CoinEx Market Review
A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of CoinEx Market consists of four parts: general information, fees, deposit methods and security.
UPDATE: This cryptocurrency exchange has been outed as a scam in the cryptocurrency community.
We do NOT recommend any user to start an account with CoinEx Market.
CoinEx Market is one of the Hong Kong cryptocurrency exchanges. There are loads of coin exchanges from Hong Kong. Hong Kong is in a way the Mecca of cryptocurrency trading. A non-exhaustive list of competitors to this exchange on its home turf is Binance, Bit-Z, KuCoin and BitFlip.
It offers trading the biggest altcoins but not much more.
There are a few warning flags to observe with this exchange. To begin with, the exchange claims that it has been founded by previous employees of high-status companies such as Huawei, Tencent and Alibaba. There is no indication of who those employees are though. They also state that they have raised a lot of capital from VenturesLab, but evidence of this is also nowhere to be found. There is no information on the team, no information on the company behind the exchange. Not much information at all, to be honest.
To further complicate things, CoinEx Market refers to itself as “CEX”. But there is also a major player on the cryptocurrency exchange market referred to as CEX – CEX.io. Could it be that this exchange wants to be confused with CEX.io, so that people that wants to open accounts with CEX.io by mistake opens an account with CoinEx Market instead? We don’t see this as entirely unlikely.
CoinEx Market does not explicitly prohibit US-investors from trading at the exchange. Accordingly, we do believe that US-investors can trade here.
It can be noted here, however, that CoinEx Market’s affiliate program is presumably the cheapest one (cheap as in worthless) in the entire industry. If you refer someone who buys Bitcoin for USD 1 million (which is a huge amount), then you as an affiliate would get 75 cents. Impressive… NOT.
CoinEx Market Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. In spite of a lot of attempts, we have not been able to access the trading interface at CoinEx Market. We apologize for any inconvenience this may cause.
CoinEx Market Fees
CoinEx Market Trading fees
As you know, there needs to be at least two parties in a trade. In cryptocurrency trading, we name these different parties different things (not just party one and party two). The party whose order exists on the order book prior to the trade we call the maker. The party who sees the maker’s order and decides that “yeah, that’s good enough for me and I’m gonna go ahead and accept that order” is the taker. As the makers provide the liquidity to the exchange, they are often provided with a discount on the trading fees compared to the takers. That is the case also at CoinEx Market.
CoinEx Market’s trading fees for takers are 0.15%. This fee is slightly below the global industry average. However, Hong Kong exchanges typically charge lower trading fees than exchanges from other countries. Accordingly, Hong Kong’s domestic industry average taker trading fee is much lower (around 0.10%). So from a domestic perspective, CoinEx Market’s trading fees for takers are even a bit high.
Makers receive a 0.05% discount and trade for 0.10%.
CoinEx Market Withdrawal fees
CoinEx Market charges a withdrawal fee amounting to 0.0015 BTC when you withdraw BTC. This is in line with global industry average and slightly on the high end compared to the domestic Hong Kong industry average.
This exchange offers wire transfer as a deposit method, but you can’t deposit via credit card.
CoinEx Market Security
CoinEx Market’s security score is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.
The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):