Coinexx Broker Review: Unveiling an Offshore MetaTrader Broker with Crypto Focus

Coinexx stands out as a cryptocurrency-driven online brokerage, providing a unique trading experience for digital currency enthusiasts. This comprehensive review will delve into various aspects of Coinexx, including account setup, minimum deposit requirements, MetaTrader 4 (MT4) platform features, withdrawal fees, and more. Join us as we explore the offerings of Coinexx, evaluated and rated by experienced traders.

Company Overview

Coinexx operates as a multi-asset brokerage, offering cost-effective trading options with a focus on cryptocurrencies. This true ECN (Electronic Communication Network) broker prides itself on providing direct market access, eliminating intermediaries and delivering tight spreads.

Established in 2017, Coinexx has steadily grown its client base, with over 5000 live accounts opened in recent years. The company is headquartered in Seychelles and operates without regulatory oversight.

Trading Platforms

Upon joining Coinexx, traders gain access to the highly regarded MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. These platforms can be accessed directly through major web browsers or downloaded to desktop devices. Owned by MetaQuotes, these platforms are renowned for their stability and user-friendly interfaces, offering rapid trade execution and a robust set of analytical tools to aid decision-making.

Both experienced and novice traders can benefit from the competitive pricing and absence of dealing desk interventions provided by Coinexx in combination with the MetaTrader platforms.

MetaTrader 4 Highlights

• One-click trading
• Integrated trading signals
• 30 in-built technical indicators
• Automated trading via EAs and bots
• Stop-loss and take-profit orders
• Access to a library of custom indicators
• Capability to open up to 99 charts in one interface

MetaTrader 5 Highlights

• Access to EAs
• Partial order filling
• In-built strategy tester
• MQL5 programming language
• Integrated economic calendar
• 38 in-built technical indicators
• Advanced Market Depth feature

Trading Process

Trading with Coinexx is straightforward:

1. Double-click on the instrument name in the Market Watch window to open an order window.
2. Choose between 'market execution' or a 'pending order.'
3. Specify the transaction volume (in lots) and set stop-loss/take-profit levels if needed.
4. Determine the trade direction by selecting 'buy' or 'sell.'
5. Modify a position by right-clicking on the open order and choosing 'modify.'
6. To close a position, right-click on the order line on the chart and select 'close.'

Assets & Markets

Coinexx offers a diverse range of over 80 instruments across various asset classes:

• Indices: Speculate on five major stock indices, including FTSE100, US30, and S&P500.
• Commodities: Invest in energies and precious metals such as WTI Crude Oil, Natural Gas, Gold, and Silver.
• Forex: Trade 60+ major, minor, and exotic currency pairs, including EUR/USD, USD/JPY, and GBP/USD.
• Cryptocurrencies: Trade four popular digital currencies paired with USD, including BTC/USD, ETH/USD, and XRP/USD.

The MetaTrader platforms support various trading styles, including scalping, hedging, and automated strategies.

Spreads & Fees

Coinexx offers access to deep liquidity and low latency connectivity with top-tier providers, resulting in tight spreads. For instance, spreads as low as 0.0001 pips are offered on the EUR/USD currency pair, with other competitive rates for various instruments.

The broker imposes a modest commission fee of $2 per lot, which compares favorably to competitors like Hugosway with a $5 commission per lot. Swap fees apply to positions held overnight, but Coinexx provides a helpful swap charge calculator on its website to factor in market conditions and interest rates.

There are no inactivity charges or account management fees, and retail investors can access a suite of calculators to support their trading decisions.

Coinexx Leverage

Coinexx provides high leverage, allowing traders to access up to 1:500 leverage. However, it's crucial to exercise caution when utilizing high leverage, as it can magnify losses.

Mobile App Review

Coinexx does not offer a proprietary mobile app. Instead, traders can use the MT4 and MT5 mobile applications, compatible with iOS and Android devices. These apps offer full functionality, including access to trading history, interactive charts, live market news, price notifications, and a built-in live chat for support.

Payment Methods

Deposits: Coinexx accepts deposits in 25 popular cryptocurrencies and altcoins, including Bitcoin, Dash, Ethereum, and Litecoin. Unfortunately, fiat payments are not supported. Clients can transfer funds from external digital wallets or use the broker's cold storage wallet. The minimum deposit requirement is 0.001 Bitcoin or equivalent, mirroring Coinex's exchange requirements. Importantly, Coinexx does not charge deposit or withdrawal fees.

