Coinyards is an online trading platform on which investors can allegedly trade with different crypto currencies. The homepage is only available in English at the URL https://coinyards.com/.
The Swiss Financial Market Supervisory Authority (FINMA) has issued a warning regarding Coinyards.
Have you invested money at Coinyards and want to talk about your experiences? Or do you want to find out more about this platform or online trading in general? Then you can contact a lawyer.
The law firm Herfurtner Rechtsanwälte, which has offices in Northern Germany (Hamburg) and Southern Germany (Munich), is approached by many investors seeking investor protection. Furthermore, the attorneys have their main areas of practice in corporate law, capital market law or commercial law.
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If you do research on the Internet on the subject of online trading, you will find that there is a wealth of companies that address investors or investors with their products. It is helpful to inform yourself in advance about the experiences of other investors who have already invested there.
The Financial Market Authority (FINMA) has issued a warning regarding Coinyards. According to this, the authority warns the public not to enter into business relations with this provider.
There are also many different forum and blog posts on the topic of Coinyards. It is not always apparent whether the respective posts have been written with the necessary objectivity. Opinions on Coinyards vary.
Head office, regulation Coinyards
Information on the company’s registered office and regulatory status on the trading platform’s website usually provides potential investors with an initial insight into the company.
The Coinyards website has no legally binding imprint. Only under the tab “About us” you can read that the operator of the platform is probably the “PSP Joint system.” and is registered in the UK with the company number 155653924. Under the tab “Contact”, however, the platform indicates its headquarters again with Zurich (Switzerland).
The customer support e-mail address is firstname.lastname@example.org and the telephone number is +41445087524.
Nowhere on the Coinyards website is there any reference to the authorization and supervision of a governmental supervisory authority such as the Swiss FINMA (Financial Market Authority), the British FCA (Financial Conduct Authority) or the Cyprus CySec (Cyprus Securities and Exchange Commission).
Therefore, it is not possible to answer unequivocally whether the company is licensed to operate in the European Economic Area.
Coinyards Internet Presence
On its own website, Coinyards describes itself as a huge crypto investment fund that makes profits for its clients through advanced development based on artificial intelligence – crypto currency arbitrage and roboadvising. According to Coinyards, tradable crypto-currencies include
Coinyards characterizes its own offer with a list of various arguments, including
- SECURE ANTIDDOS SERVER
- SSL CERTIFICATE
- 24/7 LIVE SUPPORT
- PROFITABLE INVESTMENTS
Registration and account models
In order to start trading on Coinyards, a previous registration as a client is necessary. This can be done by filling in a form where personal data is entered and transmitted with acceptance or confirmation of the acceptance of various conditions and guidelines.
After the Coinyards registration four different account models are available, which are aimed at both beginners and experienced traders and in particular have different deposit and withdrawal modalities:
The website does not provide detailed information on payment methods. However, under the tab “Q&A” you can see that at least payments by credit card should be possible.
Risks in online trading
Among potential investors, online trading platforms always quickly come under the radar, as they offer their products internationally and attract attention with presumably worthwhile offers. In the course of digitalisation, capital investments can now be made on the Internet without any problems.
Meanwhile, there is a wealth of providers who operate worldwide and advertise with their offers for the goodwill of the investor. Often, the trading platforms focus on products that are not suitable for everyone due to their complexity and the associated risks.
Rethinking foreign investment
An investment with suppliers abroad can often develop unfavourably if disputes arise in connection with the investment. This can be due to possible language barriers on the one hand, but also to the distance, which makes personal discussions more difficult.
Usually it concerns CFD Trading, trading with crypto currencies or foreign exchange trading (Forex Trading). These are highly risky products, in which one should not invest without previous examination, especially as an inexperienced investor.
Often, insufficient or simply wrong advice leads to an increased risk of bad investments or the total loss of the investment.
When trading at a loss in online trading
Have you lost money on Coinyards or a similar online trading platform? If so, you should first refrain from making further (deposits), even if this is required by the online trading provider. You should also find out the reasons for the loss and the possibilities to recover the lost capital.
If the discussion with the platform is fruitless, you can contact a lawyer and seek investor protection. The law office Herfurtner Rechtsanwälte will find out which claims you can assert and enforce your interests for you.