Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
9/10 · CriticalNo licence from any financial regulator, yet it takes deposits for leveraged forex and crypto CFDs. No client-money protection.
Identity & transparency
4/10 · ModerateA real, disclosed Armenian entity (Coinlocally LLC, reg. 264.110.1196642) with address, phone and LEI, but reputation has been manipulated with fake reviews.
Withdrawals & conduct
8/10 · CriticalSpecific, recent, multi-user fund-freeze and unpaid-withdrawal complaints on the shared operation, with a 'risk management flagged your account' pretext.
Reputation
8/10 · CriticalTrustpilot rating removed for fake reviews; 89% of 69 reviews are one-star; multiple third-party scam flags.
Website claims
6/10 · HighPromises 'insurance', 'protected assets', 'negative balance protection' and 'fast withdrawals' that no regulator backs; founding year is honest.
Operational history
4/10 · ModerateAbout three years of verifiable history (domain 2023); young, and the company incorporation date could not be independently dated.
Who they are
A quick desk file on the company behind the brand.
- Brand: Coinlocally FX (Coinlocally Forex)
- Legal entity: Coinlocally LLC, Armenian company registration number 264.110.1196642
- Registered: Kanaker-Zeytun, Yerevan, Armenia
- Website: coinlocally.forex (sister crypto exchange at coinlocally.com)
- Only licence: None. No financial regulator is named anywhere on the site, and none was found on any register.
- Offers: Forex, CFDs, metals, indices, energy, crypto on MetaTrader 5; leverage up to 1:1000; deposits by crypto (BTC, USDT) and Visa/Mastercard from 1 USD
- Not accepted: Clients in the USA
- Age claim: Founded 2023; the domain was registered in May 2023, so about three years old
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: No
We could not confirm this broker on any genuine regulator’s register.
No licence claims on record.
Why we reached this verdict
How the evidence adds up.
We reached a likely scam rating for three main reasons.
- No regulation, but it still holds your money. Coinlocally FX takes deposits for leveraged forex and crypto CFD trading, yet it holds no licence from any financial authority. If your funds are frozen or a withdrawal is refused, there is no regulator and no compensation scheme to turn to.
- The same company has a fund-freeze pattern. Coinlocally FX is a subsidiary of the Coinlocally exchange (coinlocally.com), run by the same Armenian company. Recent reviews describe accounts frozen for months and withdrawals left unpaid, with support repeating that a 'risk management' team has flagged the account. One user reported funds frozen for six months (UID 33502998); another reported a withdrawal of 7,612 unpaid after a week (UID 33387337). These are specific, dated and from different people.
- Reputation has been manipulated. Trustpilot removed the company's rating for a breach of its guidelines and states it deleted a number of fake reviews. Of the reviews that remain, 89% are one-star.
Add the 40% deposit bonuses that lock withdrawals behind trading-volume targets, the 1:1000 leverage, and marketing that promises 'insurance' and that 'your assets are protected' with no regulator to back it, and the risk to a depositor is high.
We were careful about identity. Most of the specific money-freeze complaints are filed against the crypto exchange domain, not the forex domain. But it is the same legal entity, the same brand and the same ownership, cross-linked on the site, so that conduct is directly relevant to anyone depositing with the forex arm.
Note on operating history: the 3.3-year track record rests on domain registration alone. No company incorporation date could be established, so this is an upper bound rather than a confirmed age.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The broker takes deposits for leveraged forex and crypto CFD trading but names no financial regulator anywhere on its site; it is unlicensed.
StrongCoinlocally FX websiteE2Deposits are accepted by crypto (BTC, USDT) and Visa/Mastercard from 1 USD, with leverage advertised up to 1:1000.
E3Trustpilot removed the company's rating for a breach of guidelines and states it deleted fake reviews; 69 reviews, 89% one-star.
StrongTrustpilotE4Specific, dated fund-integrity complaints: funds frozen six months (UID 33502998) and a withdrawal of 7,612 unpaid (UID 33387337), with support citing a 'risk management' flag.
StrongTrustpilotE5The operator is a real company, Coinlocally LLC, registration number 264.110.1196642, based in Kanaker-Zeytun, Yerevan, Armenia, with an LEI on record.
E6The coinlocally.forex domain was registered on 25 May 2023, consistent with the claimed 2023 founding; about three years old.
E7Deposit bonuses up to 40% plus a 10% 'non-withdrawable losable' bonus, with terms locking withdrawals behind trading-volume requirements.
ModerateCoinlocally bonus plan pageE8A real MetaTrader 5 white-label server (Coinlocally-Server) is provided, indicating genuine trading infrastructure rather than a fake in-house terminal.
E9The site promises 'insurance', that 'your assets are protected', and 'negative balance protection', assurances that no regulator backs for an unlicensed broker.
ModerateCoinlocally FX website
The other side
The strongest case in this broker’s favour.
In fairness, several things point away from an outright fake operation.
