Coin Kong Trader Review

1/5

Cryptocurrency trading is the newest way to profit from cryptocurrencies and other commodities. Exchange platforms often associate with brokers that assist users in opening and closing trading positions and conducting trading activities.

Brokerage services are often recommended for those who are new to trading online and still hope to trade without losing money. It is also an excellent way for traders who lack the time needed to analyze market trends to identify trading opportunities.

Coin Kong Trader is a personal broker platform that is owned by the Live-Bit exchange. We have found that despite its claims to be a safe place for users to trade, Coin Kong Trader is, in fact, a scam.

The site provides no evidence to back up its claims that its brokers are regulated. While we were able to find information indicating that Live-Bit owns the platform, the website provides information on either site to suggest that this is true.

If a platform does not clearly state who owns it, provides a company location, or contact details, this is a red flag because you cannot be sure of who is handling your money. Find all you need to know in our Coin Kong Trader review.

4.8/5
Low deposits
No fees
Withdrawals are easy
trade now *Risk is involved with all trading actions

Coin Kong Trader Explained

Coin Kong Trader (CKT) is a broker auto-trading robot that claims to help users trade Forex, CFDs, and cryptocurrency with great accuracy. Auto-trading robots use algorithms to assess, monitor, and analyze patterns in the market to identify trading opportunities for the user. Based on parameters set by the user, it then carries out these trades on the user’s behalf.

What You Should from Coin Kong Trader and Why You Don’t

This brokerage service promises to provide users access to regulated brokers. However, in fine print at the bottom of the page, the company states that the onus is on you to determine whether the broker you are working with is regulated and adheres to your area's local rules and regulations.

Additionally, we could not find any information to back up the company’s claim. After searching for information on FINRA, we found no results on CKT, so the only way to determine whether you are working with a registered broker is to take the company’s word for it.

There is also a warning in the fine print at the bottom of the home page indicating that 71 percent of non-professional traders who traded CFDs with Coin Kong Trader have lost money while trading with this broker, which is a major red flag.

Auto-trading robots that are legitimate never have failure rates that big, which makes us question whether the software that the site is using is even an auto-trading robot.

The site’s content also appears to be generic, and the format is strikingly similar to 1K Daily Profit, a legitimate trading robot. However, Coin Kong Trader contains much less information and doesn’t provide the user with much information.

Another essential thing to note is that this website was incredibly difficult to find and is not even mentioned on Live-Bit, the exchange that supposedly owns it. Reviews on the platform appear to be staged and discuss details such as online reviews on various sites like Trustpilot that we were not able to find.

These reviews even go so far as to mention that there are thousands of customer reviews of Coin Kong Trader online. They also talk about the auto-trading robot’s success rate of over 90 percent when the website itself has a disclaimer, warning users of a failure rate of 71 percent on CFDs, which is a direct contradiction.

This is a common tactic used amongst scammers to gain users’ trust who rely heavily on online reviews to decide whether to invest or trade with an exchange or broker.

If you are interested in brokerage services, it is essential to do your research and find the evidence that backs up any claims made by websites, as a lack of evidence is a sure way to tell that you are dealing with a scammer.

Regulations and the Safety of Your Funds

Regulatory bodies exist to ensure that brokers operating within an area or jurisdiction are qualified to perform their duties as a broker and to ensure that they adhere to the rules and laws put in place to protect the user and assure you that you are dealing with someone trustworthy.

A lack of regulation can indicate that you are dealing with an offshore company that does not offer you the assurance mentioned above. Since there is absolutely no evidence to back up Coin Kong Trader’s claim to provide you with regulated brokers, there isn’t a way to tell whether they are telling the truth other than to take their word for it.

Additionally, the site also mentions that the brokers are not regulated within the United States, so Coin Kong Trader is not intended for you if you live in the US.

Unregulated brokers can also take off with your money, leaving you with no way to recover your investment, as you cannot take legal action against an unregulated broker.

That being said, it does mention much of the risks users are exposed to when engaging in trading activities with the platform and includes a terms and conditions section along with a privacy policy that outlines its measures to keep your information safe from third parties.

Coin Kong Trader Scam: The Software

Coin Kong Trader claims to use Meta Trader 4, which is reputable software. It also has a web-based application and a "tailor-made" mobile application. While these are all in line with industry-standard, we have reason to believe that the software is fake because of the high failure rate of those investing in CFDs.

Auto-trading software is preferred when trading with a broker. It offers a high level of accuracy and convenience, allowing even the novice trader to trade their favorite commodities easily.

