What is CoinEX? How does it benefit those who use it? Is it one that you should switch to? These are some of the questions that we shall be looking at in this review. In order to help you make an even more solid decision about CoinEX, here is the content that you shall find in this review:
- What is CoinEx about?
- How do you go about the registration process at CoinEx?
- What are the main features of CoinEX?
- What are the charges and fees?
- How does one deposit their funds to a CoinEx account?
- Is CoinEx a genuine one?
- What are its pros and cons
Name of company: CoinEx
Official Website URL:https://www.coinex.com/
Overall rating : (3.5 / 5)
Recommended: No. Here is an option I would recommend though.
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What is CoinEx about?
CoinEX is a well-known cryptocurrency exchange firm that was established back in 2017. The firm is based in Hong Kong. It is quite popular amongst its users in the way it gives them a low-cost coin-to-coin exchange platform for a wide variety of cryptos. Currently, it appears as though CoinEx’s main focus is on Bitcoin Cash. It also has plans to launch its own coin, known as CoinEx Token (CET), which is also expected to take a front seat in the company’s exchange platform.
CoinEX is also well-known for a service called Accelerator. As the name suggests, the service is meant to promote and help all the outstanding blockchain projects that the owners of CoinEx perceive as trustworthy and of high quality. The traders in the CoinEx exchange platform can participate in the Accelerator is they wish to. By taking part in the Accelerator, they stand a chance to get rewarded with some proceeds from the project.
How does one register to use CoinEx?
Registration on CoinEx is pretty straightforward. All that anyone who is interested in this platform is required to have is an active email address. This is very crucial for the verification process. In fact, if you visit the CoinEX Website, you will be prompted to register right away.
After your account is registered and verified, the next step lies in binding the Google Authenticator and your telephone number for even better security for your account.
What are the main features of the CoinEx exchange platform?
CoinEx has some very outstanding features that make it attractive to potential users. Some of the main ones that you might be interested in include:
CoinEx offers leveraged trading, which enables you to get massive returns. It can also lead to massive losses if the market prices work against you. Say for instance you have $1000 on the trading account, and you bet $10 on Bitcoin going long (or simply increasing in value). In this case, you can do so with a 100x leverage. In the event that the value of BTC goes up by 10%, and you had only bet with $10, you are entitled to earn $1 by holding the Bitcoin. Since you bet $10 with a 100x leverage, then you are entitled to earn an extra $100($99 more than the scenario in which you fail to leverage your deal).
In the same manner, if BTC’s value decreases in value by 10%, you will lose $100 (or $99 more than if you had not leveraged the deal). Clearly, there is a huge potential for you, but there is also a huge downside if the deal does not go your way.
2. Mobile Support
CoinEX has a mobile app that you can download on your Android or iOS mobile phone. The app makes it possible for someone to access their funds and trade or exchange them on the go.
A wide variety of altcoins
CoinEX has quite a number of well-known digital assets, including:
- Bitcoin Cash
- Bitcoin Candy.
The most frequently traded pairs in this exchange platform are:
3. An impressive trading platform that has advanced charting
CoinEx provides a web-based platform which is quite simple. If you take a quick glance at the platform, it will appear as though it does not have enough tools. After you click on “Charting” you will access a wide variety of advanced tools, which are all powered by TradingView. You will find trading pairs arranged in the following categories:
- BTC markets
- BCH markets
- USDT markets
4. CoinEX Chain
Another key feature of CoinEX is its native token known as CoinEx Chain, whose white paper was released back in 2019. The owners of CoinEx claim that this token is the world’s very first public chain which is designed for DEXs. With ChainEx is it possible to have a decentralized trading system that has :
- Community driven operations
- Transparent trading rules
- Self-controlled user assets
What are the fees charged to use CoinEX?
As a user of this exchange platform, you will part with the following fees:
- Trading fees – a flat fee of 0.20% is offered on this platform. Most other exchanges offer flat fees ranging between 0.20% and 0.25%.
- Withdrawal fees- The withdrawal fees in this platform are a constant 0.0006 BTC for every BTC withdrawal.
Which deposit methods are allowed?
Currently, CoinEx does not allow any other deposit method other than cryptocurrencies. As a new cryptocurrency investor, you have to purchase cryptos from another crypto exchange (if you do not have them), so that you deposit them into your CoinEx account.
Is CoinEx genuine?
Yes. CoinEx is genuine. It was founded back in 2017 and has been serving users on a global scope (apart from countries that have geo-restrictions). It has been reviewed on quite a number of consumer trust sites, and none of them indicate or even insinuate that CoinEx is not genuine. A look at the consumer reviews on Trustpilot reveals that the greatest percentage of its users are very satisfied with what it is offering.
There are some complaints about customer support not being reliable. This unfortunately makes CoinEx an unsuitable option. There are people who ignore such issues and go ahead to rely on a software or product only to experience the very same issues.
Pros and Cons
- Offers leveraged trading
- Several cryptos are offered
- Low transaction fees
- High security
- Advanced charting tools
- Easy to use platform
- It does not support fiat currencies
- It has minimum withdrawal fees
- Does not have margin trading
That is pretty much all you need to know about what CoinEx is. Do you have any questions or remarks? You can leave those in the comments section so that I can get back to you with the answers that you need. If you are not into cryptocurrencies and you still are looking for a way to make investment income, then you can have a look at my number one recommended source of valid and reliable investment information.
I wish you the best,