CoinFinex Review Coin Finex, Scam or Reliable Cryptocurrency Broker

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CoinFinex Review: Coin Finex, Scam or Reliable Cryptocurrency Broker?

Coinfinex Review: COIN FINEX is a cryptocurrency broker that offers trading in a huge range of cryptocurrency assets. Read this review before opening an account. They have a registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH 96960 as TONGA Ltd.

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COINFINEX TRADING PLATFORM

This broker uses the Hello Trading platform which is sleek and easy to use.

DEPOSIT AND WITHDRAWAL METHODS

The available methods are MasterCard, Visa, Skrill or Neteller, WebMoney, sofort, bitcoin. The minimum deposit is $500

Is Coin Finex LICENSED?

NO! Coinfinex broker is not licensed. Therefore, no regulatory body is acting as a watchdog overseeing that they comply with best practices in the financial market.

SUPPORT

This broker offers support to its traders, they could be reached through phone calls or emails, whichever you prefer.

CONCLUSION

Coinfinex is an unregulated broker, this is a source of major concern. When trading cryptocurrencies, we always recommend you use a regulated broker that is licensed to trade financial instruments.

Coinfinex is a scam. They will persistently calling you and luring you to invest. Once they got your money, they will push you to invest some more. When you request for withdrawal, they would promise to return your withdrawal only if you invest 10x more. I invested USD2000 and never got my money back. Three agents introduced themselves as William Sands, Adam Feldman and Vincent Woods. I am not even quite sure if they are even giving their real names. Be careful not to fall prey into their modus operandi.

I had the same issue for $1000, any action to be taken or have you done anything against them?

I couldn’t do anything except to spread their fraudulent acts on forums like this. These people are shameless crooks stealing people’s hard earned money.

I invested with 3500 USD. Never got them back and all the employees disappeared after spending allot of of time just calling me ! It’s a scam. Don’t invest with them

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CoinFinex Review – is it scam or safe?

Trading Accounts & Conditions

Account type Minimum deposit Maximum leverage
Beginner €250 1:2 UST pairs / 1:4 others 6% commissions, zero spread
Standard €5,000 1:2 UST pairs / 1:4 others 5% commissions, zero spread
Professional €25,000 1:2 UST pairs / 1:4 others 4% commissions, zero spread

Coinfinex.com is a cryptocurrency CFD brokerage. We found it rather hard to distinguish if it’s a crypto exchange or a broker. Given what we found out after a deeper look, we think this lack of clarity may be completely deliberate. In essence their offer features margin trading on some of the most well known coins. Check out the full review, to see why we gave them this score.

CoinFinex Advantages

Various coins and pairs

There are a lot of cryptocurrency CFDs available at CoinFinex. Most major coins, like BTC, ETH, LTC, DASH and so on are present and traded against USDT or other coins. That being said, the offer is rather odd as some coins which you would expect (like XRP) aren’t present. Here is a screenshot of all the assets we saw when testing the platform:

All of the available pairs at CoinFinex (click to zoom-in)

We have to mention this again – as far as we can tell, these are Contracts For Difference (CFD) and not the actual coins. This means, these are speculative assets and not something which you can then withdraw to a wallet.

Not regulated, fishy name

CoinFinex is owned by the Bulgarian company “21 Wolfs Ltd.”. While they may have intentionally misspelled “wolves”, their name simply sounds suspicions – as if twenty-one guys and gals watched “The Wolf of Wallstreet” and decided to open a similar scheme. We still checked with the Bulgarian financial regulator, the Financial Supervision Commission (FSC) and weren’t surprised not to see them among the list of overseen entities. This makes them an unreliable trading partner at best.

Not clear about their offer

Your first visit to coinfinex.com may lead you to believe this is a cryptocurrency exchange. After a couple of minutes of browsing, the more experienced traders will realize this is actually a CFD brokerage, but this isn’t that obvious for newcomers to the field. This works in unison with the previous point we discussed.

Unlike most traditional brokers, CoinFinex doesn’t include all of the costs in the spread. Instead, the spread is zero and the client is charged a percentage fee. This wouldn’t be an issue, had the rates not been so high – they vary from 6% to 4%. Keep in mind this is a fee charged per trade. Real cryptocurrency exchanges have offers around of 0.25% percent, and some CFD providers offer similar levels.

CoinFinex is an unregulated cryptocurrency CFD broker. Their website doesn’t reveal that, nor the differences between their service and an actual crypto exchange, where real coins are traded. We believe this to be a very deliberate choice, targeting people who aren’t that familiar with cryprtocurrencies, but still want to invest. On top of that the costs of trading are incredibly high, when compared to other similar companies.

We would like to remind you of the position taken by the European regulators. They don’t see cryptocurrencies as financial instruments, but the derivative products based on them (including CFDs, futures, options and more) should be regulated. Below, you can find a list of trustworthy forex brokers, who also offer Bitcoin. Keep in mind these are only suitable for short term speculative trading, whereas if you want to “buy and hold”, going through an exchange will a better option.

Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

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