CoinEx Exchange Review – Fees, Supported Coins & Countries, Payment Methods
Sarah Wurfel
What you'll learn 👉
CoinEx Overview
Navigating the vast landscape of cryptocurrency exchanges can be daunting. Among the multitude of options, CoinEx has emerged as a notable contender. In this CoinEx review, we’ll explore the key features, safety measures, and user experience of this Hong Kong-based exchange.
Is CoinEx safe? Is it legit? These are questions every prudent trader asks. CoinEx offers a unique approach to KYC requirements and competitive fees, making it an attractive platform for many. However, it’s worth noting that as of April 2021, CoinEx no longer services US customers.
Join us as we delve into the specifics of CoinEx, from its extensive coin support to its native CET token benefits. Whether you’re a seasoned trader or a crypto novice, this review aims to provide a comprehensive understanding of the CoinEx exchange.
| Topic | Summary |
|---|---|
| 🌐 CoinEx Overview | CoinEx is a well-known crypto exchange supporting over 400 cryptocurrencies and 50+ fiat currencies. It offers a user-friendly interface and supports multiple languages. The exchange is headquartered in Hong Kong and regulated under Estonian law. |
| 📱 Services & Features | CoinEx offers spot and margin trading, and supports a large number of cryptocurrencies. It has a native token (CET) which can be used for fee discounts. The platform does not directly support fiat deposits but allows it via third-party providers. |
| 💰 Fees | CoinEx offers competitive fees. Deposits are free, while withdrawal fees vary depending on the coin. Trading fees are initially 0.2% for spot trading and 0.1% for margin trading, but can be reduced by holding CET tokens. |
| 🌍 Supported Countries | CoinEx is available in over 100 countries. However, it stopped servicing US customers in April 2021. |
| 📝 KYC Requirements | CoinEx does not have a mandatory KYC process, but verified users can enjoy higher withdrawal limits and fee discounts. |
| 🛡️ Safety | CoinEx offers a multi-sig cold wallet storage and has never been hacked. It also has a Bug Bounty program that rewards users who report bugs or issues on the exchange. |
| 🤔 Conclusion | CoinEx is a reliable crypto exchange suitable for both beginners and experienced traders. It offers advanced trading services but has some downsides such as no direct fiat deposits and a slow verification process. |
| ❓ FAQs | CoinEx supports more than 60 fiat currencies and allows fiat deposits via third-party services. It supports margin and perpetual contract trading. The exchange is based in Hong Kong. Users can buy crypto on CoinEx by depositing their account with crypto or fiat money via third-party services. |
The exact words to describe CoinEx would be:
- A variety of altcoins
- Low (competitive) fees
- High-level security
- No forced KYC
- Free deposits
- Excellent help center
- The mobile app is available (for both iOS and Android)
So, without further ado, let me explain the CoinEx exchange in more detail.
Note: Keep in mind that these are only my opinions based on my thorough investigation of the CoinEx exchange. In any case, please do your own research before deciding whether you want to use it or not.
At this point, it is good to note that all opinions and suggestions written in this article are not considered financial advice.
Services & Features
Buy & sell crypto
As already mentioned above, CoinEx is a beginner-friendly exchange so buying and selling cryptocurrencies can be done in just a few clicks. Of course, you have to go through the registration process first (will be explained later in the article).
Tap on the “market” tab on the top of the homepage and you will find the available cryptocurrencies to buy. At the time of writing (January of 2022), CoinEx supports an enormous number of cryptocurrencies such as CET (its native token), Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Ripple (XRP), Dogecoin (DOGE), and many others. To be honest, the number of supported coins should probably be higher.
Spot exchange
CoinEx offers spot trading. For those not familiar with the term, spot crypto trading is the process of buying and selling tokens and coins at a spot price for immediate settlement.
Tap on the “exchange” tab on the top of the homepage and you will be sent to a new window. You will be directed to a window as seen below. Let me describe the whole exchange page:
- 1) Search bar and market area
- 2) Trading pair and basic market information
- 3) K-line market and depth chart
- 4) Fee discount setting and rate of maker & taker
- 5) Market selection area
- 6) Order placing area
- 7) Proportion of buying & selling
- 8) Market handicap depth area
- 9) Latest transactions area
- 10) Current orders area
- 11) Orders history area
Keep in mind that CoinEx supports 655 trading pairs which is a pretty remarkable number.
