Coinexx is an offshore broker who has caused a significant amount of losses to a lot of retail traders in the last couple of years. The policies they follow are vague and as there is no regulatory authority auditing them, they have been successful when it comes to getting away with many borderline criminal activities.
They claim to provide an anonymous way of trading to the clients and they accept only cryptocurrency payments. However, do not let those fancy words and twisted narratives fool you. At first glance, the advantages offered by this platform might be convincing enough for the vast majority of newbies.
Sadly, just like most things in life, the plot is entirely different and risky to say the least. To understand the exact way they operate, make sure that you read our unbiased report until the very end. After all, at the end of the day they are unregulated entities and as such you should be very cautious while interacting with them.
Coinexx Regulation and Contact Details
Every experienced trader will always choose regulated exchange and brokers over their counterparts because of the reliability factor. While the unregulated brokerages might showcase all the new features, keep in mind that security of funds is not present with them. Coinexx is a broker who is unregulated.
We searched their entire platform to find details regarding their location and whereabouts, but there was no data available. Apart from a couple of email addresses, they haven’t shared any contact information which means they are operating in the most shady and anonymous manner possible.
In other words, if and when things go wrong with them, the clients won’t be able to do anything about it. Ask yourself, do you think any reputable broker would operate without providing the basic details about themselves?
Moving on to the customer care aspect, we don’t know what to expect from them? Given the way they conduct their business, it is not wise to give them the benefit of the doubt.
Contact Email – email@example.com, firstname.lastname@example.org
Coinexx Trading Platform and Conditions
Coinexx supports the MT4/5 platform and a web based trading software. The default web trader application might be enough for the newbies in the sector, but the functionality and the tools it offers is very basic.
While the MT4/5 platform is much better compared to other applications out there, it does not necessarily guarantee you smooth execution as that part is dependent on the broker’s liquidity pools. On the homepage of this broker, it is mentioned that they support all kinds of strategies including short term scalping and high frequency trading.
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If you are a short term trader, then you need to monitor the spreads frequently and if it is above 2 pips, then your chances of making decent profits will decrease significantly. As far as automated trading is considered, know that they support all types of Expert Advisers and they even claim to offer free VPS on accounts with more than $5000 balance.
Free VPS might sound exciting at first, but a commitment of $5000 capital with an unregulated broker is undoubtedly a risky venture. There is no information about the inactivity fees and their withdrawal policies page is non-existent.
Spreads on this platform vary a lot and might not be suitable for most day traders. They call themselves an ECN broker who has no conflict of interest, but just like most of their statements, there is no way to verify the actual scenario.
Account Types and Leverage
This firm offers only one type of account called “Pro ECN Account”. The leverage offered by them is 1:500 and the financial instruments available on their interface includes forex, commodities, indices and cryptos. They charge $2 per lot as commissions which is above the industry standard and the minimum trade size is said to be 0.01 lots.
The base currency of the account by default will be in USD, but it can be changed into BTC, bitcoin cash, litecoin and ethereum. There are deposit bonuses available which is directly proportional to your trading capital. However, we strongly recommend you to avoid it as the requirement can be confusing at times and it might cause an issue during withdrawals.
Accepting a bonus will increase your capital exponentially and provide you with more funds, but it contains a lot of loopholes. So, avoid the problem altogether by declining it or else it will cause a ton of troubles in the future.
Coinexx seems to understand the importance of marketing very well. As a result, they give a lot of importance to their affiliates and provide them with a lot of promotional tools such as banners, custom landing pages, etc,. The exact commission rate provided by this brokerage is not made public.
Apart from the Cost Per Acquisition model, they also offer revenue sharing schemes which are more feasible to them. Anyone who has an online platform that gets huge traffic can join them and make money either by referring clients or by being a Money Manager.
If you ever come across positive reviews about this broker that has an affiliate link present in the post, then don’t be inclined towards trusting them blindly. After all, online marketers are known for spreading lies especially whenever there is a huge incentive involved.
Deposit and Withdrawal
Before we discuss the details of the funding and payment methods, know that the clients don’t have to necessarily provide any document or verify their identity to use this broker. The minimum deposit and withdrawal amount is $5. They say that there might be fees involved for all the transactions, but they never specify the exact percentage figure.
This broker doesn’t automatically process withdrawals, their employees have to manually release the payout and the processing time required is around 48 hours. If for any reason the withdrawals are declined, then it is going to be a herculean task to get a reply from them and there isn’t much clients can do about it.
Every broker who has been around for a considerable period of time will leave a mark on all the reputable forums in the niche. Surprisingly, Coinexx has got favorable ratings on Trustpilot, but that is not the case with other sites.
Check out the following testimonials we have gathered from Trustpilot to know the agony of the innocent victims.
I am very concerned , I am having a bad experience with them all of a sudden they disabled my accounts after I made some growth in one of them , now I can’t do any operations for 1-3 days, it is very weird I don’t know why , it everything goes well and I have no issues I will update with another review or delete this one
I will no longer use this broker. They claim they execute orders as issued by their clients but they will deliberately falsify the history on your account. This was addressed to them multiple times on my account but they refuse to admit. I can no longer trust such incompetence.
Recover your money from Coinexx
By seeing the input from the clients of this brokerage above, we hope you know what to expect from them? If you are seeing this review after you have lost money to them, then don’t feel frustrated as the possibility of recovering the funds is still present.
As this platform doesn’t accept any form of payments apart from cryptocurrencies, traditional institutions and cyber authorities might not be able to help you. Thankfully, our recovery experts are familiar with ways of identifying the flow of funds even if it is done via cryptocurrencies.
So, without wasting any time, get in touch with our experts using the contact form below and we will get back to you with the solution as soon as humanly possible.
Coinexx Scam Review Conclusion
Coinexx at the end of the day is just another vague unregulated forex and crypto broker. On paper, the features they claim to offer might sound appealing to the public, but the reality is entirely different. Moreover, they don’t adore the concept of transparency and they don’t even have the courtesy to offer minimum customer support.
Remember, the Forex and cryptocurrency market has enough liquidity and volatility to enable people to make life changing returns. However, it won’t be an easy path and the best way to pursue the end goal is by always dealing with licensed and regulated parties while putting in consistent efforts.
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