Coverdeal-Overview of Minimum Deposit, Leverage, Spreads

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

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

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Holdings Limited, surrendered its Cyprus Investment Firm (CIF) license in November 2020, which means this license has been revoked.

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.

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.

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.