Richard Montana | August 2, 2022
Coinexx is an online brokerage that lets you trade Forex and Cryptocurrencies with some of the lowest spreads in the industry, starting from just 0.0 pips. I like that they are one of a handful of brokers that support crypto deposits and withdrawals with no transfer fees. I found them to have rapid trade execution speeds to ensure trades are placed at the prices you want. You can get seamless access to the markets via the user-friendly and powerful MetaTrader 4 and MetaTrader 5 platforms. There is the option of trading with leverage that goes all the way up to 1:500. The account setup process is instant, with no verification required and a small minimum deposit. You will also find that they have managed accounts and other useful trading tools to assist you with your daily trading activity. Despite these positives, they are not regulated which could be a deterrent for some of you who are considering this broker. However, that does mean they can give you access to certain products and services a regulated broker cannot due to regulatory restrictions. You just need to weigh up the pros and cons of each to decide which works best for you.
Pros & Cons
- Trading on the powerful MT4/MT5 trading platforms
- Cryptocurrency trading, accounts and funding
- STP/ECN executions in split seconds with minimal requotes
- Raw spreads from just 0.0 pips
- Low commission fees
- MAM/PAMM accounts
- Free VPS for eligible clients
- Multiple account base currencies
- Small minimum deposit
- Additional trading tools
- No inactivity fees
- Efficient customer support team available 24/7
- Free demo accounts
- Lack of regulation
- Crypto account funding only
- No trading academy
- Limited stock trading assets
- No Islamic accounts
Coinexx is an online Forex and CFD broker that uses cryptocurrencies for all its transactions. Founded in 2018, they are based in Kingstown in St. Vincent and the Grenadines. This is a popular destination for many trading brokers. Using cryptocurrencies for transactions enables instant transactions, security and anonymity. Therefore, they may be an option to explore in more detail if you are looking for privacy over regulation.
Coinexx has partnered with premium liquidity providers (LPs) to give you competitive spreads and lightning 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. I think it is good that there is no dealing desk intervention as this can help to avoid a conflict of interest between the broker and trader. The state-of-the-art infrastructure used by them helps to ensure low latency and reliability. The broker has its data centre in Amsterdam.
Brokers operating No Dealing Desk (NDD) execution, rather than taking the opposite position of the trade themselves, use external liquidity providers offering variable spreads, like global banks, prime brokers, and other forex market players. Trades are executed electronically at the best price available in the market. As there is no mark-up added, No Dealing Desk execution should result in lower spreads being offered. With the No Dealing Desk execution option, price manipulation is eliminated, as orders are invisible to the liquidity providers and are processed automatically.
The broker has a limited selection of around 80 tradable instruments in the asset classes of forex, commodities, indices and cryptocurrencies. They boast of having thousands of trading accounts from clients all over the world. I think they could be an option for those of you who predominantly want to trade cryptos. However, if you want a large range of stocks and commodities, you may want to look for another broker with more choice such as RoboForex.
Coinexx is currently not regulated by any financial service regulator in any country. Whilst this may deter some traders, it does mean that they can offer certain trading conditions that a regulated brokerage cannot due to strict regulations that are put in place to protect investors. If you would prefer to trade with a regulated broker, Plus500 are regulated in multiple jurisdictions. That being said, the broker takes client fund safety seriously and implements the following procedures to help secure funds:
- Cold Storage Wallet
- Manual Monitoring
- Dual Authentications
- End to End Encryption
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.
Coinexx supply you with the immensely popular MetaTrader platforms which are the platforms of choice for millions of forex and crypto traders all over the world. Developed by software company MetaQuotes, MetaTrader has established itself as the industry standard platform. You will find the majority of retail trading brokers have licenses the MetaTrader platform to offer free of charge to their clientele, this includes Coinexx. Established in 2000, MetaQuotes is considered as one of the leading developers of software applications for brokerages, banks, and exchanges. The company’s representative offices are located in many countries around the world.
I have used the MetaTrader platform for many years and like that it is available through most brokers. This means that you can switch brokers at anytime without needing to master a new platform. It is the best trading platform for automated trading in my opinion. I have been developing and running expert advisors (EAs) on MT4 for many years and will continue to do so.
MetaTrader 4 (MT4)
Coinexx give you 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. You can develop your 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 a decent choice of 30 technical indicators and 24 analytical objects. It supports multiple order management including account history and order history. I think MT4 should be more than enough to meet the demands of the average retail trader. If you want a basic platform to scan the markets, analyse charts and manage trades, MT4 will do the job and much more.
MT4 Platform Features
Some of the most prominent features of the MT4 platform include the following:
- Easy to use trading platform
- 9 chart timeframes
- Multiple chart types
- 3 execution order types
- 4 pending order types
- 30+ technical indicators
- Customisable interface
- Trading strategy templates
- Automated trading robots
- Back test in the strategy tester
- Copy trading signals
- Marketplace for additional trading tools
- Set price alert notifications
- Free to use on desktop, web and mobile
MetaTrader 5 (MT5)
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.
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.
Trading of crypto CFDs is exclusive to the MT5 trading platform. Thus, if you want to trade cryptos you will need this platform. It also has a better selection of trading tools when compared to MT4. If you have complicated trading strategies that require detailed market analysis, you might choose MT5 over MT4. If you are primarily trading forex, I think either platform would suffice.
