Coindeck – The company describes itself on its website as a crypto exchange and, according to its self-disclosure, offers trading in cryptocurrencies. According to Coindeck, bitcoins can be purchased by credit card or bank transfer.

Furthermore, Coindeck offers a secure place for the safekeeping of cryptocurrencies. For customers currently active in online trading at Coindeck or for those who are considering investing in the foreseeable future, these considerations are certainly essential:

  1. What is known about other investors’ experiences with Coindeck?
  2. Is Coindeck a reputable company?
  3. Does the financial provider Coindeck have a licence from a state financial supervisory authority in Europe?

These questions are answered by the lawyers of the Herfurtner law firm in this article on Coindeck.

Table of contents

  1. Coindeck experiences
  2. Coindeck on the net
  3. Contacting Coindeck
  4. Coindeck Authorisation
  5. Regulatory alerts from financial regulators about Coindeck
  6. Online trading guide
  7. Lawyers advise on problems

In addition to the question of whether Coindeck is a trustworthy offer, it is essential to deal with the basic knowledge for successful online trading. Our lawyers will also explain how Coindeck compares to other investment opportunities. Furthermore, we will assist and support you with questions and problems in connection with Coindeck.

Coindeck experience

Coindeck was launched in 2020,after two years, according to the company’s website. With Coindeck, a team of crypto experts has pursued the goal of facilitating access to cryptocurrencies and making them available to everyone.

Moreover, Coindeck believes it has created the most efficient and user-friendly crypto exchange and wallet because it believes in the future of cryptocurrencies. Coindeck also believes that cryptocurrencies have the potential to positively change global finance and the economy by making them universally accessible.

In addition, Coindeck highlights some advantages on its own website that are supposed to speak in favour of its own offering:

  • Identity protection,
  • various payment options
  • “cold” custody,
  • advanced fraud detection,
  • real customer support,
  • Encryption of sensitive data,
  • Two-factor authentication.

Moreover, it is not necessary to hold a custody account with Coindeck and to make a deposit. You can buy cryptocurrencies directly at Coindeck after opening an account. To do so, one must provide proof of identity and submit personal details and identification documents.

The Coindeck website

Information on the alleged online broker Coindeck can be found on the English website of the company under the URL www.coindeck.com.

Imprint

According to §5 of the German Telemedia Act (TMG), there are general duties to provide information and mandatory details for the imprint in Germany. Accordingly, this obligation for “provider identification” exists for all commercially operated websites.

This is because these details are intended to inform visitors to a homepage who they are dealing with. In addition, the postal address of the website owner plays a role in the event that legal claims are to be enforced against him or her.

In this context, it is also important to note that the obligation to maintain an imprint applies equally to providers based abroad who carry out their business activities in Germany. As of November 2021, no legally binding imprint could be found on Coindeck’s website.

Responsible persons

According to §6 of the German Media State Treaty (MDStV), the name of the person responsible for the content of the website must be stated in the imprint. In many cases, this is a member of the company’s management. Identifying the persons responsible by name is not only necessary, but also a sign of transparency.

However, no data on responsible persons could be found on Coindeck’s online presence in November 2021.

Operator and Trademark

The name of the website, the trading platform or the offer is not always identical with the operating company. In the past, it has often happened that operators act in parallel with different trademarks.

In addition, it is common practice for some operators to deactivate the websites of incriminated trademarks and to return to the market shortly afterwards using a new trademark.

Therefore, when researching news and data about a service provider, one is well advised to include the operating company in addition to the trademark. The respective information can be found either in the imprint or often also in the footer of a website.

The footer of the company website states that Coindeck is owned by a Global DLT Exchange S.R.O. based in Slovakia.

Background to the domain

Various financial providers use their many years of practical experience to pretend to be trustworthy. Nevertheless, such statements are repeatedly contradicted by the date on which the domain was registered. Thus, it must be questioned who owns the domain and at what time the domain was registered.

According to self-disclosure, Coindeck was launched in 2020. Our legal advisors established the facts about Coindeck on 11 November 2021 with the following result: Domain name: coindeck.com Registry domain ID: 1830293691_DOMAIN_COM-VRSN

Registrar WHOIS Server: whois.namecheap.com Registrar URL: http://www.namecheap.com Updated Date: 2019-09-03T15:37:59.23Z Creation Date: 2013-10-08T02:46:35.00Z Registrar Registration Expiration Date: 2022-10-08T02:46:35.00Z Registrar: NAMECHEAP INC

Coindeck Contact Details

The following information was available on Coindeck’s website at the time of writing:

  • Telephone numbers of Coindeck:
    • 0044 8000 885-705
    • 001 855 979-6669
  • Address of Coindeck: Konventna 7, Bratislava, 81103, Slovakia
  • E-mail contact to Coindeck: support[a]coindeck.com

Coindeck authorisation

The existence of a valid licence from an official European financial supervisory authority can be an important characteristic of whether a financial provider is reputable. This is because the granting of a licence requires considerable financial effort on the part of the service provider.

However, it need not necessarily be an investment fraud if an online broker omits data on its licensing or regulatory status. The following financial regulators, among others, are responsible for granting licences and supervising financial service providers such as Coindeck:

  • Comisión Nacional de Mercado de Valores (CNMV, Spain)
  • Comissao do Mercado de Valores Mobiliarios (CMVM, Portugal)
  • Financial Services and Markets Authority (FSMA, Belgium)
  • Federal Financial Supervisory Authority (BaFin, Germany)

There is no evidence of regulatory approval on Coindeck’s website in November 2021. Investors can discuss what this circumstance entails with a lawyer from our law firm.

