Coinexx foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://my.coinexx.com/register, about the company's legal and temporary regulatory information, the company's address P.B. 1257 Bonov-Road, Fomboni, Comoros, KM.
Coinexx Forex Broker
Basic Information
Comoros
5-10 years Suspicious Regulatory License MT4 Full License MT5 Full License High potential riskCompany profile
Rating Index
ECN
Coinexx Forex Broker - Complete Information Guide
1. Broker Overview
Coinexx is a cryptocurrency and forex brokerage firm that was established in 2017. The company is headquartered in Seychelles, specifically at Caravelle House, Manglier Street, Victoria, Mahé. Coinexx operates as a private entity, providing trading services primarily to retail clients across the globe. The broker has made significant strides in the financial market since its inception, focusing on offering a wide range of trading instruments and competitive conditions.
In its development journey, Coinexx has introduced various features aimed at enhancing the trading experience, such as instant cryptocurrency deposits and withdrawals, which have attracted a growing client base. The company's mission is to revolutionize the forex industry by making financial transactions faster, safer, and more cost-effective. Coinexx aims to cater to both novice and experienced traders, providing them with access to a diverse range of trading products.
As a crypto-focused brokerage, Coinexx allows clients to trade a variety of instruments, including forex, commodities, indices, and cryptocurrencies, through its advanced trading platforms. The broker's business model primarily revolves around retail forex trading, providing clients with direct access to market liquidity without the need for a dealing desk.
2. Regulation and Compliance Information
Coinexx is currently not regulated by any major financial authority, which raises concerns regarding the safety and security of client funds. The absence of regulation means that Coinexx does not adhere to the strict standards set by top-tier regulators such as the FCA (Financial Conduct Authority) in the UK or ASIC (Australian Securities and Investments Commission). This lack of oversight can potentially expose traders to higher risks, including issues related to fund protection and dispute resolution.
The broker claims to implement measures for client fund protection, including the segregation of client funds from its operational funds. However, the effectiveness of these measures is uncertain due to the lack of regulatory oversight. Additionally, Coinexx follows KYC (Know Your Customer) and AML (Anti-Money Laundering) compliance protocols, which are essential in mitigating risks associated with financial crimes.
Investors should be aware that trading with an unregulated broker like Coinexx carries significant risks, as there are no guarantees of fund safety, and traders may face challenges in recovering their investments in case of broker insolvency. Therefore, it is advisable for potential clients to conduct thorough research and consider the implications of trading with an unregulated entity.
3. Trading Products and Services
Coinexx offers a diverse range of trading products, catering to various trading preferences. The broker provides access to over 60 forex currency pairs, including major, minor, and exotic pairs. Additionally, Coinexx offers CFDs (Contracts for Difference) on commodities, indices, and cryptocurrencies, allowing traders to speculate on price movements without owning the underlying assets.
The broker's product offerings include:
- Forex: A wide selection of currency pairs, enabling traders to capitalize on fluctuating exchange rates.
- Commodities: Trading options in precious metals like gold and silver, as well as energy products such as crude oil.
- Indices: Access to global stock indices, providing opportunities to trade on market performance.
- Cryptocurrencies: A range of popular digital currencies, including Bitcoin, Ethereum, and Litecoin.
Coinexx continuously updates its product offerings to meet the evolving needs of traders. The broker also provides retail trading services, focusing on individual traders looking to engage in the financial markets. While institutional services are not explicitly mentioned, the broker's infrastructure supports various trading strategies, including scalping and automated trading.
4. Trading Platforms and Technology
Coinexx supports the widely used MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, which are known for their robust features and user-friendly interfaces. Both platforms are accessible on desktop and mobile devices, allowing traders to manage their accounts and execute trades conveniently.
Key features of the trading platforms include:
- Automated Trading: Support for Expert Advisors (EAs) that enable automated trading strategies.
- Advanced Charting Tools: A variety of technical indicators and analysis tools to assist traders in making informed decisions.
- Web-Based Access: Coinexx provides web trading options, ensuring that traders can access their accounts from any device with internet connectivity.
The broker operates on an ECN (Electronic Communication Network) model, which facilitates direct market access and minimizes the risk of price manipulation. Coinexx's trading infrastructure is designed for low latency and high-speed execution, ensuring that traders can execute their orders at competitive prices.
5. Account Types and Trading Conditions
Coinexx offers a single trading account type known as the Pro ECN account. This account is tailored for traders seeking competitive trading conditions, including:
- Minimum Deposit: Starting at just $10.
- Spreads: Floating spreads starting from 0.0 pips, depending on market conditions.
- Commission: A commission of $2 per lot is charged on trades, which is competitive compared to other brokers.
- Leverage: Up to 1:500, allowing traders to amplify their trading positions.
- Minimum Trade Size: The minimum trade size is 0.01 lots, enabling flexibility in trading strategies.
