Coinex exchange review – Is Coinex exchange reputable?
As a big name in the crypto industry, CoinEx is a low-fee crypto exchange with several cutting-edge products and a wide range of cryptocurrencies available. However, the exchange also has some restrictions on its traders. Read the full Coinex exchange review below for more details on this crypto-asset exchange platform.
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Haipo Yang is the CEO and Founder of CoinEx. In December 2017, CoinEx was founded. Its headquarters are located in Hong Kong. This exchange is traded under the name ViaBTC Group. Today, legacy traders say they have more than 2 million clients in more than 100 countries and other regions. CoinEx exchange is available in 15 languages, including English, Chinese, Japanese, Russian, Korean, etc.
Honestly, CoinEx is one of the best exchanges for bitcoin cash (BCH) priced assets, providing reliable access to millions of customers globally. There are many estimates that 85% of their total clients are international, with only 15% coming from China (this was CoinEx's main domain at launch).
In August 2020, the platform launched a hugely popular trade-driven mining program and subsequently made them the largest exchange in the world with 24 hours trading volume for a while. short. Currently, CoinEx ranks 40th out of over 500 crypto exchanges listed on data aggregator CoinMarketCap.
Users can trade or buy/sell cryptocurrencies through a very user-friendly interface for not only desktop but also mobile devices (on iOS + Android platforms).
2. Advantages – Coinex exchange review
There are many aspects of the CoinEx platform that appeal to different types of investors. In this section of the Coinex exchange review , you can see a range of its benefits.
– Multiple Cryptocurrencies Available: CoinEx has more than 500 cryptocurrencies available for trading. This number is larger than many other crypto platforms. The list covers a wide variety of cryptocurrencies that are popular across a number of sectors, including finance cryptos, metaverse cryptos, and smart contract cryptos.
– Advanced features: Besides spot trading, CoinEx also provides future trading and margin trading for users. There are very few platforms that offer this service to US investors. However, these products are more convenient for professional investors. To be honest, investing in cryptocurrencies is sometimes risky.
Low Transaction Fees: CoinEx charges 0.2% base transaction fee. This is a good rate, especially now that there are also ways to reduce fees even further.
3. Cons – Coinex Exchange Review
Aside from the benefits, using the CoinEx platform also presents some potential problems for traders.
– No KYC Verification Required: CoinEx is currently a privacy-focused platform, so if a customer wants to withdraw more than $10,000 in a 24-hour period, they simply need to complete the KYC verification process. This does not really guarantee the safety of users.
– Not Newbie Friendly: CoinEx has no tutorials or videos to teach people how to use the site. Furthermore, the English on the website is not even tested by native speakers and it can be confusing.
– Expensive fiat deposits: CoinEx only accepts fiat deposits and it can be expensive. It costs 8% to buy $200 worth of BTC (Bitcoin) because they use one of the third parties.
Limited Interest Earning Options: CoinEx offers a way for its clients to earn interest on about 20 assets, however, the rate is extremely low. There is also no transparency on how the platform is developing interest rates and what risks are involved.
4. Cryptocurrencies available
As mentioned above, CoinEx offers over 500 cryptocurrencies such as Avalanche (AVAX), Bitcoin (BTC), Binance Coin (BNB), Cardano (ADA), CET (its native token), Dogecoin ( DOGE), Ethereum (ETH), Litecoin (LTC), Polygon (MATIC), Solana (SOL), Shiba Inu (SHIB), Ripple (XRP), USD Coin (USDC), etc.
The top 20 cryptocurrencies by market capitalization include Binance Coin (BNB), Bitcoin, Cardano, Dogecoin, Ethereum, and Solana. It also trades several stablecoins, such as DAI, USDC, Tether, UST, etc.
If you want to buy one of these lesser known tokens and coins, please research them carefully. Honestly, smaller cryptocurrencies are more risky. Traders can buy a failed project for other reasons or buy a scam coin. It's really necessary to consider things like:
- Mission of the project
- Management team
– How many tokens is it issued?
