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CoinEx Exchange is a cryptocurrency trading platform known for its low fees and a wide range of available coins. It offers advanced features such as futures trading and leverage, making it a reputable and one of the best crypto exchanges.
However, CoinEx only requires customer identity verification (KYC) for withdrawals exceeding $10,000. It is the customer’s responsibility to ensure whether they are legally allowed to use its services. Follow along with Brokerland‘s comprehensive review of the CoinEx exchange to fully understand the platform’s advantages and disadvantages.
A Look at CoinEx Exchange
CoinEx is highly suitable for experienced and confident investors who utilize advanced trading products. In the table below, we’ll take a brief look at the strengths and weaknesses of this exchange.
|Supports a vast array of crypto.||Customer responsibility to ensure the legality of trading.|
|Offers advanced features like margin trading.||May not be beginner-friendly.|
|Low and competitive trading fees.||Expensive for depositing fiat currencies and limited profit-making options.|
Every crypto platform has positive aspects that appeal to various types of investors. Here are the advantages where CoinEx shines.
1. Offering a Wide Range of CryptoCurrencies
CoinEx exchange provides users with access to over 500 tokens currencies. This number surpasses many other platforms in the crypto field. The list includes various popular and diverse categories, such as utility tokens, decentralized finance (DeFi) tokens, and smart contract tokens. However, the trading pairs are more limited, meaning you can’t always directly convert one crypto into another and might need to use intermediary digital assets.
2. Advanced Features
CoinEx offers not only spot trading but also margin trading and futures trading. Few platforms provide all these services simultaneously. However, it’s advisable to leave some trading methods to experienced investors, as cryptocurrency investment carries inherent risks, which can be magnified significantly through margin trading.
3. Low Trading Fees
CoinEx has a base trading fee of 0.2%, which is considered very competitive compared to other competitors. Furthermore, there are various ways to further reduce this 0.2% trading fee. While it’s not the absolute lowest fee among platforms, as some exchanges charge 0.1% or even lower, it’s significantly lower than the 1% fee that most reputable and well-known crypto platforms charge. Therefore, the fees are quite reasonable and won’t significantly eat into your trading profits.
CoinEx Exchange Cons
No platform can claim to be perfect for everyone in this space. CoinEx also has some potential issues and drawbacks you should be aware of.
1. Customer Responsibility for Legal Compliance
Based on Coin-Ex’s terms and conditions, it’s your responsibility to abide by the laws and regulations of your own country. This exchange serves users from over 200 countries, and it only restricts support to the United States. However, this broker places the onus on customers to determine whether the platform is legal in their destination country. Consequently, there is no clear information regarding geographical restrictions on CoinEx’s website.
CoinEx’s parent company, Vino Global, registered as a Money Services Business (MSB) in the United States in late 2021. This is a minimal requirement for crypto exchanges operating in the United States. CoinEx Exchange complies with some anti-money laundering (AML) requirements but allows users to trade without completing Know Your Customer (KYC) verification. Additionally, its MSB registration states that the exchange can operate in all states of the United States and several surrounding countries. However, due to the lack of a New York BitLicense, this seems unlikely.
2. Non-Mandatory Customer Identity Verification
CoinEx Exchange operates as a privacy-focused decentralized exchange. Customers only need to complete the identity verification process if they wish to withdraw more than $10,000 in a 24-hour period. Implementation of KYC is considered an advantage by some crypto-currency investors. However, others feel that KYC regulations contradict the manifesto of cryptocurrencies, which promotes anonymity and decentralization.
Nevertheless, it’s essential to remember that customer identity verification is a vital tool in combating global fraud and money laundering. Therefore, the only way for investors to ensure compliance and deal with clean funds is by trading on platforms that enforce KYC regulations.
3. Not Beginner-Friendly
While this exchange provides guides and videos demonstrating how to use the platform, there are no simple conversion tools for newcomers to trade without accessing the main website. Moreover, it offers numerous trading tools, some of which are designed mainly for experienced traders.
4. High-Fee Fiat Deposits
CoinEx only accepts fiat deposits, such as U.S. dollars, through third-party payment gateways. These payment gateways can be quite costly, with fees reaching up to 8% or more for buying, for example, $200 worth of Bitcoin (BTC). Before using these payment gateways, make sure to verify their credibility and accuracy.
