What is CoinEx?
Choosing a new cryptocurrency exchange often comes with big advantages in the form of lower fees and numerous altcoins that are not featured on any big and reputable platforms. However, you should be also aware of the risks that are associated with new exchanges, so do not make haste and weight all pros and cons before depositing your money.
CoinEx is a UK-based exchange that appeared in late 2017. It is available all over the world 24/7. While currently being an underdog, this exchange can potentially elbow out some of the biggest sharks in the business because of its innovative features. As of July 2018, it is currently the 25th biggest exchange on the market (according to coinmarketcap.com) with daily a trading volume that has recently reached $62,5 million. Hopefully, CoinEx will be more successful than its namesake CoinEX.pw which hasn’t recovered after a major hack back in 2014.
Is this a trustworthy platform or just another honeypot like Coinex.pro? CoinEx is inextricably connected to the Chinese mining pool ViaBTC (the 6th largest mining pool in the world). It was launched by ViaBTC last December following the China’s infamous crypto crackdown that obfuscated the fate of many local exchanges. ViaBTC was forced to adhere to the new law and close its exchange, but in a couple of months, the company made a comeback with CoinEx. In an attempt to circumvent the ban issued by the Chinese government, the new exchange was founded in the UK while being currently based in Hong Kong. There is also Coinex Pallavaram exchange (India) which offers Coinex Forex services.
CoinEx Review
The platform is suitable both for beginners and advanced users, but the fact that you can only trade here without leverage may be disappointing for some active traders who are looking for big gains. Still, while going through this CoinEx review, let’s point out some of its main advantages:
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Fast Transactions |
Its multi-process matching engine is considered to be one of CoinEx’s major advantages, since it is able to process thousands of transactions in a blink of an eye. Thus, it helps to avoid one of the main issues which is currently associated with Bitcoin (BTC) – long and pricy transactions. |
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Protection of Funds |
CoinEx offers an 100% assurance of each client’s funds. Basically, it means that all the assets can be withdrawn at any time when a user makes such a request while it is impossible to use them somewhere else. |
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Top-tier Security |
CoinEx is able to provide top-notch protection by implementing numerous security protocols (including advanced SSL protocols). The user’s safety is also enhanced by the usage of cold multisig wallets and enabling 2FA. While all exchanges tenaciously make an emphasis on security issues, it is important to remember that hacking attacks are still quite mundane, so extreme safety should be a top priority while choosing an exchange.
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Trading Opportunities |
Despite the absence of leverage trading, CoinEx can still be considered a high-profile trading platform. TradingView powered chars provide traders with in-depth analysis of the current situation on the market. |
Like the majority of other exchanges, CoinEx only hosts C2C trading while not allowing fiat currencies. What coins does CoinEx support? This exchange features a big number of altcoins like CoinEx Stellar (XLM) while it is particularly remarkable because it is considered to be the first exchange that made Bitcoin Cash (BCH) its bar currency, thus increasing the chances of potential slow flippening. A solid focus on Bitcoin Cash that despite going mainstream still remains in the shadow of its bigger brother helps to single out CoinEx among other new exchanges. Choosing Bitcoin Cash as their base currency allows the company to accelerate the speed of transactions and improve the overall performance.
CoinEx has also issued its own ERC20 token that is simply called CoinEx Token (CET). Users with CET get access to certain limited features along with other exclusive rights like a CoinEx vote. The value of CoinEx cryptocurrency is currency about $0,1.
How to Use CoinEx?
As of now, the CoinEx exchange is available for all traders at coinex.com. Here’s a quick guide on how to use it for absolute beginners:
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Obviously, the very first thing that you have to do is to click the ‘Sign Up’ button and fill out the following form.
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Now go to the ‘Trade’ section where you can see the list of all available assets in the top-left corner.
Similarly to other exchanges, there is also a candlestick chart in the middle of the page. While there is an English version of the site, there is no available translation for some functioning texts like chart indicators that are not translated, so it might be quite challenging to use them for non-Chinese speakers.
Below this chart you can place a limit order or a market order with the help of this corresponding form. Pay attention to the fact that there is a 50% discount for those who obtain CoinEx’s native token CET. -
If you want to engage in trade-driven mining, simply go to the ‘Mining’ section. Only those users who provide their ID scans are able to do this.
CoinEx Fees
As mentioned above, new exchanges try to attract customers by offering them low fees. In fact, CoinEx fees are extremely low. Only takers are charged with 0.1% fee while CoinEx is completely free for makers. However, there are still small withdrawals fees for all the currencies except for Bitcoin Cash (BCH). Go to CoinEx website for additional information.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin