Cryptocurrencies for trading
BTC, ETH, LTC, BCH, and 54 more
Guarantee stop loss
Negative balance protection
Trade Costs: 0.10%
In this CoinEX review, we provide fresh information regarding the trading platform. We go over the company’s ownership & regulation, ease of use, payment methods and currencies available. The investigation also includes security and trading environment in terms of functions and tools that clients have at their disposal. Lastly, we conclude with an overall mark, pinpointing the important pros and cons of trading in CoinEX.
CoinEX is a Hong Kong-based cryptocurrency business that offers trading services for investors interested in the crypto-to-crypto pairing. Starting in 2017, the company registered services within the financial institutions in Hong Kong, much like what Bitfinex and Binance did.
The organization came as a sub-brand of ViaBTC, a company that offers cloud mining and mining pool services for investors. To complete its business cycles, the platform engaged in partnership deals with other cryptocurrency groups. Famous examples include Bitcoin Cash and Blockchair.
Currently, CoinEX offers web browsing marketplace and phone apps. Both iOS and Android users can download the software for free. The desktop version is not available, much like other, similar trading websites, such as Binance, Bitfinex, and Poloniex. Users can also access the trade marketplace through phone devices without downloading the app.
The platform offers its services in more than 100 countries, though it does not include regions that have banned cryptos. Currently, its services are available for U.S. citizens, due to the lack of fiat currency involvement. The only limitation concerning regional availability are countries that have banned cryptocurrency.
Payment Methods and Currencies
CoinEX, much like Binance, Poloniex, and BitMEX, allows only crypto-to-crypto trading. There are no fiats involved nor are their plans in the near future to provide them as deposit methods. Trading pairs are strictly crypto-oriented and storage capacities are the only available deposit channel.
Currently, CoinEX supports 59 digital coins, with 5 more on the waiting list. Other tokens/coins can also join the framework if users vote for them. Through this measure, the company wishes to ensure there is a marketplace for new cryptos. There is also an option of promotion your favorite cryptocurrency while voting is reserved for verified users only. As with all other platforms, blockchain network fees need to be accounted for.
Fees & Limits
Apart from blockchain transfer costs, CoinEX implements maker/taker fee structure, albeit in a different manner than Bitfinex and BitMEX. Large volumes would provide lower costs at Bitfinex (from 0.25% down to 0%), rewarding maker orders. CoinEX has a set 0.1% cost for both types of trade, not putting an emphasis on the order type.
On the side of deposit/withdrawal limitations, each cryptocurrency has a set minimum of assets needed per transfer. Bitcoin, for example, holds a minimum of 0.0001BTC for deposits and 0.001BTC for withdrawals.
Unverified accounts can withdraw coins outside of the CoinEX platform through mobile binding at the value of $10.000 daily. Verified users can do so at the maximum withdrawal limit of $1 million.
On the side of security, CoinEX implemented a Captcha that Binance uses as well. Within the account, traders can set Google or phone two-factor authentications (2FA) and timed trade authentication. The email notification system serves as a login and trade alarm when the user commits an activity.
However, the website is not encrypted and wallets do not use cold storage functions. Bitfinex, for example, provides IP whitelists, alongside with session and withdrawal settings. We would not recommend keeping large batches of cryptos due to the lack of enhanced safety measures in CoinEX.
The trading platform implements a tier-level identity check system, with three levels available for clients to attain. Unverified users only need to verify their email and phone number to get started with trading. The level of withdrawal is set to be $10.000 daily, as mentioned earlier.
Basic verified level allows withdrawals equivalent to $1.000.000 while required documents include scanned ID or passport. Advanced verification is available through the app only, applying a webcam confirmation.
The company does not offer margin trading, like Bitfinex and BitMEX. Regular trading functions are available, including limit, market and stop order tools. All activities within the marketplace are visible through charts on either side of the trading form in the middle.
The interface serves experienced traders a bit more than beginners, due to the charts and live trading records. Clients can redesign charts and change the overall color theme of the trading page, expand charts and add indicators. However, it does not have the liberty that BitMEX offers since these sections cannot be moved. Readers can check out the overall look of the trading platform on the browser in a picture below.
Traders can use two sets of stop limits, stop-price and limit functions, designed for loss and profit level limitations. You can check out the trading form in the picture below.
Charts offer a wide range of indicators that are helpful when conducting a technical analysis, influencing over 50 of them. Additionally, charts have a feature of using a brush for hand-made lines.
Bitcoin Cash (BCH) holds the top spot in the CoinEX platform, in terms of daily volume. The largest pair is BCH/BTC with platform’s own coin, CET, holding the third place within the marketplace, as seen above.
Due to the lack of margin trading, CoinEX offers simple treading for starters, with the only interface geared towards experienced users. Leaders in the industry, Bitfinex, and BitMEX do have an upper hand over CoinEX, as both offer leverage tool. Additionally, CoinEX does not offer futures contracts at this point in time.
Another interesting feature that CoinEX provides are “mining” rewards for each trading transaction made. Opening orders come with bonus CET, which is a cryptocurrency released by the platform.
CoinEX employs regular helpdesk page, where FAQ and ticket sections are available for both inquiries and issues. There is no live chat available nor are there direct contacts available through phone or email details. Traders cannot reach headquarters through any other way other than tickets. FAQ covers most of the trading platform and is easy to navigate through.
Pros and Cons
- possible to trade and withdraw without identity verification
- voting and promotion systems help survival rate of individual cryptocurrencies
- lack of direct support contact and live chat
- fiat currencies are not supported
- no margin trading available
In this CoinEX review, we went over major features that trading platform offers for its clients. Its focus remains to be on Bitcoin Cash while margin trading is not available at this point. It is a good start for beginners to learn crypto trading. On the other hand, we would not recommend keeping large quantities of digital assets in CoinEX wallets. Lack of safety measures can lead towards the loss of cryptos.