Margin exchange
CoinEx supports margin trading as well – an advanced trading feature for experienced traders. In fact, I would say it is suitable only for experienced traders since I would not suggest it to a complete beginner. If you want to do margin trading on CoinEx, you have to first move your funds from the spot trading account to your margin trading account.
Margin trading cares a significant level of risk and should be done by traders who are not ready to lose a bit more serious amount of money from their budget. However, it does allow you to trade with a bigger amount of money (that is borrowed from the third party) which means you can earn more money than you would with your “real” budget.
CoinEx supported coins
CoinEx supports great number of cryptocurrencies such as CET (its native token), Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Ripple (XRP), Dogecoin (DOGE), USD Coin (USDC), Cardano (ADA), Avalanche (AVAX), Polygon (MATIC), Shiba Inu (SHIB), Litecoin (LTC), and many more.
To be honest, when CoinEx’s reputation is taken into account, the number of supported coins should probably be higher.
CoinEx deposits & withdrawals
CoinEx does not directly support fiat currency deposits, but you can do it via third-party providers that include Simplex, XanPool, Mercuryo, Paxful, Moonpay, and AdvCash. Minimum deposit depends on the fiat currency you’re using.
You can deposit directly crypto to your CoinEx account. A similar thing is with withdrawals as well – you can withdraw only crypto directly, but you can exchange it for fiat money only through a third-party provider (Mercuryo).
Fees
Deposits are completely cost-free. When it comes to withdrawal fees, it varies from coin to coin (which is a standard procedure on all exchanges) – for example, it is 0.0001 BTC per BTC-withdrawal, 0.009 ETH per ETH-withdrawal, and for stablecoins (USDT and USDC) it can go from 0.01 to 80+ depending on what mainnet type you choose.
Fees seem pretty reasonable since they are a bit lower than the market’s average. If you decide to deposit fiat using a third-party provide, fees are ~$1.
Methods
As already mentioned, the only payment method for deposits and withdrawals on CoinEx is the cryptocurrencies. In my opinion, this is a big downside of CoinEx. However, it is possible to exchange fiat money for crypto and then deposit it to your CoinEx account via third-party providers (Simplex, XanPool, Mercuryo, Paxful, Moonpay, and AdvCash). Not the best possible solution, but better than not to have any.
Limits
CoinEx has a 24h withdrawal limit of 10,000 USD if you are not a verified user. However, if you do verify your account, you will increase your daily withdrawal limit to 1,000,000 USD.
I did not find any deposit limits on CoinEx. Also, no info on their website regarding the trading limits either. There is a minimum deposit though, based on the currency.
CoinEx Trading Fees
Spot trading fees, margin trading fees
CoinEx’s spot trading fees are initially 0.2% while margin trading fees are 0.1%. I say initially since you can increase your “VIP” level, or in other words, you can hold more CET coins and your fees will be lower. In general, trading fees on CoinEx are fairly low compared to the market’s average and main competitors. In the table below you can see all VIP levels and what the trading fees are for each level.
| VIP Level | CET Holding | Spot Fees | Deducted Spot Fees (CET) | Margin Daily Interest |
| VIP0 | 0 | 0.2000% | 0.1400% | 0.1000% |
| VIP1 | ≥10,000 CET | 0.1800% | 0.1260% | 0.0900% |
| VIP2 | ≥50,000 CET | 0.1600% | 0.1120% | 0.0800% |
| VIP3 | ≥200,000 CET | 0.1400% | 0.0980% | 0.0700% |
| VIP4 | ≥500,000 CET | 0.1200% | 0.0840% | 0.0600% |
| VIP5 | ≥1,000,000 CET | 0.1000% | 0.0700% | 0.0500% |
Future contract fees
When it comes to future contract fees, these are 0.03% for the maker and 0.05% for the maker which is fairly low. However, if you hold CET, you can make these fees even lower, please see the table below:
| VIP Level | CET Holding | Maker Fees | Taker Fees |
| VIP0 | 0 | 0.0300% | 0.0500% |
| VIP1 | ≥10,000 CET | 0.0280% | 0.0480% |
| VIP2 | ≥50,000 CET | 0.0260% | 0.0460% |
| VIP3 | ≥200,000 CET | 0.0240% | 0.0440% |
| VIP4 | ≥500,000 CET | 0.0220% | 0.0420% |
| VIP5 | ≥1,000,000 CET | 0.0200% | 0.0400% |
Does CoinEx require KYC?
