n this article, we are going to provide a full Coinex review. A low-fee cryptocurrency exchange called CoinEx offers a large selection of cryptocurrencies as well as cutting-edge products like margin trading. Know-your-customer (KYC) verification is only necessary for withdrawals over $10,000, though.
Additionally, it is the client’s duty to determine whether or not they are authorized to use the service. To determine if CoinEx is appropriate for you, or it can be the best Binance alternative, read our complete evaluation.
Quick Getaway: Looking for an alternative for CoinEx which is more trustworthy? Sign up here and give this exchange a shot.
What Is CoinEx?
Honestly speaking, one of the difficult things in the crypto world is definitely choosing the best cryptocurrency exchange that matches your goals and has all the features and services you require at a specific time. Why? The answer is straightforward: there are simply too many high-quality exchanges. Based on this CoinEx review, CoinEx is unquestionably one of those.
A well-known brand in the cryptocurrency sector is CoinEx. The features, supported coins, deposits, withdrawals, fees, supported countries, safety, and all other key components of the CoinEx exchange will be thoroughly examined in this article.
More than ten languages, including English, Chinese, French, and Spanish, can be used with CoinEx. Additionally, it accepts more than 50 fiat currencies.
Quick Summary about CoinEx based on our CoinEx Review
• A cryptocurrency exchange called CoinEx was established in 2017 and has its headquarters in Hong Kong.
• The portal provides buying cryptocurrencies for fiat money using a variety of payment options and supports more than 400 coins.
• CoinEx token (CET), the exchange’s native token,
• Over a hundred nations can access CoinEx, which is governed by Estonian legislation.
• The exchange provides low fees and strong security for spot, perpetual, and margin trading.
• More than 50 fiat currencies are supported by CoinEx
• The landing page appears to be user-friendly and well-organized for both new and seasoned traders.
• In addition to CET, Bitcoin, Ethereum, Binance Coin, Solana, Ripple, and Dogecoin, CoinEx supports 655 trading pairings.
• Offering multi-signature cold wallet storage, CoinEx has never experienced a hack.
• Users that report bugs or issues on CoinEx are rewarded, and the exchange has an Estonian license for trading digital assets.
• Despite not requiring KYC checks, CoinEx offers verified users increased withdrawal limits and fee reductions.
• Fiat deposits cannot be made directly, and several users criticize the time-consuming verification process and the lack of third-party insurance.
• CoinEx is no longer accessible in the US. In April 2021, they discontinued providing service to US clients. Although it is a little hazardous, you might try using VPNs to access it.
Where is CoinEx Located?
CoinEx’s landing page appears to be well-designed, with comprehensive explanations of the platform’s essential features. CoinEx’s parent business, via BTC, has its headquarters in Hong Kong.
CoinEx Market Trading View
Different exchanges have various trading philosophies. You should decide for yourself which trading perspective is ideal for you. All of the displays typically show the order book, or at least a piece of it, a price chart for the selected cryptocurrency, and order history.
Additionally, they usually have to buy and sell boxes. Before choosing an exchange, try to look at the trading view to ensure that it feels right to you.
CoinEx Review of Market Fees
Based on the data gathered for this CoinEx review, the CoinEx trading fees are comparable to those of other similar platforms. However, the cost can be quite high if you want to deposit fiat currency, like US dollars. The withdrawal costs on CoinEx are comparable to those on other cryptocurrency exchanges.
CoinEx Market Trading fees
As you are aware, a trade requires a minimum of two parties. In bitcoin trading, we refer to these many parties by a variety of names (in addition to just “party one” and “party two”). Prior to the trade, the party whose order is on the order book is referred to as the maker. The taker is the individual who examines the maker’s order and concludes, “Yeah, that’s good enough for me, so I’m going to go ahead and accept that order.” The makers receive a discount on the trading fees in comparison to the takers because they supply the liquidity to the exchange. At CoinEx Market, this is also true.
Trading commissions on CoinEx Market are 0.15% for takers. This fee is a bit less than the industry average on a global scale. However, Hong Kong exchanges often charge cheaper trading commissions than exchanges from other nations. As a result, the average taker trading charge in Hong Kong’s domestic business is substantially smaller (around 0.10%). Therefore, CoinEx Market’s trading fees for takers are even quite exorbitant when viewed from a domestic viewpoint.
