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Coinexx Review - is it scam or safe?

Coinexx Review - Is coinexx.com scam or good forex broker?

RATING: 1 / 6 REVIEWS Coinexx
Coinexx is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type  Minimum deposit Maximum leverage Spread
Pro ECN 0.001BTC 1:500 From 0 pips + $2 per lot*

*these are the brokers’ claims, which we can’t verify.

 

Coinexx (operating at coinexx.com) is something which shouldn’t be confused with coinexx.org (an investment management company), nor coinex.com (a Hong Kong based cryptocurrency exchange, which we have reviewed). While all of these projects are new, the latter is a somewhat established brand in the world of digital assets. The first “double x” company, which this review will focus on, is basically a forex and CFD broker, which accepts cryptocurrency payments and not an exchange. We had some issues when testing their service, giving them the low score. 

 

Coinexx Advantages

 

Supposedly great spreads 

The costs of trading at Coinexx are one of the best in the business (on paper). The company offers a raw ECN feed, starting form zero pips and only charges a $2 commission per lot. 

 

A standard lot in the most popular forex trading platforms is 100,000 currency units. This makes each dollar in commission worth exactly 0.1 pips (for instruments where USD is the quote, i.e. second, currency). This makes the actual spread at Coinexx starting from 0.2 pips, which is impressive.

 

We have to mention, these levels are only the information provided by the broker’s website. We didn’t manage to open an account with them and hence, we can’t verify them.

 

Nice trading software (MT5)

The platform by which Coinexx provides is the next generation industry leader, when it comes to fiat currency trading. Its predecessor, MetaTrader4 still holds the title, but all the positive features are kept intact, with a few extra additions. Executions are lightning fast (depending on the quality of your connection and broker) and the desktop version supports automated trading systems and custom technical indicators. Additionally a mobile app is available, as well as a web-based interface. The new functionality offered by MT5 includes (partial) multiple-screen support and a built-in economic calendar.

 

>>Find a top-tier MT5 broker in our list<< 

 

Different asset classes covered

Coinexx provides access to the forex (i.e. fiat currency) market as well as indices, commodities and cryptocurrencies. While we are sure most of these are CFDs, the same can’t be said for the crypto offering – given the nature of the company, they may also operate an “exchange”, although it’s unlikely.

 

>>See the differences between CFDs and actual cryptos here<<

 

Very high leverage offered

Offering leverage up to 1:500 isn’t unheard of in traditional forex trading. That being said, some of the markets provided by this broker require a much lower ratio, as they are quite volatile by themselves.

 

Crypto payments accepted

The ways to deposit funds to Coinexx is through the blockchain. The currencies supported are Bitcoin, Ethereum, Litecoin, Ripple, Dash and more, but one’s account can be held in BTC, ETH or USD. The entire conversion process is rather unclear.

 

Coinexx Disadvantages

 

No info about the company nor regulation

Coinexx is allegedly based in Edinburgh, Scotland but we don’t know much more about them. The name of the legal entity behind the website isn’t provided, let alone mentioning financial services regulators, like the UK’s Financial Conduct Authority. While it’s true most agencies don’t want to venture into cryptocurrencies, the CFDs based on them are overseen in all EU members. Coinexx offers a service which should be regulated, despite the payments being made in real coins, as the company still provides speculative derivatives. The lack of oversight is the main factor contributing to the negative score.

 

Trouble with account registration

We didn’t manage to register an account with Coinexx, despite several attempts. The closest we got is this error screen:

 


What we saw, when registering and account at Coinexx (click to zoom)

 

This may be a temporary issue and we will attempt to register again, but for now we can’t verify the (incredible) spread claims, nor see the assets offered.

 

Very close name to a competitor

While the Coinex exchange is also a new company and we aren’t certain which one was established first, it would feel slightly weird to operate with a company named so similarly. This isn’t a major issue, but it appears the team behind this broker is attempting to attract clients from the other trading venue. Would you buy a “Coca Colaa”, or drive a “Ferrarii” or trade with “FXCMM”?

 

Conclusion

 

Coinexx.com is an unregulated forex and CFD broker, where one can deposit via cryptocurrency. Your account with them can be in Bitcoin, Ether or USD. We had issues when registering with them, which will hopefully be resolved in the future. The reason we want to see the trading platform is due to the amazing trading environment advertised on the website.

 

Even the fact they (may) have “copied” the name of a similar company, isn’t as big of a problem for us, as the lack of oversight. This is a de facto forex broker and such companies, especially the ones based in the UK (as the website claims) should be regulated. 

 

The Financial Conduct Authority (FCA) is Britain’s watchdog, which demands a lot from the brokerages registered with it. The requirements feature periodic reporting, ensuring a fair trading environment and a few rules for the security of client funds. The latter are very strict and include segregation of client funds and protection against the broker going bankrupt.

 

>>Our list of FCA regulated brokers<<

 

Here are the key points about Coinexx.com:

 

Pros Cons
Supposedly great spreads No info about the company nor regulation
Nice trading software (MT5) Trouble with account registration
Different asset classes covered Very close name to a competitor
Very high leverage offered  
Crypto payments accepted  

 

Latest news about Coinexx
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Traders` reviews for Coinexx

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Coinexx.org is a sham!

I started trading with them last month not understanding they are different from coinexx.com, I would have been conned if not for jeremywyatt at consultant com's eye opening insight.

Alice Bash 08/29/2019

Not recommended!!

I used this broker starting this year, I made a huge amount in profits then I did a withdrawal for the total amount but I am still waiting to get my money back. It has been 2 months and still waiting... I do not recommend this broker!

Armando Perez 05/02/2019

All the money in my account has been stolen, let me explain...

All the money in my account has been stolen. I have been trading on the forex market through various brokers for a year and I thought it was great that Coinexx offered the possibility to trade with altcoins. I still had 4000 XRP and 50 LTC in my wallets with which I did not do anything yet. After creating an account I was able to transfer the coins to Coinexx. Because I first planned a winter sport I had not yet dealt with my account. After I returned from my vacation in January, I was shocked to see that the balance was 0. I immediately contacted Coinexx how this was possible since I did not write off the amounts myself.
According to them, they had sent an email, after which they transferred the amounts to ETH and then debited them. The last amount was not yet debited at that time, but they could not stop it, they said.
I have always asked for substantiation or proof that the order was issued, but until now I have not received anything from them, only promises that they will be working on it soon.
So I just lost my money, it was about $ 2,873.00 at that time !!
I did further research together with an IT expert to see what probably happened since my mail account was not hacked, they probably got access to Coinexx with brute force, then changed my address to another address so that they could make the payment confirm. Then they put my e-mail address back as if nothing had happened.

BEWARE before you go to work with this party, the security and help you get is very bad!

Martin 04/19/2019

Do not use Coinexx

I've been a professional trader for 30+ Years. I've experienced good, bad and indifferent. Coinexx is in a class of it's own. Absolutely the trashiest execution, intentional slippage in quiet markets and delayed 800+ms when I'm less than 15 ms from server.

' Ask for Sam '.. you might get a call back. But oddly it's the same number from one of the other brokers in the UK that is operating inside the UK without a license.

nick 01/31/2019

My bet is scam

This company used to operate as FinProtrading.com.
All one has to do is scroll down to the bottom of there
homepage and you will find the exact same tools that
were on FinPro. Still waiting to get my money.

Avoid

mw 01/04/2019

Scam and false advertising

They claim to accept credit and debit card but after you register they say that you can only deposit via crypto

akmadine 12/13/2018
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