Despite claiming to be an honest Forex/CFD provider, this firm uses a recycled website full of broken links, discrepancies, and illicit content. We have exposed countless similar fraudsters, which is why our Qoinix review is a must-read.
Find out how to identify virtual cutthroats and what you can do if they succeed in defrauding you. Contact us in case you’re struggling with platforms such as Qoinix or Bit Assets.
| Regulated by: | Unregulated Scam Broker |
| Is This Company Safe? | No, the platform is fraudulent |
| Known Websites: | qoinix.com |
| Have Warnings from: | ASIC |
| Registered in: | Switzerland (allegedly) |
| Operating since: | 2023-09-27 |
| Trading Platforms: | WebTrader |
| Maximum Leverage: | N/A |
| Minimum Deposit: | N/A |
| Deposit Bonus: | Unavailable |
| Trading Assets: | Forex, Indices, Commodities, Stocks, Cryptocurrencies |
| Free Demo Account: | Unavailable |
| How to Withdraw from This Company? | Since this company is unlikely to return your money – contact your bank or financial regulator or simply reach out to us for professional assistance in recovering your funds. |
Legal Info: Is Qoinix Regulated?
We found a deceitful company announcement stating that the Qoinix broker business is a Swiss brand. This text is AI-generated to boost the scheme’s image in the virtual space and draw potential victims. The firm is not registered in Switzerland or any other jurisdiction for that matter.
We did some research and found a regulatory warning about this entity. On March 28, the Australian Securites and Investments Commission (ASIC) released a statement, claiming that “[Qoinix] is likely to be offering financial services to Australian consumers, [despite not holding] an Australian financial services licence or credit licence, and is not authorized by a licensee.”
It’s clear that the platform is a sham. Instead of trusting anonymous phonies, we recommend choosing regulated firms operating under the supervision of reputable financial market authorities such as the FCA (UK), CFTC (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), etc.
Such companies are subject to stringent regulations and must offer clients negative balance protection, segregation of funds in top-tier banks, and, in some cases, compensation schemes.
Who Are Qoinix’s Targets?
According to WHOIS, the qoinix.com website domain was created on September 27, 2023. Since then, the digital thieves have mainly been targeting unsuspecting traders and investors from the following jurisdictions:
- United Kingdom
- Germany
- Norway
- Sweden
- Finland
Each of these five European jurisdictions upholds stringent financial regulations to combat virtual fraudsters. Their respective markets are enforced with tough laws, leaving no room for anonymous entities like SpringGold.
Those operating without authorization are breaking the law! With Qoinix’s deceptive operations exposed, the financial swindlers attracted regulatory scrutiny from the Australian watchdog.
Trader Reviews – Sharing Experiences
We had to filter through the fake Qoinix reviews and announcements circulating the internet to find genuine feedback. There are several complaints from victims on scamadviser.com.
“They make you think you’re making profits when in reality they steal from you, asking for taxes and fees,” one user stated, claiming he had to pay an upfront fee for a Qoinix withdrawal, which is illegal for brokers to demand.
User feedback is key to identifying reliable companies and avoiding scams. Before investing, take a moment to check what other traders and investors are saying about the platform. Reviews like ours can save you from financial setbacks in the unpredictable digital space.
Which Trading Platform Is Available?
The Qoinix WebTrader provides access to the markets of currency pairs, indices, stocks, commodities, and cryptocurrencies. We saw the interface and faced immediate disappointment. While it did include fundamental tools like charts, graphs, and indicators, it lacked advanced features.
Moreover, the shady broker’s problematic background adds to the concerns. Traders have reported platform manipulation. For that reason, we advise avoiding it and choosing a licensed provider that supports reliable third-party software like MetaTrader 4, MetaTrader 5, or cTrader.
MT platforms are equipped with advanced tools, including automated and algorithmic trading, sophisticated charting, multiple timeframes, live market reports, expert advisors, and more. They are a far better choice for serious traders.
Trading Info – Leverage, Spreads, Commissions
Max leverage? Undisclosed. It’s important to understand that high leverage is a double-edged sword. While it can generate substantial profits when trades are successful, it can also result in significant losses if they fail. This is why regulators in Europe/Australia and North America have set lower leverage limits for retail clients at 1:30 and 1:50, respectively.
The platform displayed near-zero spreads for Qoinix crypto, Forex, and CFD instruments, but we believe these levels are fake. Commissions are unknown, casting more doubt on the entire business.
Can Traders Use a Free Demo Account?
Shady operators often skip offering demo accounts, and our little fraud follows this pattern. The Qoinix login page lacks the option for risk-free trading, forcing traders to deposit real money to try out the platform. This creates an opportunity for scammers to steal funds before users realize what’s happening.
For beginners, starting with virtual funds is crucial. Don’t risk real money from the start. Trustworthy brokers always provide demo accounts, so there’s no need to take chances on suspicious platforms.
Deposit and Withdrawal Process
The website lists several payment methods for depositing and withdrawing funds:
- Credit/debit cards
- Wire transfers
- E-wallets
- Cryptocurrencies
Depositing funds might be straightforward, but withdrawing them can be a different story, as highlighted in user reviews. Withdrawal issues are often a red flag for a potential scam. If you find yourself in this situation, get familiar with alternative recovery methods.
For transactions made with a MasterCard or Visa credit/debit card, you have the option to request a chargeback from your issuing bank within 120 days. You’ll need to build a strong case and provide substantial evidence to do this effectively. If you used a wire transfer, you can attempt to recall the transaction through your bank. However, this can only be successful if the funds haven’t already been transferred to the scammer’s account.
Recovering stolen cryptocurrency is more complex. It often requires the use of advanced software like CipherTrace and professional assistance. Fortunately, our team is well-equipped to help you with this process.
Key Facts To Consider About Qoinix
Qoinix is a cunning online scam designed to fool European traders from the UK, Germany, Sweden, Norway, and Finland. ASIC is the first and only regulator to issue a warning against the scheme. We hope our review reaches traders in time to open their eyes and prevent them from losing money to these tricksters.
We do not recommend trading on such platforms due to their unregulated status. If you are a victim of the Qoinix scam, you must seek our professional help to recover your funds! A chargeback is your best option.
Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the fund recovery process and assist you every step of the way.
Book your free consultation here and start the chargeback process.
FAQ Section
What is Qoinix?
It’s an anonymous website offering illegal Forex and CFD trading services. These fraudsters are dangerous.
Is Qoinix Legit?
Not in a million years. The platform appears on ASIC’s warning list, meaning it’s a hoax.
Where is Qoinix Located?
Allegedly, in Switzerland. Officially, it is just an anonymous website, not a real trading firm.
Source:
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