Coinexx is an offshore and unregulated broker, that appeals to investors with Crypto currency to spend.
Coinexx Ltd lists an address of: First St Vincent Bank Ltd Building, James Street, Kingstown, Saint Vincent and the Grenadines. Their actual location is a mystery. No contact phone number is displayed on their website, just a contact email address of: [email protected]. The brokers official website is at: https://coinexx.com/.
For complaints or withdrawal problems, read more.
Coinexx Reviews
Our review of Coinexx brokers finds, that they are offering investors the popular MT4 or MT5 trading platform. They make available the desktop software, along with a web based platform, and mobile apps for Android & iOS. You can create multiple demo trading accounts to test the ECN platform.
They offer a wide variety of underlying assets to trade CFD’s. The Coinexx product list includes; Forex Trading, Crypto Currency, Global Indices, and Commodities like Oil, Gold & Silver. Maximum leverage available is 500:1, but on Crypto it is only 5:1. Their new account minimum deposit is at 0.001 Bitcoin, which is about $5.00.
According to their website, Withdrawals are processed manually and not automatically. Therefore, you will need to wait for someone to approve your withdraw, before receiving you money.
Is Coinexx a Legit Broker?
No, Coinexx is not a licensed broker. According to the SVG Financial Services Authority; “Forex trading brokerage activities are not licensed in St. Vincent and the Grenadines.” read more. The CFTC added this broker to their red list in June 2020, because they are soliciting Americans without a proper license, see here.
The Scam Broker Investigator has a very quick and easy method to review a new online broker. The first item we check for is a valid license from the CFTC or FINRA. All online brokers in America must be licensed and regulated. If a broker does not have a license, then you have no protection, and there is no guarantee your money is safe.
The whole Crypto Currency bubble led to many “Get Rich Quick Scams” and thousands of people lost millions of dollars. Therefore, it is important to only invest at a broker which is licensed.
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