Coinexx Review

3.597 · 74 REVIEWS
Updated: Feb 25, 2021 · Coinexx.com  · Is this your company?

Coinexx is a forex broker. Coinexx offers the MetaTrader 4 and 5 forex trading top platform. Coinexx.com offers over 60 forex currency pairs, stock indices, Gold, Silver, bitcoin, and other cryptocurrencies for your personal investment and trading options.

Coinexx
Coinexx has acquired FinproTrading.com.
Coinexx.com is NOT related to CoinEx.com

Coinexx.com is NOT related to Coinexx.org.

The FPA is informed that Coinexx.NET is an impostor site misusing Coinexx.com's logo and even contact information.

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 500:1
Minimum to Open Live: $5
Established: 2017
Address: Caravelle House, Manglier Street, Victoria, Mahé, Seychelles
Contact: support@coinexx.com
Regional offices:
Regulators:
Prohibited countries: Unknown
Trading platforms: MT4, MT5
Web Trading: Yes
Mobile Trading: Yes
ECN: Yes
Currencies: (60+)
Cryptocurrencies: (5+) Bitcoin, Litecoin, Ethereum
CFD: (10+) Gold, Silver, Stock Indexes, Oil, Other Commodities
EAs/Robots: Yes
News Spike Trading: Yes
Scalping: Yes
MAM: Yes
PAMM: Yes
Deposit Methods: Bank Wire, Bitcoin, Bitcoin Cash, Ether/Ethereum, Litecoin, Other Crypto Currencies
Withdrawal Methods: Bank Wire, Bitcoin, Bitcoin Cash, Dash, Ether/Ethereum, Litecoin, Other Crypto Currencies

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3.597 · 74 REVIEWS
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Traders Reviews

Califonira, USA,
May 13, 2020,
Registered user

Great Experience with Transactions.

Service use: Live

Length of use: 6-12 Months

I have been using Coinexx from over a year ow but what has really impressed me is their spreads, especially in EURUSD and GOLD. I did have some issues between but they were promptly addressed. I Can see that people have had some issues with their spreads but that will be with every broker now and then. I have never had any major problems with them. I wish they could start processing withdrawals over weekends as well. But that's about it.
  1 trader has found this review helpful
west, United Kingdom,
May 12, 2020,
Registered user

nice crypto options

Service use: Live

Length of use: 6-12 Months

good to be able to deposit low amount and excellent leverage options. great options for manual trades and running an EA on the same account
 
07008, USA,
May 8, 2020,
Registered user

so far Good experience

Service use: Live

Length of use: over 1 Year

I have been trading Forex from the past 12+ years and was referred to Coinexx by one of my colleagues. I have been with them since 1.5 years now and never had any complaints. Their spreads are really awesome and the withdrawals always come in time. I just wish they could make withdrawal timeline shorter than 48 hours. Can't say much about their customer service since I've hardly ever interacted with them. One issue I faced once was that my deposit did not get added to my MT4 account, but they manually added it over chat.
  1 trader has found this review helpful
Texas, USA,
May 7, 2020,
Registered user

Six Figure Acct Disabled for 2 Weeks and Hacked too! Nightmare Finally Over

Service use: Live

Length of use: 6-12 Months

In the interest of full disclosure and an unbiased stance, I will start by saying that up until the last 30 - 45 days, I have had no issues with Coinexx. Withdrawals were made within 24 - 48 hours. No major issues with latency, liquidity, freezing, etc. That all ended when my accounted exceeded the 6 figure mark.

On or about March 20, 2020 I begin to notice major latency and slippage on both entries and exits. Due to the extreme volatility in the market during March some latency, slippage and spread increases were to be expected, but not to the degree that I experienced. I sent a chat and a support ticket inquiring as it was what I would consider extreme. The latency issues continued for over a week. I created additional support tickets and chat messages concerning the same. The latency continued and the response from Coinexx advised that the issues were due to the extreme volatility in the market.

On March 29th, Coinexx sent an mass email subject "Important: System Security Update" advising customers to reset their password and re-download the MT4 platform. I did as advised, and the issues seemed to be resolved. Very little to no latency or slippage occurred and spreads were normal.

