CoinEx Exchange, To be truthful with you, selecting the right cryptocurrency exchange that meets your requirements and provides every feature and service that you require at a particular moment in time is possibly one of the most difficult things to do in the crypto world. Why? The answer is easy it is because there are numerous exchanges that are of high-quality. One of them is CoinEx.
CoinEx is a well-known company in the field of crypto. In this post we’ll review the functions, supported coins withdrawals, deposits, fees and supported countries, security and all the other aspects that make up this CoinEx exchange.
CoinEx is available across more than 10 different languages like English, Chinese, French and Spanish. In addition, it supports more than 50 fiat currencies.
The exchange has a user-friendly interface. I found it fairly easy to navigate. CoinEx’s homepage is clean and has excellent explanations of the main aspects on the site. viaBTC is the company that is responsible for the foundation of CoinEx with its headquarters located in Hong Kong.
The exact words used to describe CoinEx could be:
- An array of altcoins
- Low (competitive) costs (competitive)
- High-level security
- No KYC required
- Free deposits
- Excellent help center
- The mobile application is available (for equally iOS as well as Android)
Without further delay let me go over the CoinEx exchange in greater detail.
Take note that these are just my personal opinions that are based on my extensive research regarding CoinEx. CoinEx exchange. However, you must conduct your own research prior to making the decision to make use of CoinEx or not.
It is important to keep in mind that the opinions and suggestions contained in this article should not be considered to be financial advice.
Features & Services
Buy & sell crypto
As already mentioned above, CoinEx is a beginner-friendly exchange so buying and selling cryptocurrencies can be done in just a few clicks. Of course, you have to go through the registration process first (will be explained later in the article).
Click on the “market” tab at the left side of the homepage and you’ll find the available cryptocurrency to purchase. As of the date at the time of this writing (January 2022), CoinEx supports an vast array of cryptocurrencies, including CET (its native currency), Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Ripple (XRP), Dogecoin (DOGE) and many more. To be honest, the total number of supported coins will likely be greater.
CoinEx offers spot trading. For those not familiar with the term, spot trading is the process of buying and selling tokens and coins at a spot price for immediate settlement.
Click on”exchange” on the “exchange” tab at the right side of the homepage . You will be directed to a brand new window. Then, you will be taken to a new window, as shown below. Let me explain the entire exchange page:
1.) Search the market and bar area
2.) Basic market information
3.) K-line depth chart and market chart
4.) Setting the fee discount and the rate of maker and taker
5.) Market area of selection
6.) Area for placing orders
7.) Percentage of selling and selling
8.) market handicap thickness zone
9) Recent transactions area
10,) Current orders are available.
11) Area for Orders History
Be aware that CoinEx has 655 trading pairs, which is quite an impressive number.
CoinEx supports margin trading as well – an advanced trading feature for experienced traders. In fact, I would say it is suitable only for experienced traders since I would not suggest it to a complete beginner. If you want to do margin trading on CoinEx, you have to first move your funds from the spot trading account to your margin trading account.
Margin trading carries a substantial amount of risk and is recommended for traders who aren’t ready to risk a substantial sums of funds out of their savings. But, it allows traders to trade with an amount that is larger (that comes from a third party) that means you could earn more than what you can using the funds in your “real” money.
CoinEx supported coins
CoinEx withdrawals and deposits
CoinEx does not directly support fiat deposits, but you can do it via third-party providers that include Simplex, XanPool, Mercuryo, Paxful, Moonpay, and AdvCash.
You can directly deposit crypto into CoinEx. You can deposit directly crypto to CoinEx account. The same applies to withdrawals too – you can withdraw only cryptocurrency in one go, however you can trade it in exchange for fiat currency by utilizing a third-party service (Mercuryo).
Deposits are completely cost-free. When it comes to withdrawals, it varies from coin to coin (which is a standard procedure on all exchanges) – for example, it is 0.0001 BTC per BTC-withdrawal, 0.009 ETH per ETH-withdrawal, and for stablecoins ( USDT and USDC) it can go from 0.01 to 80+ depending on what mainnet type you choose.
Ripple (XRP), Dogecoin (DOGE), USD Coin (USDC), Cardano (ADA), Avalanche (AVAX), Polygon (MATIC), Shiba Inu (SHIB), Litecoin (LTC) and many more.
In all honesty, if CoinEx’s reputation is taken into consideration the number of CoinEx-supported coins is likely to be greater.
They seem fairly reasonable as they’re less than the average market. If you choose to make a deposit using a third-party offer, the fees are around $1.
As already mentioned, the only payment method for deposits and withdrawals on CoinEx is the cryptocurrencies. In my opinion, this is a big downside of CoinEx. However, it is possible to exchange fiat money for crypto and then deposit it to your CoinEx account via third-party providers (Simplex, XanPool, Mercuryo, Paxful, Moonpay, and AdvCash). Not the best possible solution, but better than not to have any.
CoinEx has a 24h withdrawal limit of 10,000 USD if you are not a verified user. However, if you do verify your account, you will increase your daily withdrawal limit to 1,000,000 USD.
