yes, that broker
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I started looking into them, but if I remember correctly, spreads for NAS100 were not competitive. Other than that, they looked good on the surface (nice website, good support etc.).
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ok thanksā¦ considering our current dwindling options, I will add them to the mix.
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Looks like a non-starter. Website says āNumber One Capital Markets Limited does not accept clients from Turkey, United States, and Europe.ā
Maybe invoke the ādidnāt find them via websiteā technique? Wording seems off - solicit vs accept
From N1CMās FAQ page:
Q: Do you accept U.S. and Canadian clients?
A: We allow U.S. and Canadian clients to trade with us on the condition that their deposits and withdrawals are made using cryptocurrencies only.
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Hahaā¦sweeeet
I totally missed that they were added to this list - Post#1
I have the proof I was waiting for them to finish processing my withdrawal to post the videos and screenshot on here, FPA etc.
You wonāt believe what the technical team replied:
They can actually lie and say the ask price is not show on the mt5 chart, that the trader cannot see the ask price(I thought I was dreaming even) either some incompetent person is the ātechnical teamā or there is none. The video I sent the price line was the ask line even, not the bid line as default. So no one actually reviewed of investigated what I sent. How do they not even know how spread is calculated thatās like chapter 1 baby pips.
The problem is if the āhidden spreadā is 3-7points on every order means the coinexx spread is actually 5-9 pips.
I had an account with coinexx in Feb 2022 everything was fine then moved to Hanko Oct 2022 (cause better terms), came back December 9 after mt5 shutdown.
Deposited small amount to coinexx Dec 19 cause I didnāt know when the mt5 hammer would drop.
When I switched the past month there was no hidden spread this started Jan 19th. Max slippage before was maybe 1-2 points, slightly more at market open 3points but this consistently never happened
Hereās the results of this past week from Jan 22 to Jan 26 I set up all the trades have stop loss of 10pips/points so if they donāt close -$10 and below thatās the slip. This is London session so market is not volatile and its $1per point (1 lot on coinexx but 0.1 lot everywhere else). I just kept testing to see if the hidden spread will go away. So they are mostly losses
Hereās video of hidden spread in action. The price line you see is the ask line cause bid price is candle body:
You can see I open order 1pip slippage(not bad) I close order was -$3 but becomes -$6 the ask line never even hits the ask price shown. So thatās a 3point slip happening on all trades
Hereās video of pending order not executing at price cause again hidden spread.
Hereās Screenshot of all the trades for the week look at where SL price is and where price actually closes youāll see all the hidden spread better. All SL are 10points away but all close 13-17points.(i.e. $13- $17 instead of $10-11)
Iām here to just share my experience to help, could coinexx fix it sure but means they can do this anytime also. Maybe hidden spread switches on after an account is 30days old. Who knows. Itās just so scummy.
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Exactly the experience I described before.
And today I experienced again the same thing.
Two trades EURUSD, at very low volume (1 and 0.5 lots), before 7 am London time.
One of them executed with 1.6 slippage and another with 1.4 slippage.
I know it was before 8 am London time but no decent broker has problems to fill 1 and 0.5 lots.
1.4 and 1.6 slippage is totally unacceptable for such low volume, despite the hour.
This time I have all recorded in video. I have emailed Coinexx and Iām waiting for an explanation. Depending on what I get back I will update here (or Iām done with them).
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Coinexx is trying to generate more revenue with hidden spreads.
Their swap is all negative, which doesnāt make sense, swap should be long positive short negative, maybe sometimes both negative but for them, all of their currencies have negative value for long and short, thatās a clear a bucket shop, i wonāt trust them
The swaps are unfortunate, but I wonāt hammer them for it.
Swap shouldnāt be a reason not to trust a broker because a swap isnāt 100%. The brokers usually take half or more of any positive swap before see it on your platform, and the same goes for negative swaps. You are paying more for the negative swap since the broker marks it up, brokers use this trick to make a little profit.
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Iām not gonna hammer them for it, but we are here to pick which broker is more honest than the rest, which one more prioritize profit than honesty, those little things might be a big red flags, but that just me
You can go with a broker who gives you a positive swap, but are they giving you the full positive swap? Either way, follow your gut and do your research.
Coinexx came back to me with bla bla bla that liquidity can be low during some periods and that news can afect slippage, etc.
They didnāt bother to analyse that all my trades were done during quiet times and my volumes were ridiculous like 1 and 0.5 lots.
And I have now definitive evidence of intentional malpractice from Coinexx. I used 0.01 lot in EURUSD and could see 1.3 pips slippage in opening and 0.5 in closing. All recorded in video in very quiet time.
In the meantime Coinexx portal is unavailable since yesterday. Support says that this was flagged to backoffice but itās taking a bit to fix it. No deposits or withdraws possible without acceding it.
Maybe itās nothing but all happens at the same time. Too many bad signs. Iām already prepared to lose all the funds there. I hope Iām proven wrong.
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Would be curious if you guys are also seeing consistent slippage during NY session, or if this only occurs during slower sessions.
Iāll try to do the same later today during RTH of US markets
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A major issue, I have just checked my doormat account and canāt login. If this problem is ever fixed, I suggest you guys do a withdrawal to see how it goes
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After Finpro & Turnkeyā¦ my trust level with Coinexx has plummeted, I fully expect another rug pull exit scam from their owner(s) @ some point in the future.
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Iām able to login, would like to hear any feedback on withdrawals
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If necessary, there are three actions we can take, as a group, regarding Coinexx and our List:
-
we can place a warning on our Coinexx listing, with a link to the discussion here
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we can remove our Trusted Broker designaion from Coinexx, and place a note in the listing explaining our action
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we can remove Coinexx from our List
I donāt trade with Coinexx, so Iām depending on you guys to continue reporting the Coinexx situation.
And I would like to hear your recommendations regarding the options listed above ā if you think we have come to that place in our relationship with Coinexx.
Thanks for your input to date. Please keep it coming.
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