Coinexx is by all means an unusual brokerage. It seems that it doesn’t not try to cater to all type of traders, but cares about a very specific minority. This approach can have varying degrees of success, but seeing how they have been around since 2017, they must be doing something right. This Coinexx review will try to uncover all the benefits and drawbacks of trading with them.
Coinexx was founded in 2017 in Saint Vincent and the Grenadines. As many companies founded in this part of the world, they are not regulated by any governing body. While this is a clear red flag for many traders, some are still attracted by slightly better trading conditions. It is up to each trader to decide whether this is a worthy gamble. Another big quirk is that they only accept payment in Cryptocurrencies. While it is true that many traders have eWallets, there is no doubt that many will feel this is simply unreasonable to demand.
With such a polarising approach, Coinexx definitely earns its unique status in the trading community. Continue reading this review to learn more as we breakdown all of its features with all the glamorous, and not so glamorous aspects.
Platform and Execution SCORE: 80%
When choosing their platform offering, Coinexx decided to stick to the tried and tested Meta Trader. These are one of the most widely spread platforms in the online trading community. MT4 is packed with features including built-in indicators and tools, automated trading via EAs, multiple chart set-ups, one -click trading, copy trading and many others. On the other hand, traders can choose the slightly more advanced MT5. The main benefits are partial order filling, trading from charts, aggregation of open positions, multiple charts setups, custom indicators and a freelance database of strategy developers.
While both options are very feature-heavy, there is a huge drawback, especially if you an inexperienced trader. The shier complexity of MetaTrader system is a double-edged sword. It is definitely not beginner-friendly, and many traders will feel lost when first starting on this platform. If Coinexx was able to provide a more simplified alternative, the whole experience would be much more welcoming towards beginners. With no intuitive design, traders now need to spend a lot of time on education to stand at least some chance. This is especially terrifying when you realise Coinexx offers little to none educational content on their website. You can read more about that in the Education & Tools section.
Withdrawal Speed SCORE: 35%
As previously mentioned, Coinexx is unique in its approach when it comes to making deposits and withdrawals. You are pretty much forced to have an e-wallet if you want to trade with this brokerage. The only available payment methods are cryptocurrencies such as Bitcoin, Litecoin, Dash and Ethereum. Clients can make direct transfers to their accounts from these wallets. The tricky thing is that there is no automated or API sending for withdrawals. They are all reviewed and processed manually. While Coinexx claims this is to avoid any unauthorized activities, in real life this leaves too much space for the brokerage to mishandle these funds and keep them for a long period of time.
The lack of flexibility when it comes to payment options hurts Coinexx in the long run. In a time when its competition is offering a wide range of more traditional methods, Coinexx feels like a relic of the past. Too many traders crypto still feels like an insecure system and would rather skip a brokerage completely than dealing with dedicated crypto wallets.
Support and Assistance SCORE: 30%
Another aspect Coinexx is desperately lacking in, is customer support. It’s true that this is not the most glamorous part of any brokerage, but it is vital nevertheless. Any trader who ever had any issue or simply had a question he needed answered, will testify how a good support team is a difference-maker in building a long-lasting relationship with clients.
When you inevitably encounter an issue and wish to talk with their representatives, you will realise you are presented with only a single communication channel. Your only option is the on-page form that does not even offer a subject line. It becomes apparent why once you realise how long you have to wait for a reply. Their team is a joke. Even the simplest of questions were left unattended for days. The quickest response we ever got was 4 working days, and even then we were left with an unsatisfactory reply that raised more questions rather than answering them. Do not believe their claim that they are available 24/7. The only way this is true would be if Coinexx only employed a single agent to handle all user feedback. Either way, we are extremely unhappy with their support and assistance.
Education and Tools SCORE: 30%
It is our firm belief that trader education should still remain one of the key pillars of any brokerage. While there is plenty of free educational material on the web, having a comprehensive set of tools on site clearly states a desire to build a long-lasting relationship with traders.
Coinexx provided us with yet another disappointment when we realised that there is not a single page reserved for educational content. Given the complexity of the provided platform, we cannot understand this decision, as it is absolutely not consumer-oriented. Instead of this, traders are only given certain calculators that can help calculate the cost of trading.
Coinexx praises these calculators as all-in-one tools that can help traders in everyday decision making. If you are looking for information related to margin, pip value, swaps or commissions, you use these calculators to finds what you need. Still, we feel these are not a worthy replacement to a proper education centre where traders of all levels could upgrade their skills.
To sum up, Coinexx offers a unique trading experience that is no suited to all types of traders. If you are a novice trader looking for your first big opportunity, you should skip this brokerage. The lack of any educational material, support system or beginner-friendly trading platform makes the overall experience very inaccessible. If, on the other hand, you are a seasoned trader, you can make use of many of the advanced features. With all this being said, this brokerage needs to improve a lot of things before it can expand its clients base. At the end of our Coinexx review, we are left wanting more. In the current state, we cannot hand out our recommendation.