Coinexx review - Offshore MetaTrader broker with crypto deposits evaluated and rated by traders.

UPDATE : I apologize for not updating my review as promised in my original post. It's been three years now and I'm still using Coinexx as a broker (one of a number that I use). I can't thank FPA enough for providing their service for retailers like myself. Having said that, Coinexx has continued to honor their word in fast, no fee deposits, and reliable withdraws without fees as well. Though, when they say it takes up to 48 hours, they mean it (almost to the minute). So if you're look for quick withdraws, Coinexx is not for you *but* they do honor the request. Coinexx is one of those brokers that I trust, but at the same time I feel like they just don't have the initiative to make themselves better. To be more exacting, I find that their demo servers are *not* reliable and go down much more frequently that I like for testing EAs. I have had times where their main webpage was *not* the official webpage as well, as though it was hacked (with an company address in Utah). I have seen some odd slippage in FX minors which make me wonder about liquidity *BUT* since I trade many FX pairs, I've had less spreads on other pairs than their competitors. In the end, the profits average out to excellent. Relegated to the unregulated offshore market, I'm always very suspicious of "things" or "signs" that might be a clue to the future of a broker. Have I had internalized scares with Coinexx? Yes. Do I still recommend them? Absolutely.

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!

Trading here quite long, no concerns at all. Fast vps, fast execution (I need really fast order opening because of new trading). So it’s a good choice for those traders who want to trade news or for hft

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.

On the plus side:
+++ 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
coinexx: 1873.11
Broker 1: 1871.21
Broker 2: 1871.26
Broker 3: 1871.25
15 o'clock hourly low: coinexx 10 pips lower
coinexx: 1867.74
Broker 1: 1868.73
Broker 2: 1869.11
Broker 3: 1869.04
15 o'clock hourly close: coinexx 11 pips lower
coinexx: 1883.53
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.

My wire transfer 5k deposit was credited yesterday.
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

I've been with Coinexx since the merge of Finpro. Currently for FX & commodities I trade with 4 different brokers, (to keep things honest should I ever have issues with any of the 4)

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