Coinexx Review

3.414 · 61 REVIEWS
Updated: Sep 1, 2020 · 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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3.414 · 61 REVIEWS
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Traders Reviews

Sunyani, Ghana,
Aug 30, 2020,
Registered user

Best Broker So Far

Service use: Live

Length of use: over 1 Year

Coinexx broker is the best broker I have ever used.Everything about them is superb.I would like to recommend this broker to everyone.
 
Missouri, USA,
Jul 27, 2020,
Registered user

Scammers and Liars

Service use: Live

Length of use: over 1 Year

They were ok until l funded my account with $28k then they slipped me up to 10 pips per trade. I was down on my trades and they widened the spread and blew my account. I've seen them do that up to 100 pips to knock you out. I was told it was a glitch and now that very thing has cost me my whole account. It was fine when I was testing them on a very small account but all they did this time is widen the spread and bank my money. They said they don't manipulate but I am not new, over 20 years trading and this is what I get. Most money I have ever lost. STAY FAR AWAY FROM THESE CROOKS
 
Reply by Coinexx Support submitted Jul 30, 2020:
Dear CLIENT FIRST NAME REMOVED,

The 15 trade orders of EURJPY placed by you on various dates between 13th July and 24th July were closed at the time of market opening on 28th July (aggregate volume of more than 100 Lots), as the equity in your account reached almost zero due to the losses in these trades.

As you would be aware, the spreads during the opening and closing hours of the market are usually high because of the low market volume. This is a general phenomenon of the market and being a broker we have no control over it.

Your trades were already in huge losses and as soon as the market price reached a level where the losses on these trades further escalated, the margin call stop-out was auto-triggered on your account in order to avoid your account equity to become negative.

We are sure you would understand that no Tech is 100% issue proof, and even NASA's servers do face issues at times. What best any broker can do is to be fully transparent and forthcoming. If on a very rare occasion, there is a technical issue from our (or our LP) side, due to which a trader incurs any loss, we have always promptly reimbursed the trader for more than such losses. The same happened with you on 2nd July when a few of your trades were impacted due to a momentary price feed issue and we had immediately and voluntarily reimbursed $14,860 into your account. You had appreciated our honesty and we are grateful to you for that.

However, if a trader faces losses due to normal market behavior and unfavorable market prices, we cannot be held responsible for such situations.

Being a pure ECN broker, all trade orders are directly executed in the market and you are given the best fills. We have no visibility or ability to influence or view the client’s trade order flow. All trades flow seamlessly from the client trading terminal directly to the market.

We hope this information clarifies any concerns. We thank you for your continued business with us and we would be very happy to discuss any of the above points with you.

As always, please feel free to contact us directly via email of via our 24X5 Livechat support at any time.

Regards,
Coinexx Team
Utah, USA,
Jul 22, 2020,
Registered user

Coinexx bonus is a lie

Service use: Live

Length of use: 3-6 Months

Coinexx offered a bonus deposit with your initial deposit which went to help you have a larger margin. This is great until they removed it from your account while you are needing it in your margin. The result forced my trade to stop out loosing $1400 and within mins it was up where I knew it would be for a nice gain. I have no idea why they suddenly removed the margin but didn't notice it until it was to late. I just want things to run how they always have been and as expected. I can't deal with things changing in the middle of trading. Its ridiculous.
  1 trader has found this review helpful
Reply by Coinexx Support submitted Jul 27, 2020:
Dear Brad,

Bonus money is offered as an additional free deposit by Coinexx, solely to help increase your margin and profit making capability. All the profits made using the Bonus money can be withdrawn, however, the money itself cannot be withdrawn or lost in trading.

If a client loses all of their deposit money (against which they availed the bonus money), their account gets margined out so that they don't end up losing the bonus money too. At this point, the trading gets disabled and the bonus money gets withdrawn from the trading account so that other clients may be able to use it.

One can always make a fresh deposit and then again instantly avail the free bonus money. The bonus money has to be however requested again for every deposit, as it is an optional benefit for clients and therefore it does not get automatically added.

