers six types of trading instruments and support trading through the world-leading MT5 platform.

　　In addition, Coverdeal's website is available in English, Czech, and Spanish, while customer support is offered in 10 languages, including Czech, Polish, Portuguese, and others.

　　However, this broker lacks normal regulation from legal authorities.

Pros and Cons

Pros	Cons
MT5 support	Lack of detailed info on fees
Multilingual support	Lack of legal regulation
Multiple trading choices	High minimum deposit
	Unavailable website

Is Coverdeal Legit?

　　Coverdeal previously held a Market Making license issued by the Cyprus Securities and Exchange Commission, with a license number of 231/14. However, the brokerage firm's parent company, Coverdeal Holdings Limited, surrendered its Cyprus Investment Firm (CIF) license in November 2020, which means this license has been revoked.

Regulatory Status	Revoked
Regulated by	Cyprus Securities and Exchange Commission (CySEC)
Licensed Institution	Coverdeal Holdings Ltd
Licensed Type	Market Making (MM)
Licensed Number	231/14

What can I trade on Coverdeal?

　　Coverdeal offers multiple types of tradable instruments, which can be mainly divided into six types.

　　Forex pairs: More than 50 currency pairs, such as USDDKK, USDSGD, USDRON, USDCNH, USDCZK, USDMXN, USDTRY, USDZAR, and USDRUB.

　　Commodities: CFDs on commodities such as corn, rice, soybeans, wheat, copper, cocoa, coffee, cotton, and sugar, as well as precious metals like platinum, silver, and gold, and also natural gas and oil.

　　Indices: 14 types.

　　Stocks and Bonds: Approximately 200 types.

　　Cryptocurrencies: Bitcoin, Dash, Ethereum, Litecoin, and Ripple.

Tradable Instruments	Supported
Forex	✔
Commodities	✔
Indices	✔
Cryptocurrencies	✔
Stocks	✔
Bonds	✔
Mutual Funds	❌
Futures	❌

Leverage

　　The leverage provided by CoverdealFX is 1:30, which is quite conservative and matches the maximum leverage allowed for European forex trading as set by the European Securities and Markets Authority (ESMA). The leverage limit for other CFD contracts is even lower, at 1:20.

Trading platform

　　CoverdealFX offers the MetaTrader5 platform, suitable for both professional traders and beginners. On MT5, you can access many advanced tools such as trading through running algorithms with the help of AI expert advisors. However, the regulatory status of this broker is currently abnormal, so you'd better be careful.

Trading Platform	Supported	Available Devices	Suitable for
MT5	✔	Computer and phone	Experienced traders
MT4	❌	/	Beginners
cTrader	❌	/	Experienced traders

Deposit and withdrawal

　　Coverdeal accepts payments from major credit and debit cards such as Visa, MasterCard, and Diners Club, as well as bank wire transfers. However, you must be aware that accounts that have been inactive for more than a month will be charged a fee of $15.