If you’re interested in finding out more about the CoinEx cryptocurrency exchange, then you’ve come to the right place. Read our in-depth review to learn more about CoinEx and determine whether or not it’s the right exchange for you. We’ll provide key information concerning CoinEx and also show you how to set up an account. So, without further ado, let’s jump right into the details around CoinEx.
Who Are CoinEx?
CoinEx was established in late 2017 and is an international cryptocurrency exchange. The CoinEx core team members, led by Yang Haipo, are some of the best finance and internet professionals from around the world. The CoinEx team includes early cryptocurrency adopters with plenty of international experience.
The company is registered in Hong Kong, much like Binance and Bitifinex, and are a sub-brand of ViaBTC, a company that Haipo also founded. CoinEx has established and engaged in relationships with other groups within the cryptocurrency sector. Most notably, they have partnerships with Blockchair and Bitcoin Cash.
Currently, CoinEx services are available in over 100 countries. It does not, however, include areas which have banned digital currencies. It is available to citizens of the United States, mainly due to its lack of traditional currency involvement. CoinEx offers a proprietary trading system to its users and states that it is dedicated to providing an efficient, stable, and secure exchange.
How to Use CoinEx – Our Step-by-Step Guide
In the guide below we’ve covered all the information you’ll need for the CoinEx digital currency exchange. From account setup to the cost of trading, everything you need to know is in our step-by-step CoinEx guide.
It can be a challenge to find the cryptocurrency exchange that’s right for you. Thankfully, you have us here at Total Crypto to weed out all the unnecessary chatter to give you the information you need. To get you started, here are some key facts about CoinEx that you might find useful.
Wide Crypto Trading Variety
There are plenty of cryptocurrencies from which users can choose. The primary coins users will recognize as used on all other major exchanges. These include Bitcoin, Tether, Ethereum, Bitcoin Cash, and many others.
The Coinex platform utilized several protocols when it goes about securing its framework. Thanks to its “Full Dimension Protection,” you can be sure that all your exchanges and payments are protected and secured.
Using the CoinEx platform is simple and straightforward. Whether you’re new to the CoinEx system or an experienced cryptocurrency trader, you’ll find it easy to move and navigate throughout the exchange.
Fast OTC Transactions
CoinEx can process Over the Counter transactions very quickly. This means that exchanges performed on CoinEx aren’t limited to specific currency standards, however, trades can be completed using digital currencies.
You can only perform cryptocurrency trading on the CoinEx platform, which mimics other exchanges like Poloniex and Binance. CoinEx currently does not allow for deposits with fiat currencies, so you’ll have to deposit cryptocurrencies from another platform to begin trading.
CoinEx supports many digital coins, with more joining the platform as users vote them in. By voting them in, users can ensure that the digital currencies they want to trade are available in the marketplace.
If you want to earn some additional rewards, users can refer friends to the exchange. By inviting their referrals, users can earn CET (CoinEx Token) to trade on the CoinEx platform.
CoinEx Exchange Fees
Users can expect the following fees when using the CoinEx digital currency platform:
CoinEx makes use of maker and taker fees on its platform. Market makers are traders who will sell or buy at a given price. These users create the depth for the market. Takers, on the other hand, are actively looking for an acceptable buy/sell option and then they accept it. Maker and trader fees are both 0.1% each.
Because CoinEx does not have fees that are as high as other exchanges, withdrawals and deposits incur certain charges. With the exception of Bitcoin Cash, which does not have a fee, other currencies must pay a fee which varies. You can find the withdrawal and deposit fees on the CoinEx site here.
Things to Consider
Before we too far into how to set up your CoinEx account and start trading, here are a few things to consider.
When it comes to security features, CoinEx uses a Captcha similar to the one that Binance implemented. For account security, users can set up either an SMS or two-factor authentication (2FA) along with trade authentications. CoinEx offers an alarm system that acts as a login and trade notification anytime the user performs an activity on their account.
Keep in mind, however, that the exchange itself is not encrypted and that the online wallets do not make use of cold storage. Therefore, it is not recommended that you keep large amounts of your cryptocurrencies on the exchange.
A few things to bear in mind from a trading perspective. CoinEx does not provide margin trading as you’ll find with BitMEX or Bitfinex. You’ll find the typical trading functionality: stop, limit, and market orders. The interface itself offers more experienced traders the data they need to make informed trades.
Users have the option to customize the color theme and charts on the trading page. They can add indicators and expand graphs as needed. Unfortunately, these sections don’t have the same option of being moved as you’ll find on BitMEX.
Like many other digital currency exchanges, CoinEx doesn’t have a phone number, chat, or email option should you run into trouble while using their platform. You do have a couple of options though. CoinEx provides a Help Center, which gives you the option to sort through issues and try to find an answer that fits your needs. The second choice is to submit a ticket and wait for a response from the platform.
Opening a CoinEx Account
To get started with your CoinEx account, the first thing you’ll have to do is sign up. Head on over to the CoinEx website and choose the “Sign Up” option in the top right corner.
