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CoinFinex
Rating: Rated with 1 star
Binary Option Programs Award
Min. Deposit
€500
Min. Investment
0.10 BTC
Regulated Broker
No

CoinFinex Broker Review

  1. CoinFinex

    CoinFinex is an unlicensed, offshore cryptocurrency broker that allows South African investors to trade over 800 cryptocurrencies with no spreads on their crypto exchange platform.

    Is CoinFinex a trustworthy broker though or is this just another new scam?

    Don’t worry, all the information you need to know is already in the review below, including our usual trading tips along the way.

    The 3 Account Types

    South African investors can begin trading with CoinFinex with a minimum deposit of €500. This is double the amount of investment usually required and, especially for beginners, it could be an immediate turn-off.

    Tip: Trade with IQ Option instead, the best regulated broker for South African traders with a minimum deposit of only $10!

    Now, like most brokers out there, CoinFinex offers South African investors a selection of trading accounts. Usually, the higher the deposit, the better trading conditions and features offered. It seems that the CoinFinex trading accounts don’t have a huge difference when it comes to each account, besides the bonuses and the minimum deposit required.

    South African investors would therefore be advised to choose the beginner account if they decide to trade with CoinFinex and not upgrade to the other accounts.

    Tip: Always check the bonus conditions before accepting a bonus. Huge bonuses are often overrated. They come with strings attached like specific amounts required to be reached and often withdrawals can be impossible.

    Check out details of each account below.

    Beginner Account –> €500 – €5,000 Min. Deposit

    • 1:2 UST pairs / 1:4 others
    • 0 spread
    • 6% commissions
    • Webinars
    • Daily market updates & reviews
    • Bonus up to 20%
    • Upgrade to Standard at 25M turnover

    Standard Account –> €5,000 – €25,000 Min. Deposit

    • 1:2 UST pairs / 1:4 others
    • 0 spread
    • 5% commissions
    • Webinars and professional account manager
    • Daily trades
    • Bonus up to 50%
    • Upgrade to Professional at 75M turnover

    Professional Account –> €25,000+ Min. Deposit

    • 1:2 UST pairs / 1:4 others
    • 0 spread
    • 4% commissions
    • Webinars and professional account manager
    • Daily trades
    • Bonus up to 100%
    • Taylor made goals

    Trading Platform & Assets

    CoinFinex offers South African investors a type of crypto exchange platform, where they can trade over 800 cryptocurrencies including Bitcoin, Litecoin, Ethereum, Ripple and more against the US dollar or other cryptocurrencies.

    On their website, South African traders can find a separate section where they list all the cryptocurrencies available, along with their symbols so they can easily recognize them within the trading platform.

    The minimum trade size for trading Bitcoin is 0.10 BTC, which requires a $400 margin.

    The CoinFinex trading platform is similar to the software developed by Hello Markets and is simple and user-friendly for even a complete beginner to understand.

    Unfortunately, since CoinFinex trades exclusively in cryptocurrencies, they do not have the infamous MetaTrader4 (MT4) or MetaTrader5 (MT4) trading platforms available, which are the most popular forex and CFD platforms worldwide.

    Customer Support

    South African traders can reach the CoinFinex customer support team via email, phone or the contact form on their website.

    There also appears to be a live chat option available, which was not working at the time of this review.

    CoinFinex claims to have a customer support team that is available for South African traders 24/6. Their website is available in English, Arabian and German.

    Company Info & Payment Methods

    CoinFinex is owned and operated by the company TONGA Ltd, which is located at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH 96960.

    The cryptocurrency broker accepts various payment methods, including credit card (Visa, Mastercard), bank wire transfer, Qiwi Wallet, Skrill, Neteller and WebMoney.

    Verdict: Is CoinFinex a Scam?

    After careful review of this broker, our team has not found any clear indication that CoinFinex is a scam, but found several issues that show this broker may not be completely trustworthy. Their bonus offerings, unusually large minimum deposit requirement and unclear company information are only a few of these problems.

    The main problem when it comes to CoinFinex is that it is an offshore, unlicensed company that could theoretically get away with scamming investors without getting caught.

    It is always better to be safe than sorry when it comes to your personal investments, which is why we always recommend trading directly with a fully-regulated, award-winning broker like IQ Option.

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