❌ Lack of funding methods
❌ Absense of Licenses
❌ Only MetaTrader terminals
❌ Lack of instruments
Coinexx is a company that claims itself an ECN/STP trading forex broker, has various trading instruments and accepts crypto. Moreover, it’s mentioned that it’s a crypto currency-driven brokerage and has only crypto funding methods to fasten the payments.
Being founded in 2017, Coinexx reveals its number of clients that is equal so far to more than 5,000.
Coinexx is a company that is not regulated and it is even hard to find where it is registered because it is not anyhow noticed on their website. Only deep research allowed to learn that it is registered in Saint Vincent and the Grenadines being an offshore. We are kindly reminding that we do not recommend to open accounts with non-regulated brokers.
This is highly dangerous because in the risky forex trading business absence of registration or regulation means that your hard earned funds are not secured at all. If you want to keep your money safe, it is recommended to choose a legitimate and regulated broker from our brokers list that disclose their registrain and license.
|Publicly Traded on Exchange||❌|
The broker’s instruments number is equal to 80 that is fairly low in comparison to other brokers that are mentioned in our reviews. Coinexx offers forex pairs, indices, some commodities and crypto. CFD Shares are not offered.
|Major forex pairs||✅|
|Minor forex pairs||✅|
|Exotic forex pairs||✅|
In terms of trading software, Coinexx offers popular MetaTrader4 and MetaTrader5 platforms, being an industry standard. Both platforms are being widely offered among forex brokers and used by thousands of traders. There are numerous indicators, expert advisors and scripts developed for MT4 and MT5 platforms, they are easy to navigate, there is a built-in financial calendar and trading signals (for a subscription fee though).
It is possible to trade with Coinexx from mobile application of MetaTrader 4 and MetaTrader 5 on iOS and Android that are available in App Store and Google Play Market.
But, beside these ones, the broker does not have any proprietary trading platform (nor web neither desktop or mobile). It does not offer cTrader or FIX API connection for the ones who want to use algorithmic strategies.
|MetaTrader 4/5 iOS/Android||✅|
Clients can maintain their accounts in both cryptocurrencies and fiat currencies. MT4 accounts are maintained in USD or EUR (limitation of MetaTrader 4 terminal), but MT5 account base currencies are: USD, EUR, BTC, LTC, ETH and XRP.
Among the trading accounts in Coinexx there is available only one known as ‘Pro ECN account’. Coinexx claims that this account type is sutiable for scalping, news trading and automated trading systems called Expert advisors (EAs) are also allowed. The maximum leverage is 1:500 that is normal because the broker does not have any regulatory restrictions.
Demo accounts as on every MT4 and MT5 broker are available and can be easily created from the clients cabinet of Coinexx. When creating a demo account, traders are allowed to choose leverage and amount of money to be credited.
No other account types are available that is a negative part because other brokers on various accounts may offer different execution types, commissions discount and other useful features.
The broker works according to a model with tighest floating spreads that start from 0 pips but with commissions involved. They are equal to $2 per lot or its equivalent and are charged on every trade. The minimum trade size is 0.01 lots while the maximum is 100 lots.
Spread on EUR/USD pair is quite low though on cryptocurrencies it is big enough and the commissions on this type of assets in extremely high.
Deposits in Coinexx can only be made in cryptocurrencies that migh me a reason of absense of regulation because banks and payment system providers do not work with non-regulated companies.
In case if the account currency varies from the deposit currency, then it will be converted. Deposits, according to the website of the company, can be made with the following cryptocurrencies: Bitcoin, Litecoin, Ethereum, Germini USD, USDC, True USD, Zcash, Monero, Binance coin, Bitcoin cash, Ether classic, Neo, Monaco, Stratis, Dash,OmiseGo, Lisk, Siacoin, NEM, Dogecoin, BlackCoin, NXT and Pot Coin.
Coinexx offers client support via the instant web chat available through their website. The fastest response could be got during regular business hours while night time requires more time to receive help. During weekends the chat is available though no operator is available there.
There is also a webform called ‘Send us a message’ on the website of the broker. A user might fill the form with the details of the query and the support team will reply by email within 1-2 business day.
Support email addresses are also presented on the website and the customers can contact the broker directly.
No phone support is available in Coinexx which is typical for this kind of brokers.
Taking into account all the mentioned above information we advice to think twice before opening account with Coinexx and funding it. The broker is not regulated and does not reveal the information about the company on the website.
Its number of platforms is limited to MetaTrader 4 and MetaTrader 5 only and other platforms are not offered. There is also only one account type available that does not offer any different options like it is done on the accounts of other brokers.
Number of instruments is limited to 80 that is low in comparison to others and might be a problem for traders that like to use various asset types.
Funding methods are limited to cryptocurrencies only that is a real problem because the majority of people safe their funds in fiat but not in crypto.