MT5 Platform Features
Some of the most prominent features of the MT5 platform include the following:
- 21 timeframes
- 4 execution order types
- 6 pending order types
- 38+ technical indicators
- Economic calendar
- Depth of market pricing
- Multi-currency strategy tester
- Tick data available
- Intuitive and powerful trading platform
- Trading signals and expert advisors
- Marketplace for additional tools
- Price alerts via SMS, email and pop-ups
- Free to use on desktop, web and mobile devices
Both the MT4 and the MT5 platform have mobile trading 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 analyse the market while on the move, provided they have an internet connection. This can be great for traders who travel frequently or just like the convenience of trading from within the palm of their hands. I love trading apps simply because they let me check my trades and follow the markets from my sofa, bed and when travelling.
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.
Whilst the provided MetaTrader platforms should have more than enough trading tools to satisfy the needs of most retail traders, the broker kindly provides some additional tools to try and improve your overall trading experience. Furthermore, you will find a plethora of free and paid trading tools to download which can be added to the MetaTrader platforms to improve their functionality even more. If you want even more tools, FXFlat have a great selection.
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. I think it is great to have it implemented within the platform as it saves you having to switch to a web browser every time you want to check the news.
The broker 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. I actually prefer to do my own calculations as I find it gives me more of an understanding when planning my trades.
Virtual Private Server (VPS)
A VPS remotely connects your 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 offer a 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. This is quite generous but there are other brokers who have a free VPS option, including Switch Markets.
I myself pay around $30 per month to a third-party provider for a VPS. I find that it is an essential tool for me to run automated systems 24/7 without needing my computer switch on. I have multiple instances of MT4 on my VPS, testing various strategies and brokers.
There are no academic resources on the brokers website. This is disappointing as I would have liked to have seen some trading guides, tutorial videos, market analysis and courses. These could be considered very beneficial for beginner traders by helping them to improve their trading skills and knowledge. If you are a beginner, you can still open a demo account to practice trading or take a look at IronFX who have lots of educational content for you to peruse.
Coinexx offers a reasonable selection of 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. Perhaps we would consider the non-FX instruments to be slightly limited when compared to other brokers such as Freedom24, who offer thousands of trading instruments including stock CFDs.
Coinexx is a CFD broker that lets you trade CFD instruments. A contract for differences (CFD) is a financial contract that pays the differences in the settlement price between the open and closing trades. CFDs essentially allow investors to trade the direction of securities over the very short-term and are especially popular in FX and commodities products. You can buy (long) and sell (short) CFD instruments without needing to physically own the underlying asset.
CFDs can be traded with leverage which enables clients to trade a position size greater than they could without it. For example, with 1:100 leverage, an account balance of $1,000 could trade a $100,000 position size ($1,000 x 100 = $100,000). However, leverage can also significantly increase the risk. It is therefore important to have a clear understanding of how leverage works before trading leveraged positions.
Pro ECN Account
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). It is great that they do not impost any limitations on your trading strategies. The maximum leverage is 1:500 and the floating spreads start from just 0 pips. There is a ver low commission fee 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. Overall, I find these to be very favourbale trading conditions for all types of trader. If you want more leverage, LMFX go up to 1:1000.
Demo accounts can easily be created from the clients’ area of the website. There are available on the MT4 and MT5 trading platforms. You are allowed to choose your 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. I would always test a broker on demo to begin with, just so I can get a rough idea of what to expect from them.
It only takes a few minutes to open a live account with Coinexx. You can simply 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 website. There, you can create more accounts, download trading platforms, make deposits and finally commence trading.
I like that Coinexx has a client support desk that is available 24/7, especially considering cryptos can be traded on weekends. Not all brokers operate outside normal working hour or on the weekends, so this is great to see. One of the fastest ways to reach the support team is through the instant web chat. The support attendants are always handy to answer your 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. You can also find the broker on social media channels; Facebook, Twitter and LinkedIn. If you like the idea of 24/7 support, Trading 212 is another option.
Another good feature I like is that you can maintain your account in both cryptocurrencies and fiat currencies. MT4 accounts are maintained in USD or EUR, but MT5 account base currencies are: EUR, USD, BTC and some other cryptos. This is another unique feature that I haven’t seen many other brokers offer.
I would have preferred some alternative methods such as card payments or digital wallets. However, I do understand the anonymity aspect that the broker if trying to provide clients with. if you want a broker that accepts cryptos and other forms of payment, FXPRIMUS has a great selection.
Deposits can only be made in cryptocurrencies such as Bitcoin. 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. Not to mention the blockchain fee you will occur and the time taken for the transfer to complete.
Withdrawals are processed manually within 48 hours. Clients can only withdraw in the same currency as your crypto wallet. The minimum withdrawal is $5. This is probably not even worthwhile when you consider the blockchain fee is likely to be much greater.
Overall, I think that Coinexx is a broker who can cater to various client’s individual needs, especially fans of cryptos. With them, you can get access to real-world markets with cryptocurrency accounts. The broker offers deposits/withdrawals via cryptos, letting traders instantly transact funds whilst maintaining some form of anonymity. Spreads are very tight, starting from 0.0 pips with low commission fees, rapid trade execution speeds and an efficient customer support team. In terms of crypto trading, I would compare them to Hugo’s Way.
The Coinexx choice of the easy to use MT4 and MT5 platforms is apposite considering that there are no restrictions on strategies or trading styles, whilst the platforms are suitable for beginner and advanced traders alike. Clients can trade on the web, desktop or via intuitive mobile trading apps. The free VPS, managed accounts and trading tools are also commendable. However, they could improve on the educational resources and market research tools. I would also like to see some more trading instruments and funding option supported.