Coinexx

18 ratings
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Overview
  • Regulated By:: CySEC
  • Headquarters:: N/A
  • Foundation Year:: 2011
  • Min Deposit:: $5

Coinexx is a crypto-currency based forex broker, offering direct access to a large liquid capital, from tier 1 banks and prime liquidity providers. Safe trading environment, reduced latency and low spreads are the hallmarks of Coinexx. They offer trading in forex, global indices, commodities and crypto currencies. MT4 and MT5 are the trading tools investors can use on Coinexx. One of their biggest advantages come in the form of negative balance protection that they offer. 

Coinexx Review 2020: Pros and Cons

Pros

  • Round the clock customer support for all its clients
  • Free VPS for clients who fulfil certain criteria
  • Fast ECN execution
  • Flexible leverage
  • Low spreads
  • Use of widely popular trading tools

Cons

  • No wire transfer
  • Non acceptance of US clients

Given below is a detailed Coinexx review, highlighting all those features which you need to consider, in order to make an informed decision pertaining to choosing a forex broker.  

Coinexx Review: Summary

Coinexx, a forex brokerage firm, was established in 2018. Its offices are located in St. Vincent and Grenadines. Prioritising their clients’ invested money, they keep all the funds in extremely secured cold storage wallets. Moreover, these digital wallets are further secured via end-to-end encryption. 

Coinexx offers competitive spreads (as low as 0.0 pips) by partnering with liquidity providers. Their various calculators like forex calculator, margin calculator, etc, enable their clients to make profitable trading decisions. All the calculations are made keeping in mind the market price of that time. 

Coinexx Review: Regulation

Coinexx is not a regulated forex broker. However, they ensure safety of their investors’ money through dual authentication process and close monitoring of all withdrawals. Also, all their data is completely encrypted in multi-layers.

Coinexx Review: Countries

Clients from all over the world can be accepted as investors with Coinexx, except citizens of USA, or those who are residing in the USA. Also, some legal stipulations may prevent citizens of some countries to not receive all the promotions and services of Coinexx. This would only be because of legal restriction of that particular country.

Coinexx Review: Trading Platforms

MT4

Coinexx offers the preferred trading platform MT4, which is seamlessly integrated with its user-friendly interface. It provides a customised trading environment, with advanced technical and analytical features. It is compatible with both mobile as well as desktop. On the web, it can be accessed via WebTrader. For customising MT4, there are various plugins that can be used as per requirement. 

With MT4, there are no restrictions on SL and TP. It allows multiple charts to be opened at the same time, and also offers negative balance protection. The MQL4 programming language of MT4, allows its users to develop their own trading tools and indicators. 

MT4 allows access to live courts, and supports 3 chart styles: line charts, bar and candlesticks. It is easy to view order and account history on MT4.

MT5

A more advanced version of MT4, MT5 offers more advanced trading tools. Althought its layout is similar to its predecessor, it is further refined to suit the requirements of modern trading. Like MT4, MT5 also offers analysing and charting tools and supports EAs. However, unlike MT4, it supports trading of crypto CFDs. Also, MT4 plugins cannot be used on it.

MT5 offers multilingual customer support, besides allowing filling of partial orders. It is by and large flexible and allows opening of 100 charts at the same time. MQL5 programming language enables thousands of indicators to be installed via plugins, although 38 technical indicators are already a part of the existing MT5 platform. Additionally, it has a wide database of strategy developers. 

MT4/MT5 Apps

MT4 and MT5 apps are designed with a view to scan market price, place orders and do an in-depth market analyses. All these apps are compatible with both iOS as well as Android operating software. Although both MT4 and MT5 apps are similar in looks, their functionality is different in terms of number of features. MT5 wins in that regard. 

Furthermore, MT4 supports 4 pending records whereas MT5 allows 6. They feature a ‘favourites’ list, where frequently traded assets can be added. 