On April 17th, the extreme latency returned along with major pricing issues. I created a support ticket and disputed the following trade which shows a full 10 second delay in the trade closing as well as an ask price that never existed:
2020.04.17 08:32:27.576 : order #13340260 sell 50.00 U30USD at 24070 sl: 0 tp: 0 closed at price 24129 (DISPUTED)
2020.04.17 08:32:17.320 : close order #13340260 sell 50.00 U30USD at 24070 sl: 0 tp: 0 at price 0

On April 20th, there were major liquidity issues. Spreads were in excess of 100 pips for U30USD and pricing off by over 200 points compared to normal market conditions. This pricing and spreads continued for over 2 hours. I sent a message to chat and sent email to Samantha Shaw regarding both issues on the 17th and the 20th. Samantha responded with the following in reference to my issue from the 17th and the pricing issue on the 20th.
Please see my responses to your queries below:-

The Sell Orders are closed at ask price at the time. Please note, the prices that you see on the MT4 charts are the "Bid" prices and not the "Ask" prices. The "Ask" price is always higher than the "Bid" price. The difference between the "Bid" price and the "Ask" price is the Spread. For a Buy order you always get filled at the "Ask" price, i.e. the best price where someone is willing to Sell, and not the "Bid" price i.e. the lowest price where someone is willing to buy, that you see on the MT4 charts.

Trade fulfillment for very large size trade orders may not occur at the exact same price where an order has been placed. This will happen if at the exact same time when a trade order has been placed, the tradable volume on the other side of the trade is not as much as is required to fulfill the requested trade order. This is a market wide phenomenon of trade execution, that we as a broker have no control over.

Further, the issue that you have raised below was because the Liquidity provider from whom we source our price feed for Dow had some connectivity issues today, and it was resolved as soon as it was noticed. As I can see you had some highly profitable trades on Dow, but please let me know if you need any other assistance

Regards
Samantha

I responded to the email advising her that I am aware of how pricing and fulfillment of orders worked. I also asked for documentation of the ask price that closed out the trade I disputed 100 pips higher than what the Ask price was less than 9 milleseconds earlier. I also advised her that I notified chat of the major liquidity and pricing issue 2 hours prior to them "correcting" it.

On April 22nd, my account was disabled. I could not access my back office or my funds to make a withdrawal nor could I trade in my MT4 account. When I contacted chat I was advised that my account was temporarily disabled. I emailed contactus@coinexx.com asking about my account status, I received the following email on April 23rd.

Hi,

Your account has been temporarily disabled as the same is under compliance review and you will not be able to perform any account operations for next few days.

Feel free to contact us if you need further assistance.

Thank you
Coinexx Team

I immediately responded asking why my account was under compliance review and what the compliance review process consisted of. I did not get a response. I sent a chat message daily inquiring about the the status of my account. Chat reps advised me that the concerned party would be contacting me. I also continued to email support and contact us regarding the status of my account to no avail. This continued for a week without any response to my emails. Chat continued to give me the same "someone will be contacting you response"

On April 29th, I received a call from the compliance dept, I was advised that due to the fact that my account had grown exponentially in a very short period of time that my trading activity would need to be reviewed and I would need to submit KYC documentation. I submitted the documentation same day. On May 1st, I was advised that everything was still under review and should be resolved by the Tuesday. I requested to make a 10K withdrawal, which was granted and received same day.

On May 2nd, I noticed an email from Coinexx "One Time Verification Code for Password Reset. Not only did the email come in while I was sleep, but considering my account was disabled, it was impossible for this request to have been made by me. I immediately opened my MT4 to find my account showed as invalid. I attempted to log into the back office and instead of the "temporarily disabled" message I had seen for over a week it now said "invalid username or password" I clicked on the forgot password link. Pop up message said that the email address did not exist in their system. Not only had someone changed the trading account password to only the 6 figure account, but they also changed the email address and password to mycoinexx back office. I immediately sent a chat message and emailed every coinexx email address that I had notifying them of the fraudulent access and unauthorized change to my account. I was later made aware that the fraudster had requested a $50K withdrawal from my account. I sent more emails advising that the withdrawal request was fraudulent and unauthorized.
Early Sunday morning I received an email from Samantha in response to my emails advising that my account had an attempted hack and that they were looking into and would be resolving. By noon, my trading account and back office were back in my name and control, 50K withdrawal request denied and message when attempting to log in was back to the "temporarily disabled".

