Coinexx Review — Truth About the Broker

Would you like to take a closer look at a broker that claims to harness the full power of cryptocurrencies to overcome the typical challenges traders face in the Forex/CFD market? Traders are promised deep portfolio diversification, modern trading platforms, and supposedly unique trading conditions. But should such generous claims be trusted, or are we dealing with yet another pseudo-broker seeking to extract as much money as possible from unsuspecting users? On what license does the company actually provide its services? In our coinexx.com review, you will find answers to all these questions.

Quick Overview

Domain: https://coinexx.com/

Company Name: COINEXX LTD

Year Founded: 2017

Jurisdiction: Mwali (Moheli), Comoros Union

Legal Status: Licensed by MISA No. BFX2024030

Minimum Deposit: 10 USD

Leverage: Up to 1:500

Available Assets: Forex pairs & CFDs on Indices, Commodities, Cryptocurrencies

Trading Platforms: MetaTrader 4/5, ACT Trader

Account Types: ECN

Deposit/Withdrawal Methods: Crypto

How to Register on the Website

We always aim to provide our readers with the most complete information possible. To do this, we need data not only from the broker’s official website, but also from a real client’s personal account. To access the latter, we attempted to register with Coinexx.

The registration process turned out to be quite simple — the sign-up form required filling in only a few personal details:

• First and last name.
• Email address.
• Password.
• Phone number.

In addition, it was necessary to confirm agreement with the provisions of the Client Agreement. However, access to the client workspace is not granted immediately. The user must also enter a verification code sent to the specified email address. Only after this basic check is completed does the registration process finish and full access to the personal account become available.

Note! On the official website, among the legal documents, the company has published Terms of Use. Be careful not to confuse this document with the Client Agreement — it has nothing to do with it. A link to the Client Agreement is available only on the registration form, and the content of these two documents differs significantly. Why the footer contains a link to the Terms of Use, which effectively have no legal force, remains unclear to us.

The set of features available in the personal account is almost no different from what clients of the vast majority of other offshore (including scam) brokers are offered. There is, however, one major issue that others do not have: Coinexx lacks any functionality for verifying a client’s personal data. Moreover, the company’s documents do not include KYC and AML policies at all. Let us say it outright — this is a serious violation of the rules imposed by any regulator, even an offshore one. Only a platform that does not intend to operate honestly can afford such negligence.

Coinexx Trading Instruments and Platforms

Before analyzing the broker’s trading conditions, we decided to take a look at what assets it actually offers for trading. Especially since we clearly remember the promise of deep asset diversification. To be honest, we were skeptical from the start, as the homepage already showed that the company offers only 80+ trading instruments.

So what do we see in the Trading Products section? Clients are tempted with:

• 60+ currency pairs.
• 5 crypto CFDs on major cryptocurrencies (BTC, ETH, LTC, XRP, BCC paired with the US dollar).
• Fewer than ten commodity CFDs (oil, natural gas, precious metals).
• CFDs on several stock indices.

There is no point even looking for contracts based on stocks, bonds, ETFs, futures, or options. And the range of cryptocurrencies, frankly speaking, is quite disappointing. This is especially true for a broker that claimed it would allow traders to use the full power of cryptocurrencies.

It seems that the only thing they have truly mastered here is writing nice words (or rather, ordering texts from neural networks). When it comes to real actions, all the project’s owners appear capable of is taking free quotes from an unknown provider and streaming them into their terminals — and we are not even sure that these values are not adjusted in the company’s favor. We see no other explanation for such a poor selection of trading instruments. And yes, with this approach, broker clients can forget about any deep diversification.

We would also like to draw traders’ attention to another fact: Coinexx specialists have managed to fit information about each market into just a couple of sentences. Do you think there is much useful content to be found there? What is even more telling is that contract specifications have been replaced by tables that are supposed to display the current market situation. We were especially impressed by the data refresh speed in these tables — dozens of seconds clearly have nothing to do with real-time updates. One can only wonder whether the broker’s trading servers operate with the same level of performance.

