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CoinEx is a cryptocurrency exchange that was launched in December 2017 and has its headquarters in Hong Kong. It aims to build a highly secure, user-friendly, low cost and high-speed cryptocurrency platform to trade a wide range of cryptocurrencies by using its proprietary trade matching system. It supports multiple languages and accepts users from more than 100 countries. CoinEx is not registered with any legislation yet.
CoinEx has stated that it won’t be using customers’ assets anywhere else and they are 100% reserved. Because of this, withdrawals are processed swiftly and users will get their funds relatively quickly, within a few minutes.
This CoinEx review will analyse several aspects to provide you with an all-rounded detailed overview of the exchange and its services. Although Cryptimi does its best to provide you with accurate info and to update it on regular basis, we strongly recommend that you visit coinex.com for any updates which might occur afterwards.
Since the CoinEx is relatively new and no hack attempts have been made so far, thus far, it can be considered safe. Even though the exchange doesn’t provide any advanced security features (like IP monitoring), it provides the standard 2FA option to protect customers’ funds. Also, it makes use of security factors like multi-signature strategy and HTTPS to provide full-dimension protection for customers’ funds and data protection.
CoinEx is a global digital currency exchange service provider which can process up to 10,000 transactions per second using its high-speed matching engine. Hence, it can quickly process cryptocurrency transactions so that users can deposit/withdraw funds within a few minutes. Unfortunately, it is not possible to purchase crypto with fiat with CoinEx.
How does CoinEx compare to the other exchanges?
Your capital is at risk
81% of retail CFD accounts lose money
72% of retail CFD accounts lose money
CoinEx doesn’t have a full-fledged wallet like the Coinbase exchange with its custom crypto wallet. The CoinEx wallet can be used to deposit coins temporarily, for trading purposes. You will not be given access to your private key, but only to your public wallet address. It is highly recommended to use hardware wallets like Ledger Nano S or Trezor to store your cryptocurrencies. The wallet provided by Coinbase is also a good option to store Bitcoins and other altcoins for low volumes.
It is recommended you try these other wallets in addition to CoinEx’s services:
Creating an account on the CoinEx is very simple and can be completed within a minute or two. As it has not set any geographical restrictions, anyone can create an account on CoinEx by just providing the email address. In case users forget their password, it can be easily reset by entering the verification code received on their email after clicking the ‘Forgot Password’ link found on the login page.
To create an account on CoinEx, do the following:
Congratulations! You have successfully created your account on CoinEx.
To log in to your CoinEx account, follow the below steps:
Once you complete the Captcha puzzle, you will be logged in to your account.
CoinEx allows users to start trading without submitting any kind of documents. Even though it has not yet set any limits for deposits, the withdrawal limits vary based on the level of verification (Basic or Advanced). For Basic account verification, users must provide a valid ID issued by their government, a passport or driving license, a selfie image holding the ID and a statement with the written text “CoinEx” together with the submitted date. The documents required for the advanced account verification can be found on the account page itself.
To improve the security of transactions, the exchange highly recommends users enable 2FA via SMS or GA (Google Authenticator) app.
Before starting to trade on CoinEx, users must deposit any cryptocurrency like BCH, BTC, ETH etc. to buy other altcoins or cryptocurrency tokens. Moreover, users must deposit at least the minimum amount of coins mentioned in the ‘Fees’ section (simply view this by scrolling down their landing page). It is approximately €6 for Bitcoin. To deposit funds:
Once your transaction gets confirmed on the blockchain network, the funds will be available on your CoinEx wallet which can be used to buy other altcoins or cryptocurrency tokens.
Users can exchange or trade all the leading cryptocurrencies like ETH, ETC, LTC, XRP and much more from CoinEx. Currently, it doesn’t support fiat-based payments. The only option to buy digital currency would be to deposit BCH, BTC or other coins supported by the exchange. Hence, users must buy BTC or BCH from some other exchanges (like Coinmama, Coinbase or CEX.io) before starting to trade on CoinEx.
This example shows how to buy Bitcoin (BTC) using Bitcoin Cash (BCH). It is assumed that the user has already deposited BCH on their CoinEx account.
Congratulations! You have placed your first order for BTC. Once your transaction gets completed, BTC will be available on the wallet. You can view the status of your order in ‘Order History’.
This example explains how to buy Ethereum (ETH) using Bitcoin (BTC). It is assumed that the user has already deposited BCH on their CoinEx account.
Congratulations! You have placed your first order for ETH. Once your transaction gets completed, ETH will be available on the wallet. You can view the status of your order in ‘Order History’.
This example shows how to buy Ethereum Classic (BTC) using Bitcoin (BTC). It is assumed that the user has already deposited BCH on their CoinEx account.
Congratulations! You have placed your first order for ETC. Once your transaction gets completed, ETC will be available on the wallet. You can view the status of your order in ‘Order History’.
This example shows how to buy Litecoin (LTC) using Bitcoin (BTC). It is assumed that the user has already deposited BCH on the CoinEx account.
Congratulations! You have placed your first order for LTC. Once your transaction gets completed, LTC will be available on the wallet. You can view the status of your order in ‘Order History’.
This example shows how to buy Bitcoin Cash (BCH) using Bitcoin (BTC). It is assumed that the user has already deposited BCH on the CoinEx account.
Congratulations! You have placed your first order for BCH. Once your transaction gets completed, BCH will be available on the wallet. You can view the status of your order in ‘Order History’.
