CoinEx Review
With the internet today, it is easy for any company to tout their flawless services online – but reviews don’t lie. Not many crypto service providers out there are true to their words, so users should always do their due diligence before any investment. That is why we offer a review of exchanges. So, we have written a CoinEx Exchange Review today to give you an overview of the company’s legitimacy and activities.
There are a few key things to look for in a crypto exchange, which should be like your guide before you entrust your money to any particular one. The security of a crypto platform can’t be overstated; this quality should normally be at the fore of any financial institution. However, not so many crypto platforms can boast of a secure platform, low fees, high liquidity, or even excellent support.
An exchange should provide users with various financial instruments and a great, navigable user interface. This particular CoinEx Exchange Review chronicles the essential details of the company and what to expect from them. If you have been looking around CoinEx to see if it is a trustworthy company, well, this review is for you.
| Exchange platform | CoinEx Exchange |
| Website | Coinex.com |
| Variety crypto | 184 |
| Account needed | Yes |
| Verification | Yes |
| Trading Platform | Web-based and Mobile app |
| Payment Method | Cryptocurrency |
| Customer Support | Email, Chat |
What is CoinEX Exchange?
CoinEx exchange is a global digital coin exchange that launched in 2017 and is headquartered in Honk Kong, China. The platform offers a wide range of coins at a low cost and has a high trading volume, which takes out the issue of liquidity. CoinEx exchange has more than 260,000 monthly visitors to their website and over three hundred active markets.
Following the company’s launch in china a few years ago, it later registered in the United Kingdom. CoinEx is the cryptocurrency exchange arm of the Chinese crypto mining firm ViaBTC. So far, the exchange has successfully created a smooth and trusted operating environment for its clients through support from its outstanding staff.
Although the exchange is new, it has risen gradually to become one of the leading exchanges in the world. Based on our judgment of the company and other reviews, it has built an excellent track record in the few years it has existed. CoinEx is designed for both beginners and advanced users due to its seamless executions, low cost, and suitable trading platform.
Supported cryptocurrencies
Like many other crypto exchanges, CoinEx allows users to deposit, withdraw or trade on the platform in cryptocurrencies. Bitcoin accounts for over 12% of the volume on the platform. It also supports several altcoins with a fairly massive market for them.
The largest markets for altcoins are Ethereum, Litecoin, and Bitcoin Cash, with many other pairs to trade likewise. In total, you can trade more than 180 coins on the platform.
In January 2018, the exchange also issued a native token CoinEX Token (CET). The token runs on the COinEx chain, which is a public chain that was launched in 2019. Apart from the currency value, CET can be staked on the CoinEx chain, and the token holders can also earn discounts on trading fees.
The CET is a value-added service and privileges plan that is based on the CoinEx ecosystem. It also functions as gas on the CoinEX Chain and complies with ERC-20 protocols. CET can also be used as transaction fees for both spot and margin trading on the platform, provided you have enough tokens.
Supported Countries
CoinEx places no geographical restriction on any region or country. Therefore, the company accepts customers from all over the world and offers multilingual support as well.
CoinEx Exchange Fees
The inexpensive fees on CoinEx exchange are one of the many draws of the platform. Like the other exchanges, CoinEX has its fee structure. CET holders can enjoy up to about a 50% discount on transaction fees.
However, the fee structure about to be explained is for spot trading and is quite different from the Perpetual transaction fees.
The transaction fee paid on the platform varies and depends on the VIP level and market-making level. First, CoinEx offers different VIP membership levels, which feature varied transaction fees depending on the CET held. Also, market makers and takers pay varying fees depending on their trading volume.
Before we go further, market makers are those who create a buy/sell order at a certain price and they represent the market depth. Contrarily, takers execute a suitable buy/sell order created by the makers. While makers create the market depth, takers do the contrary: their transactions lower the market depth.
