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Coinexx Review

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Coinexx is an offshore broker offering Forex trading via both the MetaTrader 4 and MetaTrader 5 platforms. Founded in 2017, Coinexx is one of the younger brokerages operating within the industry today. Even so, the company now boasts that more than five-thousand clients have created account with them since the time of their launch. Offering high leverage and over 80 assets for trading, Coinexx is a brokerage that is worthy of a closer look.

Account Types

At the time of this writing, there was only one account type offered – the Pro ECN account. As such, all of the details provided within this review will apply to this account type. Coinexx provides the following statement regarding the account on their website, “Our Pro ECN account assembles liquidity from Tier 1 Banks and Prime Liquidity Providers to offer you tight spreads, low commissions and best real-time price feed. This account type is best suited for scalpers, news traders, crypto currency enthusiasts and those who use automated trading systems.”

Platforms

Coinexx offers both the MT4 and MT5 trading platforms. It’s nice to see a broker offering both of these platforms and in doing so, allowing each to choose the platform that they prefer.

MetaTrader 4 has long been the industry standard and preferred platform of most traders, as it offers all of the following features, along with many more:

  • Numerous Built-in Indicators & Tools
  • Manual or Automated Trading via EAs
  • Advanced Analytical & charting Tools
  • Trade on Desktop, Web & Mobile
  • Multiple Charts Set-up
  • No Restriction on Placing SL & TP
  • Custom Indicators & Strategies
  • One Click Trading
  • Negative Balance Protection
  • Direct Access to Meta Trader Market
  • Trading Signals & Copy Trading
  • MQL5 Community

The MT4 platform is offered in app format (iOS & Android) and can also be accessed directly from your browser using WebTrader.

Although it has taken a lot of time and effort to convince traders to test out MT5, some are finally beginning to use the newer version of the platform. Some of the features of MetaTrader 5 include:

  • Flexible & fast trading platform
  • Partial Order Filling
  • Trade from Charts
  • Aggregation of Open Positions
  • One Click Trading
  • Multiple Order Windows
  • Multiple Analysis Tools
  • Multiple Charts Setup
  • Automate trading by Expert Advisors (EAs)
  • Multilingual Support
  • Custom technical indicators & strategies
  • Freelance database of strategy developers

Like MT4, MT5 is also offered in app format for iOS and Android systems and can be traded within any web browser using WebTrader.

Leverage

Low margin requirements and high leverage is part of the appeal of Forex trading and Coinexx is no exception, offering leverage of up to 1:500. However, they do allow each trader to opt for lower ratios to meet their own specific trade requirements. Within this platform, margin call takes place at 70%, while stop out transpires at 50%. This broker does offer a margin calculator on site, allowing traders to quickly calculate margin sizes.

Trade Sizes

The smallest allowed trade size is 0.01 lot. The maximum allowed is 100 lots. While this is actually smaller than the 1,000 lot maximum that we often see other FX brokers offering, it’s rare for even the most experience of traders to actually trade 1,000 lots simultaneously. If you are someone who does wish to trade over 100 lots per trade, then you will need to consider using a different broker to do so.

Trading Costs

Coinexx charges a commission of $4 round turn ($2 into the trade and another $2 when exiting the market). Coinexx debits/credits swap fees whenever a position remains open after 00:00 server time (GMT+3) according to whether position is long or short. Swap fees are calculated based on the interest rate differential between two pairs, and is applicable whether the trade is long or short. Interest is earned on purchased currency and paid out to the currency sold. Coinexx not only provides a swap fee calculator, but also provides instructions for how to view swap charges within MetaTrader on their site. Note that as markets are closed on Saturday and Sunday, if positions remain open on Friday after 23.59 GMT, banks will calculate the swap for 3-days.

Assets

The Coinexx platform contains over 60 currency pairs, 5 commodities, 11 indices and 5 digital currencies for trading. Typically, the trading hours for these assets are: 00:05 (Monday) to 24:00 (Friday), except 00:00 to 00:05 daily. For Instrument specific trading hours, refer to instrument specification tab from trading terminal. Due to the fact that there is no central market for cryptocurrencies, those assets can be traded at all hours. Note that the maximum leverage on cryptocurrency trading will be 1:5, which is of course significantly less than the 1:500 maximum ratio seen on most other asset types.

Spreads

The lowest possible spread is 0.0 pips, which of course is not common, but also not impossible to see offered within the Coinexx platform. The typical spread on major currency pairs such as EUR/USD is 0.2 pips. This broker offers live spread information on their website, including a search bar for searching out this information for specific pairs. As an ECN broker, Coinexx offers fast market execution and eliminates the need for a dealing desk. Since there is only one account type, all clients will have access to the same tight spreads, regardless of their account balance. Visit https://coinexx.com/spreads to see the latest spreads on your preferred assets.

