CoinEx Exchange Review – Fees, Supported Coins & Countries, Payment Methods
To be completely honest with you, choosing a crypto exchange that suits your goals and has all the features and services you need at a particular point in time is probably one of the trickiest things in the crypto universe. Why? Well, it is simple – there are just too many high-quality exchanges. One of those is definitely CoinEx.
CoinEx is a well-known name in the crypto industry. In this article, we will take a close look at the features, supported coins, deposits, withdrawals, fees, supported countries, safety, and all of the other important parts of the CoinEx exchange.
The exchange offers a beginner-friendly interface – I found it pretty easy to use. CoinEx’s landing page looks pretty well organized and with nice explanations of the focal features of the platform. viaBTC is the parent company of CoinEx while the headquarters is in Hong Kong.
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.
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.
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).
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.
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.
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|
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|
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?
There is no info on CoinEx’s website whatsoever about US investors, so it is not 100% clear whether they are allowed or not. However, I did find the information on some blogs that CoinEx allows US citizens to be their users.
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 Regulated?
CoinEx is regulated under Estonian law since the exchange holds the Estonian digital asset trading license.
CoinEx is definitely a good cryptocurrency exchange and a crypto service provider especially if you want to find a place for margin and perpetual futures. I would say the exchange is suitable both for beginners and experienced traders since it is very easy to use and it offers advanced trading services.
As any other exchange, CoinEx has its downsides such as overwhelming verification process and no direct ways for fiat deposits. However, none of these is a dealbreaker in my opinion.
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- Never been hacked.
- Low and competitive fees.
- Security is on a high-level.
- Available almost globally.
- Advanced trading features such as margin and future trading.
- An enormous number of cryptocurrencies is supported.
- No direct ways to do fiat deposits and withdrawals.
- Overwhelming verification process.
- No staking feature.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com