Review on CoinEx by Ricardo Montero
Coinex Exchange
CoinEX is a Hong Kong-based cryptocurrency business that offers investment trading services for investors interested in the crypto-to-crypto pairing. Starting in 2017, the company registered services within the financial institutions in Hong Kong, much like what Bitfinex and Binance did.
The organization came as a sub-brand of ViaBTC, a company that offers cloud mining and mining pool services for investors. To complete its business cycles, the platform engaged in partnership deals with other cryptocurrency groups. Famous examples include Bitcoin Cash and Blockchair.
Currently, CoinEX offers web browsing marketplace and phone apps. Both iOS and Android users can download the software for free. The desktop version is not available, much like other, similar trading websites, such as Binance, Bitfinex, and Poloniex. Users can also access the trade marketplace through phone devices without downloading the app.
Regions Served
The platform offers its services in more than 100 countries, though it does not include regions that have banned cryptos. Currently, its services are available for U.S. citizens, due to the lack of fiat currency involvement. The only limitation concerning regional availability are countries that have banned cryptocurrency.
Payment Methods and Currencies
CoinEX, much like Binance, Poloniex, and BitMEX, allows only crypto-to-crypto trading. There are no fiats involved nor are their plans in the near future to provide them as deposit methods. Trading pairs are strictly crypto-oriented and storage capacities are the only available deposit channel.
Currently, CoinEX supports 59 digital coins, with 5 more on the waiting list. Other tokens/coins can also join the framework if users vote for them. Through this measure, the company wishes to ensure there is a marketplace for new cryptos. There is also an option of promotion your favorite cryptocurrency while voting is reserved for verified users only. As with all other platforms, blockchain network fees need to be accounted for.
Security
On the side of security, CoinEX implemented a Captcha that Binance uses as well. Within the account, traders can set Google or phone two-factor authentications (2FA) and timed trade authentication. The email notification system serves as a login and trade alarm when the user commits an activity.
However, the website is not encrypted and wallets do not use cold storage functions. Bitfinex, for example, provides IP whitelists, alongside with session and withdrawal settings. We would not recommend keeping large batches of cryptos due to the lack of enhanced safety measures in CoinEX.
Pros
- possible to trade and withdraw without identity verification
- voting and promotion systems help survival rate of individual cryptocurrencies
Cons
- no margin trading available
- lack of direct support contact and live chat
- fiat currencies are not supported