- There is a real, named company, Coinlocally LLC, with a genuine Armenian registration number, a Yerevan address, a published phone number and an LEI. Many pure scams hide their operator entirely.
- It runs a real MetaTrader 5 platform with its own registered server, so trades are placed on standard third-party software rather than a fake in-house terminal.
- The bonus withdrawal rules are disclosed in the terms, and the site openly says it is not regulated and does not serve the USA.
- The heaviest fund-freeze complaints concern the crypto exchange side, and some users do report balances eventually returned.
None of this makes an unregulated broker safe, but it is why we rate this a likely scam rather than a confirmed one.
What would change this
What we would need to see to revise the verdict.
We would raise or lower this rating if the facts changed.
- A genuine licence from a real regulator (for example CySEC, FCA or ASIC), verifiable on that regulator's own register in the name of Coinlocally LLC, would move this toward a normal high-risk offshore rating.
- A regulator warning list naming coinlocally.forex or coinlocally.com would push this to a confirmed scam.
- A clear, sustained record of paid withdrawals across independent platforms, with the frozen-account complaints resolved, would lower the risk.
- Evidence that the forex arm is operated by a different, licensed entity from the exchange would change how we weigh the shared complaints.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Coinlocally FX website
The broker's own site; no financial licence is stated anywhere on it.
Trustpilot reviews for Coinlocally
Customer reviews; rating removed for fake reviews, 89% one-star.
FCA Warning List of unauthorised firms
Check any broker against the UK regulator's warning list before depositing.
Armenia State Register of Legal Entities
Where Coinlocally LLC is registered as a company; a company registration is not a financial licence.
Frequently asked questions
Quick answers about this broker’s safety.
Is Coinlocally FX a scam?
We rate it a likely scam. It is an unlicensed broker that takes deposits for leveraged trading, and the company behind it has a recent record of frozen funds and unpaid withdrawals. Depositing carries a high risk of not getting your money back.
Is Coinlocally FX regulated?
No. It holds no licence from any financial regulator, and none is claimed anywhere on its website. An Armenian company registration is not a financial licence and does not protect your deposit.
Can I withdraw my money from Coinlocally?
Some users can, but many recent reviews describe funds frozen for weeks or months and withdrawals left unpaid, with support blaming a 'risk management' review. There is no regulator to force a payout.
Who owns Coinlocally FX?
It is operated by Coinlocally LLC, an Armenian company (registration number 264.110.1196642) based in Yerevan. Coinlocally FX is described as a subsidiary of the Coinlocally crypto exchange run by the same company.
How old is Coinlocally FX?
About three years. The company says it was founded in 2023, and the coinlocally.forex domain was registered in May 2023. It is a relatively young operation.
Is my money safe with Coinlocally?
There is no client-money protection. Without a regulator or a compensation scheme, if the company freezes your account or refuses a withdrawal you have little recourse. The site's talk of 'insurance' and 'protected assets' is not backed by any regulator.
Is Coinlocally FX a clone of a known broker?
No. It uses its own brand and a real, named Armenian company. This is not a copycat of a regulated firm, but that does not make an unregulated broker safe.
What is the Coinlocally welcome bonus, and is it worth taking?
It offers up to a 40% deposit bonus plus a 10% 'non-withdrawable' bonus. The terms lock your funds behind trading-volume targets, so the bonus can make it harder, not easier, to withdraw your own money. We would avoid it.
Why does Trustpilot show no rating for Coinlocally?
Trustpilot removed the rating because the company breached its guidelines, and it states it deleted a number of fake reviews. Of the reviews that remain, 89% are one-star, most about frozen funds and withdrawals.
Does Coinlocally accept clients from the United States?
No. The site states that Coinlocally LLC does not provide any services in the USA.
What leverage and deposits does Coinlocally FX offer?
Leverage up to 1:1000, with deposits by crypto (BTC, USDT) and Visa/Mastercard from as little as 1 USD. Very high leverage magnifies losses and is restricted or banned by most major regulators.
I think I was scammed by Coinlocally. What should I do?
Gather your records (account UID, amounts, dates, screenshots), request your withdrawal in writing, and report the matter to your card issuer or crypto exchange and to your local consumer or financial authority. Be cautious of anyone promising to recover your funds for an upfront fee, as that is often a second scam.
What we recommend
The practical takeaway from everything above.
Treat Coinlocally FX as unsafe for deposits until it is properly regulated.
- Do not deposit money you cannot afford to lose, and avoid the bonuses, which lock your funds behind volume targets.
- If you already have a balance, try to withdraw it now and keep written records (UID, amounts, dates, screenshots).
- Prefer brokers licensed by a top-tier regulator that offers client-money protection.
- If a withdrawal is refused, report it to your card issuer or crypto exchange and to the relevant consumer authority, and be wary of anyone who later offers to 'recover' your funds for a fee.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed August 26, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.