Coinexx review - Offshore MetaTrader broker with crypto deposits evaluated and rated by traders.
5 star review by Jane Loveless, United Kingdom
Since they take deposits in Cryptos, funds get added to my trading account instantly and there are no limits as to how much I can deposit and trade upon which is quite rare. I was able to make a deposit of £250K in less than a minute.
I have taken 17 withdrawals so far and all were processed within 2-3 days, except once when I got a call from them to verify my identity for a large sum.
Customer service is good, although I don’t have much need for them as I am able to do all my account operations from my backoffice portal.
Spreads are excellent and much better than what I have seen so far elsewhere.
I have experienced some slippage at the time of news hours and large lot sizes, although it was much less than what I have experienced with other brokers.
I wish I had joined them earlier as bottom line is - my very same EA strategies that made me losses with other brokers have turned profitable on my Coinexx MT4 account :)
What is Coinexx?
Coinexx is an unregulated forex and crypto broker established in 2017 with headquarters in Seychelles.
Coinexx does not restrict accounts based on the clients country of residency. Instead, traders should check their local regulations and avoid where prohibited. Below you can find quite a few reviews from US, UK, EU, Canada users who prefer Coinexx high leverage and less restrictive trading conditions over the safety of the regulatory oversight.
This broker offers exclusively Metatrader MT4 and MT5 platforms. Both platform versions are available for PC and Mac desktops, Apple and Android mobile devices and also as a WebTrader.
Coinexx investment instruments include over 60 forex pairs, cryptocurrencies including bitcoin, litecoin and ethereum, as well stock indexes, precious metal, commodities as CFDs.
Coinexx withdrawals and deposits are only available with cryptocurrencies, there are no deposit and withdrawal fees.
Please read Coinexx Reviews below and share live trading experiences with this offshore broker.
|Minimum Trade Size:
|Minimum to Open Live:
|Caravelle House, Manglier Street, Victoria, Mahé, Seychelles
|(5+) Bitcoin, Litecoin, Ethereum
|(10+) Gold, Silver, Stock Indexes, Oil, Other Commodities
|Bitcoin, Bitcoin Cash, Ether/Ethereum, Litecoin, Other Crypto Currencies
|Bitcoin, Bitcoin Cash, Dash, Ether/Ethereum, Litecoin, Other Crypto Currencies
Coinexx Most Helpful Customer Reviews
Update to my Coinexx review from Jul 8th, 2020
Jul 8, 2020 - 5 Stars I started FX trading almost two months ago. Without knowing much about US trade rules, I jumped on board first with a broker that *would* accept those that live in the US. I used that broker's MT4 terminal, and demo traded a bit, both manually and with EA. I came to found out that they unscrupulously set the demo account with 200:1 leverage even though a live account with them could only ever be 50:1! So that was my first experience with a regulated broker, which most other traders always say "never go unregulated." I've learned to find the broker with the best reviews and service and forget about being regulated as they can (and will) still rip you off. My research into a new broker that would allow me to sign up and offer me the FULL experience of FX trading (higher leverage, hedging, no FIFO) began!
There are many unregulated brokers to choose from, and just about everyone has someone saying something negative about them. Coinexx stood out since quite a few reviews stated that they had no problems, but what caught my attention was Coinexx responding to those negative reviews in a very detailed manner. There are bad brokers, and there are bad traders too. Some people just like to complain, and some just think the world revolves around them. For this reason, you'll never find a 5-star broker, no matter how good they are. So I chose Coinexx for my first live account, and here is how it went.
Opening the account was super easy with the usual personal information needed to secure your account. The website is easy to navigate, though there are some rough edges and old data that should be removed (for example, 24/7 support as it's 24/5 in reality). Funding into my first live account was via BTC, which I purchased through Coinbase. I found that funding takes about 15 minutes to get through the blockchain confirmations. My first couple of transfers we very smooth. The ability to transfer money between accounts is effortless, though not without a hitch. Over the past couple of weeks, I have noticed that Coinexx system email servers get bogged down, and receiving one-time-passwords to allow the transfer to take place will take hours. During slow trading hours, emails are received instantly. I have mentioned this, and they said they are looking into it.