On the next screen, you’ll enter your email, which will trigger a message sent to your inbox. Head over to your email to get the verification code and enter it into the field below your email address. Input your password along with your invitation code if you received one. Click that you agree to the terms and services, then you’re ready to move on to the next step.
Securing Your CoinEx Account
Now you’re into your account. Here, you can click on “Security” and change your password if needed. You can also set up your two-factor authentication, along with enabling your trading verifications. You can choose between Never, Every Two Hours, and Every Time.
2FA is a great way to add additional security to your account. With two-factor authentication, even if someone manages to get your password, they’ll also need to have a randomly assigned code to gain access.
With CoinEx, enable 2FA by clicking on the “Bind” option in the right side of the Security screen. You can do this for either Google Authenticator, mobile SMS, or both. When you select “Bind,” you’ll get a popup that will walk you through the process of securing your account through 2FA.
Keep an Eye on Your Account
Enable “Trading Authentication” in your security settings as well so you will receive notifications any time there is activity on your account. Sure, the alerts might get aggravating, but isn’t a little aggravation worth the peace of mind that your account is secure?
CoinEx uses a tiered-level check system for identity verification purposes. There are three available levels for users. Unverified users are the first level. For this, you only need to verify your phone number and email address to get started trading. With this level, you can withdrawal up to $10,000 each day.
The Basic level of verification gives users the ability to withdraw up to $1M each day. Users do, however, have to provide either their scanned passport or another form of identification. The advanced verification level, which offers no withdrawal limits, is done through the mobile application, using webcam confirmation for verification.
Trading on CoinEx
CoinEx is a great platform for those new to cryptocurrency trading and those that have more experience. The user interface is simple enough that novices won’t have trouble making trades but offers enough data and information that traders can perform technical analysis when needed. For now, let’s walk through how to buy and sell coins on CoinEx.
Before you start trading on CoinEx, you’ll need to deposit your cryptocurrency of choice. Click on the “Wallets” option toward the top of the screen. You’ll see a selection of digital currencies from which you can choose. Select “Deposit,” then follow the directions to load your wallet with your preferred cryptocurrency.
Next, head back to the main CoinEx screen, and about halfway down you’ll notice tabs of some of the larger cryptocurrencies. You can choose between BCH, BTC, ETH, CET, USDC, and USDT. Select the tab you want, then click the “Go Trade” link on the far right.
Now we get to where the magic happens. As you can see, about halfway down the screen are your options to “Buy” and “Sell” your selected cryptocurrency. Here, you can choose between Limit, Market, and Stop-Limit as your types of trade.
Here you can also choose how much of your current total you want to buy or sell. CoinEx lets you select in 25% increments from 0% to 100%. You can also enter an amount manually if you prefer to do so. Once you’re confident in the choices you’ve made, click on “Buy” or “Sell.” Now you’ve made your first trade on CoinEx. Congratulations!
Use an Offline Wallet
Keep in mind that once you’re done trading for the day, the best thing you can do to ensure the security of your coins is to keep them in your personal offline wallet. Much like a bank protects your traditional currency, digital currency exchanges allow you to trade your coins, and the expectation is that they’ll keep them safe.
The drawback to keeping them on the exchange, however, is that if it goes down or is hacked, you’re more than likely going to lose all your coins. When everything is said and done, your best course of action is to move your digital currencies to your own wallet. Therefore, this will ensure that you know exactly where they are and that you have control over them.
Here’s a quick summary of some of the advantages and disadvantages of using the CoinEx cryptocurrency exchange.
- There is a solid number of altcoins available to trade
- Free of charge deposits
- Transparent fee structure
- Low trading fees
- Easy to use
- Globally available
- Quick signup process
- Mobile application
- No fiat currencies are supported
- Margin trading unavailable
- Minimum withdrawal and deposit amounts required
- Withdrawal fees are charged
If you’re new to cryptocurrency trading and looking for a good place to begin, CoinEx is a good option. You won’t have the option to use leverage or margin trading, however, if you’re still learning, these things are important to you anyway. While it’s not ideal that you have to pay a fee for your withdrawals, CoinEx does offer liquidity if that’s a feature that important to you.
For those that have more experienced with trading cryptocurrency, CoinEx might not be as useful as some of the other exchanges that offer more in-depth trading tactics. CoinEx does not provide margin trading and while you can customize your screen, there are limitations to the platform that seasoned traders might view as points of frustration.
However, if you’re more interested in long-term investing, CoinEx isn’t a bad place to trade. You can set up two-factor authentication and alerts to notify you when trading is occurring without your knowledge. It may have its shortcomings, but it does provide users with the ability to make their accounts more secure.
From an overall perspective, CoinEx is a solid exchange. It’s easy to sign up and get started, and the multiple levels of verification let users decide what limitation the want placed on their accounts. Buying and selling are simple and straightforward, and the process of withdrawing and depositing funds is easier than some other exchanges.
There are certainly areas for improvement, however, CoinEx does a good job of making things easy for newer traders. Therefore, if you’re looking for an easy entry point into the world of cryptocurrency, CoinEx is as good a place as any.