Warnings from supervisory authorities on Coindeck

On the subject of Coindeck, the lawyers at our law firm had not received any official warning from a European financial supervisory authority in November 2021.

Before trading at Coindeck and others – online trading advice

Online trading, as with Coindeck, is the extension of traditional trading in financial instruments into the World Wide Web. Here, as there, investors act with the intention of generating surpluses by buying and selling assets.

Trading has long since ceased to be limited to securities. De facto, stock exchange traders also have the following alternatives to choose from, for example:

  • Investment funds
  • Bonds
  • Crypto Trading with Bitcoins and Altcoins, e.g. Binance Coin
  • Commodities
  • Bank deposits
  • ETFs
  • Forex Trading
  • CFD Trading
  • Time Deposit
  • Precious metals

Online trading is done via intermediaries such as brokers (e.g. Coindeck) or banking institutions that provide their clients with a specific trading software solution. It is to be expected that in the future there will be more and more private investors who discover online trading for themselves.

All you need is an internet connection and a PC or a smartphone or tablet.

The advantages of online trading

Digitalisation is also having a considerable impact on the world of finance, especially with regard to trading such as at Coindeck. Because of the technical possibilities, trading has become particularly powerful.

Whereas investors and traders once had to place their orders by telephone, fax or post, this is now possible at the click of a mouse and at a fraction of the cost. Factors such as the term and type of trade, pricing and quantities or account details can now be clarified without personal coordination between a broker like Coindeck and its client.

Thus, the opportunity to trade online has created a number of advantages:

  • Training opportunities for online trading, knowledge pools, analyses or trading courses are offered as standard in many places.
  • The speed with which trading transactions can be processed has increased significantly.
  • The platform executes the desired orders, all you need is an internet connection.
  • The range of tradable financial instruments is broader and deeper.
  • A large number of tools can be used automatically and directly.
  • Transaction fees have dropped noticeably because individual telephone support is no longer required.
  • Online traders can access several tools and use a wide variety of indicators.
  • The danger of losses due to gaps decreases.

Moreover, online trading not only brings advantages in terms of the easy-to-understand use of the trading platform. Especially due to the analysis options, indicators and the many different tools, the investor enjoys noticeably more comfort.

The times when you had to draw your own chart diagrams or make your own time-consuming calculations are over. Online trading platforms now offer their clients a wide range of order types that online traders can execute themselves with a day trading broker of their choice.

The risks of online trading

Not all that glitters is gold, and this also applies to online trading. Accordingly, in addition to the advantages, there are also a number of disadvantages that inclined capital investors should include in their considerations:

  • Investors should already be experienced in trading and pursue resilient strategies.
  • The existence of fraudulent trading platforms has led to immense risks of loss.
  • Compared to traditional trading, things are rather hectic.
  • If wrong decisions are made, high losses can be expected.
  • Private investors should keep a constant eye on price trends.

Speculative day trading, in particular, is not suitable for private investors who are getting to grips with the subject of trading for the first time. This is because the risk of not being able to predict price developments correctly is considerable, and in view of the time pressure, corrections are difficult.

Therefore, this form of trading is rather worthwhile for very experienced or very risk-averse investors. If you belong to this group, day trading is an option for generating results quickly. Moreover, one benefits, for example, from the elimination of fees for holding positions overnight.

Finally, these financing costs must also be included in an overall consideration of a financial investment. In addition, one is spared the proverbial rude awakening in the morning if there were immediate and drastic price changes. Such “gaps” develop quickly due to bad reports about a company.

On the other hand, you quickly see the success as soon as you can report a profit at the end of a trading day. Furthermore, it is important for day traders to compare the trading fees of the different brokers.

At this point, it may be advisable to opt for a lump sum in the form of a fixed rate. This pays off especially if you trade with a high frequency and separately invoiced order fees would significantly reduce your profit.

Stumbling blocks in trading – lawyers advise to check risks thoroughly

In order not to unnecessarily increase the risks of online trading, it is advisable to check what kind of provider you want to use for trading on the trading venues. From the experience of our law firm, a few questions have emerged that help to identify possible risks. With reference to the example of Coindeck, these would be as follows:

  • Is Coindeck regulated by a European financial supervisory authority and is the company subject to state supervision?
  • Are there any warnings from lawyers or law firms who are looking after clients who have suffered losses in connection with Coindeck?
  • Does Coindeck promise particularly high profits and conceal or downplay the risks?
  • Do you find any regulatory warnings about Coindeck?
  • Does contact with Coindeck result from an unsolicited telephone call?
  • Can one find an imprint on Coindeck’s website and can one find credible statements about the company’s location?
  • What experiences have other investors previously had with Coindeck, what kind of opinion is expressed in forums?

What to do in case of losses?

As soon as you suspect that you have been defrauded in online trading, it is advisable to stop further payments immediately. This is especially true if the online broker recommends additional payments to compensate for deficits. Incidentally, one should attempt to recover the lost capital.

In this regard, aggrieved parties can seek investor protection and turn to the lawyers of our law firm. We examine both civil and criminal law options and possible claims for damages against the provider and against involved payment service providers such as banking houses.

“It is no longer possible to speak of an individual case when a private investor loses his capital in the course of online trading. Many investors are deceived by the professional appearance of the companies and only realise too late that they are not responsible for their loss.”

Our advice is therefore not to despair, but to act swiftly and with commitment. Because the prospect of recovering the lost capital is often greater than the aggrieved investors realise. Would you like to talk to one of our lawyers about coindecks? Then click here to go directly to our contact section.