I choose to trade with MT4 as it has a more significant number of EA's and been around a long time. Coinexx supports MT5 as well (a big plus), and I would like to switch over one day since MT4 is slower and uses less efficient 32-bit code. I had to make sure to acquire a "beefy" VPS to handle the number of terminals I have open. Having a broker that handles both MT4 and MT5 is a blessing since not all do. I've compared trading pair spends with other brokers, and Coinexx has one of the best. Couple this with their EDN market access with high liquidity and trades happen fast with little surprises in close prices. In my 3+ weeks of live trading, I have not yet had a single problem or question with spreads and commission pricing. Flawless.
Not all is perfect, though, as I had a pretty major incident occur this past Sunday. I was not able to log into the Coinexx portal to move funding around for the start of the trading week. I figured it would have resolved by the afternoon, but it had not. The issue was with their 2FA verification system. Monday morning rolls around, and I start to panic a little bit, but another SUPER feature of Coinexx is their 24/5 live chat support. I've contacted them on many occasions, and they have always been courteous and helpful. I contacted them to let them know I was locked out of my account and needed help ASAP to regain access. It was suggested that 2FA be disabled, but to do that, I would have to supply a lot of documentation (and pictures) for proof of who I am. Now many people would complain of this inconvenience, but in reality, this tells me that they don't play games when it comes to scammers. Anyone could have claimed to have been me to try to social-engineer the system. This type of verification would take time, so in the meantime, an account representative called me ASAP and offered to create another account that could be funded, and monies movies to other accounts. I was shocked to be able to get a hold of a live person that would take care of me this quick! Later in the day, I was able to regain full access to my account via their web portal.
Now the last piece of the puzzle still eludes me, and that is, did I have any problems withdrawing my money? Honestly, I haven't had the opportunity to do that just yet as I was a little down on my luck in my 3rd week of trading and needed to put more in rather than take out. The account representative assured me it wouldn't be a problem since I now submitted all the necessary photos and ID in order to make withdraws. Also, she had mentioned that withdraws are indeed handled/verified manually and that they were now doing them on weekends as well. I will be updating my review once I make my first withdraw to let others know how the process went.
In conclusion, I'm happy so far with my offshore, unregulated broker choice. Coinexx has always been there to help me with their live chats, trading has been flawless, and my chance to have live customer service was a delight. I would recommend to others to give Coinexx a try over the other unregulated choices!
Best broker for trading, website needs improvement
The website is not detailed enough. I had to open a trading account before I got to see the full assets that the broker has. For example, when I was trying to check for the indices, I could not find any assets on the website even though it indicated that there are indices. It was when I opened a trading account that I found them. This should be improved upon.
It has good parts, but beware of the bad ones
+++ This broker allows you to trade on MT5 with an account having as base currency BTC or ETH as well as fiat currencies. It is one of the very few to allow such a thing and that was the reason I chose them.
+ It has decent spreads on the major pairs and gold (there is a caveat here, which will be discussed on the minus part)
+ It offers a deposit bonus. This way you get stopped out only when your balance turns negative. If you think this is a bad idea, you can just choose not to activate it.
On the minus side:
- It has quite often a negative slippage (from trader's perspective) even on limit orders and even when the price spikes in opposite direction and you would expect a positive slippage, if any
- It has a high minimum lot size on some instruments, e.g: 1 lot for US30
--- The price is not always aligned with the price of other brokers. Even on EURUSD, the price on coinexx is sometimes different from the price of everyone else with as much as 2 pips. This complicates your calculations when you make the analysis using other data feeds. Moreover, the difference is not constant in time. On gold it's even worse. The difference can go as high as 2 USD, which means 20 pips. For example, on Friday June the 4th, at 09:44:31 UTC+3 I executed through an EA 3 buy trades on gold, both on coinexx and a different broker. On coinexx prices were 1874.34 for first trade, 1834.37 for the second and third. On the other broker, prices were 1872.32 for the first trade, 1872.28 for the second and third. So the price on coinexx was almost 20 pips higher not only relative to the other broker, but also to two more brokers (i checked these two only). On the same day, at 15:29:54 UTC+3, I was stopped out on coinexx at 1867.74, which was the absolute low of that hourly candle, just before a big surge to the upside. Now let's see how the other 3 brokers were doing during this time:
15 o'clock hourly open: coinexx 19 pips higher
Broker 1: 1871.21
Broker 2: 1871.26
Broker 3: 1871.25
15 o'clock hourly low: coinexx 10 pips lower
Broker 1: 1868.73
Broker 2: 1869.11
Broker 3: 1869.04
15 o'clock hourly close: coinexx 11 pips lower
Broker 1: 1884.61
Broker 2: 1884.676
Broker 3: 1884.61
As a conclusion, we can clearly see that coinexx went in a very short period of time from a 20 pip higher price to 10 a pip lower price, when comparing to 3 other brokers. For someone who was long on gold, it's like having a 30 pip extra hidden spread. I had poor risk management and got stopped out, but even if I had won that trade, I still would have won less than on other brokers. People who want to trade there should be aware of that, because this was not an isolated case. I have seen it even on EURUSD, as I mentioned before. I will not make a deposit there again, most probably.