You will not be able to cash out with fiat currency from CoinEx however you are able to send funds over to another exchange or wallet. The withdrawal limit varies based on the level of verification (Basic or Advanced). CoinEx has also set a minimum withdrawal amount for every cryptocurrency. To know the exact values, simply scroll down to the bottom of their landing page. Before placing the withdrawal request, users must ensure that their amount is greater than the minimum withdrawal amount.
CoinEx offers three types of withdrawals, namely to:
To send over your funds:
Once your transaction gets completed, the coins will be sent to the given crypto address. The status of your withdrawals can be checked from the order history.
Check out our recommended crypto casinos where you can deposit and play with Bitcoin and other cryptocurrencies, once you withdraw from CoinEx:
CoinEx exchange allows its members to buy a large number of altcoins and cryptocurrency tokens.
The top cryptocurrencies listed on the exchange are given below:
Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), Bitcoin Cash (BCH), Dash (DASH), Ripple (XRP), Monero (XMR), Cortex (CTXC), EOS token (EOS), Zcash (ZEC), Golem (GNT), Qtum (QTUM), NEO (NEO), Bytom (BTM), 0x Project (ZRX), USD Coin (USDC), Tether (USDT), CoinEx Token (CET), Banyan Network (BBN), Bitcoin Unlimited (BTU), Bitcoin Candy (CDY), CyberMiles (CMT), DACC (DACC), Decred (DCR), Dogecoin (DOGE), Egretia (EGT), eosDAC (EOSDAC), FuzeX (FXT), Hydro Protocol (HOT), Hshare (HSR), Hydro (HYDRO), BitKan (KAN), Linfinity (LFT), Loom Network (LOOM), MassGrid (MGD), Nano (NANO), No BS Crypto (NOBS), OneLedger (OLT), OmiseGO (OMG), RChain (RHOC), Seele (SEELE), SEER (SEER), SoPay (SOP), TokenClub (TCT), TRON (TRX).
Update: CoinEx now also supports IOTA (14/05/2019)
CoinEx exchange accepts users from all countries in the world including the EU, UK, US, Australia, and Canada.
All countries around the world.
CoinEx exchange has not excluded any country from trading on its platform. (Based on the information available on its official website)
Every cryptocurrency exchange will have its own fee structure and limits and CoinEx is no exception.
CoinEx will deduct a fee for every trade made from your account and their fee structure is given below:
Trading Fees
CoinEx exchange works on the maker/taker model and charges a flat fee of 0.1% per trade. If the user is paying the transaction fee by using the token issued by CoinEx named CET, then a 50% discount will be applied towards the fee. CET is the proprietary token of the CoinEx.
Deposit and Withdrawal fees
CoinEx doesn’t deduct any fee to deposit coins. Instead, it charges a withdrawal fee for all the altcoins and cryptocurrency tokens available on its platform, except for BCH. For BTC CoinEx has a 0.0001 BTC withdrawal fee, which is approximately €0.50. For the full list of fees click on this link and scroll to the bottom.
Margin Trading Fees
The interest is calculated every 24 hours upon each loan. The unpaid interested will not be added to your principal loan. Upon payment, CoinEx will first settle the interest and then, with the remaining funds, settle the borrowed amount. Payment will be done automatically if you default the loan. 30% of the daily interest goes towards an insurance pot to cater to bankrupt positions.
There is no limit for the maximum amount of cryptocurrencies that can be withdrawn or deposited on CoinEx. However, it has set minimum limits for deposit or withdrawal of digital currencies. For the most popular coins, you can refer to the table below:
The 24-Hour withdrawal limit on CoinEx varies depending on the verification level of your account. The limit is 10000 USD if you have added either your mobile number or Google Authenticator, while for basic accounts, the limit is 1,000,000 USD. For advanced account holders, there is no 24-Hour withdrawal limit.
For ‘Basic ID Verified’ accounts, the CoinEx margin trading limit is 5X.
Currently, CoinEx supports only crypto-to-crypto trading. It doesn’t accept fiat payment methods like credit or debit card and SEPA transfer. If you would like to buy cryptocurrencies instantly using credit or debit card, then you can try exchanges like Changelly or Coinmama. As for buying altcoins via bank or SEPA transfer, Coinbase is the best exchange to use.
To prevent unauthorized access, CoinEx offers 2FA protection via SMS or Google Authenticator so that the transactions will not get completed without entering the TOTP Time-Based One-Time Password). If SMS support is not available for your country, then you need to use the Google Authenticator app to receive the authentication codes. In addition to 2FA, the exchange transmits all the data and information over a secure HTTPS network. Also, CoinEx ensures the maximum protection to its customers’ funds, by storing them on cold storage wallets.
CoinEx exchange suggests the users to create strong passwords for their accounts. It shows the strength of the password, so that users can make changes accordingly. To generate a highly secure password we recommend checking out this site.
Should you experience any issues with your account, the only method to contact their support team is by submitting a ticket. To do this you need to scroll down to the bottom right-hand corner and select ‘ticket’ in the Support section. For general queries, users can refer to the FAQs found in the same section available on the CoinEx website.
To trade or exchange cryptocurrencies on the go, users can download the CoinEx mobile app which is available for both iOS and Android platforms.
To download the iOS app, click here.
To download the Android app, click here.
It is expected that the CoinEx exchange will add support for fiat currencies very soon.
One of the main advantages for CoinEx users is that they can remain anonymous and save time since they needn’t submit any documents. Because of its high-speed trading engine, users can quickly make deposits or withdrawals. So much so, that the exchange claims that small withdrawals will be processed in less than 5 minutes. Regarding fees, CoinEx deducts only a nominal maker/taker fee. The only drawback of CoinEx is the lack of support for fiat currencies. Overall, our CoinEx review recommends using this exchange for cryptocurrency trading!
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