I couldn’t discover any limits for deposits on CoinEx. Additionally, there is no information on their website about the trading limits.
CoinEx Trading Fees
Spot trading fees, margin trading fees
CoinEx’s spot trading fees are initially 0.2% while margin trading fees are 0.1%. I say initially since you can increase your “VIP” level, or in other words, you can hold more CET coins and your fees will be lower. In general, trading fees on CoinEx are fairly low compared to the market’s average and main competitors. In the table below you can see all VIP levels and what the trading fees are for each level.
|VIP Level||CET Holding||Spot Fees||The Deduct Spot Fees (CET)||Margin Interest Daily|
Future contract charges
When it comes to future contract fees, these are 0.03% for the maker and 0.05% for the maker which is fairly low. However, if you hold CET, you can make these fees even lower, please see the table below:
|VIP Level||CET Holding||Maker Fees||Taker Fees|
|VIP1||>= 10,000 CET||0.0280%||0.0480%|
Do you require KYC for CoinEx? CoinEx have to obtain KYC?
No, CoinEx does not have a mandatory KYC (Know Your Customer) verification process. You can verify your account of course and therefore increase the daily withdrawal limit and have an exclusive support manager.
These are, however, the only two distinctions between a verified and non-verified account, and my recommendation to start by letting it sit for the exchange, then try it out and decide if you truly have to verify your account for the two mentioned modifications.
Also Read: How to Buy Rocket Bunny Crypto
CoinEx Exchange supported countries
As per CoinEx’s team, they have more than 2 million users in more than 100 countries. In fact, CoinEx is available almost globally with the few exceptions (countries where cryptocurrency trading is prohibited).
The figures show about 15% of CoinEx’s sales come out of China while 85% of CoinEx’s are from other countries.
Also Read: FTX Vs Coinbase: Features, Fees and Security
Are US investors permitted to use CoinEx?
There is no info on CoinEx’s website whatsoever about US investors, so it is not 100% clear whether they are allowed or not. However, I did find the information on some blogs that CoinEx allows US citizens to be their users.
What are the steps to begin using CoinEx? (steps like registration, activation, verification, etc).
Signing up with CoinEx is pretty straightforward process. You need to enter your email, password and then verify your email with the verification code they sent you to your inbox. The whole process is done within a few minutes.
The verification process is where things get a bit difficult. You must first provide complete information regarding your self (name address, phone number and so on.) after which you upload the photograph of your ID document. Once you have completed the necessary steps, they’ll email your email in 5-10 day, which is an extremely long amount of time. Hence, the verification process for CoinEx is very slow.
The full instructions to verify your account using CoinEx are available here.
Also Read: 5 Top Bitcoin Exchanges In the USA
Does CoinEx have an indigenous token?
Yes, CoinEx does have a native token – CET. The token was mentioned multiple times in this article since you can decrease your fees if you hold it. The token was launched back in 2019 and you can buy it on various exchanges such as BKEX, AscendEX (Bitmax) , and CoinEx.
Is CoinEx authentic and safe?
CoinEx is definitely a legit crypto exchange when you look at their large user base. When it comes to the security and the safety of your funds – CoinEx pay a lot of attention to this which is always a plus. CoinEx offers a multi-sig cold wallet storage, although tit is not specified what percentage of the funds deposited with them are kept offline.
The exchange was not hacked. The CoinEx Bug Bounty program is definitely worth noting if you are able to report any problem or bug with this exchange platform, you could receive a reward in USDT. Based on the kind of problem you’ve reported the amount of rewards could range between 200 USDT and 10,000 USDT.
Does CoinEx Regulated?
CoinEx is regulated under Estonian law since the exchange holds the Estonian digital asset trading license.
CoinEx is definitely a good cryptocurrency exchange especially if you want to find a place for margin and perpetual futures. I would say the exchange is suitable both for beginners and experienced traders since it is very easy to use and it offers advanced trading services.
Like all exchanges, CoinEx has its downsides like a hefty verification processes and no easy ways to deposit money in fiat. But none of this are major issues according to me.
What fiat currencies does CoinEx support?
CoinEx supports more than 60 fiat currencies such as USD, EUR, AUD, RUB, JPY, KRW, and many others.
Does CoinEx offer Fiat Deposit?
No directly, but you can deposit via third-party services (Simplex, XanPool, Mercuryo, Paxful, Moonpay, and AdvCash)
Can I trade using leverage via CoinEx?
Yes, CoinEx support margin and perpetual contracts trading – these two can be combined so you can place long buys using leverage from the exchange.
The place where the CoinEx exchange where it is based?
CoinEx is based in Hong Kong.
How can I access crypto through CoinEx?
Buying crypto on CoinEx is pretty straightforward – just tap on the “market” tab on the homepage and you will see a list of coins available to buy. Of course, before buying new crypto on CoinEx, you have to first deposit your account (either with the crypto your already hold or with fiat money via third-party services).