Avoid Forex&Crypto Broker COINEXX and Keep Your Investments Safe

With BrokersView receiving multiple customer complaints at the end of 2023, skepticism and concerns have arisen about COINEXX, a Forex & Crypto trading platform.

Tampering with client transaction records

COINEXX allegedly falsified unfavorable execution records and canceled client profits. A trader was informed that he had conducted an unauthorized transaction and he pointed out a discrepancy between the situation and COINEXX’s response that they would not interfere with client trades.

Refusing client withdrawals

According to a client’s complaint, COINEXX fraudulently displayed successful withdrawal records on the MetaTrader 4 platform.  In reality, the client's withdrawals were not processed, despite COINEXX's repeated claims that it would facilitate his withdrawals.

Another trader complained about COINEXX’s malicious denial of withdrawals.

Deducting client profits

In addition to COINEXX’s contradictory statements and improper practices, these clients also noted that the platform deducted or canceled their profits.

Is COINEXX regulated?

COINEXX provides little information about its company details and financial service licenses. The broker is operated by Coinexx Ltd, a UK-based company registered with Companies House. However, the registration doesn't mean authorization from the Financial Conduct Authority (FCA). 

To make matters worse, COINEXX has been warned by the FCA for being unauthorized to offer financial services or products in the UK. This further confirms the broker's unregulated status.

Our search of COINEXX's website traffic shows that the platform mainly serves clients from the United States and Australia. However, it is unauthorized by the National Futures Association (NFA) or the Australian Securities and Investments Commission (ASIC) to provide forex trading services.

Unraveling COINEXX’s Falsehood

COINEXX claims it is a true ECN broker, where traders can access over 80 trading instruments across forex, commodities, global indices, and cryptocurrencies, and trade with industry-wide lowest spreads.

COINEXX makes unsubstantiated claims of instant deposits, lightning-fast fulfillment, and the best customer support, stating that its founding commitment was to address the issues of delays in deposit and withdrawal, excessive fees, and poor customer support. 

However, all the attractive narratives appear untenable, as negative feedback from customers reflects COINEXX's contradictions and flaws.

Despite quite a few positive reviews about COINEXX, widespread condemnations about its poor trading experience and suspicious activities remain alarming and raise red flags.

Bottomline

COINEXX’s services involve volatile cryptocurrencies that are extremely risky to trade, posing a higher risk of potential fraud to investors due to the lack of regulatory clarity in the crypto space and the decentralized and transaction anonymity of the asset class. Meanwhile, COINEXX is operating illegally as a forex broker. Coupled with successive client complaints, there is significant uncertainty about COINEXX's reputation and credibility.

BrokersView recommends cautions against COINEXX. If you have any concerns about your potential broker, ask us a Question and we will answer for free.