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CoinEx Review 2024

Last updated Jun 17, 2024

If you're looking to get more information about the cryptocurrency exchange CoinEx, you've come to the right place.

Read our detailed review to learn more about CoinEx and determine if this exchange is right for you.

We will provide you with all the key information about CoinEx, as well as show you how to create an account. So, without further ado, let's get to the details.

If you want to save on trading commissions, then use our exclusive CoinEx referral code:

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Who Created CoinEx

CoinEx is an exchange that was founded at the end of 2017 and is an international cryptocurrency trading platform.

The core team members of CoinEx, led by Yang Haipo, are among the best specialists in finance and internet technologies from around the world.

The CoinEx team also includes early cryptocurrency adopters from around the world with extensive experience.

The company is registered in Hong Kong, similar to Binance and Bitfinex, and is a sub-brand of ViaBTC, which was also founded by Yang Haipo.

CoinEx has established and maintains relationships with other developer groups in the cryptocurrency sector. Notably, it has partnership relations with Blockchair and Bitcoin Cash.

Currently, CoinEx services are available in over a hundred countries worldwide. However, this list does not include regions where digital currencies are prohibited.

The exchange is available to US citizens, mainly due to the lack of support for traditional currency.

CoinEx offers its users a proprietary trading system and claims that it can provide efficiency, stability, and security of exchange operations.

How to Use CoinEx – A Step-by-Step Guide

In the guide below, we have covered all the information necessary to use the digital currency exchange CoinEx.

Reader reviews will show how well we did. In our step-by-step guide, you'll find everything you need to know, from setting up an account to trading costs.

Home page of coinex.com
Home page of coinex.com

Key Facts

It's quite difficult to find a cryptocurrency exchange that is just right for you.

Fortunately, we have decided to come to your aid and save you from unnecessary chatter by providing all the essential information.

Let's start by presenting a number of key facts about CoinEx that may be useful to you.

Wide Selection of Cryptocurrencies

Today, there is a vast number of cryptocurrencies from which a user must choose the most attractive options.

Major coins are those represented on all other major exchanges. These include Bitcoin, Tether, Ethereum, Bitcoin Cash, and many others.

Secure Ecosystem

The Coinex platform utilizes several protocols that ensure the security of its structure.Thanks to the "Full Dimension Protection" system, you can be confident that all your exchange operations and payments are fully protected.

User-Friendly Interface

The interface of the CoinEx platform is simple and intuitive. Whether you are new to the CoinEx system or an experienced trader, you will find it very easy to navigate and move around the exchange.

Fast OTC Transactions

CoinEx can process over-the-counter (OTC) transactions very quickly.This means that the exchange operations conducted on CoinEx are not limited to specific currency standards, although all transactions are conducted only using digital currencies.

Account Funding Methods

On the CoinEx platform, which is similar to other exchanges such as Poloniex and Binance, you can only trade cryptocurrencies.

Currently, CoinEx does not allow deposits using fiat currencies, so you need to transfer cryptocurrency from another platform to start trading.

Currencies

CoinEx supports a multitude of digital coins, and more will be added as users vote for them.By participating in the voting, users ensure the availability of digital currencies they want to trade.

Referral Program

If you want to earn additional rewards, you can invite your friends to the exchange.

By inviting referrals, users can earn CET (CoinEx Token) tokens and trade them on the CoinEx platform.

CoinEx Exchange Commissions

When using the CoinEx digital currency platform, users must consider the following commissions:

Transactions

CoinEx uses a "maker/taker" commission model on its platform. Market makers are traders who sell or buy an asset at a specified price.

Such users create market depth. Takers, on the other hand, actively seek an acceptable purchase/sale option and then accept it.

Both makers and takers pay a trading commission of 0.1%.

Deposits and Withdrawals

Since CoinEx.com does not have as high trading commissions as other exchanges, there are fees for depositing and withdrawing funds.

Excluding Bitcoin Cash, for which there is no fee, all other currencies are subject to certain charges, which vary.

The fee schedule for deposits and withdrawals is listed on the CoinEx website.

Considerations

Before we move directly to setting up a CoinEx account and start trading, there are several important points to consider.

Security

As for security features, CoinEx uses a captcha similar to the one implemented in Binance.

To secure their accounts, users can set up either SMS confirmations or two-factor authentication (2FA) as well as transaction confirmations.

CoinEx offers an alert service that is used when logging into the system and sends notifications when a user performs any actions on their account.

However, keep in mind that the exchange itself is not encrypted and that online wallets are not cold storage. Therefore, it is not recommended to store large amounts of cryptocurrency on the exchange.

Trading Information

A few points to keep in mind: CoinEx does not provide margin trading services like BitMEX or Bitfinex.

You will find standard trading functionality: stop losses, limit and market orders.

The interface provides experienced traders with all the data necessary to make informed trading decisions.

Users can customize the color theme and charts on the trading page. They can also add indicators and expand charts as needed.

Unfortunately, there is no same move option as on BitMEX in these sections.

Customer Support

Like many other cryptocurrency platforms, CoinEx, which mostly has positive reviews, does not have a phone number, chat, or email that can be used if you encounter problems using their platform.

However, you still have a couple of options. CoinEx has a help center that allows you to solve some problems and find answers that meet your needs.

The second option is to submit a ticket and wait for a response from the platform.

Opening a CoinEx Account

To start working with a CoinEx account, first you need to register. Go to the exchange's website and select the "Registration" option in the upper right corner.

On the next screen, you need to enter your email address, to which a message will be sent.

Open the received email, find the confirmation code and enter it in the field under your email address.

