Coinexx Review: Fake Broker Operating Anonymously
Coinexx broker is under the ownership of Coinexx Market Limited registered in St. Vincent and Grenadines. The company offers Forex, CFD, and crypto trading services since 2017.
Even with a high customer experience rating, there are numerous low-rating comments about this broker. To find out what are they saying and if you should trust this broker, read this Coinexx review carefully.
|Unlicensed Scam Brokerage
|Blacklisted as a Scam by:
|CONSOB / CFTC
|Coinexx Market Limited
|St. Vincent and Grenadines
|MT4 / MT5
|Yes – BTC, XRM, ADA
|Types of Assets:
|Forex, Commodities, Indices, Cryptocurrencies
|Free Demo Account:
|Accepts US clients:
Is Coinexx Not A Legit Broker?
As the broker that offers trading services, they need to have a license for practicing this business. Especially in US, UK, and Europe. Since SVG doesn’t have a regulatory body we need to look elsewhere for their licensing.
Therefore, we always check reliable regulators from the Tier 1 group. Those are FCA, BaFin and ASIC. However, their registers didn’t bring us any traces of a Coinexx broker.
They don’t have any trading licenses. An offshore entity without transparent ownership information. They have a trusted trading platform, but no credibility at all.
Warning Issued by Financial Authorities
CFTC in the United States is one of the most rigorous institutions. That’s why they have so much trust among traders. However, they issued a warning against this broker in mid-2020. Afterward, another Tier 1 regulator – CONSOB – followed their move and shared their opinion.
Coinexx – Trader Feedback on Brokerage Firm
Considering the big number of positive comments, traders might think that this broker is good. But out of 249 comments, 15% of them are 1-star rated. That means that every� 6th person gets scammed.
What traders experienced is extended withdrawal processing time and prevention of withdrawals. Moreover, they were charging additional withdrawal fees.
Coinexx Platform – Trading Software
As one of the most important aspects, traders look for a trusted trading platform. But this is a clear example that having a trusted trading platform doesn’t make a broker trusted as well.
With access to the platform, you are just granted certain trading tools. And from traders’ experiences, making profits was the easiest part. Withdrawing them was the issue.
MT 4 & MT 5
Coinexx trading company offers a widespread and trusted Meta Trader. Stability, high efficiency, and transparency are just some of the adjectives that can describe Meta Trader. Not to mention advanced trading tools, charting options, and social or copy trading.
Besides, Meta Trader doesn’t lose any functionality through their mobile apps. Traders can enjoy all same features as on a desktop version. Therefore, it’s suitable for pros and beginners on any Android and iOS device.
Coinexx ‘s Trading Assets and Instruments
As for trading instruments, this broker only has available 4 major classes:
- Forex – USD/JPY, AUD/NZD
- Commodities – Gold, crude oil
- Indices – UK100, AU200
- Cryptocurrencies – BTC, DASH
One big class is excluded with this broker and those are stocks. Which might be a perfect choice for beginners or some long-term traders.
Another key point is 1:500 leverage which can delete your account balance in a blink of an eye. Especially if the broker doesn’t have a guaranteed stop-loss. Not to mention negative balance protection, which might get you in debt. But these features are missing with Coinexx.
Coinexx Countries Of Service
As you can see from some Coinexx reviews traders faced many difficulties with this broker.� Besides, you can find a pattern in their service. They are mostly scamming traders from:
- United States
- United Kingdom
Many countries require strict regulations and authorization to provide trading services in their country. Thus, Coinexx broker doesn’t have any.
What Are The Different Coinexx Account Types?
This broker doesn’t have diversified trading accounts. They only offer PRO ECN accounts. It’s advertised as the most suitable option because traders can use its advanced features.
Everyone gets leveled conditions and the minimum requirement is 0.001 BTC. Which is approximately $25. Even though it is a small investment to take, it can lead to higher requests from the broker. That in the end finishes in these scammer’s pockets.
Can a Trader Use a Demo Account?
Yes. Besides a live trading account, traders can try their services through the virtual trading account. It allows you to use most of the trading features, but with virtual funds.
Don’t forget that you will be contacted anyway. And don’t fall for cheap offers from this broker to start investing. Especially not for bonuses!
Coinexx Deposit Bonus
Deposit bonuses are cheap tricks that scam brokers are using. Sometimes even to double your investment. And anyone greedy would fall for it. But once you start trading, you realize that you can’t request a withdrawal.
Because there is a hidden clause that you didn’t know about. So, to get a withdrawal you need to trade a certain volume. Which is insanely and very hardly reachable. Not to mention, that for this exact reason, bonuses are banned in the EU, UK, and Australia.
Terms of Service for Coinexx��
Important to realize is that this broker accepts only crypto payments. This raises suspicion to an alarming level. Cryptos are hardly traceable and encrypted. You don’t get any proof of the transaction, nor that you can reverse the transaction.
It takes 48 hours for them to process the request. In other words, to find an excuse why not allow the withdrawal?
Leverage, Spreads, and Fees
Leverage of up to 1:500 is not in compliance with any regulations. Even though spreads are floating from 0 pips, you won’t get out without charges. They have a $2 commission for every trade open. On the positive side, they don’t have an inactivity fee.
Scammed by a Coinexx Broker? – We Want To Hear Your Story.
Share your story experience with us first. It’s not a shame to get scammed. But you can prevent other traders to get into the same trap. As for your case, you can get in touch with our fund recovery team.
A specialized team for crypto transactions, with access to CipherTrace, can find the final destination of your crypto transfer. And to start a fund recovery process.
What Is the Chargeback Procedure?
It’s a transaction reversal operation. Often used with card transactions where it’s easiest to do it. With Visa/Master card you have 540 days to do so. Don’t waste time and contact us now!
What Is Coinexx?
Coinexx is an offshore company operating since 2017 in FX and CFD trading services.
Is Coinexx a Scam Broker?
Yes. Multiple warnings from regulators are issued against Coinexx brokers and they lack regulations.
Is Coinexx Available in the United States or the UK?
Coinexx scam broker is offering its trading services to both mentioned countries.
Does Coinexx Offer a Demo Account?
Yes. Besides live a trading accounts, traders can test their services with virtual funds first.