We even became curious why the company bothered to acquire MetaTrader 4/5 trading platforms at all. In any case, none of the undeniable advantages of this software can be fully utilized with such a limited set of assets and such server speeds. This applies to all terminals, including the web-based platform from Act Trader Technologies Ltd. We tried working with it and came to the conclusion that trading with this broker is simply impossible.

Account Types Offered

As we mentioned above, Coinexx does not publish contract specifications. For an offshore broker, this is hardly surprising — very few of them provide traders with such detailed information about trading conditions. All we can do is take a look at what is available in the account descriptions.

Unexpectedly, the platform surprised us with a fairly detailed explanation of this aspect. Perhaps this is because the company offers only a single account type for all clients. It is called ECN, which is clearly meant to convince traders that modern technology is being used. However, we have serious doubts about the credibility of this claim: the quotes provided by the broker are significantly worse than those we see in electronic trading systems (such as Reuters), and there is not a single word on the company’s website about connectivity to any well-known ECN network with a high level of liquidity.

Nevertheless, on the account description page, we can see almost complete trade specifications:

• Minimum volume — 0.01 standard lot.
• Maximum volume — 100 lots.
• Number of simultaneously open positions and placed orders — unlimited.
• Maximum leverage — 1:500.
• Spread — from 0.0 pips.
• Trading commission — $1 per lot one way ($2 round trip).
• StopOut level — 50%.

At the same time, the minimum deposit for the account is only $10. At first glance, these conditions may seem quite attractive. Trader costs (judging by the spread and trading commission) are lower than those of most even licensed brokers, which could give the impression of solid profit potential.

However, we have to disappoint potential Coinexx clients. The actual spreads we observed in the trading terminal are significantly higher. For example, on the EUR/USD pair, which is usually used to illustrate this value, the spread never fell below 0.8 pips during all our observations. While this is still competitive, it is far from what the broker claims. Add to this another fact — no actual swap values are provided. On the official website’s Swap Charges page, only the calculation algorithm is offered, while base values are suggested to be checked in the terminal. But we are supposed to be able to assess trade profitability before registration! Without knowing swap amounts, this is simply impossible.

Let’s also talk about another metric — leverage. The broker’s maximum leverage is 1:500. This means that if the price moves in the direction of a trader’s open position, their balance doubles with just a 20-pip profit. This is exactly what attracts clients to a dishonest company, since 20 pips is the average daily movement even for the least volatile EUR/USD pair. However, the project owners forget to mention that if the price moves 20 pips in the opposite direction, a user who invested their entire deposit in the trade will lose it completely.

Thus, the risks for traders are unreasonably high and far exceed acceptable levels. This applies not only to retail but also to professional traders. At the same time, the company itself has every incentive for a negative outcome. We have already expressed doubts about Coinexx’s use of ECN technology. If the company acts as the client’s sole counterparty, the client’s entire loss becomes the broker’s direct profit.

Under such conditions, expecting to seize the entire deposit through almost legal means, it is possible to offer zero spreads and minimal trading commissions. But such interaction between a broker and its traders cannot be called honest.

Deposits and Withdrawals

Let’s return to the company’s claims about harnessing the full power of cryptocurrencies. Given that the list of digital assets available for trading with this broker is laughably limited, we believe what they really meant was that cryptocurrency is the only method for depositing and withdrawing funds.

Indeed, Coinexx does not even attempt to hide that it only accepts funds via crypto transfers and pays out exclusively to crypto wallets. We would very much like to ask the platform’s owners a few questions:

• How can they guarantee the security of such transactions, given that blockchain technology does not allow the sender to see the recipient and prevents transaction reversals?
• How are the platform’s rules against transferring funds on behalf of or for third parties enforced when the other party remains anonymous?
• Why does the broker ignore AML policies, which are required even by offshore regulators, when it is impossible to trace the source of funds in crypto operations?

