Coinexx Review

Coinexx is one of the existing forex and CFD brokers that have adopted a crypto-only model for deposits and withdrawals, while retaining the ability of its clients to fund accounts in USD and trade the fiat pairings found in the forex market. This system removes the need for traders to submit verification documents and allows them to start trading just by using an email address to open accounts.

I. Background and Company Overview of Coinexx

Coinexx came into the market in 2017 just before the crypto market crash of 2018. It has not only survived those dark days, but has actually thrived under the new system.

Here are some of the features that attract traders to Coinexx:

• A crypto-based transactional system where all deposits and withdrawals are in cryptos.
• A pure ECN environment with no dealing desk intervention.
• No minimum deposit requirements and no trading restrictions.

II. Trading Platforms and Tools

The trading platforms on offer within the Coinexx brokerage system are:

• MT4
• MT5

The MT4 is the mainstay of retail forex trading, and comes as a desktop client and mobile app. There is also a Webtrader.

The Coinexx MT5 comes with a deep liquidity addition to provide the ECN environment offered by the broker. It comes with the mobile app, browser-based version and desktop client. The MT5 can achieve partial order fills, unlike the MT4.

These platforms come with the option of using certain trading tools offered by Coinexx, purely to enhance the trading experience of users. Some of these tools are as follows:

• A free VPS located near the company's data centre in Amsterdam. This tool is available to all customers with a minimum of $5000 in their trading accounts. Those who do not meet this requirement can subscribe to the service at $25 a month.
• A Margin Calculator enables traders to evaluate what they need to commit as collateral for leveraged trades. You need the lot size, leverage and trading instrument to calculate this number.
• The Swap Calculator works out the fees that are incurred for leaving long or short positions open overnight. Positions kept open throughout the weekend are charged swaps for 3 days.
• Evaluate what you stand to gain or lose if the price hits certain targets using the Profit & Loss (PnL) tool.

III. Account Types and Spreads

Coinexx presents only one account type: a Pro ECN account.

This account comes with a non-dealing desk execution style, allowing traders to access quotes from different liquidity providers at the interbank market. The account supports all trading styles: scalpers, news traders, and automated trading systems.

IV. Contract Specifications

What are the contract specifications on the Pro ECN account?

• Spread starts from 0.0 pips.
• Leverage is set at a maximum of 1:500.
• Margin call and stop out levels are set to 70% and 50%, respectively.
• Traders pay a commission of $2 per standard lot on both sides of the trade.
• Minimum trade size is 0.01 lots.
• Maximum trade size is 100 lots.
• Base currency of accounts can be crypto (BTC, ETH, LTC, BCC) or fiat (US Dollar).
• Traders get a cashback of 5% on the early positions, and a 100% deposit bonus (optional).
• Tradable instruments are FX pairs, metals, indices and cryptos.

V. Security and Regulation

Being a broker that has adopted a crypto-based model of transactions, Coinexx is not regulated by any central authority.

Coinexx has a protection system in place for clients' funds, and this works through three channels:

1. Use of two-factor authentication to validate all transactions.
2. Keeping funds in a cold wallet.
3. Negative balance protection so slippage does not ever wipe out a client's account.

VI. Customer Support and Education

Customer support and complaints resolution can be achieved by reaching out to the Coinexx team using the following channels:

• Phone: +1 929 645 1115; +971 58 571 0076
• Email: support@coinexx.com; contactus@coinexx.com
• Twitter: twitter.com/COINEXX_
• Facebook: facebook.com/Coinexx
• Live chat
• Online contact form

Conclusion

Coinexx is the broker of choice if you want anonymity in transactions and trading, and if you also prefer to trade within a non-dealing desk environment.