Home -
Coverdeal -

Score

1.50 /10
Danger

Coverdeal

Cyprus

5-10 years

Suspicious Regulatory License

Suspicious Scope of Business

Cyprus Market Making(MM) Revoked

High potential risk

https://coverdeal.eu

Add brokers

Comparison

Expose

Exposure

Time Machine
Website

Score

Regulatory Index0.00

Business Index6.89

Risk Management Index0.00

Software Index4.00

License Index0.00

Time Machine
Website

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

open now

Broker Information

More

Company Name

Coverdeal Holdings Ltd.

Company Abbreviation

Coverdeal

Platform registered country and region

Cyprus

Company website

Company summary

Pyramid scheme complaint

Expose

Check whenever you want

Download App for complete information

Warning: Low score, please stay away! 2
Previous Detection : 2024-12-24
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • CyprusCYSEC (license number: 231/14) The regulatory status is abnormal, the official regulatory status is Revoked. Please be aware of the risk!

WikiFX Verification

Coverdeal · Company summary

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

Coverdeal Review Summary
Founded /
Registered Country/RegionCyprus
RegulationCySEC (revoked)
Market InstrumentsForex, commodities, indices , shares, bonds and cryptocurrencies
Demo Account❌
Leverage1:30
SpreadFrom 3 pips
Trading PlatformMT5
Min Deposit$250
Customer SupportEmail: info@coverdeal.eu
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 supportLack of detailed info on fees
Multilingual supportLack of legal regulation
Multiple trading choicesHigh 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 TypeMarket Making (MM)
Licensed Number231/14
Is Coverdeal Legit?

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 PlatformSupported Available Devices Suitable for
MT5✔Computer and phoneExperienced 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.

News

NewsWIKIFX REPORT: Coverdeal FX operator no longer member of Cyprus Investors Compensation Fund

The Investors Compensation Fund (ICF) has withdrawn Coverdeal Holdings Ltd's membership in the ICF, which includes brands like Coverdeal FX, according to the Cyprus Securities and Exchange Commission (CySEC).

WikiFX
2022-06-22 12:06
WIKIFX REPORT: Coverdeal FX operator no longer member of Cyprus Investors Compensation Fund

NewsWikiFX report: CySEC Withdraws ICF Membership of Coverdeal Holdings

The company terminated its services last year, and its CIF license was also withdrawn.

WikiFX
2022-05-16 18:58
WikiFX report: CySEC Withdraws ICF Membership of Coverdeal Holdings

NewsWikiFX report: Coverdeal FX operator no longer member of Cyprus Investors Compensation Fund

The Investors Compensation Fund (ICF) has withdrawn Coverdeal Holdings Ltd's membership in the ICF, which includes brands like Coverdeal FX, according to the Cyprus Securities and Exchange Commission (CySEC).

WikiFX
2022-05-16 18:52
WikiFX report: Coverdeal FX operator no longer member of Cyprus Investors Compensation Fund

NewsWikiFX report: CySEC-regulated brokerage Coverdeal Holdings renounces license

In principle, the exit of CySEC-regulated investment firms (CIF) is good news for European investors. Many of them help scam brokers or run frauds through offshore firms, all while pretending to be legitimate by using the CySEC CIF license. Although not all CySEC CIFs are scammers, a significant number of them are. In this regard, the withdrawal of CySEC companies is good news for investor protection. Coverdeal Holdings Limited has done so, surrendering its CIF license 231/14 and ceasing operations.

WikiFX
2022-05-16 18:44
WikiFX report: CySEC-regulated brokerage Coverdeal Holdings renounces license
About More

User Reviews

More

User comment

2

Comments

Write a review

FX1342919716
more than one year
They altered the GER30 index price from the price traded on all platforms, and when the market opened, I discovered that the price on their own platform had dropped 40 points, and there was a price gap on 2/17 not seen in any other companies where I had purchased the stock. Honestly, I don't think this broker is reliable.
They altered the GER30 index price from the price traded on all platforms, and when the market opened, I discovered that the price on their own platform had dropped 40 points, and there was a price gap on 2/17 not seen in any other companies where I had purchased the stock. Honestly, I don't think this broker is reliable.
Translate to English
2023-03-17 18:37
Reply
0
0
FX1357902172
more than one year
They stole $4 000 from me. I just have to share my experience with these disgusting people. When I tried to withdraw I showed success but never reflected in the balance. They never replied to my calls or the emails I sent.
They stole $4 000 from me. I just have to share my experience with these disgusting people. When I tried to withdraw I showed success but never reflected in the balance. They never replied to my calls or the emails I sent.
Translate to English
2023-03-10 17:16
Reply
0
0