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-   -   Coinexx Merger With FinPro Trading? (https://www.forexfactory.com/showthread.php?t=862463)

COGnizant Dec 23, 2018 4:14pm | Post# 1

Coinexx Merger With FinPro Trading?
 
Any official news release yet?

Richpack Dec 23, 2018 10:09pm | Post# 2

Yes! Got an email from finpro trading, they got acquired by coinexx. I left finpro for coinexx, who knew they'll be following me!
Jokes apart! seems like a good move. The best offshores merging will surely result in good conditions for us.

Here's an email from them

"Finpro Trading is Now a Part of Coinexx
We are excited to announce that Finpro Trading has been acquired by Coinexx, a leading retail Forex crypto broker. We see excellent synergies in this partnership as both Coinexx and Finpro share a similar product line, customer base, have common business interests and we recognize the several advantages of merging our operations, including access to deeper liquidity pools and better spreads. Coinexx has excellent in-house technology and joining hands with Finpro will enable us to jointly provide a better trading experience to all of our clients.
What does this mean for you?
You will continue to trade on the same MT4 trading terminal that you are currently using at Finpro, with your existing MT4 login ID/Password. The commission charges will continue to be the same while the spreads will become better than what they used to be at Finpro.
The only change will be that [effective 24th December 2018], instead of logging into your Finpro client portal, you will now login to your Coinexx client portal, using the same ID /Password that you used at Finpro.
What additional benefits Coinexx can provide me?
While the existing Finpro accounts will continue to experience the same trading conditions, if you open a new trading account on Coinexx, you will get the following additional benefits:
Higher Leverage – Coinexx accounts will provide a leverage of up to 500X
Lower Spread – You will find the spreads to be better than what they used to be at Finpro
Lower Commission – A single pure ECN account type, with commission rate of only $2 per Lot (Roundtrip)
Trade Cryptos – In addition to trading Forex, Commodities, and Indices, you will now also be able to trade in Crypto currencies MT5 Trading Platform – In addition to MT4, you will now also be able to trade on the MT5 platform, as well as the web MT4 and web MT5 platforms Improved Back office – For the Coinexx trading accounts, with the click of a button you can instantly perform - inter-account transfers, receive bonus, change of leverage, and reset MT4/MT5 trading account passwords
During the merging of our two companies we are taking the necessary steps to ensure a very smooth transition for our affiliate partners and clients - our most important asset.
Your existing account managers will continue to work with you and they will be in touch with you to discuss in case you experience any issues or have any questions regarding your trading accounts.
You can also reach out to us over our 24/5 chat support at https://coinexx.com/

Sincerely,
Team Coinexx & Finpro Trading!"

MXT Dec 24, 2018 1:54pm | Post# 3

anybody know coinexx address ?

metrojala Dec 26, 2018 4:22pm | Post# 4

anybody know coinexx address ?

Based on the results of my chat on the website coinexx:
Caravelle House, Manglier Street, Victoria, Mahé, Seychelles

MXT Dec 26, 2018 4:33pm | Post# 5

{quote} Based on the results of my chat on the website coinexx: Caravelle House, Manglier Street, Victoria, Mahé, Seychelles
thanks , that was the old address of finpro

but the new address of coinexx should be in Kingstown

MXT Dec 30, 2018 11:49am | Post# 6

so , finally got their new address

Kingstown, Saint Vincent and the Grenadines

smells fishy ?

COGnizant Dec 30, 2018 12:14pm | Post# 7

No...Coinexx moved from UK to the new location to get away from recent ESMA garbage. I don't blame them at all. They started Coinexx in UK but after the recent ESMA "keep moving line in the sand" games they shifted their location.

The US and now the region covered by ESMA is a black hole for FX trading.


BTW, this is old news ---> https://www.financemagnates.com/thou...to-st-vincent/

MXT Dec 30, 2018 12:25pm | Post# 8

hopefully you're right man

thing is , having money parked in a broker or just a PO BOX far far away in the Seychelles or the Caribbeans with no regulation whatsoever or very limited regulation and no transparency at all , isn't the safest place on earth or your nearest bank account

why don't they publish their address and phone on their website to begin with ?

do they fear phone calls or deliveries from ESMA over there ?

COGnizant Dec 30, 2018 12:30pm | Post# 9

hopefully you're right man thing is , having money parked in a broker or just a PO BOX far far away in the Seychelles or the Caribbeans with no regulation whatsoever or very limited regulation and no transparency at all , isn't the safest place on earth or your nearest bank account why don't they publish their address and phone on their website to begin with ? do they fear phone calls or deliveries from ESMA over there ?
It is pretty simple...talk to Sam at Coinexx and ask questions directly. If you don't like what you hear just bail and go to a different broker.

Heck, even Euro Pacific Bank used to operate from St. Vincent until the FED messed with them...then they moved to the corrupt (local govt) island of Puerto Rico.

MXT Dec 30, 2018 12:43pm | Post# 10

{quote} It is pretty simple...talk to Sam at Coinexx and ask questions directly. If you don't like what you hear just bail and go to a different broker. Heck, even Euro Pacific Bank used to operate from St. Vincent until the FED messed with them...then they moved to the corrupt (local govt) island of Puerto Rico.
sure i'm not criticizing you

it's just that offshore brokers operating from tax and law havens around the world aren't the safest place

but hopefully they're legit and trustworthy , but not publishing basic info such as address and phone doesn't look like a good business card , does it ?

but again , hopefully you're right and they're a workable broker to trade with - if they are , i might give them a try , but not until they publish their address and phone

COGnizant Dec 30, 2018 12:49pm | Post# 11

One of the WORST places to trade is the US.

