3 months ago By Oluoma Aneke
CoinEx is one of the major Cryptocurrency exchanges with many users across the globe. As a trader or investor, one of the things that matter most is the security of your assets.
With numerous Cryptocurrencies available, you might find it hard to select the Legit one.
However, before trading with any exchange, you should do proper research to avoid experiencing so many losses.
In this CoinEx review, we will look at the features, pros, cons, and cryptocurrencies available.
CoinEx was founded by Haipo Yang in December 2017, with Hong Kong being the headquarters. CoinEx provides assets to its million users globally because it is one of the leading exchanges. CoinEx has many cryptocurrencies available for trade. They are available in different languages like English, Chinese, Japanese, Korean, Russian, and some others.
Features of CoinEx
Trading Options – the trading options available in the exchange includes:
Margin trading - Margin trading means trading using borrowed money. The platform allows you to trade with borrowed money to increase your gain. The way margin trading enables increased profit is also the same way it can lead to massive loss.
If you are not experienced with margin trading or ready to face the risk involved, please stay away and try other trading options.
Spot trading – the spot trading option allows you to trade your Crypto instantly. You can also buy or sell your crypto using a specific price.
Futures trading – this is a trading option that allows you to earn profit by speculating future prices. If you predict that the price of a particular coin will go up by next week, and it happens that way, you will gain profit. If, on the contrary, the coin falls, you will lose. This is a risky game that can earn you a lot of profit and also cause you to lose.
CoinEx fees overview – the exchange has different fees mapped out for different transactions. For the deposit fee, you have to pay for a fiat deposit which is the only deposit option available in the exchange. You have to buy either Tether (USDT), USD Coin (USDC) Ethereum (ETH), and Bitcoin (BTC) using any of the third-party payment processors available.
These different third-party payment processors have different fee structures although there is usually a set fee.
For trading fees, the exchange has a maker/taker fee of 0.2% on spot trading. You can further reduce these fees in two ways. When you pay with CET which is the CoinEx native token, you will have your fees reduced by 20%. You can also get a reduced fee when you qualify for VIP levels.
There are five VIP levels available and you keep increasing in level when you trade high volumes or if you are holding a CET token. A user in VIP 0 will pay a 0.2% fee while a user in VIP 5 will pay a 0.1% fee.
For withdrawal fees, it depends on the cryptocurrency. You won’t also be able to withdraw fiat money from the platform.
User interface – the user interface available in CoinEx can be considered simple. On their site, you can see all the information you need in different sections. The top coins are placed on a different site, and the trading volumes and other information all have their sections.
Opening an account – like other exchanges, you will have to first create an account with the exchange. The account opening is easy and takes just a few minutes.
Go to the site and click on the signup button.
Provide your email and a strong password
Go on and confirm your email address.
Set up your two-factor authentication. This is not compulsory but is advised that you do so. The two-factor authentication helps you secure your account and keep it away from hackers.
Complete the KYC process. This is also not compulsory, but doing it will be very beneficial to you. Also, it will raise your daily withdrawal limit from USD 10,000 to 1m.
Account management - you can decide to manage your account through the website or by downloading the app. You can download the android version through the google play store and you can download the app on iOS devices. There is also an option of downloading the APK version through the website.
Customer service- there are several means by which you can get help from the exchange. They have a help center where they answer questions and also provide a guide on how to use the exchange. To get access to the help center and also ask your question, you will see a help button at the lower right corner of the screen once you log in to the site.
If you are not satisfied with the answers provided, you can use the “Contact Us” option. You will find it at the bottom or on top of the screen. All you need to do is to provide your connected email address and explain the issue you have.
Security – the exchange has some features that enhance the protection of its user’s assets. They store some of the assets using cold storage and this makes it possible to keep hackers away. CoinEx holds a license from Estonian digital asset trading which helps them reserve all their user’s assets.
By this, they can’t use the reserved assets for any other purpose. The exchange also uses the Bug Bounty program. With the bug bounty program, technologically inclined users can make money from it when they report any threat they notice to the exchange. Also, the two-factor authentication and API options further enhance the security of the exchange.
Wide range of Cryptocurrencies - There is a wide range of cryptocurrencies in different sectors available in CoinEx. Some of these sectors include decentralized finance cryptos (Defi), smart contract cryptos, and metaverse cryptos. The exchange has up to 500 cryptocurrencies available for trade.
Despite having a wide range of cryptocurrencies, the trading pairs available are limited, making it hard to trade from one Crypto to another. CoinEx also updates new projects regularly after vetting them. So, with the exchange, there is so much to choose from.
Offers low trading fees – the trading fee of the exchange can compete favorably with that of other exchanges. You can also trade at an even lower fee if you are holding their native token ‘CET”. CoinEx charges 0.2%, and this will allow you to trade without paying any fees.
Flexibility – the exchange allows you to handle your account and be responsible for it. Unlike other exchanges that will force you to do the KYC, before you can start trading, CoinEx only requires your email address, password, and 2-factor authentications.
The choice to verify is yours to make. However, verification of the account gives you the chance to increase your withdrawal limit from USD 10,000 to 1M.
Trustworthy customer support -you can always reach out to the customer base to clear your doubt and provide answers to any questions you may have. You can also message them directly.
Flexibility might lead to fraud and money laundering – having mentioned that the exchange doesn’t make KYC compulsory, it is worthy of note that this also has a downside. To some investors, they prefer when an exchange has a flexible KYC requirement.
However, exchanges that make KYC compulsory rarely suffer the issue of fraud or attack. If you want to be safe, and stay out of trouble with the law, you might want to consider exchanges that have compulsory KYC.
Not so beginner-friendly – an inexperienced trader might find it hard navigating the site. The videos and guides available to direct users on how to use the site do not prevent the confusion caused by advanced tools on the site.
This makes the site most suitable for advanced traders. However, if you are a new trader, you can find an advanced trader that will help you navigate the site.
Costly Fiat deposits – it is true that CoinEx has low fees that are favorable, however, making fiat deposits the only payment option places a huge financial burden on the users.
You can only make payments using fiat deposits that are traditional currencies like the US and this also has to be through a third-party processor.
Buying Bitcoin through third-party processors costs so much. You also have the burden of checking whether the third-party processor you wish to use is legit.
Few interest-earning options- you can have up to 20 assets with CoinEx and your interest will still be low. The exchange is not among those that allow users to earn up to 10% on their crypto assets. Again, they are not clear on how they generate interest and the risks involved.
There are over 500 cryptocurrencies available in the exchange and also trades some stable coins like USDC, UST, DAI, tether, and some others. Some of the cryptocurrencies include:
Shiba Inu (SHIB)
CoinEx has never been hacked in the past. This can be attributed to their strong security measures. In terms of security, your assets can be said to be safe with them.
However, you have a major role to play. Ensure that you do the two-factor authentication and also the KYC process. Although the exchange didn’t make it compulsory, if you must trade with them, it is only wise for you to do it.
While trading, even if your selected exchange is legit and trustworthy, always trade with what you can afford to lose. CoinEx exchange hasn’t experienced any case of hacking, but while trading still apply caution.