Coinexx Review: Reasons to Avoid this Fraudulent Broker
In the true offshore manner comes Coinexx broker who is completely anonymous. After some digging, we found that Coinexx broker is under the ownership of Coinexx Market Limited registered in St. Vincent and Grenadines. The company claims to offer Forex, CFD, and crypto trading services since 2017.
But even though they have a lot of good reviews online, they still hold no license or regulation and they are based in the offshore haven for investment scams called St. Vincent and Grenadines.
On top of that, Coinexx missed putting any details regarding their address, phone number, and many other things. And that is why we decided to make this Coinexx review so we can shine more light on them.
|Company||Coinexx Market Limited|
|Regulation||Unregulated offshore broker|
|Warning||CFTC / CONSOB|
|Address||St. Vincent and Grenadines|
|Minimum Deposit||0.001 BTC|
Coinexx Reliability – License 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 that is where they offer their services. But since SVG doesn’t have a regulatory body that overlooks forex and CFD trading, we need to look elsewhere for their licensing.
Therefore, we always check reliable regulators from the Tier 1 group. Those are FCA, BaFin, ASIC and CONSOB. However, their registers didn’t bring us any traces of a Coinexx broker. Thai honestly wasn’t surprising at all to be completely honest.
Simply put, Coinexx doesn’t have any trading licenses and they are just an offshore entity without transparent ownership information. They might have a trusted trading platform, but no credibility at all.
Additionally, we did manage to find that one of the most rigorous institutions of the United States of America, CFTC, issued an official warning against Coinexx. That’s why they have so much trust among traders. CFTC issued a warning against them in the mid of 2020 and soon afterward, CONSOB followed their move and shared their opinion.
This is more than enough for you to know that you are dealing with nothing more than just another scammer just like EagleFx is.
Trading Platform at Coinexx
Besides the regulation, another major and also a very important aspect of the brokerage is a good and trusted trading platform. And Coinexx is a clear example that having a trusted trading platform doesn’t make a broker trusted as well.
Coinexx has advertised itself as a broker that offers an amazing and worldwide recognized trading platform MetaTrader4. And to give the credit where it’s due, they really do offer one. 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.
Still, just because they do offer the great MetaTrader4, you still shouldn’t forget the fact that they are an anonymous, unregulated offshore company that will, at the end of the day, just steal your money.
Account Types Available
In regards to the trading accounts, this broker doesn’t have diversified trading accounts at all. They only offer PRO and ECN accounts. These accounts are advertised as the most suitable option because traders can use their advanced features. We don’t believe this statement at all.
And when it comes to the so-called accounts, everyone gets leveled conditions and the minimum requirement is 0.001 BTC, which is approximately $25. But even though it is a small investment to take, it can lead to higher requests from the broker, and all of that in the end will finish 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.
Either way, you still shouldn’t fall for those tricks as it will only lead you in losing all of your money. Their agents are very skilled in persuasive talk and sooner or later, your money will be gone.
Deposits and Withdrawals
As for the deposit methods, the only 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.
Truth to be told, We are not happy that the choices of payment methods are so limited and only consist of cryptocurrencies. Clients using bank transfers and cryptocurrencies as payment methods will not be able to file for chargeback in case of scams.
As for the withdrawals, the company stated that they 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. This just leads us to believe that the withdrawals are not possible at all.
How is the Scam Performed?
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. This easily attracts people and they get curious so they leave their personal data. After this, comes multiple emails 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.
Coinexx is yet another offshore broker targeting people from all over the world. In terms of regulations, like many other scam brokers, they claim to have some but in reality have none.
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 no address at all.
As for their minimum deposit, it’s not that high so we understand that it may seem tempting to invest with them, but keep in mind that they will just pocket your investment.
FAQs About Coinexx Broker
What Kinds of Accounts Does Coinexx Have?
Coinexx only offers two account types which are PRO and ECN accounts.
How is My Security Ensured When Using Coinexx?
Your security is not ensured whatsoever with this scam broker.
What Funding Methods Are Accepted at Coinexx?
Coinexx only allows for deposits to be made through cryptocurrencies such as BTC, ETH and others.