A crypto exchange guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of CoinEx consists of four parts: general info, fees, deposit methods and security.
CoinEx is a cryptocurrency exchange based in Hong Kong. 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 and KuCoin.
It does not list US-investors as prohibited from trading. But, US-investors should do their own independent assessment of any problems arising from their residency or citizenship. In a worst-case scenario, they may not be able to trade at one or several exchanges that could be the best cryptocurrency exchange site for them (maybe including this one).
On 2 April 2019, CoinEx also relaunched something they call the “Accelerator”. This service is made for promoting and helping blockchain projects that the exchange’s specialists deem to be trustworthy and high-quality projects. The traders at this platform can also participate in the Accelerator and by participating also get some of the project’s profits, provided that it goes well. Put simply: it’s like taking part in ICOs but someone (the exchange’s own specialists) have already done some of the research for you that should always be done.
This exchange is naturally also available as a mobile app. Why wouldn’t it be? Download it for free on AppStore for iPhone, or Google Play for Androids.
As of 24 June 2019, CoinEx started offering leveraged trading (then only BTC/USDT, but more trading pairs will follow in July 2019). Leveraged trading can lead to massive returns but – on the contrary – also to equally massive losses.
For instance, let’s say that you have 10,000 USD on your trading account and bet 100 USD on BTC going long (i.e., increasing in value). You do so with 100x leverage. If BTC then increases in value with 10%, if you had only bet 100 USD, you would have earned 10 USD if you simply held Bitcoin. Now, as you bet 100 USD with 100x leverage, you have instead earned an additional 1,000 USD (990 USD more than if you had not leveraged your deal). On the other hand, if BTC decreases in value with 10%, you have lost 1,000 USD (990 USD more than if you had not leveraged your deal). So, as you might imagine, there is potential for huge upside but also for huge downside…
CoinEx 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 crypto 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 see that it feels right to you. The below is a picture of the trading view at CoinEx:
This exchange also has a native token, the CoinEx Chain. The whitepaper of CoinEx Chain was officially released on 28 June 2019. The token claims to be the world’s first public chain especially designed for DEXs. CoinEx Chain aims to create a decentralized trading system with community-driven operations, transparent trading rules, and self-controlled user assets. Besides the DEX Chain, CoinEx Chain will also include a Smart Chain supporting smart contracts and a Privacy Chain protecting users’ privacy. Ultimately, according to the exchange, CoinEx Chain will become a perfect ecosystem powered by the parallel public chains architecture.
CoinEx Trading fees
This trading platform doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. The flat fee offered is 0.20%. This fee is in line with the global industry average. The industry average is arguably around 0.20-0.25%, although we are seeing more and more exchanges moving towards even lower fees (such as 0.10%).
CoinEx Withdrawal fees
CoinEx's withdrawal fee is 0.00035 BTC per BTC-withdrawal. This fee is substantially below the industry average. The global industry average BTC-withdrawal fee the last time we at Cryptowisser did a full-blown empirical study of it was approx. 0.0006 BTC per BTC-withdrawal. But today, we see more and more exchanges charging 0.0005 BTC per BTC-withdrawal, so one could argue that 0.0005 BTC is starting to become the new industry average.
All in all, this exchange’s fee levels are in line with or even slightly below the global industry averages.
This coin exchange does not accept any other deposit method than cryptos, so new crypto investors are actually restricted from trading here. If you don’t have any crypto but want to start trading here, you will first have to purchase cryptos from another exchange and then, as a second step, deposit them at CoinEx.