My Coin Up Broker Review

My Coin Up presents itself as a reliable guide to the world of investments, boasting over a decade of experience in the financial markets. The company claims to operate as an ECN/STP broker, offering low spreads and commissions, which, on the surface, might appeal to both novice and experienced traders. Their marketing materials emphasize trustworthiness and professionalism, positioning My Coin Up as a partner for those looking to navigate the complexities of forex and cryptocurrency trading.

At first glance, their website appears polished and professional, with promises of high returns and seamless trading experiences. However, as we delve deeper into the operations and practices of My Coin Up, a different picture emerges — one that raises serious concerns about their legitimacy and the safety of their clients’ funds.

My Coin Up Regulation and Licenses

One of the most critical aspects of evaluating any financial broker is verifying their regulatory status. Legitimate brokers are required to hold licenses from reputable financial authorities, such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), or the Australian Securities and Investments Commission (ASIC). These licenses ensure that the broker adheres to strict financial standards, provides transparency, and offers client protection mechanisms, such as segregated accounts and compensation schemes.

In the case of My Coin Up, there is a glaring absence of any regulatory information on their website. No license numbers, no mentions of oversight by financial authorities — nothing. This omission is a significant red flag. Operating without proper regulation is not only illegal in many jurisdictions but also exposes clients to substantial risks, including the potential loss of their investments with no recourse for recovery.

For context, brokers operating in the European Union, the United States, Canada, and other regulated markets must display their license information prominently. The fact that My Coin Up fails to do so suggests either a lack of compliance or an outright attempt to deceive potential clients. This alone should be enough to deter anyone from engaging with this broker.

MycoinUp Domain Analysis

One of the most glaring inconsistencies in My Coin Up’s story lies in the domain registration details of their website, mycoinup.com. A quick check using the WHOIS database reveals critical information that directly contradicts the company’s claims of being an established broker with over a decade of experience. Let’s break down the facts:

My Coin Up’s website boldly claims that the company has been operating since 2013, positioning itself as a trusted broker with over 10 years of experience in the financial markets. However, the domain registration data tells a completely different story. The domain mycoinup.com was registered on March 8, 2024, just a few months ago. This discrepancy raises serious questions about the legitimacy of the company’s claims.

If My Coin Up has truly been operating since 2013, why was their domain only registered in 2024? This inconsistency suggests that the company is fabricating its history to appear more credible and established than it actually is.

How My Coin Up Extracts Money?

Beyond the lack of regulation, My Coin Up employs a range of high-pressure sales tactics to lure unsuspecting clients into their scheme. These tactics often include promises of unrealistically high returns, attractive bonuses, and the illusion of effortless profits. Once they have your contact information — often obtained through third-party affiliates — their sales team will aggressively push you to make an initial deposit.

Several client reviews highlight how My Coin Up representatives go as far as encouraging individuals to take out bank loans to invest larger sums. One user reported being pressured into signing documents via DocuSign, only to find themselves trapped in a cycle of debt. This predatory behavior is a hallmark of fraudulent brokers, who prioritize extracting as much money as possible from their victims before cutting off contact.

The use of “boiler room” tactics is another alarming aspect of their operation. These high-pressure sales environments are designed to create a sense of urgency, pushing clients to act quickly without proper due diligence. Once the initial deposit is made, clients are often transferred to a “retention department,” whose sole purpose is to extract additional funds through a combination of fake profits, false promises, and emotional manipulation.

Real Client Reviews

The true measure of a broker’s credibility lies in the experiences of its clients. Unfortunately, in the case of My Coin Up, these experiences paint a grim picture. A thorough analysis of client reviews reveals a consistent pattern of deceit, financial loss, and outright theft. Below, we delve into the most common complaints and highlight specific cases that illustrate the extent of My Coin Up’s fraudulent practices.

1. Inability to Withdraw Funds

One of the most frequent grievances among My Coin Up’s clients is the inability to withdraw their funds. Despite promises of easy access to profits, users report being met with endless excuses, delays, and outright refusals when attempting to retrieve their money. For example:

– Julia Michailo from Germany shared that after depositing $400, she quickly realized something was wrong. Despite her attempts to withdraw her funds, the company ignored her requests. She described My Coin Up as a platform that “steals money from your accounts” with no real trading occurring behind the scenes.

– Izaya P. from the US reported a similar experience, stating that he had been waiting over a year to withdraw his funds after investing more than $1,000. His account remains frozen, and his money is effectively lost.

2. Demands for Upfront Taxes and Fees

Another common tactic employed by My Coin Up is the demand for upfront payments, often disguised as taxes or fees, before allowing clients to access their funds. This is a classic scam strategy designed to extract even more money from victims. 

– Skrillbro from the US detailed how My Coin Up demanded a 20% upfront payment for “personal income tax” before releasing his funds. When he questioned the legitimacy of this demand, the company responded with excuses, claiming their staff was “too busy” to address his concerns. This blatant attempt to extort additional money is a clear indicator of fraudulent behavior.

