CoinEx Exchange // Condensed Review – Pros and Cons
CoinEx (coinex.com) is a global and professional cryptocurrency exchange since December 2017. Launched in Hong Kong (CoinEx Technology Ltd.) and registered in Estonia (CoinEx Global Ltd.), the company is comprised of well-known Internet and financial leaders, including some of the earliest practitioners and investors in the digital currency industry.
In order to not touch the customer’s assets, CoinEx has a policy of maintaining their own 100% reserve, meaning the customer’s funds are never used for any behind-the-scenes purpose. Thanks to this, withdrawals are processed swiftly and users will get their funds quickly, almost always within a few minutes.
In this CoinEx review, we shall see how this platform offers customer service, high speed trading, and security. Let’s explore the details right now!
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CoinEx Restricted Countries/Regions
Is CoinEx a safe cryptocurrency exchange?
Because CoinEx takes security very seriously, fortunately no successful hacking attempts have been made so far, and therefore this exchange platform is considered very safe. In addition, CoinEx regularly conducts IP monitoring in order to block malicious sources. On the user side, they use standard 2FA protocols and HTTPS to provide full-dimension protection of the customers’ funds and data.
Available Cryptocurrencies at CoinEx
Bitcoin accounts for over 12% of the total volume on the platform, but CoinEx also supports many popular stablecoins and new altcoins. The largest markets for altcoins are Ethereum, Litecoin, and Bitcoin Cash, along with many currency pairs. In total, you can trade more than 180 coins on the platform.
In January 2018, the exchange also issued a native token called CoinEX Token (CET). The token runs on the CoinEx blockchain, which is a public chain that was launched in 2019. By purchasing and using CET, token holders can receive discounts on trading fees.
CoinEx Services
Although CoinEx does not have 20+ services as compared to Binance or Huobi, this is still an excellent platform for your cryptocurrency needs. Here we look at the main crypto services offered by CoinEx.
CoinEx Cryptocurrency Exchange
The CoinEx exchange is a great place for you to buy one of the following cryptocurrencies: BTC, BCH, ETH, LTC, USDT, USDC, TRX. In addition, you can easily exchange your existing coins via the Exchange platform at CoinEx. When exchanging, the base cryptocurrencies are USDT, BTC, BCH, and ETH.
CoinEx Cryptocurrency Margin Trading
CoinEX supports margin trading and charges a fee. For margin trading, you enter a position using the funds borrowed from the platform. The essence of margin trading is to amplify trading profits. In Coin Ex’s margin trading markets, you can leverage positions up to 5x the usual amount.
CoinEx Coin-M Perpetual Trading
The Coin-M Perpetual Contract on Coin Ex Exchange is similar to a traditional Futures contract, but it does not have an expiry date or settlement date. Contracts allow you to buy (or “long”) or sell (or “short”) based on your predictions about the future upside and downside of the prices of cryptocurrencies.
CoinEx Wallet
CoinEx has a very standard built-in wallet that can handle all of your holding and trading needs. However, you will not be given access to your private keys, but rather access to your public wallet address. If you plan to be a heavy coin holder, it is recommended to use a cold wallet. But if you plan to trader regularly, then the CoinEx wallet is still excellent.
CoinEx Mobile App – iOS & Android
To buy or exchange cryptocurrencies on the go, users can download the CoinEx mobile app which is available for both iOS and Android devices. Of course, every app is just the simple version of the full desktop experience, and therefore real trading is recommended on PC. However, when you are on the go, the CoinEx apps will still serve all of your trading purposes very well.
CoinEx KYC Verification Requirements
CoinEx Trading Fees and Limits
CoinEx has different fees for “takers” and “makers”.
The trading fees for takers are 0.20% for Level 0 (LV0) users, which is quite low already. If you move up the ladder to Level 5 (LV5), you can enjoy an extremely low taker fee of only 0.05%. The trading fee for makers is 0.20% for LV0 users, and as you increase your account level, your trading fee can reach 0.00%!
Overall, you can see why Coin Ex is a proven destination for traders looking for low trading fees.
CoinEx Payment Methods and Fees
If you do not hold any cryptocurrencies, CoinEx offers you the opportunity to purchase via Visa and Mastercard within the CoinEx website. CoinEx is partnered with 4 payment systems that you can choose from: Paxful, Mercuryo, Simplex, and MoonPay. Paxful usually offers the lowest fees, but before each transaction, please check to confirm. (The fees are embedded within the price.)
Depositing at CoinEx and Fees
If you have existing coins, then depositing your favorite cryptocurrencies at CoinEx is completely free of charge. To give you a general idea, the minimum deposit amounts for some major coins are:
BTC: 0.001
ETH: 0.02
USDT: 1
DOGE: 10
etc.
Withdrawing from CoinEx and Fees
The withdrawal fees and limits for each coin will differ. Here are some major coins with their respective fees and minimum withdrawal requirements:
BTC – Fee: 0.00030; Min. Withdrawal: 0.001
ETH – Fee: 0.0021; Min. Withdrawal: 0.02
USDT – Fee: 0.3; Min. Withdrawal: 1
DOGE – Fee: 10; Min. Withdrawal: 10
BCH – Fee: free; Min. Withdrawal: 0.001
etc.
At CoinEx, there are no maximum withdrawal limits for any coin. This is a great benefit for traders who frequently transfer large amounts of cryptocurrencies.
CoinEx Customer Service
CoinEx offers one of the best customer service experiences among cryptocurrency exchanges. You may reach their support staff via email or the chat box, and they will usually reply within an hour.
Email: support@coinex.com
Chat Box: automated chat bot available 24/7
Conclusion – Should I use CoinEx?
Because of all of the above reasons, CoinEx is a highly recommended cryptocurrency exchange platform. Do not hesitate to create a free account to test the platform before making your first deposit or first trade.
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