Coink is an online financial trading platform registered on November 5, 2023, with its official website domain coinkglobal.com. The platform primarily offers Contract for Difference (CFD) trading on stocks, forex, commodities, indices, and cryptocurrencies, claiming to provide efficient and convenient trading services through the ST5 trading platform.
Trading Instruments and Platform
Trading Instruments
It offers a diverse range of financial products, including:
- Stocks: CFDs on major global market stocks.
- Forex: Various major currency pairs.
- Commodities: Gold, oil, etc.
- Indices: CFDs on major global stock indices.
- Cryptocurrencies: CFD trading on mainstream cryptocurrencies.
This diversity provides investors with opportunities for diversified investments.
Trading Platform
The official website claims its platform uses the ST5 trading platform, featuring:
- Account control: Supports trading anywhere, anytime, 24 hours a day, 5 days a week, fully online.
- Multiple chart types and time frames: Includes bar charts, Japanese candlestick charts, and line charts, with a variety of time frame options from minutes to a month.
- Technical analysis tools: Built-in with 30 technical indicators and 24 analytical objects.
- Financial market news: Provides real-time market news, making it easier for users to track market dynamics.
However, according to user feedback, although the desktop client functions well, the iOS download link directs to DFIECFRBR, and the Android download link does not open properly, potentially impacting users.
Account Types
This broker offers various account types, each with different trading fees and rules:
Multi-Asset Accounts
Fees and Account Plans
Commissions: Applicable to trading U.S. stocks and ETFs, with minimum commissions charged per share.
Account Plans:
- Bronze: Minimum deposit of $500, $0.01 per share, minimum commission $1.5.
- Silver: Minimum deposit of $5,000, $0.008 per share, minimum commission $1.5.
- Gold: Minimum deposit of $10,000, $0.007 per share, minimum commission $1.5.
- Platinum: Minimum deposit of $25,000, $0.006 per share, minimum commission $1.25.
- Diamond: Minimum deposit of $50,000, $0.005 per share, minimum commission $1.
Margin Call Standards
- Retail Clients: Automatic closure triggered when account equity falls below 50%.
- Professional Clients: Closure at market price when account equity falls below $50.
Stock CFDs Accounts
Tiered Plan
- Account Types and Fees: Fee structure similar to multi-asset accounts from Bronze to Diamond, with an additional $0.0015 order processing fee.
Fixed Plan
- Fee Structure: Different account types offer various trading volume packages and additional fees, with specific fees varying by plan type.
ST5 Accounts
- Margin Call Standards:
Retail Clients: Triggered when account equity falls below 50%.
Professional Clients: Triggered when equity falls below 10%.
Stock Accounts
Tiered Plan
- Account Fees: Fees vary by account level from Bronze to Diamond, with additional order processing fees.
Fixed Plan
- Fee Standards: Offers packages based on the number of traded shares, with additional charges beyond package limits.
Financing Cost
- Overnight Leverage: Daily interest rate of 0.026%.
- Excess Leverage: Daily interest rate of 0.5%.
Regulatory Information and Legitimacy
The official website claims to hold the following two financial licenses:
- National Futures Association (NFA) License, license number 0563358.
- Financial Crimes Enforcement Network (MSB) License, license number 31000269824572.
Upon verification, this information is problematic:
- No relevant information regarding 0563358 was found on the NFA's official website.
- The MSB license number found on the FinCEN website belongs to SK Markets, not Coink.
Therefore, this broker is not under any legitimate financial regulation. This implies that investors' funds may lack regulatory protection, posing a high risk to fund security.
Deposit and Withdrawal Policy
- Incoming Wire Transfer Fees: Free of charge.
- Outgoing Wire Transfer Fees: First monthly withdrawal below $500 is free, otherwise a $40 fee is charged (30 Euros for Euro accounts).
Despite some clarity on deposit and withdrawal fees, the lack of a transparent fund management mechanism may impact user confidence to some extent.
Educational Resources and Customer Support
Educational Resources
This broker does not provide an investor education section, which may cause some inconvenience for novice traders.
Customer Service
- Email: [email protected]
- Online Chat: Offers instant customer support.
Notably, the broker does not provide a contact telephone number and lacks accounts on major social media platforms (such as Facebook, Instagram, YouTube, etc.), which is extremely rare in the financial trading field.
User and Brand Exposure
- User Reviews: No user reviews about the platform can be found in the public network.
- Website Traffic: According to Semrush data, the platform's website receives fewer than 20 visits per month, indicating almost no active users.
- Brand Exposure: No news or market reviews about the platform can be found online.
Risk Report
Based on the above analysis, Coink presents the following risks:
- Lack of Legitimate Regulation
The NFA and MSB licenses claimed to be held are verified to be untrue. The lack of financial regulation means there is no safety net for investors' funds. - Low Platform Transparency
The platform fails to provide reliable user reviews and genuine regulatory information, and its absence on social media further reduces transparency. - Potential Risks in Deposit/Withdraw Process
Although the website introduces some deposit and withdrawal policies, the lack of comprehensive explanations may lead investors to question the safety of fund flow. - Extremely Low User Engagement
The website receives less than 20 visits per month, indicating its limited market presence and user base.
In conclusion, despite this broker offering a variety of financial products and a feature-rich ST5 trading platform, it lacks reliable regulation and transparent information. For investors considering using this platform, one should carefully evaluate its potential risks to fund security and services in the absence of adequate regulation and user reviews, suggesting assessing the platform's credibility.