– Fernando de Necochea also faced a similar demand, with My Coin Up blocking his wallet until he paid “capital gains taxes” in cryptocurrency. This tactic not only prevents clients from accessing their funds but also adds another layer of financial loss.

3. Account Blocking and Disappearing Acts

Once clients realize they’ve been scammed and attempt to confront My Coin Up, the company often resorts to blocking their accounts and cutting off all communication. This leaves victims with no recourse and no way to recover their funds.

– Fausto Umana initially believed My Coin Up to be a legitimate platform but later realized it was a scam after multiple withdrawal requests were ignored. He warned others to avoid the platform, stating, “I think this site has never paid any customers.”

– Jose A. from Argentina echoed this sentiment, stating that despite multiple withdrawal requests, he never received a single payment. His experience is a stark reminder that My Coin Up operates with no intention of honoring its commitments.

How the Scam Works?

Understanding how My Coin Up operates is crucial to recognizing and avoiding similar scams. Below, we outline the typical process used by this fraudulent broker:

1. Initial Contact and False Promises

My Coin Up often acquires leads through third-party affiliates who use deceptive marketing tactics, such as fake celebrity endorsements or promises of guaranteed high returns. Once they have your contact information, their sales team will reach out with aggressive pitches, emphasizing how easy it is to make money through their platform.

2. Building Trust and Encouraging Larger Deposits

After the initial deposit, clients are often shown fake profits on their accounts. These fabricated gains are designed to build trust and encourage larger investments. My Coin Up representatives may even establish a friendly relationship with clients, offering advice and support to further manipulate them.

3. Pressure to Invest More

As the relationship progresses, the pressure to invest more intensifies. Clients are encouraged to take out loans, borrow money, or liquidate assets to increase their deposits. In some cases, My Coin Up offers its own “credit” to clients, requiring them to sign legally binding documents through platforms like DocuSign.

4. Blocking Withdrawals and Demanding Fees

When clients attempt to withdraw their funds, they are met with obstacles. My Coin Up may claim that withdrawals are delayed due to “technical issues” or demand upfront payments for taxes or fees. These demands are nothing more than attempts to extract additional money from victims.

5. Cutting Ties and Disappearing

Once it becomes clear that a client has no more money to give or is unwilling to comply with their demands, My Coin Up blocks their account and severs all communication. At this point, the victim is left with no way to recover their funds and no one to hold accountable.

Examples of Tax Scams and Fake Profits

The “paying taxes” scam is a particularly insidious tactic used by My Coin Up. Clients are told that they must pay a percentage of their “profits” as taxes before they can access their funds. This demand is not only fraudulent but also psychologically manipulative, as it preys on the victim’s hope of recovering their initial investment.

– Jeffrey Fang from the US fell victim to this tactic. After paying all the required fees, he was still unable to withdraw his funds. My Coin Up claimed his money was “stuck in OCC,” a vague and unverifiable excuse designed to stall and frustrate.

– Shahzaib Masood from Pakistan lost 100,000 PKR to this scam. He described My Coin Up as a “fake website” that exists solely to defraud unsuspecting investors.

Key Red Flags

After a thorough examination of My Coin Up’s practices, client testimonials, and operational tactics, it is evident that this broker is not a legitimate financial service provider but a sophisticated scam designed to defraud unsuspecting investors. The evidence is overwhelming: from the lack of regulatory oversight to the consistent reports of withheld funds, fabricated profits, and predatory sales tactics, My Coin Up operates with the sole intention of extracting money from its victims.

1. No Regulatory Compliance: My Coin Up does not hold any valid licenses from recognized financial authorities, making its operations illegal in most jurisdictions. This lack of oversight leaves clients with no protection or recourse in the event of disputes or financial losses.
2. Deceptive Marketing and High-Pressure Tactics: The company relies on false promises of high returns, fake celebrity endorsements, and aggressive sales tactics to lure clients into depositing funds. Once the money is in their hands, the true nature of the scam becomes apparent.
3. Inability to Withdraw Funds: Countless clients have reported being unable to access their money, with My Coin Up employing a range of excuses, from technical issues to demands for upfront tax payments. These tactics are designed to delay, frustrate, and ultimately prevent withdrawals.
4. Account Blocking and Disappearing Acts: When clients attempt to confront the company or demand their money back, My Coin Up often blocks their accounts and cuts off all communication, leaving victims stranded with no way to recover their funds.
5. Exploitation of Trust: My Coin Up’s representatives build false relationships with clients, offering advice and support to gain their trust. This trust is then exploited to pressure clients into investing more money, often through loans or personal savings.

Conclusion on My Coin Up

My Coin Up is a stark reminder of the dangers lurking in the unregulated corners of the financial world. While the promise of easy money can be tempting, it is crucial to approach such opportunities with skepticism and due diligence. Protect yourself by sticking to regulated brokers, conducting thorough research, and trusting your instincts. If something feels off, it probably is.

In the case of My Coin Up, the verdict is clear: this is a scam operation that preys on the vulnerable and leaves a trail of financial devastation in its wake. Avoid it at all costs, and spread the word to protect others from falling victim to this fraudulent scheme.