This information has also been provided on our website here: https://coinexx.com/deposit_bonus and is mentioned in all our emails about the Bonus offer too.

Please see below details of the recent Bonus Addition /Removal from your account:
1) On 14-May, you had availed the bonus money against your deposit.
2) On 20-Jul at 11:07, your account experienced a drawdown. Since you lost all your deposit money, a margin call stop-out was triggered in your account, disallowing it from further trading. After 2.5 hours, i.e. at 13:24, the Bonus money was removed from your account.
3) On 20-Jul at 22:28, you made a new deposit and thereafter visited chat support to get your account re-enabled for trading. At this point, you did not chose to avail the bonus money.
4) On 22-Jul at 02:26 your account experienced a drawdown primarily on the account of an XAUUSD trade, triggering the usual margin call stop-out and closing this trade at -$1450. There was absolutely no role of bonus here.
5) You visited chat support inquiring why the initial deposit bonus money was removed from your account and details were shared with you by chat agent. In lieu of your last deposit, the free bonus money was added into your account. This bonus money is still lying in your account and being used by you.
6) After you left chat support, we had sent you email and also tried calling you a couple of times (left VM) to further explain.

You can always refer to your account's Balance, Credit, Equity and Margin percentage, all of which are updated to reflect the amount of Bonus money present in your account, so that there is no confusion regarding it.

We hope this clarifies. We thank you for your continued business with us and we would be very happy to further discuss any of the above with you.

As always, please feel free to contact us directly via email of via our 24X5 Livechat support at any time.

Regards
Coinexx Team
NJ, USA,
Jul 17, 2020,
Registered user

A good trading environment.

Service use: Live

Length of use: 6-12 Months

But not an all Rosy picture.

My journey with Coinexx dates to 12th Sep 2019. I was referred by a friend of mine to them. I tried out their demo account for some time and liked their spreads a lot and I thought of giving their live account a shot. I started with a small amount of $750 in Oct’19 and built it up slowly.

My trades saw some turbulence in Dec’2019 as there was some huge volatility at the time. From January, my account started picking up fast. By mid-Jan my account stood at $3K+ but thanks to Dow and Oil, it reached six figures by the end of Feb. It has been growing since then and has reached 3X now.

One thing I have always liked about Coinexx, is that their customer support is really good. They are very patience and available 24 hours. My rep is always there to assist me and she gives me personal attention. It is good to have a sensible person to talk to me from my broker.

I have never had any MT4 server freezing issues with them either. This has been a big plus for me as I have experience of its suffering with other brokers.

With that all being said, it’s not all been a Rosy picture. There have been instances where my trades have not executed seamlessly. I have got a lot of slippage on some occasions, even at 2 Lot size trades. When I complained about this, they gave me various explanations to which I didn’t agree, but I guess I learned that that I’d have to just live with that!

During last year, they sometimes took up to 4 days to process withdrawals. I used to go to their chat portal and shout at them. And they would just say ‘We will forward this to backend’ and I would think to myself ‘This is some bullpoo’. This coupled with crazy market in Dec was forcing me to dump these guys. But things took U-turn in the beginning of this year for good, as I saw all my withdrawals coming out within 24 hours including weekends, and sometimes in even less than 4 hours. This has cemented my overall trust in them.

Also, just the way somebody else has mentioned here in one of the reviews, once I reached a big six figure account size in Feb, I was doing some analysis on my account on a weekend when I noticed I was being charged more margin on my trades! This completely freaked me out. I wrote to them regarding this and demanded compensation from them.

It turned out that they had reduced my leverage to 200x WITHOUT even telling me, because apparently all big accounts with them needed to have lower leverage. I reached out to my rep for this and she apologised and all, but said that she could not do anything about it!

This is frustrating as you should be clear and upfront with your clients about things. The client should not have to chase you guys for the truth regarding his own account. They said that the system does it automatically!