No, CoinEx does not have a mandatory KYC (Know Your Customer) verification process. You can verify your account of course and therefore increase the daily withdrawal limit and have an exclusive support manager.
However, these are the only two differences between the non-verified and verified account, so my suggestion here is to first wait, try the exchange and then decide whether you really need to verify your account just for the two mentioned changes.
CoinEx supported countries
As per CoinEx’s team, they have more than 2 million users in more than 100 countries. In fact, CoinEx is available almost globally with the few exceptions (countries where crypto assets trading is prohibited).
The numbers say that 15% of CoinEx’s come from China and 85% internationally.
Are US investors allowed on CoinEx?
Unfortunately, CoinEx stopped accepting US investors from April, 2021.
How to start with CoinEx? (steps like registration, activation, verification, etc).
Signing up with CoinEx is pretty straightforward process. You need to enter your email, password and then verify your email with the verification code they sent you to your inbox. The whole process is done within a few minutes.
Verification process is where it gets tricky. First, you have to fill out detailed information about yourself (name, address, etc.) and then upload a required photo of your ID document. After completing the required steps, they will send you an email within 5-10 business days which is a very long period of time, so the verification process on CoinEx is super slow.
Upon registration, you can use a referral code if you have one.
The details instructions how to verify your account with CoinEx you can find here.
Does CoinEx have a Native Token?
Yes, CoinEx does have a native token – CET. The token was mentioned multiple times in this article since you can decrease your fees if you hold it. The token was launched back in 2019 and you can buy it on various exchanges such as BKEX, AscendEX (Bitmax), and CoinEx. If you are an owner of CET, you will have a discount on transaction fees.
Is CoinEx legit and safe?
CoinEx is definitely a legit crypto exchange when you look at their large user base. When it comes to the security and the safety of your funds – CoinEx pay a lot of attention to this which is always a plus. CoinEx offers a multi-sig cold wallet storage, although tit is not specified what percentage of the funds deposited with them are kept offline.
The exchange was never hacked. CoinEx’s Bug Bounty program is definitely worth mentioning – if you report any kind of bug or issue on the exchange, you can be rewarded in USDT. Depending on the type of issue you report, rewards can go from 200 USDT to 10,000 USDT.
Is CoinEx Safe & Regulated?
CoinEx is regulated under Estonian law since the exchange holds the Estonian digital asset trading license.
Conclusion
In conclusion, CoinEx stands as a strong contender in the crowded cryptocurrency exchange market. With its extensive range of supported cryptocurrencies, user-friendly interface, and competitive fee structure, it caters to both novice and experienced traders.
While the lack of direct fiat deposit support and service to US customers may be a drawback for some, its flexible KYC policy and robust security measures make it a reliable platform for crypto trading.
Whether you’re just starting your crypto journey or looking to diversify your trading platforms, CoinEx is certainly worth considering. As always, remember to trade wisely and stay informed about the latest developments in the crypto sphere.
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FAQs
I’m using Coin-ex VIP Can you please tell me to process to withdraw funds from from VIP to my bank account. Thank You
this review is so wrong. People claim that coinex is trust worthy and legitimate, but they have another department called coinexab.com from which no matter how many fees or taxes you pay you will never get your funds out. Thwy make threats about money laundering and tax authorities. They even altered a withdrawal request by changing the first digit from a 0 to o and claimed i made a mistake and to verify my acct i had to deposit another 20 eth
Coinexab.com is all over the web as a scam and during my conversations they admitted to being a independent department of coinex.
Months ago when i asked coinex about them they did a song and dance but never denied knowing them
i’d stay away from coinex. In these times we need exchanges we can trust and you certainly cant trust this group
I was conned by this company after so many false promises .I would advise you not to put money in here as I got salvaged by againstcon.com . Be wary of fake investment companies