CoinFxIndex broker review – scam or reliable company?
The CoinFxIndex mediator calls itself the largest currency exchange and CFD trading platform for stocks, currency pairs, commodities and cryptocurrencies. The mediocre site and unregulated activity raises many questions about the competence of the sharashka. Can CoinFxIndex be trusted?
Basic information about CoinFxIndex
| Year of founding | 2021 |
| Jurisdiction | Saint Vincent and the Grenadines |
| License | None |
| Management company | ROI Stock Limited |
CoinFxIndex is a young brand that is managed by a certain company, ROI Stock Limited. The parent company is registered in the offshore zone of Saint Vincent and the Grenadines and, as it turned out, is behind several scam projects. The Austrian regulator FMA issued a warning, specifying that the company illegally offers brokerage services. A search in the WHOIS database showed that the service began its work in March 2021.
Terms of trading with broker CoinFxIndex
The cheap official site CoinFxIndex, which the scammers obviously did not spend a dime to develop, does not have information about trading conditions. All information about the intermediary services is posted on the main page, but the spreads, minimum deposit, commissions and leverage are not given. It is unknown if the broker offers trading accounts and demo account.
Registration and account opening
The process of registering an account is quite simple and does not take much time. The algorithm for cooperation with a scammer is as follows:
- registering an account and passing verification – scammers from CoinFxIndex require you to provide a complete list of documents;
- balance replenishment;
- opening a deal for one of 125 instruments.
Withdrawals and user comments
There is absolutely no information on the page about how the broker allows deposits and withdrawals. In the list of payment systems on the footer of the site, you can see credit and debit cards, bank transfers and cryptocurrencies – payments made by the latter method cannot be canceled.
The reviews published on the CoinFxIndex website describe in detail the divorce scheme. Basically, traders have a negative opinion about the broker, and this is not surprising. For example, user Dave explains exactly how scammers work. He was unable to withdraw his funds.
Trading software and tools
From a site that has only one and a half sections, you should not expect professional trading technologies. There is no online trading on the CoinFxIndex site, as the scammers are only simulating trading, covering up their divorce scheme. Of course, promises of access to “high-tech tools to help increase profits” remain at the level of empty words.
CoinFxIndex licenses and benefits comparison
The activity of the intermediary is not regulated in any of the jurisdictions. The managing parent company, which also owns other fraudulent projects, is registered in an offshore zone and blacklisted by reputable regulators. This means that the investor will not be able to file a complaint with the supervisory authorities, since he voluntarily agreed to trade with an illegal broker.
This leads to a simple conclusion – there are no advantages in the activity of a sharashka. The disadvantages can be listed endlessly, but the main ones are:
- a cheap site without tools and descriptions of trading conditions;
- lack of contact details – to contact the scammers from CoinFxIndex, you need to register;
- bad reputation and a lot of negative comments.
The reviews about CoinFxIndex alone should be enough to understand that the sharashka is not going to work honestly. Unregulated activities and a direct connection with fraudulent projects are other factors that indicate the incompetence of the factor.