However, at the bottom of the page on the Coin Kong Trader website, the company mentions that non-professional CFD traders have had a failure rate of 71 percent, indicating that this is not auto-trading software. Therefore, the software is more likely a scam than a reputable, trustworthy auto-trading robot, and users would do well to stay away from it.

Why Use Auto-trading Websites

Beginners may find it difficult to understand why they need auto-trading software when they can trade directly with a broker because brokers are there to make the trading process easier. However, this can be problematic for a number of reasons.

Traders who do not have the relevant experience can quickly lose their investments, as markets are volatile, and not knowing the right time to open and close trading positions can result in you seeing your balance decreasing quickly.

Experienced traders often spend much time studying how to trade and learn how different factors, such as the impact that public view can have on the value of that asset, can affect its price.

Auto-trading robots eliminate the need for such expertise, as the trading robot can identify favorable trading opportunities and conduct trading activities on your behalf, eliminating the time that you would need to invest in analyzing market trends.

What to Do Instead

Although Coin Kong Trader is not a legitimate auto-trading website, you may be wondering if you have any other options. The good news is that there are many other auto-trading robots and brokerage firms that are both regulated and legitimate.

At Trustpedia, we dedicate our time to identifying these legitimate trading platforms for you and have a long list of reviews that you can view to select an auto-trader that is suitable for you.

While Coin Kong Trader may appear to be a legitimate auto-trader at first glance, there are too many red flags that say otherwise. In general, users are always advised to stay away from platforms if they notice any red flags.

Instead, you can choose from reputable auto-trading exchanges, such as Quantum Ai and 1K Daily Profit, before selecting a reputable broker, such as eToro or CPL One. Before settling for an exchange or broker, it is imperative that you do the due research to determine if they are indeed trustworthy.

Why Work with a Legit Broker and Auto-trader Robot

Even though auto-trading software is advised, you may still gain from the assistance of a skilled and regulated broker. Partnering with a broker can help you reduce your risk exposure, particularly if you're trading commodities that you're unfamiliar with.

Setting up a trading account with a legitimate, regulated broker is simple. Complete an online application on the exchange’s website when you’ve done your homework and selected one that is trustworthy.

Your full name, phone number, and email address must all be entered, and often, you may have to complete a verification process to confirm your identity and country of residence. Once this is complete, a broker is assigned to you depending on your region, and you must make an initial deposit with the broker to begin trading.

After that, you must either install the relevant software on your desktop or mobile, or sign-in on the web-based application to begin trading. Before you start trading, make sure you’ve familiarized yourself with the site. Trading platforms often offer a demo account for users to practice with.

These demo accounts are often devised to mimic real trading scenarios to give you a good idea of what it would be like to trade live. You are assigned tokens with which to trade and can judge whether the exchange is for you before you begin investing any real money.

Signing Up with Coin Kong Trader (NOT RECOMMENDED)

We do not recommend signing up with Coin Kong Trader, as there is no evidence that it is a legitimate trading platform. However, if you choose to ignore this advice and sign up with this broker anyway, you can do so by completing the registration form provided on the website.

It requires you to enter your first and last name, email address, and telephone number. There is no information about whether the site has a verification process. It also offers no information about trading or investment plans and fees that you can expect to pay when you invest or trade with Coin Kong Trader, which is another cause for concern.

Signing Up with Other Brokers

We do not recommend signing up with brokers without going through a legitimate auto-trader exchange like 1K Daily Profit. However, always ensure that the broker you are dealing with is legitimate and regulated if you choose to do so.

The sign-up process is similar to those already mentioned. Simply complete the registration form on the broker’s website, complete the verification process, familiarize yourself with the software, fund the account, set your parameters, and begin trading.

Conclusion

Given the lack of transparency, contradictory and questionable information on the website, high failure rate experienced by CFD traders, and no proof of regulation, we can deduce that Coin Kong Trader is indeed a scam and must be avoided.

There is virtually no information provided to ensure you of the safety of your funds once they are deposited into a trading account with Coin Kong Trader, so you can lose everything without even conducting a single trade.

If you are searching for a reputable, trustworthy broker, there are several on the market. However, we recommend using an exchange like 1K Daily Profit that uses auto-trading software to analyze the markets and conduct trades on your behalf when conditions are favorable.

Frequently Asked Questions

Here are some quick answers to some of your most pressing questions.

Yes, there is no information to indicate that Coin Kong Trader is a legitimate platform.

Yes, you can. However, this is not recommended. We recommend using auto-trading software such as that offered by 1K Daily Profit.

There are several reputable alternatives, including 1K Daily Profit and eToro.