WikiFX Review: Is COINEXX trustworthy?

What COINEXX is

Founded in 2018, COINEXX is an online forex broker offering clients different market instruments, including more than 60 Forex currency pairs, commodities, and global indices. COINEXX is based in Kingstown in St. Vincent and the Grenadines. Saint Vincent and the Grenadines is an attractive place for financial companies to operate through an offshore company. there is no sharp regulation or overseeing of the company operation implemented. The SVG broker can run its activity and accept forex payments through credit cards but is not overseen.

(from WikiFX)

(from COINEXXs website)

Regulation

COINEXX is not regulated by any financial service regulator in any country. You may lose control of your money if you invest in an unlicensed broker. According to WikiFX, COINEXX has been given a very low rating of 1.42/10.

(Note: Because different regions or countries have different levels of regulatory strictness, the score of the same broker might be slightly varied in other regions or countries. For details, please consult WikiFX customer service.)

Account Types& Minimum Deposit

It seems that COINEXX only provides a Pro ECN account. The minimum deposit of this account is 0.001 BTC. This broker ask traders to fund their accounts through cryptos.

Trading Platform

COINEXX offers traders the MT4 platform and MT5 platform.

Leverage

COINEXX offers traders a PRO ECN account with a maximum leverage of up to 1:500. Which is considered high, we don't suggest inexperienced traders invest in this broker since a high leverage can magnify benefits as well as risks.

Spreads & Commissions

This broker's website displays some spreads on major pairs, the spread on the EURUSD pair is around 3.5 pips, and the EURGBP pair is around 4. 5 pips, apparently higher than most brokers. Besides, spreads on Pro ECN accounts start from 0.0 pips, with a commission of 2 USD per lot.

Customer Service

COINEXX has a client support desk that is available 24/7. One of the fastest ways to reach the support team is through instant web chat. There is also a form titled 'send us a message on the contact us page.

Exposures

According to WikiFX, one trader who comes from Nigeria claimed that he/she met a serious slippage when he/she traded with COINEXX. This trader suspected COINEXX has manipulated the assets.

Conclusion

We dont advise you to invest with COINEXX since it is unregulated. An unregulated broker can take your money away fraudulently while no one can hold them accountable. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP for free through this link (https://www.wikifx.com/en/download.html). Running well in both the Android system and the IOS system, the WikiFX APP offers you the easiest and most convenient way to seek the brokers you are curious about.