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CoinEx Review - is it scam or safe?

CoinEx Review - is coinex.com scam or a good cryptocurrency exchange?

RATING: 3 / 2 REVIEWS

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Trading Accounts & Conditions 

 

 

Account type Min. Deposit / Withdrawal Leverage Taker fee Withdrawal fee
Standard 0.001 BTC/BCH/ETH N/A 0.1% 0.001 BTC

 

 

Founded in December 2017 with its headquarters in Hong Kong, CoinEx offers low-cost coin-to-coin trading in wide range of cryptocujrrencies. It appears this exchange focuses on Bitcoin Cash and also plans to launch its own coin, CoinEx Token (CET), in the near future. CoinEx also plans to build a decentralized exchange which uses CET as "gas".

 

 

CoinEx Advantages

 

Low trading fees

CoinEx has a transparent fee structure, which always leaves a good impression. It charges only market takers with a fee of 0.10%. Those who provide depth for the market on the exchange, a.k.a. market makers, are not charged. Such trading fees are really low. By comparison, major exchange Bitfinex charges takers with 0.20% and makers with 0.10% per trade.

 

Solid number of altcoins

CoinEx supports the most popular digital assets, such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and several other coins (Bytom, Bitcoin Candy). The most heavily traded pairs at the exchange currently are BTC/BCH, ETH/BTC and DASH/BTC.

 

Nice trading platform with advanced charting

The web-based platform provided by CoinEx seems simple at first sight. Nonetheless, when you click on the “Charting”, you get a set of advanced tools, powered by TradingView. The trading pairs are arranged in three categories: BTC, BCH and USDT Markets. Here is a preview:

 

 

CoinEx's platform. Click on the image to zoom-in.

 

In addition, trading apps for Android and iOS will be developed soon.

 

CoinEx Disadvantages

 

Fiat currencies not supported

Fiat currencies, like US or HK dollars are not accepted at CoinEx. Supporting fiat currencies is an advantage, especially for investors who don’t have any coins yet. Accordingly, the only payment methods accepted by the exchange, are blockchain transfers.

 

Withdrawal fees

Although transfer fees at CoinEx are not as high as on other exchanges that also accept traditional money, these charges are not to be underestimated. Coinex does not charge deposits in digital assets, but withdrawals incur certain fees. Most coins are charged with 0.001 upon withdrawal. However, withdrawals in Bitcoin Cash, which seems to be the base currency on Coinex, are free of charge.

 

Min. deposit and withdrawal amounts required

This exchange has set certain minimum amounts for withdrawals and deposits, which are not high, but are still sort of unpleasant and restrictive form user’s point of view. Here are the details:

 

No Margin trading

Like tmost crypto-exchanges, CoinEx des not offer leveraged trading. If you need to gear up your rading on cryptocurrencies, you may check out what other exchanges, like Bitfinex, or Kraken, have to offer. Besides, you can also choose another option – margin trading in cryptocurrencies with forex brokers. Many of them offer CFDs on Bitcoin and other coins with leverage.

 

 

>>Brokers offering leveraged Bitcoin trading<<


 

Conclusion

 

CoinEx is a newly launched cryptocurrency exchange that has rather ambitios plans, involving development of a decentralized exchange and its own coin. What we like about CoinEx is that it offers a solid amount of coins for trade with low fees on its advanced trading platform. However, it does not accept any fiat currencies and has set certain minimum transfer amounts, which we find a bit restrictive.

 

The only information on CoinEx’s website regarding the company that owns and operates the exchange, Coinex Technology Limited, is that it is incorporated in the United Kingdom and based in Hong Kong. Our research revealed that CoinEx was launched by Chinese mining pool ViaBTC following the closure of its previous exchange on September 30th due to the Chinese cryptocurrency crackdown.

 

Like most similar platforms, CoinEx is not regulated, but this is currently the case with most exchanges worldwide. If you prefer to trade in Bitcoin and other altcoins via a regulated entity, we remind you that you can do that with forex brokers, many of which are reliable and properly licensed.

 

>> Regulated forex brokers offering Bitcoin trading<<

 

 

To sum up the advantages and disadvantages of CoinEx:

 

Pros Cons
Transparent fee structure, low trading fees Fiat currencies not supported
Solid number of altcoins Not beginner-friendly
Advanced trading platform No margin trading
Free of charge deposits Withdrawal fees
  Min. deposit and withdrawal amounts required

 

Latest news about CoinEx
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Traders` reviews for CoinEx

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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No Support system in place

Two weeks and no responce from Coinex. I will find editors to start writing about this lake of support. Other exchanged respond right away. You say 24-48 hours and I have been waiting 330 hours. You may think I will just for get this but I will not, Time to start making reviews and emailing crytpo editors. ALl you have to do is send an email stating you have seen my ticket and will be working on it, Right now it looks like you are stealing money.

Dave Roth 07/13/2018

No support system in place

I have had a ticket opened for two weeks and not a peep from Coinex, its like support doesnt even exist. There is no one to speak with so you are screwed if you need asisstance. I lost $150 and they wont even respond to any tickets that I created. Worst exchange I have ever seen. Good luck if you use them.

Dave Roth 07/11/2018
Forex
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