Summary
Coinexx is an online trading platform established in 2017. It offers trading in forex, commodities, cryptocurrencies, and indices. It presents itself as a global broker and has a physical presence in Dubai, UAE, but is registered in Comoros, which is an offshore jurisdiction with little regulation. Coinexx is unregulated, and it is on the Financial Conduct Authority (FCA) blacklist, which raises concerns for any trader willing to use the brokerage.
Coinexx Overview
Company Name: Coinexx
Website: https://coinexx.com/
Address: Dubai, UAE
Regulation Status: Unregulated
Warned By: Financial Conduct Authority (United Kingdom)
What is Coinexx?
Coinexx.com is another modern brokerage where traders trade across asset classes. Traders are enticed by:
- A wide selection of available assets to trade
- High leverage
- Cryptocurrency deposit and withdrawal
All these options come with a high level of risk associated with the lack of proper regulation.
Regulatory Status
- Unregulated Broker – Coinexx is not regulated by any well-known financial authority.
- FCA Blacklisted – The UK’s FCA has blacklisted Coinexx and advised investors not to work with them.
- Offshore Registration – Coinexx is registered in Comoros, an offshore zone, meaning there is little to no trader protection available in case of any disputes.
Read about more scam brokers.
Key Concerns for Traders
Lack of Transparency
Coinexx has provided limited information on its owners or compliance information for potential traders.
Withdrawal Issues
Many traders reported issues or delays in withdrawing their own money.
High-Risk Leverage
High leverage can sound appealing, but it can lead to large losses, especially for beginner traders.
Should You Trade with Coinexx?
Because Coinexx is unregulated, FCA blacklisted, and offshore, trading with Coinexx is extremely risky. Safer, regulated options exist that offer the same trading products but with additional investor protection.
FAQs
Q1: Is Coinexx regulated?
A: No. It is an offshore registered broker (Comoros) and is not regulated.
Q2: Why did the FCA blacklist Coinexx?
A: FCA blacklisted Coinexx for operating without an authorisation, which has the potential to put trader funds at risk.
Q3: Can I safely withdraw money from Coinexx?
A: There are more complaints about delays in withdrawal, which could put the safety of your funds in question.
Final Thoughts
Coinexx might be appealing in terms of variety of trading and leverage, but since it is unregulated and black listed by the FCA, Coinexx is extremely unsafe. Traders should be careful of such brokers and trade with only regulated platforms based on safety.
Call to Action
If you are having issues such as blocked withdrawals or scam-like practices from Coinexx or any other questionable broker and want to seek assistance, you do not have to deal with this alone. Go to Brokers Reviewer to learn more about boundless broker reviews, complaint assistance, and trader protection resources. Brokers Review connects traders to trustworthy experts who can guide traders in reporting untrustworthy brokers or get their money back; do not neglect to act on unregulated brokers getting in the way of your trading experience. Go to Brokers Reviewer.
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