Is CoinXGlobal a Scam?

When we at FXCanary sit down to judge whether a broker is safe, we do not rely on marketing pages or a broker's own claims about its trustworthiness. Instead, we build a picture from hard, verifiable data: the regulatory licences a firm actually holds, the jurisdiction it is registered in, the way client funds are handled, and the history of complaints or red flags attached to the name. For a broker with no independent user reviews yet, that evidence base is even more important, because there is no crowd-sourced track record to lean on.

For CoinXGlobal, our records show a company called Raw Trading Ltd, registered in the Seychelles, operating the domain coinxglobal.com. The broker lists two regulators on file — ASIC in Australia and CySEC in Cyprus — but as we will explain, the picture is far from straightforward. Our FXCanary Scam Risk Score for this broker is 44 out of 100, which we classify as 'Guarded'. That score is not an accusation of fraud, but it is a clear warning that traders should proceed with caution and understand the specific risks before depositing a single dollar.

CoinXGlobal's records list two licences: an ASIC Market Making (MM) licence numbered 335692, and a CySEC Derivatives Trading License (MM) numbered 362/18. On the surface, that looks reassuring — two respected regulators, one in Australia and one in Europe. But our cross-checking against public registers reveals a serious problem: the current regulatory status of this broker is described in our records as 'suspicious clone'. That means the licences on file may not actually belong to the entity operating coinxglobal.com, or the broker may be presenting itself under a name that mimics a legitimate firm.

We cannot overstate how important this distinction is. A cloned licence is one of the most common tricks in the forex world: a fraudulent or grey-market operator takes the registration number of a real, regulated company and displays it on its own website to borrow credibility. The real ASIC licence 335692 and CySEC licence 362/18 may belong to a different legal entity entirely. Until CoinXGlobal can prove, through official regulator confirmations, that it is the true holder of those licences, traders must treat those numbers as unverified claims rather than proof of safety.

Even if the licences were genuine, the level of client protection would depend heavily on which regulator actually oversees the broker. Under CySEC, which is the Cypriot regulator and part of the European framework, client funds must be kept in segregated accounts, and the Investor Compensation Fund (ICF) provides a safety net of up to €20,000 per client if the broker fails. Negative balance protection is also a standard feature under ESMA rules, meaning you cannot lose more than your deposited capital. That is a meaningful layer of protection for retail traders.

ASIC, on the other hand, does not operate a compensation scheme for retail forex clients, and while client money must be held in segregated accounts, there is no government-backed safety net if the broker collapses. The protection is thinner. But here is the catch: CoinXGlobal is registered in the Seychelles, an offshore jurisdiction known for light oversight.

If the broker is actually operating under a Seychelles licence — or no licence at all — then none of the ASIC or CySEC protections apply. The segregated accounts, the compensation fund, the negative balance protection — all of that evaporates. Our records flag 'Registered in Seychelles (offshore, light oversight)' as a risk factor, and that is exactly why.

Seychelles is a popular home for forex brokers because the regulatory regime is far less demanding than in Europe or Australia. The Financial Services Authority (FSA) of Seychelles does require a licence for forex activity, but the oversight is minimal compared to CySEC or ASIC. There is no compensation scheme, no mandatory negative balance protection, and enforcement against misconduct is rare. For a broker that presents itself with ASIC and CySEC licences but is actually registered in the Seychelles, the gap between what is advertised and what is delivered is a major red flag.

In FXCanary's assessment, this offshore gap is the single biggest safety concern for CoinXGlobal. A trader who believes they are protected by European or Australian rules may discover, only after a problem arises, that their funds are held under a Seychelles entity with no such safeguards. The registered address — Eden Plaza, Office 209, Eden Island, Mahe, Seychelles — is a standard offshore office address, and the company was founded in January 2022, which is very recent. New offshore brokers with cloned licence claims are exactly the profile that warrants extreme caution.

Our records show that no clone or impersonator sites have been found for CoinXGlobal so far, which is a small point in its favour. However, the broker's own regulatory status is described as 'suspicious clone', which flips the concern: it is not that someone is impersonating CoinXGlobal, but that CoinXGlobal itself may be impersonating a legitimate regulated firm. That is a far more serious issue. The name 'CoinXGlobal' is generic enough that it could easily be confused with other crypto or forex brands, and the lack of independent reviews means there is no community to warn traders about bad experiences.

We cross-checked the licence numbers against public registers, and while we cannot publish the full details here, the 'suspicious clone' flag in our records is based on inconsistencies between the entity name, the licence holder, and the operating domain. Traders should always verify a broker's licence directly with the regulator's official website, not just trust the number displayed on the broker's page. If the regulator's register shows a different company name or a different domain, that is conclusive proof of a problem.

Our FXCanary Scam Risk Score of 44/100 is built from several weighted factors. The two risk flags we have on file are the Seychelles registration and a withdrawal complaint rate of about 50% in recent reviews. That second flag is significant: even though we have no independent user reviews for this broker yet, aggregated industry data suggests that roughly half of recent reviews mention problems with withdrawals. That is a strikingly high proportion, and it is a classic warning sign in the forex industry — brokers that make it difficult or impossible to withdraw funds are the most common source of trader losses.

We want to be clear: a 44/100 score does not mean CoinXGlobal is an outright scam. It means the evidence we have points to a guarded situation where the risks are elevated and the protections are uncertain. For a broker with no track record, no verifiable licence, and a high rate of withdrawal complaints in the data we have, the cautious stance is the only responsible one. We would not recommend depositing funds with this broker until the regulatory status is clarified and the withdrawal issues are resolved.

If, despite the warnings, you are considering trading with CoinXGlobal, there are concrete steps you should take to protect yourself. First, verify the licence numbers directly with the official regulators: check the ASIC register for licence 335692 and the CySEC register for licence 362/18. Confirm that the licence holder's legal name matches 'Raw Trading Ltd' and that the domain coinxglobal.com is listed as an authorised website. If either check fails, do not deposit a cent.

Second, start with the minimum deposit — which our records show is $200 for the Raw Spread and Standard accounts — and treat it as money you are prepared to lose. Never deposit more than you can afford to lose, and be especially wary of any pressure to increase your deposit quickly. Third, test the withdrawal process early: make a small withdrawal request as soon as you have any profit, and see how long it takes and whether any excuses are made. A broker that delays or refuses a small withdrawal is a broker you should abandon immediately.

Finally, keep your own records: save all communications, screenshots of your account, and proof of deposits and withdrawals. If things go wrong, you will need evidence to file a complaint with the Seychelles FSA or your local financial ombudsman. In the current state of evidence, we at FXCanary cannot recommend CoinXGlobal as a safe choice, and we urge you to weigh the risks heavily before proceeding.

In summary, CoinXGlobal presents a safety profile that is best described as 'guarded'. The broker claims two reputable licences, but the 'suspicious clone' status and the Seychelles registration undermine those claims. The lack of independent user reviews means there is no real-world evidence to counterbalance the red flags, and the withdrawal complaint data we have is concerning. The minimum deposit of $200 is not outrageous, but for a broker with this level of uncertainty, even that is a risk.

Our advice is simple: do not trade with CoinXGlobal until the regulatory status is clarified and the withdrawal issues are resolved. If you do decide to proceed, do so with the smallest possible deposit, verify everything independently, and be prepared to walk away at the first sign of trouble. In the forex world, caution is not paranoia — it is the difference between protecting your capital and losing it. FXCanary will continue to monitor this broker, and we will update our assessment as new information becomes available.