For VIP levels, the VIP0 makers pay 0.2% for spot trading and 0.14% when paying with CET. On the other hand, VIP5 members pay about 0.1% spot transaction fee and can enjoy about a 30% (0.03%) discount when paying with CET. For V1P1, VIP2, VIP3, VIP4, their spot fees fall between 0.2 – 0.1% without CET and 0.14 – 0.07% when paying with CET.
For the Spot market making, the fees depending on your trading volume and whether or not you are paying with CET. Level0 users who trade more than 0 USD but less than 10,000,000 USD pay 0.2% for both maker and taker fees. Contrarily, they pay 0.14% for both maker and taker fees when paying with CET.
Also, Level5 traders who trade above 100,000,000 do not pay maker fees, regardless of whether they are holding CET or not. However, they are charged 0.05% for taker fees but 0.035% when paying with CET. The taker and maker fees for the other spot trading levels fall in between the aforementioned extremes.
Margin Trading Fees
Along with spot trading, CoinEX supports margin trading and charges a fee on it as well. Before we consider the fees, you should have an understanding of how margin trading works in the financial markets. Margin trading is a trading technique where you trade an asset using borrowed funds from a third party.
Contrary to spot trading, you enter a position using the funds borrowed from a third party. The essence of margin trading is to amplify trading profits; however, it can result in greater losses. In crypto markets, you can open positions 5x greater than you normally would.
Again, in the crypto markets, the borrowed assets are given out as loans by other traders who earn profits in return. As for CoinEx, the interest on each loan is calculated every 24 hours. When you eventually make payments, CoinEx will first deduct the interest and then the borrowed amount.
If you default on the loan, payments will be deducted automatically from your account. Also, 30% of the daily interest paid goes to an insurance pool to cover bankrupt positions.
Deposits and Withdrawals
Like we said earlier, CoinEX supports deposits, withdrawals, and trades in cryptocurrencies and not fiats. While the platform has a different fee structure for each coin, the deposit fee is free for all the coins. However, the withdrawal fees charged and the minimum deposit/withdrawal depend on the type of coin and mainnet type.
For instance, both the minimum deposit/withdrawal for the CET on the “CoinEX Chain mainnet” is 1 CET, while for “ERC20,” it is 2400 CET. However, before you perform any transaction, we’d advise that you visit the CoinEx platform to check the requirements before you proceed.
The company makes sure that all assets are completely kept in a reserve and are always available to the owners whenever needed. This allows for the fast withdrawals and transfer of assets on the platform. The platform also has several mining pools that accelerate transactions to ensure the swift processing of deposits and withdrawals.
Besides, when you submit a withdrawal request, you will be asked to reconfirm your withdrawal on your email before it gets automatically processed. That protects users from losing their funds due to withdrawal mistakes.
CoinEx Payment methods
CoinEx only supports cryptocurrency transactions, so you can’t use payment methods like SEPA, wire transfer, or debit/credit card. Payments are either done in CET, the platform gas, or other cryptocurrencies.
That means that to use the platform, you have to buy cryptocurrencies from other exchanges and then transfer them to CoinEx. In addition to using CET as fees, holders will also enjoy discounted transaction fees. The token holders will also benefit from privileges like fast withdrawal, exclusive customer support.
Although CoinEx does not directly support fiat currency, it partners with various payment platforms, including Visa, Mercuryo, and MoonPay. However, for large crypto transactions, you will have to contact CoinEx OTC payment partner Matrixport.
You can send an email to the payment partner to access their service. For you to access this service, you must have completed your account verification. However, Matrixport does not support about 32 countries due to legal restrictions. You can check the CoinEx website to see if your country is supported.
CoinEx Platform
The user interface of a service provider should be in a way to enhance user experience. Another crucial factor to consider is the privacy of user data and information on the platform, and how they are used. Since a platform is an avenue for users to access the services of an institution, it has a direct influence on customers.
CoinEx exchange interface is simple, interactive, and intuitive, hence, enhancing the user trading experience. The platform is secure and provides a slew of trading tools, which makes it ideal for both newbie and professional traders. Also, user data and transactions are safeguarded on the platform.