On spot trading, CoinEx imposes a maker/taker fee of 0.2%. Users can cut trading costs in two ways:
Paying with CET, CoinEx’s native token, results in a 20% fee decrease.
| SPOT TRADE | FEE | FEE (PAID IN CET) |
| VIP 0 | 0.200% | 0.160% |
| VIP 1 | 0.180% | 0.144% |
| VIP 2 | 0.160% | 0.128% |
| VIP 3 | 0.140% | 0.112% |
| VIP 4 | 0.120% | 0.096% |
| VIP 5 | 0.100% | 0.080% |
High Fiat Deposit charges
Though users can deposit most cryptocurrencies for free, unlike other crypto platforms, CoinEx does not allow free bank transfers for deposits of fiat money. It exclusively makes deposits in fiat currency using third parties. Tether (USDT), USD Coin (USDC), Bitcoin (BTC), and Ethereum (ETH) can all be purchased on the website through a variety of third-party payment processors.
The charge structure varies depending on the payment processor, but there is typically a fixed fee and a poor exchange rate. Consider a scenario if you wished to purchase Bitcoin using Simplex, one of the website’s third-party processors. The initial down payment is $200. If you spend $200, you’ll receive $184 in Bitcoin; there is a $7 transaction charge and an additional $9 buried in the spread. Fees were comparable.
CoinEx Market Withdrawal Fees
Reading this CoinEx review, you realize that when you withdraw bitcoin, CoinEx Market charges a 0.0015 bitcoin withdrawal fee. This is in line with the average for the industry globally and a little bit over the average for Hong Kong.
The cryptocurrency withdrawal fees charged by CoinEx vary based on the cryptocurrency. Fees are comparable to, and frequently lower than, those charged by other cryptocurrency exchanges. The platform does not allow for the withdrawal of fiat currency.
Withdrawal fees for popular cryptocurrencies:
| Crypto | Fee |
| Bitcoin (BTC) | 0.0001 BTC |
| Ethereum (ETH) | 0.0033 ETH |
| Cardano ADA) | 0.5 ADA |
| Solana (SOL) | 0.00001 SOL |
| Dogecoin (DOGE) | 3 DOGE |
| Shiba Inu (SHIB) | 790,000 SHIB |
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Features of Coinex Exchange
CoinEx is a cryptocurrency exchange with a large selection of cryptocurrencies and trading products. Some of the trading possibilities available on the CoinEx website include the following:
• Spot trading: This enables immediate cryptocurrency trading. You may also make limit orders on CoinEx, which are instructions to buy or sell at a certain price.
• Trading on margin essentially involves borrowing money. Gains can be amplified, but losses can also be multiplied. With the 10x leverage that CoinEx offers, an investor might use $100 to purchase $1,000 worth of cryptocurrency.
• Futures trading: With this variety of cryptocurrency derivatives, investors can speculatively predict an asset’s future price. For instance, one may sell short on Bitcoin if they believed the price would decline the next week. In that case, the investor would make a profit. However, if the price went in the opposite direction, it could prove costly.
Pros of Coinex Exchange
Some of the benefits of CoinEx based on this CoinEx review are as follows:
• A large number of cryptocurrencies
More than 500 cryptocurrencies can be traded on CoinEx. There are more options here than on many crypto marketplaces. Numerous well-known cryptocurrencies from various industries are included on the list, including smart contracts, decentralized finance, and metaverse cryptocurrencies. Because of its smaller selection of trading partners, it is not always possible to transact straight from one cryptocurrency to another.
• Sophisticated features
CoinEx provides futures and margin trading in addition to spot trading. Few platforms give American investors access to these services. It’s best to leave these items to experienced investors, though. The risk of investing in cryptocurrencies is already quite high.
• Low transaction fees
The standard trading fee on CoinEx is 0.2%, which is a respectable rate given that there are various ways to further minimize the price. It’s not the cheapest platform we’ve discovered; some exchanges such as Coinlocally, charge much lower fees. However, considering that some cryptocurrency exchanges charge over 1%, CoinEx’s fees are reasonable and won’t significantly reduce your trading profits.
Did you know that Coinlocally has the lowest Futures transaction cost among all exchanges in the world?
Maker 0.02% & Taker 0.05%
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What are some of the cons of CoinEx
The following potential problems should be considered.
1. Not very satisfactory services
Compared with to services some other crypto exchanges provide to their users, CoinEX must reconsider the quality of its services.
