Are you interested in learning more about Coinex and how it stacks up against other cryptocurrency exchanges? You've come to the right place! Our comprehensive review of Coinex covers everything from its product features to its trading fees and user experience, helping you make an informed decision on whether this exchange is right for you. Keep reading to discover all the pros and cons of Coinex!
CoinEx is a Hong Kong-based cryptocurrency exchange that was founded in 2017. It has grown to become a popular platform with over 2 million users around the world. Coinex is available in most countries around the world with the exceptions being the United States, China, and Canada.
The exchange offers a user-friendly interface that is suitable for both beginners and experienced traders. CoinEx supports over 600 cryptocurrencies and over 350 trading pairs, including popular ones like BTC, ETH, SOL, DOT, ADA, USDT, USDC, and many others.
It offers a range of trading options, including spot trading, margin trading, and futures trading, and also supports trading via mobile apps. With a strong 4.3-star rating based on over 80,000 reviews, the CoinEx app has been downloaded over 1 million times.
Coinex KYC requirements
Signing up for Coinex is a super easy and can be done in less than 30 seconds by simply entering an email and password, followed by email verification. Once the account is created, users can immediately deposit and trade cryptocurrencies without the need for KYC.
However, for those who want to access increased limits, they will have to go through the KYC process, which entails submitting personal information, a valid ID, and a selfie. After submission, it can take 1-3 business days for the Coinex team to verify the account.
Coinex Products & Services
Coinex offers a decent range of products and services, including spot trading for over 600 cryptocurrencies, margin trading with up to 100X leverage and futures trading with perps settled in stablecoins and cryptocurrencies.
Coinex also offers access to trading bots for recurring buys and auto buying and selling and max leverage on inverse contract ranging from 3X to 100X.
Users on Coinex can also earn interest on their digital assets by lending them out to others. Lending and borrowing is available for assets such as USDT, ATOM, AVAX, NEAR, FTM, MATIC and many others.
The exchange is tailored towards beginners and offers easy-to-follow tutorials via their newbie zone. Their user experience is quite good, although liquidity is not in the top 20, with daily trading volumes ranging between $25-$75 million.
Fiat deposits are not supported on Coinex, which means that users who want to buy cryptocurrencies with fiat currencies will have to buy via third-party providers such as Banxa, Mercuryo, MoonPay and Advcash.
However, this comes at a high cost with fees ranging between 3-8% commissions. It is important to note that Coinex only allows cryptocurrency deposits, so users cannot deposit any fiat currencies directly into their exchange account.
How to withdraw from Coinex?
Coinex only supports cryptocurrency withdrawals, meaning there is no way to withdraw fiat currencies from the exchange. When withdrawing cryptocurrencies, Coinex charges relatively low fees. For Bitcoin withdrawals, the fee is 0.00014 BTC. Ethereum withdrawals have a fee of 0.003 ETH, while Solana withdrawals have a fee of 0.01 SOL.
In conclusion, Coinex is a decent, smaller exchange that is great for those looking to buy and sell a wide range of hard to find altcoins. With over 600 cryptocurrencies to choose from, Coinex is up there with the likes of Kucoin and Gate.io in terms of the range of cryptocurrencies on offer.
Besides basic spot trading, Coinex also offers futures and perps trading with up to 100X leverage. This is good way to appeal to the more advanced degen traders who wish to take on more risk. Coinex has also made a good job keeping their trading fees competitive even though they are higher than the likes of Binance and OKX.
Another nice benefit of Coinex is that KYC is not obligatory for depositing cryptocurrencies and trading. This means that users can signup with just an email, deposit some crypto and begin trading on the exchange. The exchange as a whole is easy to navigate and use which means that even beginners can use it without too much trouble.
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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.