P.S.: I tried at first to post this review as a guest, but It did not appear on the site. That is why the date I am referring to is quite far back in the past. You should be able to check the historic prices pretty easily, though.
Your open trades were force closed because of low equity in your account resulting in a margin call. If your account had enough equity, your trades would not have been closed by the system and you might have closed them yourself in Profit. We always advise our clients to maintain sufficient margin in their accounts, so that they can manage all their trades as per their own strategy.
Please note that having high volume and strong relationships with the Liquidity Providers, Coinexx enjoys impeccable depth of market which may not be the case with other brokers. This means that trade execution happens at the prices that are shown, and the slippage is minimal.
Every broker has different set of LPs and hence, at times, prices do vary a little bit. However, you will experience that most of the times, the trade execution at Coinexx will be better than the rest of the brokers. Coinexx carries a reputation for its excellent trade execution and low trading costs.
As always, please reach out to us directly for any further assistance. We are available 24/5.
Update: My deposit is in
One of the managers called me to explain about the delay and they are sorry for the incident.
I feel quite assured of Coinexx. Also, she has promised that this will not happened again.
So yah, a positive conclusion. And my confidence in Coinexx has actually increased.
I cannot edit or delete the last 1 star posting, but this is my update and Coinexx works for me.
Apr 24, 2021 - 1 Star I took the effort to check the deposit aveunes. Coinexx gave me the deposit address for bank wire.
Before I made the transfer, i check them via email. They confirmed it is correct. On 30 March 2021, I made the deposit of 5k.
Every week, i have been checking if my deposit has been credited to my trading account. But it has not been credited.
I did a direcr bank transfer as I happen to have a personal account with the same bank. My transfer was immediate.
I talked to the customer service for 5 times already and emailed customer service. They can only tell me to wait.
Can coinexx check their ocbc bank account, and confirm if the money is in?
Im very worried about my funds. ALTHOUGH I KNOW THE COMPANY IS NOT SCAM, BUT THE WAY THEY ARE NOT ACKNOWLEDGING MY DEPOSIT, MAKES ME WORRIED
Withdraws tend to be 24-48hrs depending on when you request your withdraw. [5 stars]
If you have been trading FX for at least 8-10 years as I have you'll notice various issues at times with any broker the key is resolution and support. Here I give Coinexx 4.5 stars (I had an unresolved issue at one point regarding execution delays at one point which wasn't resolved)
Although I've been with them for over 3 years so again there are a variety of issues during that duration of time I look for in support be it over spreads during volatile spikes, market conditions etc. I give coinexx 5 stars they keep spreads tight.
Coinexx staff is always available and is very professional, customer service is key for me and here I give them (5 stars). I've referred several traders over the years to coinexx, most of whom continue to use coinexx till this day.
If your looking for a broker regardless of trading experience you cannot go wrong with Coinexx
Recent User Reviews of Coinexx
Withdrawal refusal, falsified contracts, unjustified swap collection
Due to improper falsification of transaction records and improper swap collection, a withdrawal (US$35,450) due to profit cancellation was denied.
The breakdown is as follows
・19,498USD Profit reduction due to improper falsification of records
・13,883USD Improper swap collection
・2,069USD Insufficient funds received
102,374USD withdrawal requested on 12/8.
It was supposed to be processed within 48 hours, but was not.
The profit was subsequently reversed without notice due to falsified transaction records and improper swap recovery.
The remaining amount (69,011USD) was explained to have been paid on 12/22, but only 66,942USD was received.
The withdrawal was in USDT (ERC20) and Etherscan has confirmed that the shortfall occurred after the withdrawal.
Below is a description of each piece of evidence and the conflicting responses from email and support.
【 1. Falsification of trading records 】
As can be seen from the image, the unfavorable execution record has been falsified and the profit has been canceled.
I have received an e-mail stating that there was an unauthorized transaction, but of course I have no recollection of it.
In addition, when I contacted support, they stated that they do not interfere with customer trades. There is a discrepancy.