Coinexx Review: Trading tools

MAMM / PAMM Accounts

Coinexx gives its clients the option of creating a MAMM / PAMM account. In such accounts, all sub accounts are linked with a single account of a Fund Manager, and all the trades are executed through a single MT5 login. The Manager is responsible for all the trades, and uses his expertise to provide maximum benefits to all the investors. Coinexx does not place any limitation on the number of accounts that can be linked to the Manager’s account. 

In order to start a MAMM / PAMM account, a minimum of 4 clients, having equity more than $5000 is required. Further, all sub account holders need to sign and submit a Power of Attorney form. 

Economic Calendar

This calendar is a very critical feature, available on MT5 platform. Its main function is to underline the date and time when crucial financial events will occur. It also assesses and projects the impact of these events on market prices and values.

Forex Calculators

Coinexx offers a host of calculators to its clients. These include forex, margin, pip, currency, PNL, commission and swap calculator. Their main aim is to provide an estimation of the trading costs.

Virtual Private Server (VPS)

VPS offers one of the biggest advantages in trading. It connects all the workstations to a large-scale server. This ensures connectivity and fast execution of orders at all times. VPS frees the trader from being bound to any hardware or internet connection. 

Coinexx does not charge anything for providing VPS service to its clients, provided they maintain a balance of $5000. Otherwise, a charge of $25 is levied for the service.

Coinexx Review: Education

There are no educational or instructional videos available for beginners on Coinexx. They offer all their support and guidance only via emails and webchat.

Coinexx Review: Trading instruments

Coinexx offers a wide range of assets that can be traded in the market. Besides forex, indices and metals that can be traded on MT4 platform, on MT5, oils and crypto currencies are an additional option given as tradable assets.

Coinexx Review: Trading Accounts and Fees

Coinexx offers Pro ECN account to its customers. All kinds of trading styles are compatible with this account. The spreads start from 0.0 pips and the leverage offered can go up to 500X. On an average, commission charge of $2 is exercised on each trade. While Coinexx allows minimum trade size of 0.01 lots, the maximum trade size allowed is 100 lots. 

Creation of a demo account is rendered on both MT4 as well as MT5 platforms. Even in a demo account, clients enjoy the advantage of a flexible leverage. This gives them a fantastic opportunity to practice trading before opening a live trading account.

Coinexx Review: Customer Service

Coinexx offers round the clock customer service through their instant webchat, or the client query form on their website. The form is titled ‘send us a message’ and is available on their ‘contact us’ page. Generally, the query is addressed on the same day. Questions can also be mailed to them. They can even be contacted on various social media platforms: Facebook, Twitter and LinkedIn.

Coinexx Review: Deposit and withdrawal

Coinexx provides its clients crypto wallets, in numerous crypto currencies. Money can be directly deposited in trading accounts from these wallets. Although only USD or EUR can be used on MT4, but on MT5, flexibility is accorded to its users. BTC, LTC, ETH, BCC and XRP can also be used besides USD and EUR on MT5 platform. 

All the withdrawals from Coinexx are manually reviewed in order to prevent any untoward or notorious activity. Moreover, the withdrawals are processed within 48 hours of receiving the withdrawal request from the client’s portal. 

Coinexx Review: Account Opening

Opening an account with Coinexx takes no more than five minutes. One just needs to visit their website and click on the ‘open an account’ tab. Next, personal details have to be filled in, post which a verification code is sent to the mentioned email id. On successful verification, one can start operating the account. 

Coinexx Review: Conclusion

Coinexx is a new age trading platform, with features that are suited to modern-day trading. Their trading and analytical tools are excellent, and so is their customer support. Their trading fees and other charges are also quite reasonable. 

Their end-to-end encryption of clients’ wallets ensures safety of the invested capital. The competitive spreads, flexible leverage as well as fast execution speeds make Coinexx an ideal forex broker. However, their non acceptance of US clients can be seen as a drawback.  

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