Coinex Experience 2021 - Serious Broker or Pure Scam?
Coinex - just another exchange from Hong Kong or does the trading centre for cryptocurrencies stand out due to certain features? The platform offers over 50 cryptocurrencies and advertises security, user-friendliness and, above all, speed.
We have taken a detailed look at Coinex and compiled our findings in this review. In doing so, we focus on the offer, look at the fees and give detailed instructions on how to create a Coinex account.
Finally, we give a summary of all the advantages and disadvantages of Coinex and draw our conclusion on the crypto exchange.
Coinex is a trading place, a so-called exchange for cryptocurrencies. Although Coinex was founded in Hong Kong in 2017, it was only in 2018 that Coinex became known in our latitudes. The Coinex goal is to build a highly secure, user-friendly, affordable and, above all, fast exchange to list an ever-widening range of cryptocurrencies for trading.
Coinex currently supports over 50 different cryptocurrencies and trading pairs on the exchange and maintains its own token, CET, which fulfils a particularly interesting function for users of the exchange.
For those who are in a hurry, here is an overview of what Coinex has to offer:
Own exchange token
Passive income possible through dividends
Low trading fees
Available in multiple languages
Is Coinex reputable or is it a Coinex scam?
So far, there have been no negative headlines since the launch of Coinex that could point to user fraud. Coinex itself points out in the help section of its own homepage that customers' assets are not used for other purposes. In our view, this alone is an important aspect that speaks for safe trading on the exchange.
Furthermore, the core team consists of members who have come together from leading internet and financial companies worldwide.
Coinex Guide: Step by Step to a Coinex Account
Before trading through Coinex can get started, prospective users need to register and verify themselves on the platform. We registered with Coinex and found that registering on the platform only takes a few minutes.
Step 1: Register
To register, we access the official Coinex website and click on the Sign Up button at the top of the screen. The registration page opens, we enter our valid email address and click on CALL CODE to receive an email confirmation code.
A confirmation window appears and Coinex welcomes us. Our account is now already available for us to make deposits. In addition, we find a hint in the window about the 2FA authorisation, which we can now also carry out in order to increase the security level of our account.
Step 2: Verify
We have two options for the 2FA verification. Either we receive a confirmation code via SMS or we use Google Authenticator. We take the easier way for us at first and click on the SMS CODE button in the welcome window.
We are redirected to the security settings of our account and click on BIND to the right of the Mobile symbol. We again receive a confirmation code by e-mail, which we have to enter in the current window. By clicking NEXT, Coinex asks for our location and phone number. After we have entered and sent everything, we receive a 6-digit code and enter it in the designated place of the still open window.
Another option for 2FA verification is to use Google Authenticator. If you want to verify in this way, you must first download the Authenticator APP from the Google Playstore and select the menu item TOTP Authentication in the security settings.
To increase the 24-hour withdrawal limit of USD 10,000 for the account, you have the option of ID verification (facial recognition). However, this only affects the Coinex account for 24 hours and is only relevant for the withdrawal limit. With ID verification, users can withdraw up to USD 1,000,000 within 24 hours.
Step 3: Funding your trading account
In order to start trading at Coinex, we first need to fund our trading account. Since Coinex only allows trading between cryptocurrencies, we need to buy a cryptocurrency via credit card from one of the six Coinex payment partners in advance.
The payment partners are:
In the help section we can find instructions for buying cryptocurrencies against credit card for each of the payment partners. If we now have coins, we can transfer them to our Coinex trading account and start trading crypto against crypto.
Which coins and tokens are on offer at Coinex?
MEZ (CoinEX Token)
DCR ( Decred)
Is there a Coinex App?
Coinex AppFor traders who want to have an overview of their assets at all times and realise profit opportunities on the go, Coinex offers an app for mobile devices. The app is available for download for Android and iOS systems in the respective store.
Fast crypto purchase
Market information in real time
Many trading market options
Fast and stable deposits and withdrawals
What has been the experience of Coinex users on the internet so far?
With a few exceptions, the experiences of users on the web are positive towards Coinex. Users report an efficient and fast platform that does not cause any handling problems. The interface of the platform and the ease of use, which can be learned quickly even by newcomers, are positively highlighted.
Is Coinex secure?
The security of the trading accounts and the marketplace itself is the top priority when buying cryptocurrencies. To this end, Coinex has taken various precautions to ensure the security of the platform:
Coins and tokens are 100% reserved and not used for any other purpose
High-speed matching engine
Guaranteed stability with many parallel transactions
HTTPS security and 2FA authentication ensure double protection of user data.
Multi-signature strategy and cold wallet storage
guarantee plant safety
Monitoring of IP address changes
If the IP address changes frequently within a short period of time, users receive an alarm notification via SMS or email
What are the Coinex fees?
Every exchange has its own fee structure, and Coinex is no exception. The total fee is deducted from the trading account for each trade and is made up of various fees:
Flat rate 1% per trade
variable according to coin or token
Margin trading fees
variable interest (30% of the daily interest flows into an insurance pool from which bankrupt positions are serviced)
Those who pay trading fees at Coinex with their own CET token receive a 50% discount on the fee.
Coinex contact options and social media channels
Twitter - https://twitter.com/CoinexG
Coinex advantages and disadvantages
So, from the points made so far, we can summarise the following advantages and disadvantages:
Conclusion: Is the Coinex crypto exchange recommendable?
Coinex AnalysisAfter our short test phase, we can confirm the Coinex experience from the web. Coinex gives us the impression of a reliable and trustworthy trading place for cryptocurrencies. We will continue to trade on Coinex and are excited to see what the marketplace will offer its users in the future.
So far, there are no indications or negative reports that Coinex is a dubious exchange. We assume that Coinex is a trustworthy provider.
Coinex is characterised by a favourable fee structure. A flat trading fee of 0.1% is charged for each trade. The withdrawal fees vary depending on the currency and deposits can be made free of charge.
The Coinex offering currently includes more than 50 different trading pairs and currencies that can be exchanged exclusively against other cryptocurrencies.
Coinex is a trading place, a so-called exchange, where it is possible to trade cryptocurrencies.
Coinex ensures account security through an HTTPS protocol and multiple signatures. A 2FA authentication, which among other things also supports the Google Authenticator, provides an additional layer of security.