CoinEx also supports the use of APIs (Application Programming Interface) for those with the technical know-how. The programming tool allows users to integrate CoinEx trading functions into their applications. Developers can use the API to automate their trading or withdrawals and perform so many other functions.
All the digital assets of the firm are held in a reserve and are not used for any other activity by the company. Therefore, this makes it possible for users to easily access their funds in no time. The firm matches orders at enormous speed through its exclusive matching engine. Therefore, the platform can process orders at about 10,000 transactions/sec while also maintaining the stability of the platform.
Is CoinEx Secure?
The prevailing rate of cryptocurrency scams should become worrying for anyone in the crypto space. However, many investors find solace in trusted and reliable exchanges to safeguard their money. Security should always be at the core of every crypto exchange, and users should also take it seriously.
In addition to the anonymity that cryptocurrency offers, CoinEx has gone further to provide maximum security for users. The firm takes several precautionary steps to ensure that user assets are kept secure and that activities maintain a high level of privacy.
The security of the data transferred over the CoinEx website is achieved through the Hypertext transfer protocol secure (HTTPS). It also uses two-factor authentication – both google authenticator and SMS Code to add an extra layer of security. The firm works together with an intelligent security team that takes a risk-based approach regarding the safeguarding of customers’ funds.
Another security function set up by the firm is the inspection of IP addresses. The security team of the company tracks irregularities in IP addresses. Once they notice that your account’s IP address has been changed frequently, you will receive an email or SMS to notify you – in case there is a risk of attack.
Just as you know, you are also responsible for the security of your account. We always encourage users to complete their full account verification and take advantage of the full security settings provided by any platform. CoinEx allows users to set up additional protection layers to further enhance the security of their accounts.
If you have a justifiable suspicion that your account has been hijacked, you can disable your account. You can also activate the disable account function if you no longer use the account. However, there is a guide on the website on how to set it back up.
We’d advise that you keep your password strong and private and always use a secure and unique email address. There are always upgradeable protection measures that you can enhance the security of your account.
CoinEx Support
The support team is the backbone of a firm because the workers respond to user complaints – whether through a live chat, email, or on their website. In short, they have a direct relationship with the customers and act as representatives for the company. A firm that takes the customers seriously wins their hearts and is more often considered the best.
CoinEx has won the hearts of many customers due to the quick response of their support team. Although the platform does not support a live chat, they reply fast to the support forms submitted by customers.
It also offers chatbot support, where you can search for crypto articles or get quicker replies to more trivial questions. Although this doesn’t seem like much, it helps when you need help navigating the site or have a question that doesn’t require submitting a request form.
However, to get in touch with the support team, you can access their request form on their website. All you have to do is enter your registered email address, input the subject, select an issue type and enter a description of the issue. Also, CoinEx supports mobile apps to facilitate a convenient and quality trading experience.
The team alerts you through SMS or Email once you deposit or withdraw an asset. The notification is sent to the phone linked to your account to personally monitor your assets and account activities in real-time. CoinEx also has a blog where users are informed of available updates concerning the products offered by the firm.
CoinEx support team also offers educative content to the platform users. Although they are not trading advice, they are offered to ensure that account holders have the right information regarding the crypto world. The platform also has a comprehensive library where they can get quick answers to minor issues and a short directive on navigating the site.
Conclusion
CoinEX is safe and convenient and provides stable and adequate crypto services to its clientele all over the world. One big draw of the company is that transactions are very fast due to the high-speed matching engine. The platform also allows for flexibility in terms of fees and offers discounts when you pay in CET.
The exchange charges incredibly low fees and has excellent support. Users can even earn rewards when they refer users to the platform. However, we found the exchange interface to be simple, interactive, and secure hence enhancing the user trading experience. Also, while there are many available coins to trade, transactions are kept transparent enough.
Although the company is still relatively new, it has climbed higher to be among the best due to its excellent services. CoinEx offers a slew of tools to afford users the best experience on the platform. As part of its services, the company also provides educational content for users.
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