Tag: CoinsTrades

During the next law enforcement action day in Cyprus, agents should also visit the offices of the Israeli-Cypriot payment processor BridgerPay in Limassol. This would be a very efficient way to follow the trail of money stolen by scammers. For very many of the big scams, BridgerPay processed the payments through its cashier. So also for CoinsTrades (www.coinstrades.com) against which FinTelegram has warned several times. Today, the German BaFin announced investigations.

CoinsTrades (www.coinstrades.com) is an unregulated CFD broker that operates outside the regulatory framework and offers different account types with leverage levels prohibited in the EEA. In the Pro Account, a 1:400 leverage is offered at one million investment. On the website, one searches in vain for the legal entity behind CoinsTrades. Only the address Strawinskylaan 1, 1077 XW Amsterdam, Netherlands, is given. While we found no legal information, we found BridgerPay as the payment processor for the illegal broker.