Coinexx Review

I have a problem with the sign in coinexx, when I try to login in page and say Server Error 403 - Forbidden: Access is denied. You do not have permission to view this directory or page using the credentials that you supplied.

Coinexx is World No 1 Scam broker I trade in forex since 2004 I used many brokers but never lost my deposit ONLY I lost 1000 XRP when I deposit in coinexx account.
I open an account in XRP and I chat with Dave Cooper I ask him for deposit process into XRP account he sends me a mail with this detail

Hi,

Please find below the XRP wallet address for deposit.

XRP address: rPVMhWBsfF9iMXYj3aAzJVkPDTFNSyWdKy

Hope this helps!

Regards

and when I start deposit prosses I see on the exchange website it need another Tag ID than I again come on chat and ask him about Tag ID
and again he did not give me Tag ID and ask me for proceed

Then I proceed deposit prosses without Tag ID I enter demi Tag Id just for the complete deposit process

after sending fund, I inform to Dave Cooper on chat and send him screenshots and after some time when the fund has gone than he asks me to cancel the transaction but at that time I cannot cancel the transaction because the fund has already gone.

after an hour I received a full deposit detail (Address and Tag ID) and DEPOSIT INSTRUCTIONS... I received this mail from (swalker@coinexx.com)
but the fund has already gone

""
Hello Shoaib,

I am writing in response to your inquiry over chat support about making an deposit in XRP.

Please see below full details for making deposits via XRP.

XRP Address : rPVMhWBsfF9iMXYj3aAzJVkPDTFNSyWdKy
Tag : 42992678

DEPOSIT INSTRUCTIONS
Please do not directly deposit from an exchange or pool unless they allow you to specify a tag. If the tag is not included in your transfer, we cannot credit your account. If you deposit tokens using an incorrect tag, we will not be able to receive them and you will need to work with your provider to retrieve them.

Depositing tokens to this address other than XRP will result in your funds being lost.

Please let me know in case you have any questions.

Regards,
Sam
""""
then again I come on chat and ask him about my deposit he replies me that I have lost fund because I did not enter TAG ID when i ask him why not you give me TAG ID in the first email and he did not answer me after 2 days he calls me and asks me for more deposit but I didn't.
I have lost 1000XRP because dave send me in complete detail for deposit it is totally dave mistake but I lost my fund.

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

Hi, just wanted to inform everyone once I heard Finpro was merging with Coinexx I wanted to give this another go. Previously with Finpro, a lot of shady stuff was going on with my account - huge slippage on orders, unusual Market-Spikes/ Stop-Hunts, MT4 platfrom freezing at times, and actually the whole MT4 platform froze for a 2-3 hour period months back.. Due to my initial experiences, I withdrew my money and never looked back. Tradersway is another broker that is very similar. I wouldn't trust either one with my money.

Back to my Coinexx Experience thus far, initially opened a couple demo accounts just to test the waters and found that there was a restriction on placing orders. When you went to go open a new order it said , " OPEN PRICE YOU SET MUST DIFFER FROM MARKET PRICE BY AT LEAST 60 POINTS." In a True ECN/STP environment this should always be ZERO or "0". I immediately emailed Coinexx and told them what I was experiencing and they said that are a Pure ECN and there shouldn't be such restrictions and to please send a screenshot explaining to them what was going on, so I did. It was fixed immediately! Other than that little hiccup, everything so far seems Great! Excellent Spreads, Lightning fast Executions, etc...

Coinexx has the makings of being a GREAT Forex Broker for not only U.S. Residents but for everyone. They have an opportunity to be better than the majority of Forex Brokers across the globe. I would love to stop worrying if my money is safe, if the trading conditions are fair, etc.. A place where we can call home and just focus on trading like everyone else can outside the U.S. Time will tell.

I will give everyone an update later down the road. Hope Everyone had a Merry Christmas and wishing everyone a safe and healthy New Year!

Been trading with them since mid August.
They've responded to my questions in time.
As a broker so far no problems, HOWEVER.

I signed up as an IB and the whole thing seems not done properly.
Still haven't received any commission when my buddy has been trading since late Aug. It's Oct 4th.
It seems like a very small business but the folks running it do care.
I think they need some help on their 'backend' to be honest, but they are real.

Ex Finpro client, migrated to them last week. Was a tad bit nervous when I got an email from finpro breaking this news but the entire process has been so smooth that I’m really looking forward to be with these guys. So far have only tested and trading couple of lots with them during liquid and non liquid times to assess how they far. Execution is impressive, better than finpro. Sply happy with the spreads im getting from them. Again better than what I was getting at finpro & considering the time (Xmas/Nyr week) I have tested these guys. I just miss the STP account that finpro had. Comparing the account types, coinexx just has one ECN account vs 4 – 5 types of accounts finpro offered. But that isn’t a big deterrent. They compensate it by providing MT5 and the web versions of both MT4 and MT5 platforms. Commission is again better with coinexx. Overall from trading conditions point of view, coinexx looks to be a better place for sure. Looking forward for trading with them from next week. Will update once I trade with them for a few weeks.

