Coinexx Review 2020
Coinexx is a forex broker that has the following characteristics: no regulation, only crypto deposits and withdrawals, ECN/STP trading and executions via MT4 and MT5 platforms. The broker also offers managed accounts and other useful tools to aid its clients. They do not offer individual stock trading or bank/card account funding. The trading brokers review team also found the non-FX trading assets to be limited when compared to other brokerages.
Coinexx Review 2020, Pros & Cons
- MAMM/PAMM accounts
- Trading on the powerful MT4/MT5 trading platforms
- STP/ECN executions in split seconds with minimal requotes
- Free VPS for eligible clients
- Multiple account base currencies
- Efficient customer support team available 24/7
- No support via telephone
- No trading academy
- No market news & analysis
- No individual stock trading
- No wire transfer or credit/debit card deposits
- No USA traders accepted
- Limited non-FX trading assets
In this detailed Coinexx review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Coinexx is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including Coinexx.
Coinexx Review: Summary
Coinexx is an online forex and CFD broker that uses cryptocurrencies for all its transactions. Founded in 2018, the broker is based in Kingstown in St. Vincent and the Grenadines. Using cryptocurrencies for transactions enables instant transactions, security and anonymity.
Coinexx has partnered with premium liquidity providers (LPs) to give its clients competitive spreads and lightening speed executions. The broker aggregates its prices from a deep liquidity pool of Tier 1 banks and premium providers resulting in true ECN spreads starting from 0.0 pips. There is no dealing desk (NDD) and minimal requotes. The state-of-the-art infrastructure used by Coinexx helps to ensure low latency and reliability. Coinexx has its data centre in Amsterdam.
The broker offers over 80 tradable instruments in the asset classes of forex, commodities, indices and Cryptocurrencies. Coinexx boasts of over 5,000 trading accounts from all over the world.
Coinexx Review: Regulation
Coinexx is not regulated by any financial service regulator in any country. Most experts and professionals would not trade with an unregulated brokerage as they cannot offer investors the same protections that a regulated broker can. For alternative options, you can see a choice of regulated brokers on our best forex brokers list.
Coinexx Review: Countries
There are no restrictions to clients from any country but the broker states that its website is not directed at jurisdictions where its services will be contrary to the local laws. They cannot accept traders from the USA.
Some Coinexx broker features and products mentioned within this Coinexx review may not be available to traders from specific countries due to legal restrictions.
Coinexx Review: Trading Platforms
Coinexx clients are given access to trade on the MT4 trading platform which is a free professional terminal with essential tools for trading and analytics. MT4 is available on mobile, desktop pc and on the web via WebTrader. One major advantage of the MT4 trading platform is that its tools and capabilities can be expanded via plugin apps. Clients can develop their own trading tools, indicators and Expert Advisors (EAs) using the MQL4 programming language and then install it as a plugin app into the platform. EAs are software robots that automate forex and CFD trading. Thousands of MT4 EAs have already been developed and currently on sale and/or in use.
The platform supports live quotes streamed from the Coinexx liquidity aggregator. It also supports live charting in 9 timeframes using 3 chart styles; bar, candlesticks and line charts. It comes with 30 technical indicators and 24 analytical objects. It supports multiple order management including account history and order history.
The MT5 trading platform was developed to succeed the MT4 platform although it maintains a similar layout and functionality, with some additional features and capabilities. Plugin apps built for MT4 do not run on MT5 and vice versa. Just like MT4, the MT5 trading platform is replete with trading tools, supports the scripting and deployment of EAs and supports complex charting and analyses. Coinexx MT5 is available on Windows PC, WebTrader and mobile apps. Trading of crypto CFDs is exclusive to the MT5 trading platform.
MT5 has the market watch window which streams currency quotes in real time. The depth of market which shows the liquidity pool can also be viewed. Up to 100 charts can be opened simultaneously. The charts are displayable over 21 timeframes from 1 minute to 1 month. 38 technical indicators come preloaded in the platform but thousands of indicators can be installed via plugin apps developed with the MQL5 programming language. Clients can buy EAs, indicators, etc from the MQL5 market which is accessible from the platform. The economic calendar is also provided on the platform.
Both the MT4 and the MT5 platform have mobile applications developed for Android and iOS devices. The MT4/MT5 apps look very similar, the main difference is in the features where the MT5 app has more features. The apps interface is simple and user friendly. From the apps, clients can monitor the market prices, place trades, monitor account balances and analyze the market while on the move, provided they have an internet connection.
The ‘quotes’ tab lists the assets quotes in real time. It can be customized by adding frequently traded assets to the favourites list. Charting on different 9 different timeframes is supported. Analysis is done using 30 technical indicators and analytical objects. Multiple orders are available using market orders, stop orders and up to 4 pending orders on MT4 and 6 on MT5.
Coinexx Review: Trading Tools
Coinexx offer manager accounts integrated directly into the MT5 trading platform. A manager can register new clients and trade on their behalf. Unlimited number of accounts can be traded in bulk from the manager’s master account. He is at liberty to use any trading strategy including EAs. The MAM/PAMM software is flexible and reliable; it offers full reporting tools, performance analysis and marketing tools. It also features multiple trade allocation types which the manager sets according to a trader’s capital or contribution. A manager needs at least 4 sub accounts and equity of at least $5,000 to begin. The sub account owners will have to submit ‘power of attorney’ forms. It must be strongly emphasised that there is absolutely zero guarantee on how managed accounts will perform and historical results are by no means any indication of future performance.