Compliance called me Monday morning to discuss the "hack attempt". They advised that my account funds were safe and in disabled status. Sam confirmed that the withdrawal attempt was denied. He also advised that my account would be under investigation to determine how unauthorized access was made into my account. I told them it appeared to me to be an inside job. I expressed my frustration and asked when the investigation and compliance review would be complete. A date could not be given since the investigation was currently in progress. Sam advised that I could make another withdrawal. I asked what the max was and he advised $50K. I emailed the withdrawal request to be processed. Withdrawal was processed Tuesday and funded on Thursday.

On Tuesday, I also received a voicemail from compliance advising that my account could be enabled within 24 hours, however they needed to speak to me first. Since I had missed the call, I sent an email and message Wednesday morning requesting a call back. Sam called and advised that my account could be enabled, however due to my trading style and account value a reduction to my max leverage was necessary. It would be reduced from 500:1 to 200:1. If I agreed then my trading privileges would be active within 24 hours. I asked about the hack investigation. He advised it was still in process. My back office was enabled shortly after that conversation. By Thursday morning, 5/7 my trading privileges were also enabled.

My rating is mixed.
As it relates to how customer service and/or management handled the disabling of my account and the first week of the disabled account status, I give ZERO STARS. No customer with any size account should have to wait a week to find out why their account is disabled with no access to their funds and/or trading privileges. The automated message saying the account is disabled and inaccessible for a few days is unacceptable. Some sort of notification on the same day the account is disabled should be sent advising the customer why the account is being disabled, what the customer review process entails and a specific time frame of resolution. Communication is key.

As it relates to how the disabled account was handled once I began speaking with Sam in Compliance and how the "hack attempt" was addressed outside of normal business hours, I give FIVE STARS. The fraudulent changes and withdrawal were nullified quickly. My account was enabled within the original time frame given to me by Sam and trading privileges reinstated per our discussion as well. Verbal communication with Sam and email correspondence with Samantha helped to get both of these situations resolved.
  6 traders have found this review helpful
Reply by Coinexx Support submitted May 12, 2020:
Dear Client,

We are thankful to you for your valuable and very detailed feedback as well as the appreciation of our team with regards to the swift processing your all your withdrawals.

You had made a deposit of $4,400 in February 2020. During March 2020, your account reached 6 figures, which was further doubled by mid-April 2020.

We, in tandem with our LPs, are obligated to perform a Compliance review of accounts making such exponential gains. This review normally gets completed within 48 hours.

However, as explained to you over calls, we were extremely low on staffing in the Compliance department due to the ongoing Covid-19 crisis in the UK. This resulted in a delay to complete the review of your account. The review was completed and your account was released for Trading by Compliance within 8 days.

During this review period, we also processed $60,000 of your withdrawals with in less than 24 hours of your requests. However, in the interim we could only inform you that your account was under review and we would get back to you as there was nothing else we could have informed you while the review was in progress. Once again, we sincerely apologize for this delay.

Since you’ve mostly traded in large volumes (300 Lots trade size), you’d experienced some slippage as large size orders do not always get fulfilled at the prevailing market prices. On 20-Apr-20, we had a temporary price feed issue on Dow30 which was corrected soon after being identified. While you were able to benefit from this price feed issue, as mentioned to you over call, we had already promptly reimbursed any clients who had experienced a loss due to this issue, on the very same day.

Lastly, we would like to clarify that your account was never actually hacked. There was a hacking attempt made over your Coinexx account over the weekend of 2-May, which was fended-off due to our state of the art security defense protocols. Our IT team monitors all account activity, and as you recognized, we promptly and proactively ensured that we had secured your account over the weekend itself.

We strongly recommend you to please enable 2FA (using Google Authenticator) on your Coinexx account and bolster its security. Alternately, you can also always use the Bank wire method instead of using Cryptocurrencies to make deposits/withdrawals.

We at Coinexx strive to provide "highly profit friendly" trading conditions and we always endeavor to be fully transparent and forthcoming in addressing any issues our clients face.

We thank you for your continued business with us.

As always, please feel free to contact us directly via email or via our 24 X 5 Livechat support at any time.