2. Less user-friendly than other exchanges
It seems that CoinEx must consider the competitive advantage of user-friendly services, which play a noticeable role in attracting more users.
3. Customers must comprehend licensing
You are in charge of abiding by the rules and legislation in your nation, as stated in CoinEx’s terms and conditions. The United States is not listed as a restricted country by Coinbase, which claims to serve over 200 nations. However, this places the responsibility of determining CoinEx’s legality on the customer. On its website, there is no precise information regarding any geographical restrictions.
The parent firm of CoinEx, Vino Global, did enroll as a money service business (MSB) in the United States by the end of 2021. A cryptocurrency exchange must fulfill certain requirements in order to operate in the United States. Strangely, CoinEx allows users to trade without completing the know-your-customer (KYC) check, even though having an MSB license should indicate that the exchange complies with some anti-money laundering criteria. Additionally, it can operate in all 50 states as well as a number of territories according to its MSB registration. This seems strange because it lacks a New York BitLicense.
4. KYC verification is not required.
Customers only have to go through the KYC verification process on CoinEx’s privacy-focused platform if they wish to withdraw more than $10,000 in a 24-hour period. A perk that some investors see is fewer KYC requirements. They believe KYC violates the anonymity and decentralization principles of cryptocurrencies. But KYC is a crucial weapon in the struggle against fraud and money laundering. The use of only platforms that demand KYC from each customer is one method Bitcoin investors might lower the danger of coming into contact with money that has been laundered. Investors may be able to stay inside the law when new crypto regulations are implemented with the aid of KYC.
5. Not suitable for beginners
To help consumers navigate its website, CoinEx does offer some instructions and videos. New investors cannot easily convert cryptocurrency without utilizing the main trading page, though. Furthermore, if you’re new to cryptocurrency, the site might intimidate you due to the abundance of trading tools, some of which are only appropriate for advanced traders. The fact that the English on the website hasn’t been reviewed by a native speaker and is occasionally difficult to understand.. MarViz is a sophisticated trading bot provided by Coinlocally, along with an easy-to-understand video instruction which is a really helpful service for all the users.
6. Expensive deposits in fiat
Only fiat deposits—traditional money like the dollar—are accepted by CoinEx through third-party processors. These may be expensive. Using one of the third parties would have increased the price to purchase $200 worth of Bitcoin (BTC) by 8%. Before handing over your money to any payment processors, it’s crucial to confirm their legitimacy.
7. limited opportunities to earn interest
According to our CoinEx review, on On some crypto exchanges and platforms, investors can profit from their crypto assets by up to 10% or more. On about 20 assets, CoinEx does provide a way to earn interest, but the rates are extremely low. Additionally, there is no transparency regarding the risks and the methods used to generate interest. Some sites, for instance, loan out your assets and pay you a portion of the profits. If so, it would be wise to investigate how hazardous the loans are.
Coinlocally; The Best Alternative for Coinex
If you’re looking for the best cryptocurrency exchange on the market that takes compliance seriously, Coinlocally is a cryptocurrency exchange of the future generation with a focus on empowering the crypto community. In order to realize its vision of “financial freedom for people,” it seeks to offer high-level social trading platforms with full tools and features. It also educates through its Academy to expand expertise.
By developing its own cryptocurrency token, Coinlocally is able to involve users more fully in the process, draw on their values to develop a thorough marketing plan, and ultimately expand its platform by building a sizable community in order to draw in more users and speed up adoption.
It attempts to prepare all the instruments necessary to help people attain financial independence and freedom; its goal is to establish an ecosystem as opposed to a conventional transaction.
They officially started in late 2021, but currently, they have some platforms, like demo trading, spot trading, Future trading platform, etc. Coinlocally has also begun offering Copy Trading and Social Trading in the first half of 2023.
If you want a crypto exchange that welcomes newcomers: The popular cryptocurrency exchange Coinlocally is simple to use and intuitive. One platform is for novice investors, and the other is for more experienced traders. The fees on the basic platform are low and the platform is user-friendly.
Coinlocally’s Products
Coinlocally was officially launched in late 2021 as the best Binance alternative best Binance alternative and based on the first version of its whitepaper at that time, they achieved all their goals announced in the roadmap by providing the following products:
Fiat/ Crypto
Users can buy and sell cryptocurrency with more than 60 different fiat currencies.