This important tool is available in the MT5 trading platform. It is used in fundamental analysis to monitor the dates and times when important global economic events will happen as well as the analysts’ forecast on the impacts of these events.
Coinexx provides various calculators for its clients so that they can know estimations of trading costs. The following calculators are available: Forex calculator, Margin calculator, Pip calculator, Currency converter, PNL calculator, Commission calculator and Swap calculator.
Virtual Private Server (VPS)
VPS remotely connects clients workstations to a powerful server located near the broker’s trading servers. This can help to ensure 24/7 connectivity (99.9% uptime) without interruptions as well as low latency and good trade execution speeds.
EA users, news traders and other traders that use complex trading systems can all benefit from using a VPS. Once the VPS is set up, the EA or trading system runs from the VPS and the trader will no longer need to worry as much about potential internet fluctuations, power supply or hardware failure.
Coinexx offers free VPS services to interested clients who maintain a minimum balance of $5,000. Other clients can also request a VPS for a monthly fee of $25.
Coinexx Review: Education
There are no academic resources on the Coinexx website. This is disappointing as the trading brokers review team would have liked to have seen some trading guides, tutorial videos, webinars, etc. These could be considered very beneficial for beginner traders by helping them to improve their trading skills and knowledge.
Coinexx Review: Trading Instruments
Coinexx offers over 80 tradable assets in total. On the MT4 platform, only forex, indices and metals are available for trading. But on the MT5 platform, clients can trade the following assets: 66 currency pairs, 2 Metals, 11 Indices and 3 Oils. We consider the non-FX instruments to be limited when compared to other forex brokers, some of whom offer thousands of trading instruments including stock CFDs.
Coinexx Review: Trading Accounts & Fees
Only one live trading account is available. The account is known as ‘Pro ECN account’. Coinexx asserts that this account can be used for scalping, news trading and the use of trading systems like Expert advisors (EAs). The maximum leverage is 1:500 and the floating spreads start from 0 pips. Commissions of $2 per lot or its equivalent is charged on every trade. The minimum trade size is 0.01 lots while the maximum is 100 lots.
Demo accounts can easily be created from the clients’ area of the website. There are available on the MT4 and MT5 trading platforms. Clients are allowed to choose their desired leverage and amount of virtual currency needed for demo trading. This can be a good way to practice your trading strategies before open a real live trading account.
Coinexx Review: Customer Service
Coinexx has a client support desk that is available 24/7. One of the fastest ways to reach the support team is through the instant web chat. The support attendants are always handy to answer clients’ questions. There is also a form titled ‘send us a message’ on the contact us page. If this form is completed by a client or an enquirer, the support team aims to reply by email within a day. Support email addresses are also listed. Coinexx is on social media; Facebook, Twitter and LinkedIn.
Coinexx Review: Deposit & Withdrawal
Clients can maintain their accounts in both cryptocurrencies and fiat currencies. MT4 accounts are maintained in USD or EUR, but MT5 account base currencies are: EUR, USD, BTC, LTC, ETH, BCC and XRP.
Deposits can only be made in cryptocurrencies. If the account currency is different from the deposit currency, it will be converted using the prevalent market rates. Care must be taken when making deposits. Clients must transfer to the correct address as presented by Coinexx. Any mistake will lead to permanent loss of the cryptos.
Deposits can be made with the following cryptocurrencies: Bitcoin, Litecoin, Ethereum, True USD, Germini USD, USDC, Bitcoin cash, Zcash, Monero, Binance coin, OmiseGo, Lisk, Siacoin, NEM, Monaco, Stratis, Dash, Dogecoin, Ether classic, Neo, BlackCoin, NXT and Pot Coin.
Withdrawals are processed manually within 48 hours. Clients can only withdraw in the same currency as your crypto wallet. The minimum withdrawal is $5.
As broker fees can vary and change, there may be additional fees that are not listed in this Coinexx review. It is imperative to ensure that you check and understand all of the latest information before you open a Coinexx broker account for online trading.
Coinexx Review: Account Opening
It only takes a few minutes to open a live account with Coinexx. Visit the brokers website and click on the ‘Open an account’ button located beside the menu bar. The account opening form displays:
Fill in your name, email, country, phone number, check ‘I am not a robot’ and submit. Immediately, the new account is opened, the login credentials along with a six-digit verification code are sent to the registered mail. Use this code to verify your email by entering it on the website. On successful verification, you are logged into the clients’ area of the Coinexx website. There, you can create more accounts, download trading platforms, make deposits and finally commence trading. It is imperative to ensure that you clearly read all of the brokers terms, conditions and policies. Only proceed if you fully understand and agree to them all.
Coinexx Review: Conclusion
Coinexx is a broker that caters to various clients individual needs but does have some limitations when compared with some of the best online brokers. The choice of MT4 and MT5 is apposite considering that there are no restrictions on strategies or trading styles. Clients can trade on the web, desktop or mobile. The free VPS and managed accounts are also commendable. The trading fees are very competitive, altough not the cheapest we have seen.
Very often, experts warn traders to avoid unregulated brokers. This is because there is no safety of funds, no guidelines to follow and no one to complain to if things go wrong. There is no evidence of company registration and no phone numbers. Coinexx has no Anti-money laundering policy as traders’ anonymity is one of its selling points. There is no team of experts to help with market news and analysis. There is no trading academy to assist beginners with their trading knowledge. The assets index is also small when compared to competitor brokers.
Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your investment. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite, and if necessary seek independent advice to full understand the risk involve.