Coinex Experience 2021 - Serious Broker or Pure Scam?

Overall Rating: 
5/5 stars

Quality

speed

cost

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
What is Coinex?

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
High-speed payout
Available in multiple languages

Coinex
Coinex-Test

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.

In the next step we assign a strong password and confirm the terms of use by ticking the small box in front of it. By clicking on the Sign Up button at the bottom of the registration window, we complete our registration with Coinex.

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.

Coinex-Anmeldung

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.

Coinex-Verifizierung

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:

Mercuryo
Moonpay
Simplex
Paxful
AdvCash
XanPool


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.

Coinex-Einzahlung

Which coins and tokens are on offer at Coinex?

 MEZ (CoinEX Token)
 USDT (Tether)
 XRP (Ripple)
 DOT (Polkadot)
 BCH (Bitcoin Cash)
 ICP (Internet Computer)
 VET (VeChain)
 LUNA (Terra)
 XMR (Monero)
 FTT (FTX Token)
 MKR (Maker)
 CAKE (PancakeSwap)
 AMP (Amp)

 BTC (Bitcoin)
 BNB ( Binance Coin)
 DOGE (Dogecoin)
 UNI (Uni Swap)
 LTC (Litecoin)
 THETA (Theta)
 ETC (Ethereum classic)
 TRX (Tron)
 AAVE (Aave Token)
 CRO (Crypto.com Coin)
 KLAY (Klaytn)
 ATOM (Cosmos)
 ALGO (Algorand)

 ETH (Ether)
 ADA (Cardano)
 USDC (USD)
 SOL (Solana)
 LINK (Chainlink)
 MATIC (Polygon)
 OKB (OKB)
 FIL (Filecoin)
 EOS (EOSIO)
 NEO (Neo)
 XTZ (Tezos)
 BSV (Bitcoin Satoshi Vision)
 BTT (BitTorrent)

 DCR ( Decred)
 AVAX (Avalanche)
 KSM (Kusama)
 QNT (Quant)
 EGLD (EGLD)
 HT (Huobi Token)
 CEL (Celsius)
 COMP (Compound)
 CHZ (Chiliz)
 IOTA (Miota)
 SHIB (Shiba Inu)
 AXS (Axie Infinity)

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

Coinex-App

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.

Arbismart Rating
  • Users are particularly enthusiastic about the speed of payouts. While they had to wait a little longer for their payout at other trading sites, Coinex convinces its users with a payout within a few minutes.
  • In addition to the speed, many users mention the favourable cost structure, which makes trading cryptocurrencies on Coinex more profitable than on other platforms.

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:

100% reserves

Coins and tokens are 100% reserved and not used for any other purpose

High-speed matching engine

Guaranteed stability with many parallel transactions

Comprehensive protection

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:

behind the operator

Trading fees

Flat rate 1% per trade

Deposit fees

for free

Withdrawal Fees

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-Erfahrung

Coinex contact options and social media channels

Twitter - https://twitter.com/CoinexG
Instagram - https://www.instagram.com/coinexdeu/
Medium - https://coinexdeu.medium.com/

at CEX.IO

Coinex advantages and disadvantages

So, from the points made so far, we can summarise the following advantages and disadvantages:

Pros

  • Discount on trading fees possible
  • User friendly interface
  • High performance payouts
  • Wide range of trades
  • Favourable fee structure
  • Very experienced core team
  • Available in multiple languages

Cons

  • Still young exchange
  • Trade crypto/crypto only
  • No live/telephone support

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.

Coinex-Analyse

FAQ

Is Coinex reputable?

So far, there are no indications or negative reports that Coinex is a dubious exchange. We assume that Coinex is a trustworthy provider.

What are the fees at Coinex?

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.

What can be traded at Coinex?

The Coinex offering currently includes more than 50 different trading pairs and currencies that can be exchanged exclusively against other cryptocurrencies.

What is Coinex?

Coinex is a trading place, a so-called exchange, where it is possible to trade cryptocurrencies.

Is Coinex secure?

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.

Hi, my name is Benzion. I have twelve years of experience in the Forex industry, and I have launched two successful crypto trading services. I have in-depth experience on several blockchain networks like Bitcoin, Etheruem, EOS, Cardano, Hyperledger, ICON, Komado, etc. I also have in-depth knowledge of blockchain techniques, including various consensus mechanisms, DLT, smart contracts, security, and privacy measures. Benzion Friedman