We believe we have already found enough arguments to support our opinion that this broker cannot be trusted. For anyone not yet convinced, the points above should be seen as another red flag.

Coinexx Legal Status: Legitimate or Not?

We have almost no doubt that we are dealing with a scam broker. However, it claims to be registered on the autonomous island of Mwali (Moheli), Comoros Union, and operates from a physical office in the UAE. We began our analysis of official broker information by verifying these claims.

According to the MISA (Mwali International Services Authority) financial regulator registry, Coinexx Limited is indeed registered in this jurisdiction under the website-listed number HT00224016 and was granted license № BFX2024030 in March 2024. The license is valid through March 2026. Additionally, the regulator confirms that the company operates the website http://coinexx.com/.

Thus, we have no reason to doubt that the company exists (at least on paper) and even received regulatory approval. However, there are several nuances to consider:

• The primary regulator in the Comoros Union is the Banque Centrale des Comores. However, although the islands have an autonomous status, they effectively do not have the authority to regulate matters within this scope. As a result, their licenses are legally invalid, as repeatedly stated in the regulator’s documents.
• The MISA license is effectively not recognized in most countries worldwide, so providing services in these jurisdictions based on this document is illegal. Residents of these countries who choose to trade with a broker licensed by Mwali do so at their own risk, with no protection of their rights or interests.
• Obtaining an MISA license is not associated with strict requirements or significant expenses. Almost anyone can afford registration in Mwali and get this regulator’s document. This loophole is widely exploited by scammers, whose activities then appear legitimate. In reality, more than half of MISA license holders have already turned out to be scams.

As for the physical address in Dubai provided by the broker, we believe it is also likely virtual. We came to this conclusion after finding another broker, FinotraxFX (operated by SagewayFX Limited, also MISA-licensed), using the same address. Of course, it is possible these are products of the same team, but if that is the case, our confidence that we are dealing with scammers only increases.

Company History

On its homepage, the broker claims to have been operating since 2017. If true, this would give it over 8 years of service, which could be considered a very solid track record. However, this information does not inspire trust, so we decided to verify it carefully, starting with the domain registration date using the whois service.

The data shows that the coinexx.com domain was created in December 2016, which aligns well with the claims on the platform’s website. However, we could not confirm this information with web archive snapshots.

At the same time, we see that the company only received its license in March 2024. Even if the broker truly started operating in 2017, this means it worked for over 6 years without oversight — even from an offshore regulator — effectively providing services illegally. Naturally, all the practices developed by ‌scammers over these years have not disappeared. And even after “legalizing” its operations, the project owners clearly have no intention of abandoning them.

Coinexx.com Online Reputation

What struck us first was the enormous number of reviews about the broker online. On Trustpilot, there are 2,032 reviews, and, surprisingly, 96% of them are positive. Interestingly, the first review appeared in August 2018. This is, of course, slightly later than the platform’s claimed start date, but still fairly close to the date shown on the website (a difference of only 1.5 years).

We decided to do some calculations. It turns out that comments about Coinexx are published on average five times a week. That means users have been praising it on Trustpilot nearly every working day for eight years. Is it any wonder that the portal’s administration posted a warning that the company may be using methods to generate reviews that the platform itself does not support?

We are also skeptical of this supposed spontaneous stream of praise for the company. Experts from trading and investment portals share the same opinion. For example, the broker’s rating on WikiFX is 2.32 out of 10. Of the 19 reviews posted there, more than a third (7) are negative, with clients providing screenshots proving their funds were not returned. Naturally, the administration has issued a warning urging traders to exercise caution when choosing this platform. We fully agree with this advice.

The Final Take

Based on our Coinexx review, we can state clearly that this is a fraudulent project, designed to extract money from inexperienced traders hoping to earn fast and large profits. While the fact that it holds a license may create an impression of legitimacy, its actual practices raise serious doubts. We cannot recommend cooperating with this firm and advise readers to focus on companies whose reputations are beyond question.