Withdrawals: The broker processes withdrawals within 48 hours, but the time for funds to clear varies based on blockchain confirmation times. Withdrawals are processed in the same digital currency used for funding, with a minimum withdrawal requirement of 0.001 BTC or equivalent. There is no maximum withdrawal limit, provided it exceeds the margin requirement. Coinexx does not offer refunds for incorrect payment requests or wallet errors.

Demo Account

Coinexx offers demo accounts on the MT4 and MT5 platforms, providing the opportunity to practice trading with virtual currencies. Traders can choose leverage up to 1:500 and access a range of assets. Registration is straightforward and does not require identity verification, allowing for anonymous trading.

Bonuses & Promotions

Coinexx offers a 100% deposit bonus to new retail investors. This financial incentive is available to users depositing a minimum of $100, with leverage of up to 1:200. This bonus can enhance trading capital, but traders should be aware of the terms and conditions associated with it.

Regulation & Licensing

Coinexx Ltd operates without regulatory oversight. While this allows for competitive trading conditions, including higher leverage, it also means that clients may not have access to compensation schemes in the event of business insolvency. However, Coinexx does provide negative balance protection.

Additional Features

Virtual Private Server (VPS): Coinexx offers a Virtual Private Server (VPS) to all clients, enhancing latency and ensuring uninterrupted connectivity. The VPS is provided at no cost for clients with at least $5000 or equivalent in their live trading accounts. For clients not meeting this requirement, VPS access is available for a monthly fee of $25.

Account Types: Coinexx offers a single live trading account, known as the Pro ECN account. This account type provides traders with access to tight spreads, low commissions, and interbank pricing from tier-1 banks and liquidity providers. Key features of the Pro ECN account include leverage up to 1:500, ECN order executions, a $2 commission fee per lot, and support for multiple base currencies, including BTC, ETH, LTC, BCC, and USD.

Trading Hours

Trading hours on Coinexx vary by instrument:

• Indices: Monday to Friday, 01:00 AM to 12 AM, with a daily close from 12 AM to 1 AM.
• Forex: Monday to Friday, 12:05 AM to 12 AM, with a daily close from 12 AM to 12:05 AM.
• Commodities: Monday to Friday, 01:00 AM to 12 AM, with a daily close from 12 AM to 1 AM.
• Cryptocurrency: 24/5 trading hours, Monday to Friday, 12:05 AM to 12 AM, with a daily close from 12 AM to 12:05 AM. Coinexx platforms operate on GMT+3 server time.

Customer Service

Coinexx offers 24/7 customer support through various channels, including live chat, email (support@coinexx.com), and an online contact form available on the 'Contact Us' webpage. Social media platforms like Facebook and Twitter keep clients updated with company news and announcements.

Security & Safety

Coinexx prioritizes security by encrypting all data transfers between users, crypto wallets, and trading platforms. Client funds are stored in cold storage wallets with private keys kept offline. Withdrawal requests require authentication codes sent directly from linked mobile devices, and these transactions are processed manually, without automated transfers or APIs.

Coinexx Verdict

Coinexx distinguishes itself with competitive pricing, ECN execution, generous leverage, and robust MetaTrader 4 and 5 integration. This broker excels in cryptocurrency funding, offering a variety of digital currencies for quick and convenient deposits. While Coinexx's instrument list is somewhat limited, and educational resources are scarce, these factors should not overshadow its strengths.

Advantages of Coinexx

• ECN execution model with tight spreads starting from 0 pips.
• Access to a demo account for prospective traders.
• A wide range of investment opportunities, including cryptocurrencies.
• Integration with MetaTrader 4 and MetaTrader 5.
• A 100% deposit bonus for new clients.
• Very high leverage of up to 1:500.
• Free VPS for active traders.

Disadvantages of Coinexx

• Lack of fiat account funding options (crypto-only).
• Limited educational materials for new traders.
• Absence of copy trading services.
• Lack of regulatory oversight, reducing safety in case of disputes or insolvency.

Coinexx offers an enticing platform for cryptocurrency-focused traders, but users should carefully consider their risk tolerance and objectives before engaging in high-leverage trading on this offshore broker.

Broker Details

Disclaimer: - We at forexoverflow do not endorse neither refer anyone to trading broker websites. The information is for educational purpose and source of information is from the broker website.