Regards,
Coinexx Team
Alejandro,
Spain, Spain,
May 4, 2020,
Guest

Scammers!

Service use: Live

Length of use: 3-6 Months

Beware! You cant withdraw your funds.
I try to withdraw for 2 weeks without results
Terrible service
 
Reply by Coinexx Support submitted May 8, 2020:
Hi Alejandro,

You raised a total of three withdrawal requests. Two of these were denied as you wanted higher than withdrawable amount, and one was processed within 48 hours.

Your initial 2 requests (raised on 29-Apr & 1-May) were for withdrawal of Bonus money and thus denied. As was already explained to you via email, the deposit match Bonus money is provided by Coinexx only for the purpose of trading and it cannot be withdrawn.

The 3rd withdrawal you requested on 4-May was for correct amount and it was processed on 6-May. The payment can be located over blockchain transaction ID: d5fccf3d796df7b1dd38689149fb8b62093c5efadfd35935822ac115904bedda

And all our withdrawals are processed within 48 hours.
We have already explained to you over emails and chat that Bonus money cant be withdrawn.

We hope this response clarifies your doubts. However, if you still have any concerns you can always contact us directly via email or via our 24 X 5 Livechat support at anytime.

Regards,
Coinexx Team
07463, USA,
Apr 6, 2020,
Registered user

A+++ brokerage service for Forex

Service use: Live

Length of use: over 1 Year

I have been trading Forex for last 4 years. I primarily use Coinexx since I started using them last year. Their execution is flawless and spread are good. I would highly recommend them.
  1 trader has found this review helpful
USA, USA,
Mar 29, 2020,
Registered user

Something is happening

Service use: Live

Length of use: over 1 Year

I have had an account with coinexx and before then was with finpro when coinexx took over with no warning.. thankfully the finpro people stayed long enough to insure the transfer went smoothly.. I’ve noticed however over the year the demeanor of the chat support has changed dramatically, so I’m pretty sure it’s a new team. The spreads the past few weeks has more that doubled.. usually the EURUSD spread was .02-.03 I assumed it was just market volatility. Well I just tried to log in to my account and poof,, the MT4 server is now FX View and mt5 isn’t available anymore.. There was ZERO warning about this.. and I looked up FX View and it looks like a chop shop pop up business.. Also the Operations tab on the coinexx website no longer works.. Obviously I’ll be messaging them to find out more details when they come back from the weekend. Also, another scary point.. I saw a LinkedIn profile for a manager at coinexx located in Nigeria, which is not were they claim to be,, and I didn’t expect them to be in the islands, I expected Middle East or Europe, not Nigeria... So there’s that.. It also explains the “working hours” and server time.. Obviously I’ve personally NEVER had an issue with them.. but this is the second change in 18 months without any warning.. makes me nervous.. VERY nervous.. I just wish they would be more transparent..
  1 trader has found this review helpful
Reply by Coinexx Support submitted Apr 6, 2020:
Hi fxalchemy,

We believe this review may have been posted by you before you reviewed our email regarding server upgrade that was performed over the weekend of (28th-29th Mar). Also, our Chat support was operational over most of the weekend to support any clients facing login issue due the server updates.

1. MT4/MT5 installation - Kindly note that following the upgradation of our servers, it was communicated to all clients that they should install and use our latest MT4 and MT5 platforms. In case you have not done that, you might be seeing "FX-View" or any other default name as various 3rd parties use Metaquotes services. Also, you can always search and add "Coinexx" to any standard MT4/MT5 platform. However, we would like to clairfy that we do not have any relationship with "FX-View". Operations tab on our Client Portal was not operational for a few hours during the upgrade, however it was made available on Sunday (29-Mar), much before the market opening time.

2. Spread Widening - We're sure you'd be aware that there is a relatively higher volatility in market currently and the spreads have widened across most pairs. However as a pure ECN and trader friendly broker, we are renouned to be having one of the lowest spreads in the industry. As an example, typically our spead on the EURUSD is 0.2 Pips (which is trade executed and not the display only spread).

3. Linkedin profile - We do not have any linkedin profile, however some impersonators had tagged themselves as Coinexx employees. We have contacted Linkedin and we had them remove the malicious Coinexx page. Additionally, we would like to clarify that we do not have any employees/operations/office based in Nigeria.