5. Limited Profit-Earning Options
While some exchanges and platforms allow investors to earn income from their digital assets, CoinEx Broker offers various profit-earning options for approximately 20 digital assets, but the rates of return are quite low. Furthermore, there is limited transparency regarding how these earnings and associated risks are generated on the platform. For instance, some of the income-generating methods in this exchange may involve depositing your assets into the exchange and receiving part of the returns. It’s essential to thoroughly assess the risks and potential losses before engaging in these income-earning methods.
Alternatives to CoinEx Exchange
If you’re looking for a platform that takes regulations seriously, Gemini exchange might be a better choice. Gemini was one of the first exchanges to obtain the New York BitLicense, one of the strictest licenses for crypto-currency platforms. Gemini also provides a limited number of free withdrawals for digital assets each month and offers several profitable products.
If you need a user-friendly platform, especially for beginners, Coinbase is an ideal choice. Coinbase offers two platforms, one for new investors and another for advanced traders. However, Coinbase’s fees on the main platform can be relatively high, which encourages more cautious investments.
How CoinEx Works
It is a cryptocurrency exchange with a wide range of cryptocurrencies and various trading products. Users can access the CoinEx trading system through a web browser or Android and iOS applications. Here are some of the trading options available on its website:
1. Spot Trading
Spot trading allows you to buy and sell tokens instantly. CoinEx also lets you place limit orders, which are instructions to buy or sell at a specific price.
2. Margin Trading
Margin trading involves trading with borrowed or leveraged funds. It can amplify your profits, but it also magnifies your losses. CoinEx offers leverage up to 10 times, meaning you can invest $100 to trade $1,000 worth of digital assets. However, margin trading is not recommended for beginners.
3. Futures Trading
Futures trading enables investors to speculate on the future price of an asset. For instance, if you believe the price of Bitcoin may decrease next week, you can open a short Bitcoin futures position. If the price indeed falls, you’ll profit. However, if the price goes in the opposite direction, you’ll incur losses.
Please note that both margin and futures trading are high-risk products and are best suited for experienced traders. There is already a significant amount of risk in crypto trading, and these products add an additional layer of risk.
CoinEx Exchange Trading Fees
Crypto trading fees on CoinEx are more or less in line with similar platforms. However, if you intend to deposit fiat money, such as U.S. dollars, the fees for this process can be relatively high. Withdrawal fees on this broker are similar to those on other crypto-currency platforms.
1. Deposit Fees
CoinEx does not allow you to deposit fiat money for free via bank transfers, in contrast to many other platforms. Instead, users can deposit most assets for free. It exclusively uses third-party payment gateways to process fiat deposits. These gateways might impose their fees. Users can purchase stablecoins like Tether (USDT) and USDC, as well as Bitcoin and Ethereum, through various third-party payment gateways on its platform.
These are some additional points to consider if you are a novice in the trading space. CoinEx may not be the most beginner-friendly platform, and it’s vital to be aware of the risks and complexities before diving into trading.
Each payment gateway typically has its fee structure, including a fixed fee and an exchange rate on the CoinEx Exchange website. For instance, if you purchase Bitcoin using the online payment gateway Simplex and spend $200, you will receive $184 worth of Bitcoin. This is because there is a $7 fee, and an additional $9 will go to the hidden spread. These costs on this exchange are similar to those on other platforms.
CoinEx Exchange charges a 0.2% trading fee on spot trades, which is split between the sender and receiver of the transaction. However, users can reduce their trading fees in two ways:
- Paying with its native cryptocurrency (CET), which reduces fees by 20%.
- CoinEx has a user ranking system with six levels from 0 to 5, with the highest being VIP level 5. Users can increase their account ranking through staking CET or high-volume trading. As a result, it will charge lower fees for such customers.
