Not sure if to signup to Coinex or Binance? Let us help you make an informed decision! We've done a thorough comparison of both exchanges, taking into account factors like KYC requirements, product offerings, trading fees, deposit methods, and more. Keep reading to find out which exchange is the best fit!
CoinEx was established in December 2017 by Haipo Yang and is a Hong Kong-based cryptocurrency exchange. The company employs over 250 individuals, primarily located in Asia and offers its services to users in most countries globally, with the exception of the United States, China, and Canada.
The platform supports trading in a diverse array of cryptocurrencies, including Bitcoin, Ethereum, Solana, Litecoin, Ripple, Cosmos and many others, totalling over 600 different digital assets. CoinEx provides various trading options, such as spot trading, margin trading, and futures trading, and is accessible via mobile apps.
With an estimated user base of over 2 million worldwide and a well-rated app, CoinEx has established itself as a user-friendly platform catering to both novice and experienced traders.
In contrast, Binance was founded in 2017 by Changpeng Zhao, is one of the world's largest and most popular cryptocurrency trading platforms.
Registered in the Cayman Islands as Binance Holdings Ltd, the company has over 6400 employees and operates in 186 countries worldwide, with restrictions in the United States, Ontario, Iran, and Syria.
Binance offers an extensive suite of trading and financial services, including spot and futures trading, staking, earn products, and its own smart chain, supporting over 350 different cryptocurrencies. The platform is estimated to have over 120 million users globally, with its Android app garnering a high rating based on over 1 million reviews.
Coinex vs Binance Signup & KYC
The signup process for both exchanges is quick and easy. Creating an account on Coinex takes less than 30 seconds and only requires an email address, password, and email verification. Similarly, creating a Binance account takes less than a minute.
On Coinex, users can immediately deposit cryptocurrencies and begin trading without going through KYC. For those who wish to access increased withdrawal and trading limits, they will need to go through KYC, which involves submitting personal information, uploading a valid ID, and taking a selfie. It can then take up to 1-3 working days to get the account verified by the Coinex team.
On the other hand, Binance requires users to verify their identity through a KYC process before they can start trading. The KYC verification process on Binance can be as short as 15 minutes but can take up to 2-3 business days in some cases to complete. Users must provide their country of residence, address, and government ID to complete the process.
In summary, both Coinex and Binance have a quick and easy signup process, but Binance requires KYC verification before users can start trading, while on Coinex, users can trade without KYC verification.
Coinex vs Binance Products & Services
Coinex, while not offering an extensive array of products, covers the basics effectively for its user base. The platform supports spot trading for more than 600 cryptocurrencies, encompassing widely recognized large-cap cryptos as well as lesser-known altcoins.
Despite not being in the top 20 in terms of liquidity, with daily trading volumes usually between $25-$75 million, Coinex offers competitive services for its users. The exchange also provides several adjustable leverages, ranging from 3X to 100X, on its inverse contracts.
Additionally, Coinex provides margin trading facilities, offering up to 10X leverage, and futures trading with perpetual contracts settled in stablecoins and various cryptocurrencies.
Coinex also extends trading bot services, facilitating recurring buys and automated buying and selling, which can be useful for systematic trading strategies. For users looking to earn on their holdings, Coinex provides lending services, enabling users to generate income by lending their digital assets.
The platform has been tailored towards beginners, providing a positive user experience with an easy-to-navigate interface, complemented by a "newbie zone" featuring easy-to-follow tutorials on using the exchange's services.
On the other hand, Binance offers a more comprehensive suite of trading services. This includes spot trading, futures trading, margin trading, perpetual swaps (perps), and options trading.
As one of the most liquid platforms globally, Binance frequently sees daily spot trading volumes exceeding $10 billion. The exchange also offers a max leverage of up to 125X on futures, and margin trading with up to 5X leverage, with USDT, BUSD, BNB, BTC, altcoins, and fiat as underlying collatera
The platform provides contracts settled either perpetually or on a quarterly basis, using USDT, BUSD, or other cryptocurrencies. To further facilitate trading, Binance offers trading bots and a copy trading feature, allowing users to follow and replicate the trades of successful traders.