Minimum Deposit

Clients are free to make deposits in amounts as small as 0.001BTC. Dependent upon the value at the time, this would be less than $10. Coinexx is one of many brokers who are now focusing on cryptocurrencies as their main deposit and withdrawal method, eliminating the biggest challenge that brokers face today – payment processing. Being viewed as operating within a “high risk” industry can make it extremely tough for brokers to partner with payment processors. As such, many are now turning to digital coins as a way to avoid ultra-tight restrictions and to render the task of payment processing much faster.

Deposit Methods & Costs

Bitcoin, Ethereum, Litecoin, Ripple, Dash and more are accepted for deposits. In total, 25 cryptocurrencies are accepted for payments at this time. No deposit fees are charged on any of these deposit methods. Coinexx offers its clients access to dedicated cryptocurrency wallets in various cryptocurrencies. Clients can make direct transfers to their trading accounts from these wallets, while also being able to make transfers to any external e-wallets. The e-wallets provided are secure and use multiple layers of security authentication for enhanced protection.

Withdrawal Methods & Costs

The minimum withdrawal amount is equivalent to 0.001BTC. The same methods made available for depositing are used to pay out withdrawals. Coinexx recommends that clients use a small amount for their first withdrawal in order to verify that the payment clears and that all information is correct. It is not possible to recover misdirected digital funds if the address is incorrect, regardless of the broker in question, so it is wise to test the system using a smaller amount prior to requesting larger withdrawals.

Withdrawal Processing & Wait Time

Coinex processes withdrawals manually and it may take up to 48 hours for the withdrawal to be completed. Once a cryptocurrency payment is paid out, the wait time for the payment to clear will depend solely on how long it takes to clear the block chain. Often, payments will clear within an hour or less, but there are cases in which this could take a bit longer. There is no minimum withdrawal amount in place, you may only withdraw from your account any amount up to the total amount of your account in excess of the margin requirement when you have open trades.

Bonuses & Promotions

Coinexx does offer a 100% welcome bonus to all clients who are creating and funding an account for the very first time. The minimum deposit required to claim the 100% welcome bonus is $100 (or equivalent in another currency). To claim the bonus, place a request from your secure client area.The maximum leverage allowed under the Deposit Bonus Promotion is 1:200. Should you choose to close the account and make a complete withdrawal, any bonus amount would be forfeited. Additional terms and conditions surrounding this bonus can be read on the broker’s website.

Educational & Trading Tools

There are no educational resources provided, but Coinexx does offer several trading tools. In addition to the tools already included within MT4 and MT5, the broker offers several calculators and converters, including:

  • Forex Calculator
  • Margin Calculator
  • Pip Calculator
  • Currency Converter
  • PNL Calculator
  • Commission Calculator
  • Swap Calculator

Customer Service

Coinexx is on social media, having open accounts on Facebook, Twitter and LinkedIn. Even so, the best option for reaching out for help is via email, phone or live chat (which is available directly on the website). The two primary directly email addresses are support@coinexx.com and contactus@coinexx.com. A contact form is also made available on the ‘Contact Us’ page of the website. Support is offered 24-hours a day, 7-days a week, so help is available even when most markets are closed. There is no direct phone number provided, but a callback can be requested. The lack of a direct contact number may seem to be a drawback, but we’re seeing many Forex brokers choosing the callback request option as a means to allow their clients to avoid pricey phone rates on International phone calls.

Demo Account

Demo accounts are made available and are provided for both the MetaTrader 4 and MetaTrader 5 platforms. To create a demo, you will need to first sign up for an account. After that is done and you have selected your preferred platform and method of accessing the platform, a demo account can then be created within MetaTrader. Most find it easiest to create a demo account using either WebTrader or one of the apps, but it can also be done using the MetaTrader software as well.

Countries Accepted

As of now, it seems that Coinexx is accepting residents of most countries, including the United States. They state only that they do not accept clients from locations where restrictions apply, which presumably means locations which are typically not allowed to access Forex trading platforms (example, North Korea). The list of FX brokers who are still allowing U.S. and Canadian clients to trade with them is not substantial at this time, but could become much longer if proposed changes to U.S. laws do come into effect in the future.

Conclusion

After conducting our own full Coinexx review and reading through many other online reviews, it’s quite clear that this Forex broker is not a scam. They are indeed offering a solid trading platform, good leverage and spreads, and are paying out withdrawal requests in full and in a timely manner. The drawbacks with this broker are a smaller maximum trade size, lack of direct contact number and the fact that only crytocurrencies may be used for deposits and withdrawals. If you are accepting of these three facts, then Coinexx may very well be the Forex broker for you.

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