CoinEx Review 2023
Exchange CoinEx was founded in Hong Kong in December 2017. The platform is an international professional cryptocurrency exchange. The CEO and founder of the company is Hypo Yan.
The exchange provides spot, margin, futures, AMM and other services. The platform supports 700+ cryptocurrencies and allows you to buy cryptocurrencies for fiat money with several payment methods.
Basic information about the exchange:
- Official website: https://www.coinex.com;
- Place of establishment: Hong Kong;
- CEO & Founder: Hypo Yang;
- Year of foundation: 2017;
- Native token: CET;
- Number of supported languages: 15 (English, French, German, Spanish, etc.);
- Number of cryptocurrencies: 700+;
- Payment types accepted: Credit/debit card, Simplex, Mercuryo;
- Mobile application: Android, iOS.
To learn more about the CoinEx exchange, check out the review from TGDRatings.com experts.
Registration and account verification
Creating an account on CoinEx is very easy. You have to enter email address and set a password and on the next step confirm your registration with verification code sent to your email. Let’s look on the registration process step by step:
- Click Sign Up on the main page of the site in the top menuor or Register Now in the center of the screen;
- Enter email, create a strong password and click Sign Up;
- Enter the authentication code that will be sent to the specified email and click Confirm;
- After registration is completed, you will be redirected to the exchange’s personal account.
Individual customized security options available on CoinEx:
- Password: The password is the first security guarantee for every account and plays a very important role. It is recommended to set a unique password and keep it in a safe place;
- Two-Factor Authentication (2FA): Each attempt to log into or withdraw funds from your account will be protected by a one-time password request. This password is generated by Google Authenticator. CoinEx supports two 2FA methods: Google Authenticator (TOTP one time password) and SMS-code;
- Identity verification: KYC provides more security and additional benefits (for example, higher withdrawal limits, etc.);
- Account deactivation: if you need to freeze your account or to stop its activity, you can disable one. This operation will suspend all transactions and withdrawals.
To enable 2FA:
- Select Account → Account settings tab;
- Choose TOTP Authentication and press Bind;
- Receive and enter your email verification code, click Next;
- Install the Google Authenticator application on your smartphone;
- Scan the QR code, click Next;
- Get and enter the Google Authenticator code and click Next to complete the TOTP binding.
The account is registered. What’s next?
You can use exchange immediately after completing registration. To start trading, you need to replenish the exchange account. Next, we will tell you how to do it.
Available deposit and withdrawal methods
You can only deposite your account in cryptocurrencies. Withdrawals are also only available in cryptocurrencies.
To deposit funds to your CoinEx account, follow the instructions:
- Login to your account at exchange official website, click Assets in the top right corner and select Deposit from the dropdown menu;
- Select cryptocurrency and network to coins transfer (let’s take USDT as an example);
- Note that address is only available for USDT ERC20 deposits. The transfer of other coins on this address will result in their loss. To continue, press Confirm;
- Copy the received address and enter it in the recipient address field in the wallet from which you want to transfer crypto assets.
Trading conditions and instruments available on CoinEx
CoinEx offers a variety of services from buying digital assets with fiat to margin trading. Let’s take a closer look at these options.
Purchase with card (Fiat)
To buy cryptocurrency with a card, follow these steps:
- Click Fiat in the top menu;
- Select a cryptocurrency to buy, fiat currency to pay and service provider;
- Enter the amount of coins to purchase, fill in requested information on the service provider’s website and complete the payment;
- Check coin receipts in your deposit history on CoinEx. You can check the transaction details on the website of service provider.
CoinEx spot trading is available in the Exchange tab in the site top menu. The interface of the platform is standard and designed in the way that any novice user does not have any difficulties working with the terminal.
Exchanging cryptocurrency (Swap)
In the Swap section you can quickly exchange one cryptocurrency for another. To do this, select coins (to give and to receive) and press Swap.
Futures trading on CoinEx is available in the Futures tab in the top menu. CoinEx offers 2 types of futures contracts:
- Linear: calculations are being made in USDT;
- Reverse: calculations are being made in cryptocurrency.
Before you start trading futures as a financial guarantee, you need to deposit a small amount of funds in accordance with the value of the contract.
The futures can be traded using leverage. Traders can adjust the leverage and trade larger amounts. The maximum leverage on CoinEx is 100x.
Commissions and limits
CoinEx charges fees for:
- Spot trading;
- Futures trading.
For replenishment of the deposit commission is not charged.