In the US "they" let Refco, PFG, and MF Global (motha f***ing global) steal from the public.

Regulatory protections are a perception and many times not a reality.

MXT Dec 30, 2018 12:59pm | Post# 12

agree with you on that one

Jon Corzine , MF Global and their supposedly segregated funds were a shame

like you , i'm not against offshore brokers if they're workable , let's hope they really are

MurphyMan Jan 21, 2019 2:47pm | Post# 13

So, now I have several thousand with Coinexx that got transferred from Finpro and I have to say I'm uneasy about it. I did make a small withdrawal just to test my BTC setup, and that went okay. Any of you have any experiences with them yet, good or bad?

Ziko9o8 Jan 21, 2019 9:07pm | Post# 14

So, now I have several thousand with Coinexx that got transferred from Finpro and I have to say I'm uneasy about it. I did make a small withdrawal just to test my BTC setup, and that went okay. Any of you have any experiences with them yet, good or bad?
- The only way you could know whether your broker is good or bad is a big profit withdrawal.

- Did you make it?

PoundTrader Jan 21, 2019 9:13pm | Post# 15

{quote} - The only way you could know whether your broker is good or bad is a big profit withdrawal. - Did you make it?
some info about big money account with coinexx

https://www.forexpeacearmy.com/commu...ulation.57971/

Ziko9o8 Jan 21, 2019 9:17pm | Post# 16

{quote} some info about big money account with coinexx https://www.forexpeacearmy.com/commu...ulation.57971/
- Thank you Poundtrader I already read your contributions awhile ago at FPA about this topic.

Richpack Jan 24, 2019 2:12am | Post# 17

@MurphyMan I moved my funds for coinexx before the merger and am trading without issues. tis been more than 5 months now. did withdrawn significant amounts, total of approx. 70 k in three withdrawals & there never have been any issues.

@PoundTrader yea i had been following that fpa thread where you contributed but this guy clearly seems to be abusing leverage. I'll not blame the broker if I'm trading 200 lots at 500X.

MurphyMan Jan 24, 2019 1:26pm | Post# 18

I also posted this on FPA.

I just completed a large (for me) transaction with coinexx.com and thought I’d pass along my experience.

About a year ago, I opened an account with Finpro trading. I guess they were based out of the UK. I started with a $3,000 and I never did take any withdrawals from this account. I was fine with them, but since I never made a withdrawal they were still unproven for me. My account steadily increased over time time and by the end of December my account equity was around $6,000. Then, right after Christmas, I got the notification that my account had suddenly been transferred to Coinexx. A real WTF moment, as there was no advance notice that this was going to happen with no options offered.

The other thing that I didn't like, was that all additions and withdrawals would be made in cryptocurrency and I had absolutely no experience with that form of money. Also, they had a continuing problem with their website getting their dashboard working properly, which didn’t seem very professional.

So, even though my account continued to grow there were several things about Coinexx that made me quite nervous. As others have said, the fact there is no address, no country, no phone number, no point of contact other than a chat and an email address, made me quite nervous. I mean, this place could disappear off the face of the Earth and what are you to do? There would be no chance of recourse. So, I decided to get set up to withdraw my funds. As I learned about how to navigate in the Bitcoin world, I first did an initial transaction and pulled $50 out of my Coinexx account, had it delivered to a newly created wallet, then sent it to a currency exchange and finally had a bit of money placed back into my personal checking account to prove I had at least a newbies grasp of the system. So far, so good.

I held on to my account for another week or two then decided it was time to ease my mind, close out, and go somewhere else. So I went to the Coinexx site and made the withdrawal for 7,000 USD to add to my crypto wallet. On the Coinexx site, they say there is a 24 to 48-hour time frame for the transaction to be approved. At the 24-hour mark, I contacted Coinexx via chat just to make sure that everything was in order and there wouldn't be any surprises. They assured me that all was right with the world. So far, so good.

So after about 36 hours passed I was pleased to find the transaction happened and the $7,000 was in my wallet. After the money showed up in my account, it took about seven or eight hours for the pending notice to go away and finally the money is there to do with as I please. So, it all was as it should be, but it was just too much of a risk for me to keep that money in there, with basically an unknown, unknowable, untraceable organization. So, as far as doing what they said they were going to do, I have to give them a thumbs up, they did come through. However, IMHO they need to spend some time establishing themselves as a real organization.

COGnizant Jan 24, 2019 3:08pm | Post# 19

I think the Coinexx takeover of FinPro Trading is not a bad move but I do think Coinexx needs to get a proper depository/correspondent bank established and offer standard money wire services. The "crypto only" play is too early in the game at this point for a majority of traders, PAMM managers, and PAMM fund investors. Try and get a PAMM fund investor to open an account with $100k to fund their account in crypto is a tough sell for a growing PAMM fund manager.

Ziko9o8 Jan 24, 2019 9:23pm | Post# 20

I think the Coinexx takeover of FinPro Trading is not a bad move but I do think Coinexx needs to get a proper depository/correspondent bank established and offer standard money wire services. The "crypto only" play is too early in the game at this point for a majority of traders, PAMM managers, and PAMM fund investors. Try and get a PAMM fund investor to open an account with $100k to fund their account in crypto is a tough sell for a growing PAMM fund manager.
- Do you know that every country in the middle east (except UAE & Kuwait) banned Forex & CFDs trading.

- So crypto is the only way.


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