CoinEx Review: Trading Platform With Powerful Spot Trading
CoinEx, which was founded in Hong Kong, has grown to be one of the most well-known brands among cryptocurrency exchanges globally. CoinEx is a blockchain-based product service provider as well as a cryptocurrency exchange. The platform for trading coins includes a variety of appealing characteristics that make it a desirable choice. Let’s learn details about this project with Coincu through this CoinEx Review article.
CoinEx was established in December 2017 and had its headquarters there. It operates as part of the ViaBTC Group. They claim to have more than two million subscribers at this time, spread throughout more than 100 nations and regions. There are 15 languages supported by the exchange, including Chinese, English, Japanese, Korean, and others.
The CEO and creator of CoinEx are Haipo Yang. He has worked at Futu Securities and Tencent TEG/Weibo in the past. With a background in mathematics, he alone wrote all the code for the ViaBTC mining pool in 2016, which was subsequently released two months later. He then proceeded to launch the CoinEx exchange. The exchange’s website indicates that the key members of the team, which includes early adopters and experts in cryptocurrencies with extensive expertise in international operations and services, come from prominent internet and financial organizations throughout the world. The remainder of the crew is unknown.
One of the top exchanges for assets valued in Bitcoin cash (BCH), CoinEx offers dependable access to millions of users worldwide. Although China used to be their primary market when they first launched, they currently believe that 85% of their overall client base is worldwide, with only 15% originating from that country.
The exchange introduced a trade-driven mining program in August 2020, and it quickly became the largest exchange in the world by 24-hour trading volume. They now hold the forty-third position out of the more than 500 cryptocurrency exchanges listed on data aggregator CoinMarketCap.
As they have an Estonian trading license for digital assets, they are governed by Estonian legislation. No information is available, nevertheless, regarding the exchange’s insured money. With the noteworthy exception of any nations where trading cryptocurrencies is forbidden, they are also accessible worldwide, albeit they maintain the right to reject users from certain nations.
Information about CoinEx
- Founded: December 2017
- Founders: Haipo Yang
- Area served: Global
- Key people: JHaipo Yang (CEO)
- Products: Cryptocurrency exchange, digital assets
- Revenue: $6.4 million (2022)
This CoinEx review will go through the key aspects of the exchange so you can decide whether the exchange is the best option for you or whether you’re better off using a different reputable cryptocurrency exchange. Here is a brief summary of the exchange’s advantages and disadvantages.
|Never been hacked||No direct ways to do fiat deposits and withdrawals|
|Low and competitive fees||Overwhelming verification process|
|Security is on a high-level||No staking feature|
|Available almost globally|
|Advanced trading features such as margin and future trading|
|An enormous number of cryptocurrencies is supported|
Services/Products Offered by CoinEx
Unlike to many exchanges, CoinEx principally offers five products and services to the market. Which are:
- CoinEx Exchange.
- CoinEx Smart chain (a public chain ecosystem)
- OneSwap (a crypto asset swapping platform)
- ViaBTC Pool (multicurrency)
- ViaWallet (a digital wallet)
These services have been thoughtfully integrated into a hassle-free trading environment for all coins. The exchange accepts a wide range of fiat currencies in addition to digital assets for payment of these services and goods. Although some of the procedures are free on the platform, each of these goods costs the consumers separately.
Features of CoinEx exchange
With only a few clicks, beginners may buy and sell cryptocurrencies on CoinEx, a user-friendly exchange.
Several cryptocurrencies are supported by CoinEx, including CET (the company’s native token), Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Ripple (XRP), Dogecoin (DOGE), and many more. To be quite honest, there ought to be more supported currencies.
According to our evaluation of CoinEx, the platform provides a variety of capabilities as an exchange:
- CoinEx shows quick and reliable transactions that usually take place within a few minutes, instead of some other industry exchange that might even take days for the transfer.
- The platform has a seamless user interface for both computers and mobile phones.
- The exchange also has the best cryptocurrency wallet that can quickly transfer assets traded at the exchange within the company’s digital ecosystem.
- It also includes mining provisions. However, the mining events on the platform are not ongoing and happen after intervals.
Offering spot trading is CoinEx. Spot cryptocurrency trading, for those who are unfamiliar with the phrase, is the act of purchasing and selling tokens and coins at a specific price for prompt settlement.
Remember that CoinEx offers support for 655 trading pairs, which is a really impressive figure.
Margin trading, a sophisticated trading option for seasoned traders, is supported by CoinEx as well. In actuality, we wouldn’t advise it to a complete newbie; it is only appropriate for traders with expertise. You must transfer money from your spot trading account to your margin trading account before you may engage in margin trading on CoinEx.
Margin trading has a high level of risk, thus it should only be undertaken by investors who are not unwilling to lose a small but significant portion of their capital. The ability to trade with a larger sum of money (loaned to you by a third party) does, however, allow you to make more money than you would with your actual budget.
The fee of deposits is nothing. It is usual practice on all exchanges for withdrawal fees to vary by coin. For instance, they are 0.0001 BTC per BTC withdrawal, 0.009 ETH per ETH withdrawal, and for stablecoins (USDT and USDC), they can range from 0.01 to 80+ depending on the mainnet type you select.
Given that they are a little lower than the market average, fees seem to be rather fair. Fees for utilizing a third-party provider to deposit fiat are around $1.
The comparatively modest fees that CoinEx charges can be significantly lower by utilizing the CET token. The amount of CET you possess (both on the exchange and in a wallet you may tie to the exchange) and whether you opt to pay transaction fees using CET, which saves you 30% off the total amount payable, will determine the overall fee percentage. The entire cost is displayed in the table below in the column labeled “Spot Fees with Deduction” if the two potential discounts are combined.
