Coinex.la – Broker Review

Coinex.la

File a Complaint Against

Coinex.la

Know Your Options and Recover Your Funds

Caution Investors Coinex.la – Regarding fraudulent or manipulative practices (insider dealing, market manipulation, misrepresentation of material information, etc.)

Overview:

Coinex.la is a crypto exchange that was launched in 2017 and claims to be based in Hong Kong. According to its website, Coinex.la offers trading in various cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, Dash, Zcash, and more. It also claims to support fiat currencies, such as USD, EUR, GBP, and CNY. Coinex.la says that it uses advanced technology to ensure fast and secure transactions and that it has a team of experienced professionals to provide customer support.

However, there are many red flags that suggest that Coinex.la is not a legitimate or safe platform. The most alarming one is that Coinex.la has been blacklisted by the Financial Market Authority (FMA) of Austria on 10 Oct 2023 for operating without a license and engaging in fraudulent or manipulative practices. The FMA warns investors not to deal with Coinex.la and advises them to report any suspicious activities to the authorities. You can find the official warning here: https://www.fma.gv.at/en/coinex-la/

Regulation and Compliance:

As mentioned above, Coinex.la is not regulated or licensed by any reputable authority. This means that it does not comply with any legal or ethical standards and that it can operate in an arbitrary and unaccountable manner. It also means that users of Coinex.la have no protection or recourse in case of any issues or disputes with the platform. For example, if Coinex.la gets hacked, goes bankrupt, or runs away with your funds, you have no way of recovering your money or seeking justice.

Moreover, Coinex.la may be involved in illegal or unethical activities, such as insider dealing, market manipulation, misrepresentation of material information, money laundering, tax evasion, or fraud. These practices can harm the integrity and stability of the crypto market and expose users to legal risks and penalties.

Customer Reviews:

Another way to assess the credibility and reputation of Coinex.la is to look at the customer reviews and feedback. Unfortunately, there are very few reviews available online about Coinex.la, which is a sign of low popularity and trustworthiness. The few reviews that we could find are mostly negative and complain about various issues with the platform. Some of the common complaints are:

– Poor customer service: Many users report that Coinex.la has unresponsive or rude customer support agents who do not help them with their problems or queries.

– High fees: Some users claim that Coinex.la charges hidden or excessive fees for deposits, withdrawals, trading, or conversions.

– Low liquidity: Some users say that Coinex.la has low trading volumes and liquidity, which makes it hard to execute orders at favorable prices or speeds.

– Technical glitches: Some users experience technical difficulties or errors when using the platform, such as slow loading times, broken links, or malfunctioning features.

– Account issues: Some users encounter problems with their accounts, such as verification delays, login failures, or account suspensions without explanation.

– Scam allegations: Some users accuse Coinex.la of being a scam that steals their funds or personal information.

Products and Services:

Coinex.la claims to offer a variety of products and services for crypto traders and investors. However, these products and services are either limited, unreliable, or misleading. Some of the products and services that Coinex.la claims to offer are:

– Crypto trading: Coinex.la says that it allows users to trade various cryptocurrencies against fiat currencies or other cryptocurrencies. However, the platform has a very limited selection of coins and pairs available for trading. Moreover, the platform has low liquidity and high fees that make trading inefficient and costly.

– Crypto wallet: Coinex.la says that it provides users with a secure and convenient crypto wallet where they can store their coins. However, the platform does not give users full control over their private keys or funds. This means that users have to trust Coinex.la with their security and access. Moreover, the platform may charge high fees for deposits or withdrawals.

– Crypto exchange: Coinex.la says that it enables users to exchange their fiat currencies for cryptocurrencies or vice versa. However,

the platform does not support many fiat currencies or payment methods. Moreover,

the platform may impose limits or restrictions on the exchange amounts or rates.

– Crypto mining: Coinex.la says that it offers users the opportunity to mine cryptocurrencies and earn rewards. However, the platform does not provide any details or evidence about how the mining works, what kind of equipment or software is used, or what kind of returns are expected. Moreover, the platform may charge high fees or commissions for the mining service.

Location:

Coinex.la claims to be based in Hong Kong, but it does not provide any physical address or contact details on its website. This makes it hard to verify its location or identity. Moreover, Hong Kong is not a very favorable jurisdiction for crypto businesses, as it has strict and uncertain regulations that may affect the operations and legality of Coinex.la. Furthermore, Coinex.la may be operating in other countries or regions without proper authorization or compliance, which may expose it to legal actions or sanctions.

Customer Service:

Coinex.la claims to have a professional and dedicated customer service team that is available 24/7 to assist users with their issues or inquiries. However, this claim is contradicted by the numerous complaints and negative reviews from users who have experienced poor customer service from Coinex.la. Some of the common issues with customer service are:

 

– Unresponsive: Many users report that Coinex.la does not reply to their emails, calls, messages, or tickets for days or weeks.

– Rude: Some users say that Coinex.la has rude or aggressive customer support agents who insult them or threaten them.

– Unhelpful: Some users say that Coinex.la does not provide them with any solutions or explanations for their problems or queries.

– Dishonest: Some users say that Coinex.la lies to them or misleads them about their transactions, fees, accounts, or policies.

Conclusion:

Based on our review, we conclude that Coinex.la is not a trustworthy or reliable crypto exchange. It has many red flags and warning signs that suggest that it is a scam or a shady platform that may harm its users. Some of the reasons why we do not recommend Coinex.la are:

– It is not regulated or licensed by any reputable authority.

– It has been blacklisted by the FMA of Austria for operating without a license and engaging in fraudulent or manipulative practices.

– It has very few and mostly negative customer reviews and feedback.

– It has limited, unreliable, or misleading products and services.

– It does not provide any physical address or contact details on its website.

– It has poor customer service that is unresponsive, rude, unhelpful, or dishonest.

Therefore, we advise you to avoid Coinex.la and look for other crypto exchanges that are more reputable and reliable.