– Coin activity level on social media
– How to distribute tokens
5. Supported Countries
CoinEx supports almost all countries in the world as all users are free to trade from most regions. The support across these continents is also one of the main reasons behind helping it to have a large user base in this competitive crypto industry.
6. Deposit and Withdrawal Methods from CoinEx
Based on my research and many other online reviews, deposit and withdrawal methods only support cryptocurrencies. Deposits are supposed to be instant, while withdrawals are made through a number of methods. Deposits can be made through different currencies including INR, GBP, USD, etc.
However, these deposits do not support 100% credit cards. In these situations, users have to buy other digital assets using fiat assets and then exchange them for cryptocurrencies. Furthermore, if the minimum value for withdrawal or deposit is not met but their funds are sent out, the user will still incur a loss as the funds are not refundable and they don't even have any possibility of getting it back. Okay.
+ Depositing is free and in order to deposit crypto into the user's account they will have to click on Assets -> Deposit (in the drop down menu) -> find the coin they want to deposit -> copy the address point CoinEx to their wallet.
+ The withdrawal is also simple. After entering the amount the user wants to withdraw and the address where they want to deposit their tokens, they will have to confirm the withdrawal request via email; then wait up to 15 minutes (but up to 30 minutes for bulk) for the request to perform the internal test.
Next, users will also need to wait for the required deposits to go through, based on the rules of the blockchain. The platform only charges the required miner fees for withdrawals.
Furthermore, traders can sell crypto for fiat on the exchange, but can only use Mercuryo.
7. Fees – Coinex Exchange Review
Payment methods include VISA & MASTERCARD and bank transfer, and they are essentially not available to every provider.
The transaction fees on this platform are in line with other similar platforms. However, if traders want to deposit their fiat currency, such as US dollars, the cost can be quite high. CoinEx withdrawal fees are similar to withdrawal fees on other crypto exchanges.
7.1 Deposit fee
Unlike other platforms, although users can deposit most cryptocurrencies for free, CoinEx does not allow traders to deposit fiat money for free by bank transfer. It is only used by third parties to process their fiat deposits. Users can purchase Bitcoin (BTC), Ethereum (ETH), Tether (USDT) and USD Coin (USDC) from various third-party payment processors on the site.
Each payment processor has a different fee structure, however, there is usually a flat fee like the sub-exchange rate. For example, a user wants to use Simplex to buy Bitcoin. Simplex is one of the third-party website processors. $200 is the minimum deposit. If a user spends $200, they will receive $184 worth of Bitcoins – which means it has an extra $9 hidden in the spread and a $7 fee.
7.2 Transaction fees
CoinEx charges a 0.2% “maker-taker” fee for spot trading. Users can reduce transaction fees in two ways:
– CET (CoinEx Native Token Payment): This reduces fees by 20%.
– Eligible for VIP status: The platform has five VIP levels. Users can advance by doing high volume trades or holding CoinEx CET tokens.
The transaction fee for each participant is 0.15%. Exchanges in Hong Kong usually charge lower transaction fees than other exchanges around the world.
Manufacturers get a 0.05% discount and trade at 0.10%.
7.3 Withdrawal fee
CoinEx cryptocurrency withdrawal fees vary by cryptocurrency. Fees are comparable or even often cheaper than other crypto exchanges. However, it is not possible to withdraw fiat from the platform.
Withdrawal fees for the most popular cryptocurrencies:
When you withdraw BTC, this market charges withdrawal fee up to 0.0015 BTC
To sum up, CoinEx is a great cryptocurrency exchange for the more experienced rather than the beginner in trading. The exchange provides a user-friendly, flexible and seamless platform for individuals to make the largest possible asset exchange. With a high-quality digital platform and service ecosystem, CoinEx is one of the best exchanges in the cryptocurrency platform today.
Oct 06, 2022