The table below outlines the fee levels in this exchange across the six user account ranks, taking into account payments with CET or other currencies:
|Spot Trading||Fees (%)||Fee with CET Payment (%)|
|VIP 0||0.200 %||0.160 %|
|VIP 1||0.180 %||0.144 %|
|VIP 2||0.160 %||0.128 %|
|VIP 3||0.140 %||0.112 %|
|VIP 4||0.120 %||0.096 %|
|VIP 5||0.100 %||0.080 %|
Withdrawal fees for different cryptocurrencies on CoinEx vary. However, withdrawal fees on this broker are often similar or even cheaper than those on other exchanges. Unfortunately, this exchange does not support fiat currency withdrawals. Here are the withdrawal fees for popular assets:
|Bitcoin (BTC)||0.0001 BTC|
|Ethereum (ETH)||0.0033 ETH|
|Cardano (ADA)||0.5 ADA|
|Solana (SOL)||0.00001 SOL|
|Dogecoin (DOGE)||3 DOGE|
|Shiba Inu (SHIB)||790,000 SHIB|
CryptoCurrencies Offered on CoinEx
As we mentioned, CoinEx exchange lists over 500 crypto-currencies, which is much more than most other top exchanges. It supports almost all of the top 20 based on market value. These cryptocurrencies include Bitcoin, Ethereum, Binance Coin (BNB), Cardano, Solana, and Dogecoin, to name a few. Additionally, several top stablecoins like Tether (USDT), USD Coin (USDC), DAI, and more are also traded on CoinEx.
In fact, This crypto exchange offers a good mix of smart contracts, meta-tokens, crypto games, decentralized financial tokens, and many other assets. The CoinEx website allows you to sort cryptocurrencies by their type, which is a very useful feature. There are numerous trading pairs on the exchange, although many of them involve Tether or USD Coin. Therefore, you cannot directly trade, for example, Solana for Cardano.
Less Familiar Coins on CoinEx
If you intend to trade some of the less well-known coins, be sure to research them carefully. Smaller cryptocurrencies come with much higher risks. You might invest in a project that turns out to be a scam or has weak fundamentals, leading to losses for various reasons. Therefore, we recommend paying attention to factors like the project’s management team, its mission, the level of community engagement on social networks, the circulating supply of coins, and the token distribution method.
CryptoCurrencies are considered high-risk and highly volatile assets. However, it’s not only cryptocurrency traders who face these risks; it’s also anyone using cryptocurrency exchanges. Several high-profile hacks have occurred in the world of exchanges, highlighting the importance of security when choosing a crypto exchange.
CoinEx, unlike some top exchanges, does not offer third-party insurance. This insurance could cover investors in case of security breaches. Nevertheless, it has never been hacked, and many other security measures have been taken to protect users’ assets. Some of these security measures include:
Cold Wallet Storage: Storing assets offline in what is known as a cold wallet can make it more difficult for hackers to access them. However, CoinEx does not specify what percentage of users’ assets are kept in these offline wallets.
Two-Factor Authentication: This broker users can enable receiving SMS verification codes to add an extra layer of security. Additionally, the exchange will confirm any withdrawals through email notifications.
External Crypto Wallet
It’s worth noting that some investors choose to keep their assets in an external cryptocurrency wallet, reducing the risk of losing funds in a potential exchange hack. However, this approach can come with more responsibilities. For example, if you lose the keys to your wallet, you won’t be able to access your funds anymore.
CoinEx has partnered with an external wallet called ViaWallet. This wallet does not support various currencies as much as the primary exchange account. However, it has an internal trading feature that allows users to share specific currencies and profit.
Experienced traders looking to trade a wide range of currencies have access to advanced features on CoinEx. You won’t be concerned about meeting customer identity requirements. However, if authorities put pressure on exchanges to enforce KYC regulations for crypto transactions, it may face potential issues. Thus, trading on this broker carries a small but potential risk that you should be aware of.
- No mandatory identity verification
- Fast deposits and withdrawals
- Offers margin trading
- Features Futures trading
- Very low trading fees
- Panel is challenging for beginners
- Offers fewer cryptocurrencies than Binance
Where is CoinEx headquartered?
CoinEx’s headquarters are located in Hong Kong. However, it’s a global exchange that provides services to customers worldwide.
Is CoinEx a secure exchange?
Yes, it is. The platform has strong security measures such as two-factor authentication and multi-signature strategies.
How long does it take to withdraw from the account?
This exchange provides fast deposit and withdrawal services. You can receive your funds within 5 to 10 minutes after requesting them.