Their website is also not very detailed to say the least. I have had a few glitches with my dashboard as well because their wheel would just keep spinning forever!! They keep saying that they are working on it.

Well the above issues would have bothered me, if I were not making money or felt they were cheating me. They have been honest and clear in all my conversations with them. When they offer promotions, they also tell the catch but utmost importantly, they have been processing my withdrawals nicely on time.

If you are looking for an unregulated broker, you should give them a try. You will not regret!
 
Reply by Coinexx Support submitted Jul 22, 2020:
Dear CSDhillon,

We are delighted to have your valuable feedback for us and to know that you like our platform and services.

Just to clarify few things, we have investigated the issues that you have raised here and would like to present our view points on them, as mentioned below:-

1.Since you have mostly traded in large volumes (100+ Lot sizes) these trades have experienced slippage. When you place trades of such large lot sizes, there are chances of getting a different aggregated price based on the trading volume available in the market.
In another instance, you had got a slippage of 16 points on your trade - Sell U30 (Dow) 2 Lots, on 2nd July which had got closed at 26101 instead of your assigned TP price of 26085. This trade was executed at the exact same time (15:30 Server time) when very important news data related to US Non-Farm Payrolls as well as the US unemployment were released which had a direct and immediate impact on the volatility of the U30 Index.

2. We sent out three emails to you dated 4th Feb, 6th Feb and 10th Feb in which we mentioned that as your account had reached $350k mark, we had to reduce your account leverage to 200X. We also called you and left voicemails for you on 3rd Feb, 5th Feb, 10th Feb and 11th Feb. But we did not get your response and then we had to finally change your leverage on 13th Feb.

3.The wheel spinning error on your dashboard was resolved on 16th June and we understand it is not an issue you are facing anymore based on your communication with our chat agent. However please let us know if that is not the case.

4. We are glad you noticed that we process withdrawals within 24 hours including weekends. This is because we have made updates to internal security checks in our system and in some cases, we even process withdrawals within 2-4 hours.

We appreciate you taking out time to write a detailed feedback for us. We would be happy to further discuss and address any of your above noted issues with you.

We also thank you for your continued business with us and would incessantly strive to provide you excellent service.

As always, please feel free to contact us directly via email of via our 24X5 Livechat support at any time.

Regards
Coinexx Team
Florida, USA,
Jul 8, 2020,
Registered user

Unregulated, but better than many regulated brokers!

Service use: Live

Length of use: 0-3 Months

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!
 
John,
Korea, Korea, Republic of,
May 24, 2020,
Guest

Response to Coinexx's Claims

Service use: Live

Length of use: 3-6 Months

As always Coinexx will lie to get your money. DO NOT LET THEM FOOL YOU!

I have recorded the chat log and here it is. (https://pastebin.com/xeFR1dD4)

In the chat they state "It is because the volatility is high and the fluctuations have also increased." and that is somehow an excuse for filling me at the top and bottom.

Coinexx LIE again and in their response they say they never told me it was because of high volume. Too bad they like lying to steal your money. They refuse to compensate me for these terrible execution times/methods and are trying to cover me up. I have more chat logs and refusals to help if they claim I did not.

STAY AWAY!

May 15, 2020 - 1 Star I have talked this over many times with the Coinexx Team, and yet they also give me the same excuse of "big overload in servers/heavy volume" as a result of such terrible execution and unethical practices.

On 3/12, I opened a trade on the US30. I was almost immediately stopped out for some reason. I thought it was my bad trade but it was something deeper than it entirely.

My Trade: https://i.imgur.com/VR7gUDS.png
Trade in question: https://i.imgur.com/aggOfbd.png

The trade was a market order and yes, there must have been slippage/higher spreads due to the market opening but it does not make sense on how I was even entered there. I caught the exact top and bottom of the candle. How???
Furthermore, the candle never MADE IT UP THERE. Yes, spreads are high, but so perfectly? The candle ONLY WENT DOWN. It was a heavy selling day, so price never even went up. My loss would not have been at the top of the candle, but progressively would have went down due to price doing so. This is broker manipulation at its finest as they can claim "high spreads" etc etc. I cannot find a single other person at a different broker who has ever experienced this during this time or even during higher volatility.