The following chart displays the trading charge reductions based on CET holdings.
|VIP Level||CET Holding||Spot Fees||Spot Fees with Deduction||Margin Daily Interest||Perpetual Fees|
|VIP0||0 CET||0.2%||0.14%||0.1%||Maker 0.03% / Taker 0.05%|
|VIP1||1,000 CET||0.18%||0.126%||0.09%||Maker 0.028% / Taker 0.048%|
|VIP2||10,000 CET||0.16%||0.112%||0.08%||Maker 0.026% / Taker 0.046%|
|VIP3||100,000 CET||0.14%||0.098%||0.07%||Maker 0.024% / Taker 0.044%|
|VIP4||500,000 CET||0.12%||0.084%||0.06%||Maker 0.022% / Taker 0.042%|
|VIP5||1,000,000 CET||0.1%||0.07%||0.05%||Maker 0.02% / Taker 0.04%|
It is always advisable to keep your money out of any exchange and in a private wallet if you have more CET than what is in your exchange wallet. The address of a wallet can be linked to your CoinEx account. Your fund is still completely secure; the only information the exchange has access to is how many CET tokens you currently own. This can raise your VIP status, therefore, it might be something to think about.
Customers may be eligible for extra discounts under various Spot Market-Making Levels if their monthly trading volume is extremely large (beginning at $10 million). Trading costs are substantially cheaper for makers than for takers. This is due to the fact that, in the words of the exchange, they supply the “gasoline” for the market. In other words, when they make an order and wait for the necessary circumstances to be satisfied before it is executed, their funds supply liquidity for the exchange. Conversely, takers are those who fill the orders that manufacturers have made, which lowers the market depth.
With its automated market-making features, CoinEx also provides liquidity providers with exclusive pricing. The VIP rankings and CET discounts do not apply to these charge percentages since the AMM market has its own fees and regulations.
According to our CoinEx review, the business offers 24/7 customer care via emails and other online channels. Due to issues some clients experienced trading services, the support team’s track record has not been perfect. According to an analysis of online exchange review data, market makers have had better interactions with CoinEx’s support staff.
One of the solutions offered by CoinEx that has a built-in system for all user needs is ViaWallet. A multi-currency digital wallet called ViaWallet, was created with a user interface like that of the CoinEx exchange and was constructed to some of the greatest safety requirements. The wallet also offers mobile device-specific apps (ex iPhone). More than 30 currencies and one million tokens based on the ETH and BTC blockchains are supported by ViaWallet. If any registered coins are added to the valet, ViaWallet can be informed using their contact form.
The CET or CoinEx token is based on the ERC-20 token standard, while CoinEx’s token is built on the Ethereum network. On the platform, trading any coin through this token results in discounts and other advantages. The trading cost that will be levied on users depends on the holders of these tokens. The token often trades for between $1 million and $1 million every day. This cryptocurrency is used as platform gas.
Is CoinEx a safe choice?
When you consider its substantial customer base, CoinEx is unquestionably a reliable cryptocurrency exchange. CoinEx gives security and the protection of your money a lot of consideration, which is always a benefit. It is unclear how much of the money placed with CoinEx is held offline. However, they do provide multi-sig cold wallet storage.
CoinEx employs multi-sig cold wallet storage to maintain the security of their users’ money, yet they do not say what proportion of the money placed with them is held offline. Moreover, they say that working together with the world’s best security team [provides] full-dimension protection, however, they don’t say who exactly makes up that security team. Throughout its four years of operation, the exchange has never been hacked.
As CoinEx has an Estonian license for dealing digital assets, all of your money on the exchange will be fully reserved. As a result, withdrawals are quick and easy, and you won’t have to wait for them to make up for any money they spent somewhere else. In other words, they cannot be used for anything else.
Their Bug Bounty program, which encourages tech-savvy customers who see bugs or other vulnerabilities on the exchange to report the danger and get a payment of up to USDT 10,000 in return, is another crucial security feature. As the lowest payment is USDT 200, even the slightest exploitable bugs will be acknowledged and paid.
|Level 1||USDT 200 – 1,000|
|Level 2||USDT 1,500 – 4,000|
|Level 3||USDT 5,000 – 10,000|
Users can set up an API withdrawal whitelist on WEB and API separately as one of the security precautions that are suggested of them, in addition to creating a strong password and enabling two-factor authentication (either using Google Authenticator or SMS codes).
If it wasn’t you logging into the exchange, you will be alerted right away by an SMS or email that includes your IP address, time, and location. Also, all deposits and withdrawals are communicated to your email address or through SMS, and if your IP address changes regularly (for instance, if you use many devices or travel frequently), you will be alerted.
Currently, CoinEx’s daily trading volume is only ranked 55th according to CoinMarketCap, so the exchange is still only at a stable level but cannot compete with today’s leading platforms.
Conclusion of CoinEx Review
For those seeking a robust spot trading market with the option of perpetual futures and margin trading for more seasoned investors, CoinEx is a great cryptocurrency exchange. You will be able to discover a great variety of low-cap altcoins here because of the enormous and continuing growth number of supported tokens. Those who value their privacy will find the exchange particularly suitable.
The exchange provides a fluid, smooth, and user-friendly platform for people to conduct the greatest asset exchange and can be accessible from the majority of geographical areas. CoinEx is one of the industry leaders in bitcoin exchanges because to its strong network of online platforms and services. Hopefully the CoinEx Review article has helped you understand more about the project.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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