Aurora Coins is an anonymous investment brand allegedly under the governing law of Saint Vincent and the Grenadines. The website states, “Welcome to the future” and invites you to download the Aurora Coins trading platform.
However, our experience tells us there’s no future with unregulated offshore schemes. Thus, this Aurora Coins review will give you all the details about how the scam is running.
| Broker status: | Offshore Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | aurora-coins.com |
| Blacklisted as a Scam by: | BCSC, OSC, CONSOB |
| Owned by: | Aurora Coins Ltd |
| Headquarters Country: | Saint Vincent and the Grenadines |
| Foundation year: | 2021 |
| Supported Platforms: | WebTrader |
| Minimum Deposit: | $250 |
| Cryptocurrencies: | Available |
| Types of Assets: | Forex, commodities, indices, shares, cryptocurrencies |
| Maximum Leverage: | 1:400 |
| Free Demo Account: | No |
| Accepts US clients: | No |
Aurora Coins Signs Of Fraud
The first red flag is that there’s no real owner, license, or even the headquarters. The Terms and Conditions vaguely suggest that the governing law is the law of Saint Vincent and the Grenadines, but it means nothing. SVG doesn’t have a financial regulator, so falling under their laws equals no laws. Furthermore, the alleged owner, Aurora Coins Ltd, is not registered with the FSA of SVG.
Just in case, we’ve checked FCA, ASIC, BaFin, and other Tier1 registers and confirmed what we already suspected. Aurora Coins broker is not regulated.
How Unsafe Is An Unlicensed Broker?
Unlicensed brokers create their own trading rules. They don’t need to follow any regulatory prerogatives and can easily manipulate clients. For instance, they can provide significantly higher leverage and put your funds at risk. That’s why you should avoid unregulated and offshore trading firms and find yourself a legitimate investment company.
In order to add to the above, we strongly advise you not to invest in fraudulent brokersAxisCapital,Fx24tradeandTrustGarden.
So Is Aurora Coins a Decent Broker or a Scam?
Aurora Coins is an unregulated offshore broker. It’s based in Saint Vincent and the Grenadines, and doesn’t have a license. There are warnings in Canada and Italy against Aurora Coins trading scam.
Aurora Coins Warnings From Financial Regulators
There are several scam warnings, two from Canada and one from Italy.
BCSC and OSC issued official warnings, stating that aurora-coins.com is an unregulated domain that cannot provide securities trading or trading on any financial derivatives.
Italian CONSOB blacklisted the broker after receiving numerous complaints.
Traders Reviews About Aurora Coins
Aurora-coins.com has an average score on Trustpilot, with 3.3 stars. However, notice one thing. The majority of good and average reviews come from accounts with only this one review as if the account was made with a purpose. On the other hand, negative reviews come from verified customers that have written more reviews in the past.
Here’s just one example:
“Don’t send them any money!!!
It’s a total scam! They are hiding behind total anonymity. Even here on TrustPilot they are not even a verified entity.”
– Trustpilot Customer
Aurora Coins Trading Software – Standard Web Platform Access
Aurora Coins offers the most basic web platform we’ve ever seen. It’s a typical TradingView chart with several indicators. There are no advanced features such as pending orders, Stop Loss and Take Profit, and surely no social or automated trading system.
Many scam brokers use this software since their goal is not to provide quality trading services and keep customers but to scam and steal the money.
Therefore, if you want to start trading, we advise you to choose a legitimate investment firm offering MT4 or MT5 platforms.
All About Aurora Coins Trading Accounts
Broker has 5 account types:
The main difference is the spread, leverage, educational materials, and access to different trading tools.
Please, also remember the names ofCrypto Lloyds,NewFXandChase Capital Onlinescams and avoid them at all costs! Also, always check the history of online trading companies before investing!
Does The Broker Offer A Demo Account?
Aurora Coins doesn’t offer a Demo account, so you will have to risk investing your own funds. Since we have already proven that the broker is not licensed, such an investment is not recommended. Better to find a regulated broker with a Demo account and a lower initial deposit.
Aurora Coins Broker – Countries Of Service
Broker has been active since 2021 and has defrauded many. The majority of victims come from:
- Canada
- Australia
- Sweden
- Germany
- UK
Range of Trading Instruments and Markets
Customers can trade in 5 major markets. Despite how good this offer may look, you should know that investing with illicit firms is never recommended.
Here’s an overview of trading assets:
- Currency pairs – EUR/USD, GBP/USD
- Commodities – gold, oil, silver
- Indices – NASDAQ, FTSE100, NIKKEI225
- Shares – Amazon, Microsoft, Apple
- Cryptocurrencies – BTC, ETH, XRP
Aurora Coins Bonuses – As A Method Of Fraud
Company offers different kinds of bonuses and advertises them as a part of the company’s generosity and will to participate in your trading. In fact, these bonuses come with a malicious Bonus Policy with even more malicious clauses.
According to one clause, traders cannot withdraw their profits before reaching a rollover of the bonus amount at least 20,000 times. So for a basic bonus of $100, you will have to trade $2 million. Time to do some math.
Customer Support – Communication Channels
Aurora Coins broker has a dedicated customer support team. This team should bring new customers to the company and dissuade old ones from withdrawals.
Clients registered to Aurora Coins ads are contacted through phone calls, WhatsApp messages, and emails. Each contact will pressure the potential customer to join the company and start investing.
Also, upon investing, you’ll be assigned an account manager who will keep in touch and propose all sorts of financial plans, asking for more money.
If you have never registered for online trading, you may be approached via social media, whether through comments or messages from fake Facebook and Instagram accounts.
High Minimum Deposit
Aurora Coins requests a minimum deposit of $250, which can sound pretty standard. However, the broker is unregulated, so investing any amount is risky.
That’s why we advise you to find a legitimate firm. Note that most offer Micro accounts starting with as low as $10. So yes, $250 with a shady firm is absolutely high and not recommended.
Trading Conditions
As mentioned, offshore brokers determine their own trading conditions. And in most cases, these are not good for a client.
About Leverage And Spreads
Broker advertises low spreads, starting with 1.5 pips for EUR/USD pairs. In reality, this spread is 6.5 pips, which cannot be considered favorable under any circumstances.
Furthermore, the broker allows leverage of up to 1:400, while the EU and UK regulators have set a limit of 1:30 for the Forex market and only 1:2 for crypto due to high risks.
Aurora Coins Deposit, Withdrawal Methods, and Fees
While the Terms and Conditions indicate that you can deposit using debit/credit cards, the truth is a bit different.
What Payment Methods Does the Broker Accept?
The company accepts only cryptocurrencies and counts the rate according to the BitStamp exchange. Moreover, there are some hefty withdrawal fees of 25 units per withdrawal, plus an additional $7 for e-wallet processing. Besides, the firm charges a $99 inactivity fee, which is rather high.
In most cases, clients are approached to invest more money to cover withdrawal fees before getting their money back. It’s just another way to extort the last deposit before vanishing with your money.
Scammed by Aurora Coins Broker? – Let Us Hear Your Story
If you were scammed by Aurora Coins or a similar bogus broker, let us know. Our chargeback specialists will look into your case and help you find the best recovery method.
But What Is A Chargeback?
A chargeback is a way to reverse a fraudulent online transaction. Contact us via online chat to book a free consultation, and let’s recover your funds before it’s too late!