Website URL: https://www.lmfx.com/
Regulation: Not regulated
Deposit Methods: Bitcoin, Litecoin, Dash, Ethereum
Minimum Deposit: 0.001BTC
Free Demo Account: Yes
Types of Assets: Forex pairs, Stocks, Indices, and Commodities
Coinexx is a unique brokerage in many aspects. It was founded in 2017 with headquarters in Saint Vincent and the Grenadines. Like so many other brokerages in this part of the world, they are unregulated. This fact can leave many traders feeling uncomfortable since in many cases it is a clear red flag that a company is doing some shady business. Its longevity seems to speak otherwise. Scams get uncovered easily, and their shelf life is less than 12 months. However, this doesn’t necessarily mean that this brokerage offers fair trading conditions. Our Coinexx review tries to uncover everything on offer and compare it to its closest competitors. By the end, you should have a good idea whether they are worthy of your time and money.
As previously mentioned, Coinexx is not regulated. There are no governing bodies overlooking its operations. While this is fairly common for new brokerages, traders should still proceed with caution. When a brokerage cannot provide safety of funds for its traders, they often have to make up for it through some other aspects that are appealing to traders. This shouldn’t however distract from the fact that traders should prioritize regulated brands.
Coinexx proudly presents the latest industry standards as its trading platform. Meta Trader 4 and Meta Traders 5 are the only two choices. Experienced traders will surely praise its complexity and the plethora of tools that are necessary for developing, testing and executing the advanced trading strategies. Novice traders, on the other hand, will be at a loss since there are no tutorials. It’s a swim or sink situation that will certainly repel a great part of the trading community.
We have rarely seen such a laughable excuse for a customer support. When we came to test how much Coinexx invests in its support team, we saw there is only a single line of communication. Any and all queries are supposed to be addressed via the on-page form. Our disbelief was pushed even further when we received a half-baked response only after 4 days. This level of incompetence is rarely seen in the online trading community nowadays, and we can only hope this will be changed as soon as possible.
Deposits and Withdrawals
The only way to transfer your money to and from your account is via crypto. If you were hoping to get your bank involved somehow for the sake of security, you are out of luck. If you don’t already own an eWallet, you will need one for transferring Bitcoin, Litecoin, Dash, Ethereum or any of the other 25 supported cryptocurrencies. The positive thing about this is that most traders will get instant transfers and won’t have to wait additional time due to their bank policies. On the other hand, Coinexx clearly states on their website that they process all withdrawals manually. Technically, this gives them the power to hold your money indefinitely, so the traders are definitely at a disadvantage.
Novice traders shouldn’t expect to find a lot of educational content on Coinexx. This brokerage offers no incentive for beginners to start their journey there. In fact, they seem to be much more oriented towards the experienced traders. This is even more evident when looking at available tools. You can see a series of calculators that can help you calculate margins, pip values, commissions, swaps, and the overall cost of trading. These tools can quite in handy if you know how to properly use them. However, we have to condemn Coinexx for their lack of regard for the newcomers.
Coinexx is pretty open about its target audience. The only thing lacking is a huge “no newbies allowed” sign on the homepage. While inherently there is nothing bad with this, there are other things we cannot overlook. No regulation and the pitiful state of their customer care is shameful in our opinion. The impact of these two segments is immense, and anyone considering trading should tread carefully. We hope our Coinexx review will be helpful to those who are on the fence, and that our experiences will be a reason enough for them to start looking elsewhere.