The Pro ECN account is suitable for various trading styles, including scalping and news trading. While Coinexx does not offer a demo account, traders can utilize the live account to practice their strategies in real market conditions.
6. Fund Management
Coinexx primarily supports cryptocurrency deposits and withdrawals, which aligns with its focus on providing a crypto-driven trading experience. The broker accepts a variety of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, for funding trading accounts.
Key aspects of fund management at Coinexx include:
- Deposit Methods: Only cryptocurrency deposits are accepted, with a minimum deposit requirement of 0.001 BTC.
- Deposit Processing Time: Deposits are processed quickly, typically within 15 minutes once the transaction is confirmed on the blockchain.
- Withdrawal Methods: Withdrawals can only be made in the same cryptocurrency used for deposits, and the minimum withdrawal amount is also 0.001 BTC.
- Withdrawal Processing Time: Coinexx processes withdrawal requests manually, which can take up to 48 hours. This manual process may result in delays compared to automated systems.
There are no fees associated with deposits or withdrawals, making it cost-effective for traders. However, clients should exercise caution when entering wallet addresses, as errors can lead to permanent loss of funds.
7. Customer Support and Educational Resources
Coinexx provides customer support through various channels, including email and social media platforms. However, the broker does not offer a live chat option, which may limit immediate assistance for traders.
Support Channels:
Email: Support is available via email at support@coinexx.com.
Social Media: Coinexx maintains a presence on platforms like Facebook and Twitter for updates and communication.
Service Hours: Customer support operates 24/7, which is beneficial for traders who may need assistance outside of regular business hours.
While Coinexx does not offer extensive educational resources or market analysis services, it provides some basic tools, such as calculators for trading costs. The absence of dedicated educational content may be a drawback for novice traders looking to enhance their skills.
8. Regional Coverage and Restrictions
Coinexx operates globally, accepting clients from various countries. However, it is important to note that the broker is not available in the United States and certain other jurisdictions where local regulations prohibit its services.
- Main Service Markets: The broker targets international markets, focusing on regions where cryptocurrency trading is popular.
- Regional Offices: Coinexx has established its headquarters in Seychelles, with no additional regional offices reported.
- Prohibited Countries: The United States is explicitly mentioned as a restricted region for Coinexx services.
In conclusion, while Coinexx offers a range of trading products and competitive conditions, the lack of regulation raises significant concerns regarding the safety and security of client funds. Traders should carefully consider these factors before engaging with the broker.
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Latest Reviews
FX1832231122
United Kingdom
Coinexx has blocked access to my personal space, when I try to connect to my mt5 accounts I have an error message saying invalid accounts, the story is just crazy, it started after requesting a withdrawal of 6000 dollars of profit, I was contacted by phone first additional to carry out a verification according to them and confirm to me later that my withdrawal will be launched. The next day I contacted them, they told me that my withdrawal will be received before the market closes the same day (Friday), I contacted them again yesterday about the withdrawal they told me that it will be processed as quickly as possible. and today I realize that all access to my accounts has been blocked, I contact them by chat, they tell me that the accounts have been blocked due to inactivity on the accounts or that it is false I placed trades yesterday, then I am told that my accounts have been "RECYCLED", and that I would be contacted later by email. I find myself without total visibility with my depo
Exposure
04-16
ming6218
Canada
I have deposited more than 60,000 US dollars on the Coinmte platform. At first, I was able to withdraw small amounts of US dollars. With the guidance of a so-called friend I met online, I earned more than 60,000 US dollars. However, when I tried to withdraw a portion of the US dollars, it was unsuccessful and my account was frozen. The platform's customer service told me that my account, along with 28 other accounts, is suspected of insider trading. I asked a friend online about this, and she said that she had to pay a deposit of 6 million US dollars for her account with 21 million US dollars, and she even showed me a screenshot. The US Futures Association requires a deposit of 30 US dollars for review before unlocking the account. After I paid 29,635 US dollars, the platform said that the US Futures Association required an additional fine of 36,735 US dollars before unlocking the account. At this point, I felt that I had encountered a scam from a fraudulent platform. The customer service representative told me that if I don't pay the fine by October 15th, my account will be permanently frozen. Right now, I am unable to withdraw more than 90,000 US dollars.
Exposure
2024-10-12
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Coinexx clearly did none of the above, and could not even be considered a broker, but rather a foreign exchange market con. If Coinexx offers higher leverage than this, it's a red flag that it could be a scam. Coinexx is more likely to be a fraud if it requires a higher-than-average quantity. A legitimate broker will usually ask around $5 to $10 in exchange for their services.
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FX6845073
Singapore
I have been trying to withdraw $29000 USD since last year, keep emailing them and doing what I can to provide data yet they are not doing anything about it, just generic email response. Help me get my money back
Exposure
04-16