CoinXGlobal

CoinXGlobal is a forex broker operating under the legal entity Raw Trading Ltd, registered in Seychelles. The company was founded on 12 January 2022 and lists its registered address at Eden Plaza, Office 209, Eden Island, Mahe, Seychelles. Its official website is coinxglobal.com.

According to our records, CoinXGlobal offers trading in forex and CFDs through three platforms: MetaTrader 4, MetaTrader 5, and cTrader. The broker advertises leverage up to 1:500 and a minimum deposit of $200 for its live accounts. However, the company description notes that the minimum deposit requirement to open a live account is as high as $300, which is inconsistent with the account-tier figures in our records.

CoinXGlobal lists two regulators on file: the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC). The ASIC licence is for Market Making (MM) with licence number 335692, and the CySEC licence is for Derivatives Trading License (MM) with licence number 362/18. Both licences are listed with a status of '—' in our records, meaning we have not verified their current validity.

It is important to note that our records flag the company's current regulatory status as 'suspicious clone'. This suggests that the licences may not be genuine or that the broker may be operating under a cloned entity. Traders should exercise caution and independently verify any regulatory claims before depositing funds.

CoinXGlobal offers three account types, all requiring a minimum deposit of $200. The Raw Spread (cTrader) account provides raw spreads from 0.0 pips with a commission of $3.0 per lot. The Raw Spread account (on MT4/MT5) also offers raw spreads from 0.0 pips but with a commission of $3.5 per lot. The Standard account has a minimum spread of 0.6 pips and no commission.

All account types offer leverage up to 1:500. The Raw Spread accounts are designed for traders who prefer tight spreads and are willing to pay a commission, while the Standard account is commission-free with a slightly wider spread. These options cater to different trading styles, from scalpers to longer-term traders.

CoinXGlobal provides access to three widely used trading platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. MT4 is known for its user-friendly interface and extensive library of expert advisors, making it popular among retail forex traders. MT5 offers additional features such as more timeframes and an integrated economic calendar.

cTrader is a platform favoured for its advanced charting and order execution capabilities, particularly suited for traders who use algorithmic strategies. The availability of multiple platforms gives traders flexibility in choosing the environment that best fits their needs.

CoinXGlobal is registered in Seychelles, an offshore jurisdiction with light regulatory oversight. This, combined with the 'suspicious clone' status of its regulatory licences, raises significant concerns about the safety of client funds. Our records also indicate that withdrawal complaints appear in approximately 50% of recent reviews, which is a red flag for potential liquidity or operational issues.

Given these factors, FXCanary assigns CoinXGlobal a Scam Risk Score of 44 out of 100, categorised as 'Guarded'. This means that while there is no conclusive evidence of fraud, the broker carries a high level of risk, and traders should approach with extreme caution or consider alternative, more transparently regulated brokers.

In summary, CoinXGlobal is a forex broker offering a range of account types and platforms, but its regulatory status is questionable and its offshore registration adds to the risk. The lack of independent user reviews and the presence of withdrawal complaints further undermine confidence.

We advise traders to conduct thorough due diligence, verify the broker's regulatory claims with the relevant authorities, and consider the potential risks before committing any funds. For those seeking a secure trading environment, it may be prudent to look for brokers regulated in major financial jurisdictions with a clear track record.