WIKIFX REPORT: Coiniwelt

Coiniwelt – the name of this trading platform already refers to the current trend of trading with cryptocurrencies (Bitcoin). According to its own information, the platform offers forex trading, crypto trading, CFD trading and trading with shares and indices.

The platform advertises innovative trading tools for traders, which are intended to improve analysis. The companys website can be reached at https://www.coiniwelt.com/. It is striking that although the provider includes the German word Welt, the translation of the entire page is very unprofessional.

In addition, there is a reference to “MarktKapital” under many items, although the provider itself is called Coiniwelt. Under one tab, for example, it says that one should join “MarktKapital”.

The typical generic graphics, which are often used by very risky online trading platforms, can also be seen. Basically, we advise very precise research and extreme caution before investing. No frivolous deposits should be made here either.

Coiniwelt Experience

The offer of Coiniwelt reads extensive at first. The following services are offered:

• Training, account manager and customer support five days a week

• Customer satisfaction and loyalty are extremely important

• Simple process of opening an account: registration, identification, deposit

• Alleged deposit bonus of up to 50%

• advanced risk management with account grading, stop/loss function, price alerts

Contact details of Coiniwelt

Unfortunately there are no further details about the provider except for the following information. There is neither an imprint nor an address or a phone number on the site. Only an e-mail address is available.

On the one hand, a 24/5 customer service is advertised, on the other hand, this can apparently only be reached via a single e-mail address. Under a service advertised in this form, the customer may normally expect a telephone hotline.

• Website: https://www.coiniwelt.com/

• Email: support@coiniwelt.com

Coiniwelt App

A legitimate question is also whether the provider offers a well-functioning and reliable app. In this regard, one finds the two obligatory graphics “Download it from Google Play” and “Available now on the AppStore”. It is supposedly an app called “Handz”.

However, clicking on the links leads nowhere. There is no link, which is why it can be assumed that no app exists. A search for the app “Handz” in the Apple AppStore did not produce any results.

The graphics may only have been inserted to suggest a higher level of seriousness through the presence of apps. The same is attempted by providing graphics of allegedly successful trades and trends. In addition, there is a box with financial news, as well as prices of individual stocks, which are displayed as scrolling text.

Coiniwelt Login

Besides a login button, two further options are offered. One button is for a callback, the other for the activation of the account. A clear warning signal is the fact that there is a link to the software “AnyDesk” at the bottom of the page.

There is nothing wrong with this programme itself, but offering it in connection with financial services and investments in particular is to be regarded as critical. The software makes it possible to access other peoples computers by remote maintenance.

This is often used by risky platforms to gain access to customers‘ computers. Under the pretext of introduction or training, the customer’s funds are then transferred via the customers computer. Under no circumstances should you ever allow a stranger access to your computer when handling funds.

It makes no difference whether the person is directly at the computer or controls it remotely via “AnyDesk” or “TeamViewer”. The fact that Coiniwelt already lists the remote maintenance programme on its own site should lead to extreme caution.

In any case, you should think through every major investment carefully. Never act rashly and never allow yourself to be pressured by strangers into making deposits, no matter how temptingly the profit opportunities are advertised.

Warning notice of BaFin regarding Coiniwelt

The fact that the Federal Financial Supervisory Authority(BaFin) has also warned against the provider and its offshoot Coinibank must lead investors to reconsider their investments and, if necessary, refrain from doing so.

In a notification dated 26 February 2021, BaFin stated that the provider did not have the licence required under Section 32 (1) of the German Banking Act(KWG).

However, such a licence is required for the core business of the platform – namely the opening of trading accounts and the subsequent trading of financial instruments via these accounts.