Enter your password along with the invitation code, if you have received one. Confirm that you agree with the terms, after which you will be able to proceed to the next step.

CoinEx registration
CoinEx registration

Securing Your CoinEx Account

So, you are in your account. Here you can click on the "Security" button and change your password if necessary.

You can also enable two-factor authentication, as well as set up confirmations for your trading activities.

You can set the following options: "Never" (Never), "Every Two Hours" (Every Two Hours) and "Every Time" (Every Time).

CoinEx Security Settings
CoinEx Security Settings

Two-Factor Authentication

Two-factor authentication is an excellent way to enhance the security of your account.

With two-factor authentication activated, even if someone manages to get your password, they will also need to enter a special, constantly changing code to access your account.

In CoinEx, to enable 2FA, you need to click on the "Bind" option on the right side of the "Security" screen.

You can use Google Authenticator, mobile SMS, or both. By clicking on "Bind", you will see a pop-up window that will help you set up account protection through 2FA.

Monitor Your Account

Enable the "Trading Authentication" feature in the security settings to receive notifications anytime there is activity on your account.

Of course, sometimes notifications can be annoying, but isn't a little inconvenience worth the peace of mind that comes with knowing your account is secure?

Verification

CoinEx uses a multi-level verification system to verify the identity of its users. There are three levels available to users. Unverified users are at the first level.

To achieve this and start trading, you only need to confirm your phone number and email address. At the first level, you can withdraw up to $10,000 every day.

CoinEx verification
CoinEx verification

The basic level of verification allows users to withdraw up to 1 million dollars daily.

However, users must provide a scanned copy of either their passport or another form of identity verification.

An advanced level of verification, which does not impose any withdrawal limits, can be obtained through the mobile app using a webcam.

How to Trade on CoinEx

CoinEx is an excellent platform for both beginners in cryptocurrency trading and those with more experience.

The user interface is quite simple, so a novice will have no trouble executing trades, but it also contains enough data and information for traders to perform technical analysis if necessary.

Now let's figure out how to buy and sell coins on CoinEx.

Before you start trading on CoinEx, you will need to transfer the cryptocurrency of your choice to this exchange.

Click on the "Wallets" tab at the top of the screen. You will see a set of digital currencies, one of which you need to select.

Click on "Deposit", then follow the instructions to fund your wallet with the desired cryptocurrency.

Then return to the main CoinEx screen, and about halfway down you will notice tabs for several major cryptocurrencies. These include BCH, BTC, ETH, CET, USDC, and USDT.

Select the desired tab, then click on the "Go Trade" link in the far right corner.

Next comes the most interesting part. As you can see, in the middle of the screen are the "Buy" and "Sell" buttons for the cryptocurrency you have chosen.

Next, you need to choose the type of order: limit, market, or stop-limit.

Here you can also specify what portion of your capital you want to allocate for buying or selling. CoinEx allows you to use values from 0% to 100% in increments of 25%.

You can also enter the amount manually if you prefer. After verifying all the entered data, press "Buy" or "Sell". You have just executed your first trade on CoinEx.

Congratulations!

Using an Offline Wallet

Keep in mind that after completing trading operations, to ensure the security of your coins, it is best to keep them in your personal offline wallet.

Cryptocurrency exchanges allow you to trade coins, and you expect them to keep them safe just as a bank is responsible for your traditional currency.

However, the downside of storing coins on an exchange is that if the exchange disappears or is hacked, you are likely to lose all your coins.

When everything that is needed is done, the best possible action is to move the digital currencies into your personal wallet.

This way, you will know exactly where they are and that you have full control over them.

Final Thoughts

Next, we offer you a brief overview of some of the advantages and disadvantages of the cryptocurrency exchange CoinEx.

Pros

  • A fairly solid number of altcoins available for trading.
  • Free account funding.
  • Transparent fee structure.
  • Low trading fees.
  • Ease of use.
  • Global availability.
  • Quick registration process.
  • Mobile application.

Cons

  • No support for fiat currencies.
  • No margin trading.
  • There are minimum withdrawal and deposit requirements.
  • A fee is charged for fund withdrawals.

If you are new to cryptocurrency trading and looking for a good place to start, CoinEx is an excellent option.

You will not have the ability to use leverage, but if you are still learning, these things are not necessary for you anyway.

Although having to pay a withdrawal fee is not very favorable, CoinEx offers quite high liquidity, which is also important.

For those with more experience in cryptocurrency trading, CoinEx may be less useful than some other exchanges that offer more advanced trading tactics.

CoinEx does not provide the option for margin trading, and while you can customize your screen, the platform has limitations that will disappoint experienced traders.

But if you are more interested in long-term investing, CoinEx is a decent place for trading. You can set up two-factor authentication and trade alerts for your account.

The exchange has its drawbacks, but it provides users with the opportunity to make their accounts more secure.

Overall, CoinEx is an excellent exchange. It's very easy to register and start using, and the availability of multiple verification levels allows users to decide which limits are acceptable for them.

Buying and selling are straightforward and clear, and the process of depositing and withdrawing funds is much easier than on some other exchanges.

Certainly, the exchange still has room for improvement, however, the CoinEx team is doing a good job of facilitating trading activities for new traders.

Therefore, if you are looking for a simple platform to enter the world of cryptocurrencies, CoinEx is well-suited for this purpose.

Visit CoinExTrading cryptocurrencies carries high risks. You may lose all invested funds

Nikolay is an experienced specialist in financial markets and co-founder of IamForexTrader. He has been successfully trading Forex since 2014 and has been actively involved in the cryptocurrency market since 2017.

He develops investment strategies adaptable to any level of experience and has been actively investing in stocks, bonds and ETFs since 2018.