【 2. Unreasonable swap collection 】
There is a record of -138831USD listed as Swaps Adj as can be seen from the image.
Even though swaps were deducted from the position, the profit was cancelled due to unjustified additional collection.
In addition, we have confirmed with support that the correct swap short for USDJPY is -3.9. We only charge a transaction fee and a swap fee if the trade is opened overnight".
Again, there is a discrepancy here. Note that the swap point was changed to -35.19 after the unjustified collection. This is strange because -3.9 should be correct.
When you contact the support chat, they explain that they will respond within 12-24 hours.
However, there is no response by the deadline, and when I inquire again, the response is only that it is being handled. I assume they are busy due to fraud processing.
The answer that finally came was "Trading activity is being verified by LP as there appears to be some abuse of the trading platform.
Of course, this is a transaction I have no recollection of.
As you know, LPs are price and liquidity providers, and there is no way an LP would individually scrutinize transaction records. This is a malicious lie and an unfair explanation that confuses users with technical terms.
I inquire about the abusive transaction, but again it is explained to me that it is within 12-24 hours. Of course the promise is not kept. There is dishonesty in the response.
The response finally received is as follows
You were attempting to unfairly take advantage of both the swap and the missing price feed on our platform, which is unacceptable. Therefore, the transactions you made were completely fraudulent and dishonest.
As a result, the necessary modifications were made to your account in connection with the swap. As a result, your withdrawal request was denied on our part.
As a broker, we advise you to refrain from any unethical trading practices in the future. In this case, your account will be terminated."
【 Withdrawal denied 】
"There are no restrictions on trading strategies."
"We will not interfere with your trading."
"The correct swap short for USDJPY is -3.9. We only charge a transaction fee and a swap fee if the trade is opened overnight."
There is a contradiction in all of this.
Moreover, even though the swap is being falsified in relation to the swap, and by the way, the execution price is also being falsified improperly. They can do whatever they want.
It was then explained that the remaining amount (69,011USD) was withdrawn on 12/22. However, the amount received is 66942USD.
The withdrawal was made in USDT (ERC20) and Etherscan confirmed that the shortfall occurred after the withdrawal as shown in the URL and attached image.
We pursued this issue via email but did not receive a response. Please note that withdrawals of $28450, $23924.72, and $16637.28 were processed successfully on our end.
The total of these three withdrawals is the money you actually owned.
What was successfully processed? It is not the actual money, but the money that was improperly reduced.
What I am asking for is the proper withdrawal.
I point out that the withdrawal should be made promptly after correcting the improperly reversed profit.
However, if they do not comply with my request and continue to deny the withdrawal, I will file a complaint, which I have already reported to MetaQuote, and will continue to investigate the fraudulent damage caused by the denial.
Coinexx also expects to have its license suspended and the associated suspension of operations.
If the dishonesty continues, we believe that we should spread the damage report and take appropriate disciplinary action.
Deposited $200 last night quickly, now $500 deposit never received.
DO NOT SEND THEM ANY MONEY
As of the moment, we only accept cryptocurrency as a deposit method. In order to deposit funds into your Coinexx account, you will need to transfer cryptocurrency from your external crypto wallet to your Coinexx account using an individual address.
Takes More Than 3 Business Days To Get Credited For A Deposit
However, they just started a new policy of manually approving every deposit.
It used to be a deposit would be automatic withiin an hour.
With the new policy, it takes one to three business days (supposedly).
I waited over four business days for a simple small deposit.
I contaced support numerous times, but that did not help. My deposit still was not credited.
Almost every broker in the world can get a deposit credited within hours.
Coinexx can't do it even after four business days. My deposit still is not credited.
Coinexx used to have 24/7 support during the week, now they only work certain hours.
Stay away from coinexx, they are turning into a disaster.
Something strange is going on there, and there appears to be many problems besides
the one I highlighted here.
And I am sad to say it after being with them for so long, but unfortunately, it is the truth.
Deposit is taking way too long
Find Similar Brokers
Frequently Asked Questions
Is Coinexx regulated?
In other words, there is no designated government or non-government body to supervise the activities of Coinexx or to resolve complaints. .
Is Coinexx a good broker?
Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.
Additionally, we'd recommend to check recent Coinexx community discussions: https://www.forexpeacearmy.com/community/tags/coinexx/
How do I withdraw money from Coinexx?
Withdrawals are processed within 48 hours of receiving the request.