Is Coinexx Scam or Legit Broker?

No, it is not safe to start trading with Coinexx. The reason is simple; Coinexx operates without regulation from any financial service authority worldwide. It is a well-known fact, that unregulated or offshore brokers are risky choices for financial investments, leading to the loss of funds and profits.

  • When choosing a broker it is crucial to pay attention to the broker’s regulation. In the case of Coinexx there are no guarantees of the clients’ funds, as the broker is not regulated by any authority and it might lead its business however it wishes. 

About Coinexx
🏢 Registered inNo Registration
🗺️ Type of LicenseNo license
🛡️ Is Coinexx safe to trade?No
🗺️ Recommended LicensesFCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is Coinexx?

According to the broker’s website, Coinexx provides an array of over 60 forex pairs, along with cryptocurrencies like Bitcoin, Litecoin, and Ethereum. Additionally, it offers opportunities in stock indexes, precious metals, and commodities through CFDs. This brokerage offers both the Metatrader MT4 and MT5 platforms, accessible on desktops for both PC and Mac, as well as on mobile devices for Apple and Android

However, besides the advantages that the website provided, it was easy to detect an essential factor for Forex trading – Coinexx FX is an unregulated broker and it operates without a license. 

Here are some points we encourage traders to take into account before engaging with the broker:

  • Lack of regulation: Many brokers try to sugarcoat the fact that they are not regulated by boasting about their excellent trading conditions and offerings. Yet, no matter how good the offerings are, signing in with an unregulated broker is a crucial mistake for those who actually want to benefit from their trading. Coinexx is an unregulated broker and as with many other brokers with the same issue, it might turn out to be a scam. 
  • Negative reviews: While conducting our research on a broker, we pay close attention to the feedback from real traders. For Coinexx this part of our investigation was not very promising, as the existing reviews from traders are mainly mixed, yet negative reviews are really concerning. 
  • Insufficient withdrawal process: Similar to numerous offshore brokers, Coinexx also appears to encounter challenges with its withdrawal procedure. Several clients report difficulties in fully withdrawing their profits, leading to financial losses. Consequently, we advise traders to place their trust and funds solely in reputable companies that can offer quality services, ensuring profitable outcomes, and what is essential, are regulated by top-tier agencies. 

Overall Coinexx Ranking

Based on our extensively informed Expert Opinion, backed by more than a decade of practical involvement in Forex Trading, we have identified significant reservations concerning Coinexx regulatory status and overall reliability. As a result, we are unable to assign a favorable rating to Coinexx .

  • Coinexx Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry-leading Brokers.
RankingCoinexxTrading 212eToro
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneTrading PlatformsTrading Conditions

Coinexx Alternative Brokers

Due to the considerable safety concerns associated with Coinexx, we highly recommend choosing considerably superior alternatives recognized for their rigorous regulations and outstanding trading conditions. Below, we present a range of reputable brokers and reliable choices for your comparison:

  • OANDA – Good Broker with Low Deposit
  • eToro– Low Spread Broker
  • BDSwiss – Good for High Leverage and Online Banking

Deposits and Withdrawals

According to the Coinexx website, it provides its customers with the opportunity to access specialized cryptocurrency wallets supporting a variety of cryptocurrencies. Customers can transfer funds directly from these wallets to their trading accounts, as well as conduct transfers to external cryptocurrency wallets. The minimum deposit the broker offers is 0.001BTC

  • All withdrawals are handled within the specified timeframe. It’s important to note that withdrawals are not automated or sent via API. Instead, each withdrawal request is individually reviewed and processed manually.
  • Upon receiving the request, withdrawals are promptly processed within a timeframe of 48 hours.
  • However, based on our research, withdrawals can often be tricky and not processed with Coinexx, whcih is unfortunatelly case of unregulated firms, thus we recommend being more careful in the choice of a broker.

Account Types

Coinexx offers a single account to its clients. According to the broker, the Pro ECN account brings together liquidity from Tier 1 Banks and Prime Liquidity Providers, enabling access to low spreads, economical commissions, and the finest real-time price feed available. It states that this account category is particularly well-suited for those engaged in scalping, news trading, and individuals who utilize automated trading systems.

  • The maximum leverage provided is determined by the size of the trader’s account.
  • The available account base currencies are BTC, BCC, LTC, ETH & USD.

Coinexx Review Conclusion

Gathering information about Coinexx reveals significant concerns regarding the broker’s reliability and trustworthiness, concluding Coinexx as not the best Broker to choose or trade with. Therefore, it is advisable to exercise caution when considering trading with Coinexx, as its reputation is questionable. The fact that it is unregulated is a huge red flag in Forex trading. Often, trading with offshore or unregulated brokers leads to great financial losses. 

It is recommended that traders give preference to brokers that have licenses from authorities like FCA, ASIC, or CySEC, as these licenses provide heightened levels of security.

  • Overall ranking and experience for Coinexx is Negative

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