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Coverdeal
Cyprus|2-5 years| https://coverdeal.eu/
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1G
40G
Contact number
+357-25 635 040
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Coverdeal Holdings Ltd.
Coverdeal
Cyprus
Pyramid scheme complaint
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- 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!
- The current information shows that this broker does not have a trading software. Please be aware!
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Coverdeal · Company Summary
Note: Coverdeal's official website: https://coverdeal.eu/ is currently inaccessible normally.
| Coverdeal Review Summary | |
| Founded | / |
| Registered Country/Region | Cyprus |
| Regulation | CySEC (revoked) |
| Market Instruments | Forex, commodities, indices , shares, bonds and cryptocurrencies |
| Demo Account | ❌ |
| Leverage | 1:30 |
| Spread | From 3 pips |
| Trading Platform | MT5 |
| Min Deposit | $250 |
| Customer Support | Email: 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 support | Lack of detailed info on fees |
| Multilingual support | Lack of legal regulation |
| Multiple trading choices | High 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Holdings Limited, surrendered its Cyprus Investment Firm (CIF) license in November 2020, which means this license has been revoked.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 Type | Market Making (MM) |
| Licensed Number | 231/14 |
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 Platform | Supported | Available Devices | Suitable for |
| MT5 | ✔ | Computer and phone | Experienced 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).
WikiFXNewsWikiFX report: CySEC Withdraws ICF Membership of Coverdeal Holdings
The company terminated its services last year, and its CIF license was also withdrawn.
WikiFXNewsWikiFX 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).
WikiFXNewsWikiFX 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.
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