CoinEx Review - an excellent cryptocurrency exchange for you

04/25/2022 12:00 AM by Admin in Crypto


What is CoinEx?

CoinEx is a strong name in the cryptocurrency industry, often considered synonymous with privacy-centric access to a wide array of stablecoins. Offering access to spot and perpetual markets, as well as margin trading, all with low fees and excellent security, this is a one-stop-shop for most crypto traders. For many, the biggest selling point is the lack of forced KYC, but the exchange offers much more.

CoinEx Review

General info

This cryptocurrency exchange is a good fit for: Experienced investors who are confident with advanced trading products.

  • Web address:    CoinEx
  • Support contact:    Link
  • Main location:    Hong Kong
  • Daily volume:    1461.4 BTC
  • Mobile app available:    Yes
  • Is decentralized:    No

CoinEx: Background

The CoinEx core team comes from world-leading internet and finance companies, including the earliest adopters/professionals of cryptocurrency who boast rich experience in R&D, global operations, and services in the industry. With the CoinEx proprietary trade matching system and excellent user experience, CoinEx is dedicated to building a highly secure, stable, and efficient cryptocurrency exchange for global users. Currently, CoinEx supports multiple languages and is providing global trading services in over 100 countries/regions.

CoinEx: Pros

1. Huge selection of cryptocurrencies

CoinEx has over 500 cryptocurrencies available for trading. This is a bigger selection than many crypto platforms. The list includes many popular cryptos across a number of sectors, including metaverse cryptos, decentralized finance cryptos, and smart contract cryptos. Its list of trading pairs is more limited, meaning it isn't always possible to trade directly from one crypto into another.

2. Advanced features

In addition to spot trading, CoinEx offers margin and futures trading. Few platforms offer these services to U.S. investors. However, it's advisable to leave these products to professional investors. Crypto investing is risky enough without multiplying that risk through margin trading.

3. Low trading fees

CoinEx charges a basic trading fee of 0.2%, which is a decent rate, especially as there are several ways to reduce the fee even further. It isn't the lowest-priced platform we've found -- some exchanges charge 0.1% or less. But since some crypto platforms charge over 1%, CoinEx's fees are reasonable and won't eat into your trading profits too much.

CoinEx: Cons

1. Onus on the customer to understand licensing

According to CoinEx's terms and conditions, you are responsible for complying with the laws and regulations in your country. Coinbase says it serves over 200 countries and does not list the U.S. as a restricted country. But this puts the onus on the customer to work out whether CoinEx is legal. There's no clear information on its site about any geographical restrictions.

At the end of 2021, CoinEx's parent company, Vino Global, did register as a money service business (MSB) in the U.S. This is the minimum a cryptocurrency exchange needs to do to operate in the U.S. What's odd is that an MSB license should mean the exchange meets certain anti-money laundering requirements, but CoinEx lets people trade without completing the know-your-customer (KYC) verification. Plus, its MSB registration says it can operate in all U.S. states and several territories. Given it doesn't have a New York BitLicense, this feels off.

2. KYC verification is not compulsory

CoinEx is a privacy-focused platform, and customers only need to complete the KYC verification process if they want to withdraw more than $10,000 in a 24-hour period. Some investors view minimal KYC requirements as a benefit. They feel KYC goes against the crypto's ethos of anonymity and decentralization. However, KYC is an important tool in the fight against fraud and money laundering. One way cryptocurrency investors can reduce the risk of touching laundered money is to only use platforms that require KYC for every customer. As new crypto regulation comes into play, KYC could help investors stay on the right side of the law.

3. Expensive fiat deposits

CoinEx only accepts fiat deposits (traditional currency like the U.S. dollar) via third-party processors. These can be costly. It would have cost 8% to buy $200 worth of Bitcoin (BTC) using one of the third parties. It's also important to check out the legitimacy of any payment processors before giving them your cash.

4. Limited interest-earning options

Some crypto exchanges and platforms allow investors to earn up to 10% or more on their crypto assets. CoinEx does offer a way to earn interest on about 20 assets, but the rates are very low. Plus, there's no transparency about how it is generating interest and what risks are involved. For example, some platforms loan out your assets and pay you a part of the returns. If this is the case, it's good to check how risky the loans are.

Fees overview

The trading fees on CoinEx are in line with other similar platforms. However, if you want to deposit fiat money, such as U.S. dollars, the cost can be quite steep. CoinEx's withdrawal fees are similar to those on other crypto exchanges.

Deposit fees

Unlike other crypto platforms, CoinEx does not let you deposit fiat money for free using a bank transfer, though users can deposit most cryptos for free. It only uses third parties to process its fiat deposits. Users can buy Tether (USDT), USD Coin (USDC), Bitcoin (BTC), and Ethereum (ETH) from various third-party payment processors on the site.

Each payment processor has a different fee structure, but there's usually a set fee as well as a subpar exchange rate. Let's say you wanted to buy Bitcoin using Simplex, one of the site's third-party processors. The minimum deposit is $200. If you spend $200, you'll get $184 worth of Bitcoin -- that's a $7 fee and a further $9 hidden in the spread. Fees were similar to the other operators.

Trading fees

CoinEx charges a maker/taker fee of 0.2% on spot trading. Users can reduce trading fees in two ways:

  • Paying with CoinEx's native token, CET: This gives a 20% fee reduction.
  • Qualifying for VIP status: CoinEx has five VIP levels, and users can ascend the ranks by holding CoinEx's CET token or trading high volumes.

Withdrawal fees

CoinEx's crypto withdrawal fees vary depending on the cryptocurrency. The fees are similar to or even often cheaper than other crypto exchanges. It isn't possible to withdraw fiat money from the platform.

Withdrawal fees for popular cryptocurrencies:

Conclusion 

CoinEx is an excellent cryptocurrency exchange for people looking for a strong spot trading market with the possibility of choosing perpetual futures and margin trading for more experienced investors. The number of supported tokens is immense and still steadily growing, which means you will be able to find an excellent selection of low-cap altcoins here. The exchange is especially well-suited to users who prefer their privacy.


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