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 CoinMex consists of four parts: general information, fees, deposit methods and security.
UPDATE 1 May 2020: We have not been able to access the website of this exchange lately. Usually when this happens, without any preceding information on system maintenance or upgrades, it is because the exchange has closed down. But it could also be for other reasons. In any event, pending contrary information, we have marked this exchange as "dead" and moved it to our Exchange Graveyard.
CoinMex is an exchange registered in the Belize. But it is not by any means the only cryptocurrency exchange registered there. Trade by Trade, CoinsBank and AlfaCashier all have Belize as their home turf. Different from the aforementioned exchanges, however, CoinMex supports trading in a very large number of cryptocurrencies. You will likely find whatever cryptocurrency you’re searching for here.
The exchange is affiliated to the company NEWEX Technology Co. Ltd. It describes itself as a “full-featured digital asset trading platform for global users”.
Apparently, CoinMex’s core team comes from a number of different well-known companies, including Microsoft, IBM, Alibaba etc. The ambition of the exchange is to provide its user with a secure, stable and smooth digital asset exchange service.
CoinMex also has something they call the CoinMex Growth Market (CGM). At this part of the platform, new cryptocurrency projects can list themselves quickly and then be available for trading by users of the trading platform.
As far as we can tell, US-investors may trade at CoinMex. The exchange at least does not explicitly prohibit US-investors from creating accounts at the exchange.
CoinMex 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. The below is a picture of the trading view at CoinMex:
CoinMex Trading fees
Many exchanges charge what we call taker fees, from the takers, and what we call maker fees, from the makers. The main alternative to this is to simply charge “flat” fees. Flat fees mean that the exchange charges the taker and the maker the same fee.
This exchange charges a flat fee of 0.05% per trade. This is substantially below the global industry average (arguably 0.25%). So with respect to the trading fees, CoinMex has a fair offering indeed.
CoinMex Withdrawal fees
Another fee to consider before choosing which exchange to trade at is the withdrawal fee. The withdrawal fee is usually fixed (regardless of the amount of the cryptocurrency units withdrawn), and varies from cryptocurrency to cryptocurrency.
The global industry average BTC-withdrawal fee is 0.000812 BTC. At CoinMex, they have slashed this fee in half and only charge 0.0004 BTC when you withdraw your BTC.
CoinMex does however not accept any deposits of fiat currency. This means that the new cryptocurrency investors (i.e., the investors without any previous holdings of cryptocurrencies) can’t trade here. In order to purchase your first cryptocurrencies, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Finder!
We run all the exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is one of many indicators of the exchange’s security. CoinMex received a score of C- in this test. Now C- might not sound that impressive, but it is actually substantially above average. When looking at all the exchanges in our Cryptocurrency Exchange List, the majority of all exchanges actually receive an F-score. So C- is definitely decent!
Finally, the exchange reviewed above has a large number of cryptos you can buy and sell. If that is an important factor for you in your choice of exchange, you could also check out the following exchanges: