Watch out for coinexx, we know that coinexx is linked to finpro trading and turnkeyforex, both of those brokers merging with coinexx with finpro coming back online and disappearing with customer funds. Turnkey Forex also merged with coinexx without informing their customers, and they disappeared without trace, stealing some of their customers’ funds.
These bad reviews seem to be a warning sign of something bad to come
Using another email, I just signed up, but something tells me they’ll refuse withdrawals based on what you posted, if I was trading with them, I’d withdraw my funds just to make sure they’re paying.
That “trusted broker” status might be due for a revote. I would not vote for them in hindsight.
Totally agree with you
Especially after they made it clear that the U.S. is restricted
Would they be the first trusted broker to be removed who hasn’t gone out of business?
If we strip Coinexx of their Trusted Broker designation, but leave them on our List, then that would be a “first”.
If memory serves, FXChoice was not only one of our first ever Trusted Brokers, but they were also the first Trusted Broker to get booted off the List altogether, when they stopped accepting new U.S. clients.
I do think the “trusted broker” designation should require the highest standards. For example, criteria to include would be for years always processing withdrawals without issue, and answering complaints well on FPA.
If any broker has complaints piling up, and most people on this forum would no longer trust them with their money, they probably should not maintain this designation.
I have reached out to Coinexx customer service as i have live account with them. Like many other brokers in the past,
Coinexx will no longer accept new US clients but can continue support existing users without any impact (solely based on Response from Coinexx customer service).
I finally got off my lazy behind and decided to chat with them, and this is what they told me.
Question:
You no longer accept U.S. traders?
Hello
Hello and welcome to our live chat. I trust you are doing well today.
We are still accepting Us clients.
ok, so you still accept u.s. traders, your website say U.S. is restricted
We are still accepting US clients.
As per the instructions from the back office team and they won’t be impacted anyhow.
I think a direct confirmation from customer support is the only way going forward to determine whether these brokers take US clients or not.
Having personally contacted hundreds of MT4/MT5 brokers myself, I was often surprised at how many times their chatroom answers would contradict the information on the websites themselves.
It’s how I was able to build and maintain my ongoing list of +80 brokers who will take American and Canadian clients.
We’ve seen this sort of behavior before, from other brokers. It’s called CYA — cover your butt.
An offshore broker may feel exposed to US regulatory scrutiny, if their website appears to be welcoming US clients. The broker’s fear is this: A website which (1) can be accessed anywhere in the US, and (2) clearly indicates that US clients are accepted, might give US regulators a pretext for claiming that the broker is soliciting US clients, and/or has a US presence. Both of those “sins” were cited frequently in crackdowns on offshore brokers, by “the weasel” Gensler, when he headed the CFTC.
So, to cover their exposed backsides, some of our brokers have resorted to denying online what they are, nevertheless, doing in actual practice. It’s a reasonable tactic for diverting the regulator’s attention. The regulator can access a broker’s website as easily as we can. But finding out who is applying to open an account, and who is being accepted for a new account, is far more difficult. And, even if found out, this info provides no basis for regulatory action against the broker.
As for Coinexx, it was their high standards of conduct in day-to-day operations that got Coinexx onto our List, and then got them designated as a Trusted Broker. In the future, if their behavior falls below our standards, then we should seriously consider giving them the boot.
But, as long as Coinexx maintains their previous standards of conduct in dealing with new and existing US clients, then I think they deserve to remain on our List, and to retain their Trusted Broker designation – regardless of what they say on their website.
-Yes. We have also seen this happen shortly before a service provider gets shut down or is forced to cease activity with all US residents; it can serve as an early warning sign.
As you say, as long as no one is getting rejected, then it seems reasonable to keep them on the list. Probably better to proceed with extra caution, just in case, however.
-I think you are right. However, I am always apprehensive to take the word of some random customer support agent, especially after working with so many prop firms.
Some of the kids working for those firms do not have a clue about what the real situation is. As such, it is always better to ask for confirmation from a supervisor regarding important matters, if that is possible.
I have no problem with keeping them on the list. I no longer trust them like i use to, but i’m just one voice.
Also I no longer trade with them.
Are they still worth keeping their “trusted broker” status?
Exactly, I am also of the opinion that the list should be based on actions rather than words. If the broker accepts, regardless of what is said – they should be on the list.
I found a couple of companies that we should consider adding, or designate under vet-to-add status. I have confirmed with both of them through their chats and also the act of actually signing up with them that they accept US clients:
Kind of sad that it has to come to this point.
Not only do you have to speak to customer support, but it’s a gamble whether you get somebody competent or not. That is, unless you intentionally escalate your inquiry.
Brokers setting low fees when sending crypto is becoming a major issue.
https://www.forexpeacearmy.com/user/reviews/279836
https://www.forexpeacearmy.com/user/reviews/273207
As of Feb 26 2023, my bitcoin is still stuck on the bitcoin network.
Broadcasted on 26 Feb 2023 11:38:20 GMT-5
Indeed. I appreciate this entire thread. Lots of knowledge.