Coming to support and operations side, I must say coinexx team is more responsive in terms of the time they take to your emails. Few of my emails were replied within an hour and one on Xmas day as well. Glad and I hope it stays the same. And the backend/ops/tech team also has a much less turnaround time than I had with their predecessors

So far all looks good nothing to freak out! Was pretty happy and impressed how the entire migration worked so thought i will share my experience cos it can be nerve wrecking when something like this happens. Had experienced a similar situation few years back with another broker and I remember what a pain they were. So thought will share my experience and hope it helps those who are in the same boat.

Happy New Year to all! Cheers 

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.

I have been using coinexx.com for around 2 years now since the start of 2019. First off, I have to say they are a pretty good broker, if you plan on making less than a thousand dollars trading. But after you start to generate 5-6 figures, they confiscate and block your accounts, take your money, and blame you for “fraud” when you have done nothing wrong and traded the way you always trade. Their withdrawal system is just plain dumb. I made a request and had to wait 5 days for it to be approved. Even then, I still haven’t received my funds! Waiting on them now for almost a week. (I have made successful withdraws before but they were all little amounts.) Also; once you begin generating decent income, they will sometimes enter in random trades for you, against you, so you loose. This has happened to me twice now, and each time they failed to accept their wrongdoing. I know a couple of other traders who quit coinexx because of reasons just like these. So yeah, if you want a trustworthy long term broker, never use coinexx. Their departments are a scam, they don’t take responsibility for their wrong doing and steal money from clients. Then they try to blame it on the client for fraud, or some other petty excuse. Also if they don’t like something they will take your money from you as well.

I like to response on your reply from Apr 18, 2019...
You told me I gave you the OTP. However, I have asked several times for proof of these emails with the OTP. I did not receive this even after contacting you by telephone.

I also didn't immediately write a review because I wanted to give you the time to sort this out well. You indicated that the relevant department was very busy.

You indicate that the check is via an email and not via a 2FA, but I have never received proof of the email.

You also indicate that we have only been in contact twice, this information that you provide is incorrect. I have been in contact with these people on the following dates:
22-01-2019 08:31 - Courtney
24-01-2019 12:59 - Simon White
06-02-2019 21:31 - Patrick Kane
11-02-2019 16:20 - Nkennedy
11-02-2019 By mobile phone
(if you want proof, I can send you the chat scripts)

Not after the withdrawal but during the procedure I already sounded the bell, you indicated that there was nothing to do about the last withdrawal, it was already processed by you.

If you do not believe that I was in Austria for winter sports, I can send proof of this. After our first conversation i had my email account checked by an IT expert and he has shown that no other computers have been given access to my account.

I do not want to accuse you of theft only that your security is not adequate and i want to warn people that they should not do business with you until this is improved. For example with 2FA or SMS.

Apr 15, 2019 - 1 Star All the money in my account has been stolen. I have been trading on the forex market through various brokers for a year and I thought it was great that Coinexx offered the possibility to trade with altcoins. I still had 4000 XRP and 50 LTC in my wallets with which I did not do anything yet. After creating an account I was able to transfer the coins to Coinexx. Because I first planned a winter sport I had not yet dealt with my account. After I returned from my vacation in January, I was shocked to see that the balance was 0. I immediately contacted Coinexx how this was possible since I did not write off the amounts myself.
According to them, they had sent an email, after which they transferred the amounts to ETH and then debited them. The last amount was not yet debited at that time, but they could not stop it, they said.
I have always asked for substantiation or proof that the order was issued, but until now I have not received anything from them, only promises that they will be working on it soon.
So I just lost my money, it was about $ 2,873.00 at that time !!
I did further research together with an IT expert to see what probably happened since my mail account was not hacked, they probably got access to Coinexx with brute force, then changed my address to another address so that they could make the payment confirm. Then they put my e-mail address back as if nothing had happened.

BEWARE before you go to work with this party, the security and help you get is very bad!

Reply by Coinexx Support submitted Apr 18, 2019 Hi MartinTrading!



Since you’ve decided to blame us for security breach that never occurred, we’d like to clarify that the funds in your account left after 3 OTP verified withdrawal requests made from your registered email ID. And this happened over the course of 7 days.



- First two request were raised on Tuesday 15th Jan, 2019 for XRP 999 and 2999 respectively and were processed on 17th Jan, 2019

- the third one was made on Friday 18th Jan, 2019 for 50 LTC to be transferred to ETH was processed on 21st Jan 2019



For clarity sake, when someone raises a withdrawal request on Coinexx, they need to authenticate their request by confirming the OTP that they received on their email. Once the OTP is verified, then only the request is raised & thereon processed.



And during this time period you also came to Live Chat twice and inquired about the withdrawal status. Following the protocol, we verified your identity by sending an OTP to your email and discussed the status of your withdrawal with you. Should you wish, we can share the chat history with you.



All the funds were withdrawn following the process we have in place. And, after the withdrawals were processed you raised an alarm that your account was breached. Since we withdrew the funds to your account after you participated in the process by authenticating transactions at each step, we find it very confronting that you would come back and blatantly lie that you did not receive the funds.



Even if we were to believe your holiday story, then also there is no way for us to ascertain that your account was breached and there was someone else operating your account and making the requests. Keeping your emails, passwords and account details secure is your responsibility. And we consider that the review you did above is in bad faith with the sole aim tarnish our image .



Thanks

Coinexx Support

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.