Final Balance after Trade: https://i.imgur.com/xMjyIH5.png


Next, I asked for tick by tick data to see the live spreads and price during the time. However, they were uncooperative and would not hand over the data.


Here are the excuses they are going to give and my rebuttals.
1. The spread was too high, too much volume!
1a. How is the spread that high but it fills me at the EXACT bottom and closes me at the EXACT top? If the spreads are high, I should have been filled somewhere else and still have gotten considering the candle went straight down.
2. We can't do anything about it, it was your mistake.
2a. I dont see how filling me at the tops and bottoms is somehow my mistake. Furthermore, the candle never went back up from the point I opened, so I should not have even been stopped out at that level.

After this whole debacle, Coinexx stated they would email me after "INVESTIGATING" this further. What happened was that Coinexx ignored my chats and never followed up with emails. They do not help, but stall your time.

TLDR; shady business by Coinexx (account manipulation), and unresponsiveness to emails. They somehow filled by account at the exact bottom and exited me at the exact top, making me lose my balance + more.

Reply by Coinexx Support submitted May 19, 2020 Sub: Blaming Coinexx for the losses due to crashing of Global indices





Dear Client,



The trade in question (order ID 1519499) was placed by you on 12-Mar-20 at 16:30 (Server Time), i.e. right at the time of market opening, as can be seen in the screenshot you have already shared.



12-Mar-20 is considered as a historic day on the Wall Street. Dow plunged 10% with its one of the worst performances since Black Monday in 1987. Within the first few seconds of its opening, DOW shaved-off 500 points, and spreads widened as it was the very 1st minute of market opening.



Our spread on U30 at this time was only 28 points, which was extremely low when compared to the market wide spreads, owing to such high volatility and the crashing of all US Indices.



Just 17 seconds after the market opened, you sold 7 Lots of U30 at a price of 21,882. This was the Lowest price during the 1st minute, (refer attached chart https://paste.pics/9203W). Due to the 500-point price movement during the very 1st Minute, a margin call stop-out got triggered on your account after 10 seconds of you having opened the trade.



Your trade got closed at 22,386 (i.e. 504 points away from your Entry price), which was the best available “Ask price” at the time. Although this price does seem to be at the top of the first 1M candle, it is not the “Bid price” and it therefore it would not show over the price chart. The Sell trades always close at the “Ask price” and the charts only show the “Bid price” and not the “Ask price”. Hence, referring only to the candlestick for the Entry and Exit prices is not the correct approach.



This trade suffered a loss of $3528 and your account balance became negative $2750, which is a direct cost incurred by Coinexx. We even provided you with Negative balance protection and we reset your account back to “Zero” as per our Client first policy.



All this information was already explained to you over emails dated 18-Mar-20 and 20-Mar-20 (refer screenshots https://paste.pics/9204V and https://paste.pics/9204J), and there was no excuse given pertaining to: "big overload in servers/heavy volume" as you have claimed above.



You again inquired about this trade over our chat support on 20-Mar-20. During the chat, we had requested you to let us give you a call explaining the information already shared over the earlier two (2) emails. However, since you insisted that you only wanted a response via email, we had sent you another detailed email explaining this trade right after 10 minutes of you leaving the chat. Since then, we did not hear from you.



Hence your claim that you received a response that we were investigating and we never went back to you is just not true. Also, your clam stating you were given an excuse of excuse pertain to: "big overload in servers/heavy volume" is not true.



We hope that this information now clarifies your doubts. This was a trade loss that you incurred due to sudden price movement and we as a true ECN broker do not have any control or influence over the trades placed by you. We cannot be blamed for your losses resulting from crashing of global indices.



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.



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
  1 trader has found this review helpful
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.
 
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.
 
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.
  3 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

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.