We always strive to provide excellent customer experience and the best trading conditions to all of our clients.

We hope this response clarifies your doubts. However, if you still have any concerns you can always contact us directly via email or via our 24 X 5 Livechat support at anytime.

Regards
Coinexx Team
Jami,
Canada, Canada,
Mar 27, 2020,
Guest

Terrible withdrawal processing

Service use: Live

Length of use: 0-3 Months

I have been with Coinexx for a couple months now I believe and have been having zero problems depositing but all the problems with withdrawing my money. First off they have a 48 hour processing window that doesn't include weekends. So even if you withdraw and give them more than 48 hours to process they don't process it and I get told to wait until the back office team arrive at the start of the next week to process my withdrawal. That is 5 days for a Bitcoin withdrawal that is highly volatile. They have some great perks but I hope this withdrawal process gets fixed otherwise I don't see them holding on to many clients.
  1 trader has found this review helpful
Reply by Coinexx Support submitted Apr 6, 2020:
Dear Jami,

You raised 10 withdrawal requests since 25-Jan-20 and all of them were processed within the 48 working hours timeline, except for one withdrawal request which got delayed due to some security checks. We perform security checks before processing all withdrawals so that our clients' funds remain secure.

Please note, we have incorporated some key changes in our withdrawals process by automating certain checks in order to shorten our processing timeline and going forward, you will experience most withdrawals being processed within 24 hours.

We hope this response clarifies your doubts. However, if you still have any concerns you can always contact us directly via email or via our 24 X 5 Livechat support at anytime.

Regards
Coinexx Team
Prague, Czech Republic,
Jan 20, 2020,
Registered user

Extremely slow execution, no EUR deposits

Service use: Live

Length of use: 0-3 Months

Extremely slow execution via MT4, while the avg standard is around 80-150ms, this broker executed my 2 test trades in 650 and 1100ms from London VPS, means very close to their servers. Unacceptable delay. Period.
  3 traders have found this review helpful
united state, USA,
Jan 18, 2020,
Registered user

very bad

Service use: Live

they steal money in easy way by making the spread very huge for no reason in one minute then all client will loos their balance

Jan 11, 2020 - 1 Star they eliminate all your balance in one second by increase the spread to thousand points where all other broker at the same hour has no change in spread it will be under 70 point

Jan 3, 2020 - 1 Star 912893 is my live account with coinexx. As US traders, we have limited choices of brokers to trade forex with higher leverage. Also we have fewer brokers who includes full services. we really have no more than 4 trusted brokers. Coinexx looked like trusted one who competed with lower spread, so it looked like the best brokers for U.S client. I tried it for few months, I did not care about late withdraw. However, they let you make profits with this full service and lower spread until data news comes in and then make your balance disappear calming the spread could jump to thousand points and your complains could be worthless, even all other brokers go less than hundred in that day. However, you could think it is still a good broker but stay away from the huge data news. At the last day of 2019 and last day of the market was no any news and all forex brokers closed all pairs with less than 100 points and others less than 50. coinexx closed most pairs around 700 points spread, so all position lost and all balances that has no stop loss disappeared. I contact the customer service and told them that was unacceptable, they claimed because of the end of the year which mean nothing than manipulated reason for any trader like me who used to trade for ten years. US client please be carful. stay with other few brokers you trust and I will not name any, my purpose is this brokers, it might take a month untill recognizes as a scam, you do not need to loos money meanwhile. I had all photos to prove my case in case they denied what happen at the end of the year market close.

Jan 1, 2020 - 1 Star 700 points spreadfor Nzd/us eliminated all the money today at the end of market and it still I have a pictures and proves for that.
  2 traders have found this review helpful

Frequently Asked Questions

Is Coinexx regulated?

Coinexx is not regulated by any government or non-government agency.

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?

Unbiased traders reviews on ForexPeaceArmy is the best way to answer if Coinexx is a good broker. https://www.forexpeacearmy.com/forex-reviews/14988/coinexx-forex-brokers.

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?

To withdraw funds from your trading account select “Request Withdrawal” button on client portal.

Withdrawals are processed within 48 hours of receiving the request.

Where is Coinexx located?

Coinexx is located in Caravelle House, Manglier Street, Victoria, Mahé, Seychelles.