Coinexx Review: Do Not Deal With This Broker
Coinexx is just another scam offshore broker. Coinexx broker is under the ownership of Coinexx Market Limited registered in St. Vincent and Grenadines. The broker claims to offer Forex, CFD, and crypto trading services since 2017.
But even with a high customer experience rating, there are numerous low-rating comments about this broker. So, to find out what they are saying and if you should trust this broker, read this Coinexx broker review carefully.
Also, avoid the scam brokers Astrocapitaltrade and BN93 at all costs! Moreover, before investing, always look into the past of internet trading firms. You don’t want to fall victim to another investment scam.
|Broker Status:||Unregulated scam broker|
|Blacklisted as a Scam by:||CONSOB, CFTC|
|Broker Owner:||Coinexx Market Limited|
|Headquarters Country:||St Vincent and Grenadines|
|Online Trading Platforms:||MT4 and MT5|
|Minimum Deposit:||0.001 BTC|
|Crypto Asset Trading:||Yes (BTC, XRM, ADA)|
|CFD Trading Option:||Yes|
|Available Trading Instruments:||Forex, commodities, indices, cryptocurrencies|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
Coinexx Regulation and Fund Security
As the broker that offers trading services, they need to have a license for practicing this business. Especially in the 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.
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 Trading Software Overview
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.
Coinexx trading company offers a widespread and trusted MetaTrader. Stability, high efficiency, and transparency are just some of the adjectives that can describe MetaTrader. Not to mention advanced trading tools, charting options, and social or copy trading.
Besides, MetaTrader doesn’t lose any functionality through their mobile apps. Traders can enjoy all the same features as on a desktop version. Therefore, it’s suitable for pros and beginners on any Android and iOS device.
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.
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.
But 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!
Deposits and Withdrawals Procedure
The way 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.
We are not happy that the choices of payment methods are so limited. If you read the last section of this review, you will understand why. Clients using bank transfers and cryptocurrencies as payment methods will not be able to file for chargeback in case of scam.
And looking at this company that is not registered and regulated, we can’t help it but worry about what is going to happen to your money should you choose to use this company for your forex trade.
As per the company’s policy, withdrawals are processed manually within 48 hours after placing a withdrawal request. Why does it take so long, we want to ask? With legit forex companies, this process is normally short.
How Is Fraud Carried Out?
You’ve probably heard of this type of scam as they are quite common as of lately.
It all starts with various internet ads promising you to get the rich fast fairytale. After people get interested and read a couple more or less believable stories of others getting rich just by trading through their platform, individuals get tempted and decide to make an account.
After that, comes multiple e-mails and calls from various agents telling you how you should invest your money, and of course- the more you invest the more you’ll get.
Although we know their minimum deposit, we are sure an agent contacting you will tell you to invest as much as you probably can and continue to be very persuasive until you say yes and give your credit card information. Be sure that once they get your money, they will disappear.
Dav Invest is an offshore broker targeting people from all over the world. In terms of regulations, it is safe to say they do not follow any, so your funds will not be safe while working with them.
Additionally, they have 2 different warnings issued by regulatory bodies which are CONSOB and CFTC. Another thing we must highlight is the fact that the broker claims to be based in the UK but provides a phony address.
Think twice before taking any risks while investing money and keep in mind that legit brokers will ask for as little as $10 in order for you to start trading.
Doing proper research is a must if you are new to the world of trading as many phony brokers pop up overnight. Don’t get played by the fairytales they are going to tell you and be careful with your investments.
FAQs About Coinexx Broker
How Secure is the Coinexx Trading Platform?
Their trading platform is not secure at all so we advise you to avoid this broker at all costs.
Does Coinexx offer a Demo Account?
Coinexx allegedly does offer a demo account but we were not able to access it.
What Is the Minimum Deposit at Coinexx?
The minimum deposit requirement that Coniexx has is set at 0.001 BTC or its equivalent.