Spot Trading Platform
A platform for various orders, such as LIMIT and STOP LIMIT – MARKET – OCO to let professional users trade their crypto based on USDT and BTC.
Futures trading platform
A platform that will be available on USDT, BTC, and CLY, as well as FIATs, with a maximum leverage of 120x.
Staking
It allows holders and investors to take profits from their holdings. In this way, their crypto can be used to verify their crypto network transactions, which allows participants to earn rewards on their holdings.
Demo Trading
A demo account enables new investors to familiarize themselves with real trading procedures and learn what to watch out for while transacting with real assets and securities. Before adding money to their account or making trades, investors can test out a trading platform using a demo account.
Coinlocally NFT Marketplace
It is a platform that brings Creators, Artists, Crypto NFT Community, all together, to exchange, Create, and Trade premium & unique NFTs. They can Buy and Sell their NFTs as they wish. We are also going to announce our zero-fee commission in August.
Copy & Social Trading
Copy trading allows users to automatically copy positions started and managed by specific third parties. Copy trade connects a portion of the copying trader’s funds to the account of the copied investor, in contrast to mirror trading, a technique that enables traders to copy particular techniques.
A type of investing known as “Social trading” enables investors to track the trading activities of both experienced and new traders. The main goal is to imitate or mimic their trading tactics in order to follow their investment strategies. Little to no financial market knowledge is necessary for social trading.
Bot Trading
A crypto trading bot is a software program that automates trading processes like choosing, purchasing, and selling cryptocurrency in accordance with predetermined criteria established by the bot’s programmer or inventor.
Profit Sharing
An incentive model known as the profit-sharing model for cryptocurrency allows token holders of a project to get rewards or profits only for keeping their tokens. These tokens’ earnings are derived from the project’s own earned income.
P2P
A peer-to-peer platform is for connecting users to each other directly to buy and sell their crypto at their own price and based on their own choice of fiat.
Academy
Coinlocally’s Academy section is a nonprofit blockchain education portal that offers quality, easy-to-understand content for cryptocurrency users and enthusiasts worldwide. The content provided for the users involves daily crypto hot news, blogs holding useful specific materials regarding terms, jargon, etc., as well as tutorials and educational content.
Margin
Margin trading is the practice of covering a deal with borrowed funds. Therefore, the primary distinction between margin trading and spot trading is that the former enables the trader to open a position without having to cover the entire cost out of their own pocket.
Pool Mining
A mining pool is a collection of miners who share or pool their resources, like computing power, through a network as opposed to mining separately. Joining a mining pool is a far more profitable way to mine coins because the difficulty rises with each coin awarded. If you want to be competitive, it’s best to join a pool unless you have the funds to build your own or purchase numerous cutting-edge ASIC miners.
Battle
A trade battle is an economic dispute that frequently results from severe protectionism in which states impose higher tariffs or other trade barriers on one another in retaliation for the other party’s trade restrictions.
Gaming
Using blockchain technology and powered by cryptocurrencies and NFTs, video games that allow players to earn GameFi tokens are accessible on the Play to Earn platform. With GameFi games, you may take advantage of the gameplay while also earning cryptocurrency. Learn about the newest and most well-liked NFT games as well as play-to-earn cryptocurrency games.
Coinlocally’s Preferences
Exchange fee
Coinlocally charges the lowest fee per trade, including Maker and Taker.
Listing fee
We will list new coins, tokens, and other assets on Coinlocally platforms, which may have an associated listing fee.
Withdraw fee
There is only a small fee for withdrawals that might be different depending on each network and crypto.
Staking
By staking and saving this currency and the cooperation they have with Coinlocally, users would be able to gain short-term and long-term profits.
Voting
Token voting is one of the most popular methods used by voters to represent their votes. Your ability to vote increases with the number of tokens you own.
Conclusion
As mentioned in this CoinEx review, CoinEx is a cryptocurrency exchange with a large selection of cryptocurrencies and cutting-edge products. CoinEx Market is a Hong Kong-based exchange with a user-friendly interface.
As one of the best alternatives to CoinEx, Coinlocally is a cryptocurrency exchange with a focus on empowering the crypto community. It charges the lowest fees on trades, listings, withdrawals, and staking. Token voting is a popular method used by voters to represent their votes. Still, looking for one of the best and most trustworthy exchanges with low fees? Sign up here and give this exchange a shot.