For those seeking to earn on their assets, Binance offers staking, lending, and various vault services. Additionally, Binance also hosts its own NFT marketplace and its own Web 3 wallet in Trust Wallet.
Despite the wide range of services, the user experience on Binance remains favorable, managing to offer a comprehensive suite without overwhelming the user.
When it comes to trading fees, both Coinex and Binance both offer competitive rates for their users.
Binance charges a spot maker fee of 0.1% and a spot taker fee of 0.10%. For futures trading, the maker fee is 0.02% and the taker fee is 0.04%. These fees can be lowered if monthly trade volumes exceed $1 million or if users hold at least 25 BNB tokens.
Binance also offers margin trading with fees ranging from 0.02% to 0.1% depending on the currency pair. It's clear that Binance is a great choice for high volume traders looking to save on fees.
Moving on to Coinex, they offer a higher spot trading fee of 0.2% for both makers and takers. These fees can be lowered if users hold more than 1,000 CET tokens (VIP 1) to 0.18% for makers and takers.
For futures trading, Coinex charges a maker fee of 0.03% and a taker fee of 0.05% which once again is slightly higher than Binance.
When it comes to deposit options, Coinex and Binance couldn't be more different. While Binance supports an impressive 26 fiat currencies, Coinex does not support any fiat currencies.
If you want to buy cryptocurrencies on Coinex, you'll have to use third-party providers like Banxa, Mercuryo, MoonPay, or Advcash. However, keep in mind that these options come with high fees ranging from 3-8% commissions.
Binance offers a wide variety of deposit methods, including bank transfers via Swift, Signet, SEPA, and Faster Payments. They also allow fiat deposits with Visa, Mastercard, PayID, and Advacash.
However, fees vary depending on the deposit method. Deposits made with Visa and Mastercard incur a 1.8% fee, while SEPA bank transfers have a 1 EUR fee. If you have an Advcash account, you can deposit with a 1.5% fee.
In summary, if you're looking for a wide variety of fiat deposit options, Binance is the clear winner.
When it comes to withdrawing funds from Coinex, users are limited to withdrawing cryptocurrencies only. Unfortunately, there is no support for fiat withdrawals, which can be a downside for some users.
The fees to withdraw crypto from Coinex ranges from Bitcoin withdrawals with a 0.00014 BTC fee, Ethereum withdrawals have a 0.003 ETH fee, and Solana withdrawals have a 0.01 SOL fee.
On the other hand, Binance offers multiple methods for people to withdraw their fiat currencies. USD can be withdrawn via SWIFT, EUR via SEPA, and GBP via Faster Payments (FSP).
While Binance charges a 1.8% withdrawal fee for fiat withdrawals with Visa and MasterCard, there is only a 1 EUR withdrawal fee with SEPA, and bank withdrawals are free with many other fiat currencies.
When it comes to cryptocurrency withdrawals, Binance charges a 0.0002 BTC fee for Bitcoin, a 0.000768 ETH fee for Ethereum withdrawals, an 0.008 SOL fee for Solana and 5-10 USDT fee for ERC-20 withdrawals.
In comparison, Binance offers more flexibility with fiat withdrawals and lower crypto withdrawal fees than Coinex.
In conclusion, Coinex and Binance are two popular cryptocurrency exchanges that offer quick and easy signup processes. While Coinex requires KYC verification for increased limits, users can still trade without it. On the other hand, Binance requires KYC verification before users can start trading.
Both exchanges have competitive trading fees, but Binance offers lower spot fees and futures fees than Coinex. In terms of range of crytocurrencies, Coinex has the advantage with over 600 coins and tokens to choose from compared to 350 for Binance.
In terms of product range, Binance is the clear winner with plenty of products and services not available on Coinex such as perps, margin, options, copy trading, staking, NFTs and a few other products.
And it's a similar story when it comes to fiat desosits and withdrawals, Binance offers support for over 20 fiat currencies with cheap deposit and withdrawal methods. Coinex on the other hand does not support any fiat currencies which means that users have to deposit crypto or buy crypto expensively via third-party providers.
Binance is clearly the better exchange for those that are looking for more products and services and a more sophisticated platform with lower trading fees.
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Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.