Withdrawal fee depends on cryptocurrency and network. For example, when withdrawing BTC in the BTC network, the fee is 0.0001 BTC, when withdrawing ETH – 0.00081 ETH. Fees can be viewed under deposit and withdrawal fees on the exchange website. In addition, you need to take into account that the commission can vary even for the same cryptocurrency. It depends on the workload of the blockchain network at the time of withdrawal.
Spot market transaction fees depend on VIP level and market making level (MM). The VIP level depends on the amount of CET (internal exchange token) on the account, and the MM level depends on the monthly trading volume. For example, VIP 1 level fee (≥1,000.00 CET) is 0.1800%, and 0.1440% for CET. At LV0 MM level (monthly trading volume 5 million USD), the fee for maker and taker is the same — 0.2000% or 0.1600% when paying in CET.
Futures market transaction fees also depend onVIP level and market making level. VIP 1 level fee (≥1,000.00 CET) is 0.0280%, and 0.0480% when paying with CET. At LV0 MM (monthly trading volume 5 million USD), the fee for the maker and taker will be 0.0300% and 0.0500% when paying in CET.
How to trade on the CoinEx cryptocurrency exchange
To start trading on the spot market CoinEx, follow the instructions:
- Open the Exchange tab in the top menu;
- Select trading pair, for example, BTC/USDT;
- Specify order type, for example, Market, amount and click Buy BTC;
Additional services of the CoinEx exchange
In addition to the standard functions of cryptocurrency trading and exchanging, CoinEx offers Automated market maker (AMM) service.
Automated market maker(AMM)
Thanks to AMM, CoinEx users can become market makers by adding liquidity to the pool and receiving reward for this.
CoinEx AMM adopts the Standing Market Maker model. This means that users need to deposit two different cryptocurrencies into the liquidity pool, while the balance of trading pairs remains unchanged.
CoinEx has a mobile app available for iOS and Android devices. The application completely repeats the functionality of the exchange.
You can read user opinions about exchange at Trustpilot. There are mostly positive reviews. Among the advantages of the exchange users note:
- Easy registration process;
- No mandatory KYC procedure;
- Friendly user interface;
- High liquidity;
- Stability of network;
- Constant emergence of new offers, promotions, airdrops;
- A lot of supported tokens and coins;
- Fast updating prices.
Negative reviews concentrate on:
- Slow support;
- Problems with withdrawals;
- Site freezes.
Advantages and disadvantages
- Select the Exchange tab;
- Specify a trading pair, for example, ETH/USDT;
- Specify order type and amount;
- Click Buy ETH if you are buying a coin, or Sell ETH if you are selling one.
- Select Assets → Deposit in your account;
- Select the coin for replenishing (for example, USDT);
- Specify the transaction network (e.g. TRC20). Make sure that the networks in the wallet and on the exchange match, otherwise you will lose funds;
- The system will show you address for coins transfer: copy it and paste into the corresponding field in the wallet;
- Check funds received.
- Create and verify your account;
- Top up your account;
- Open spot trading;
- Select trading pair (for example, ADA/USDT), specify order type and amount;
- Click Buy ADA.
In December 2021, the platform was licensed by MSB USA (registration number: 31000205450387).
The US MSB license is a controlled economic license issued by the Financial Crime Enforcement Network (FinCEN), a US Treasury Department company. It mainly controls organizations related to financial solutions, including trading in digital and virtual currencies, etc. The MSB license has strict verification procedures. With this license, CoinEx Exchange is authorized to carry out legal and compliant cryptocurrency trading.
- Open your exchange account and select Assets→ Withdraw;
- Select coin (e.g. USDT) and network (the network must match the receiving wallet network);
- Select USDT in the wallet and click Receive;
- Copy the address on the exchange;
- Paste copied address in Address field on the exchange, specify the withdrawal amount and click Withdraw;
- Check funds received.
CoinEx is a stable, secure and fast cryptocurrency exchange offering a large number of trading assets and is available to clients from all over the world.
Some of the site’s features include:
- A huge list of cryptocurrencies: CoinEx offers a wide range of different coins for trading (700+);
- Commission discounts: VIP status and usage of CoinEx Native Token (CET) provide users with trading commission discounts;
- High Security: CoinEx claims to have 100% reserves and that client and operational funds are segregated. This means that client funds are always available for withdrawal and cannot be used for any other purpose (such as financing the company’s operations). The platform implements extended SSL protocols, multi-signature cold wallets and supports two-factor authentication;
- No KYC required: All you need to get started is an email address and a strong password, and two-factor authentication enabled. But if you want to increase your daily withdrawal limit from $10K to $1M, you need to pass KYC verification;
- Help Center, Tutorial Videos and Support: Users are provided with detailed guides on how to use the trading platform. If you can’t find the answer you need, you can contact support directly.