CoinEx Review: Fees, Pros, Cons, Security – Legit?

August 8, 2022

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CoinEx Review

Summary: In our CoinEx review, we looked at security, features, available cryptos, fees, pros and cons, and more to arrive at our rating of 3.4/5 stars. On the plus side, Its impressive range of tradable tokens, excellent user experience and affordable trading fees make it a great choice. On the otherhand, while the exchange enjoys a decent online reputation, it is seriously lacking in areas of customer support and regulation.

Overall Rating: 
3.4/5 stars

Quality

Fees

SUPPORT

Cryptos

Security

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Pros and Cons 

Pros

  • Wide range of available cryptocurrencies (over 500)
  • Affordable trading fees
  • Diverse crypto products and features for advanced traders

Cons

  • KYC verification is mandatory
  • Expensive fiat deposit routes
  • Live chat support not available

Key takeaways from our review: 

  • CoinEx has a wide selection of crypto assets to trade. With over 500 tokens, and 800+ trading pairs, there's something for everyone.
  • With some of the lowest trading fees around, CoinEx is competitive with the likes of KuCoin, Binance, and Gate.io.
  • CoinEx has a very user-friendly trading platform compared to competitors like KuCoin, and is easy to navigate for beginners

What Is CoinEx? 

CoinEx is a global cryptocurrency exchange with a goal to make crypto trading easier. The platform offers users the opportunity to buy, sell, and trade crypto assets.

Since December 2017, CoinEx has been in existence under the ViaBTC Group. The crypto exchange was founded by Haipo Yang and is headquartered in Hong Kong.

Today, CoinEx has grown in all measures, boasting of a $34M daily trading volume and delivering multi-lingual crypto trading services to 3 million+ users in 200+ regions.

As a CoinEx user, you get access to a range of crypto trading services: spot, margin, futures, swap, and an automated market maker (AMM). The exchange's selling point lies in its low trading fees and broad selection of available coins. 

They don’t seem to enforce know-your-customer (KYC) checks and offer their services globally, except in jurisdictions where crypto is prohibited.

 CoinEx Social & Website Links

CoinEx Website:

Twitter:

Telegram:

YouTube:

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Instagram:

Blog:

CoinEx Physical Address:

Hong-Kong

CoinEx Trading Fees

CoinEx maintains low fees while charging different rates for spot, futures and crypto deposit/withdrawals.

Trading fees are charged based on your VIP Levels and/or Market Maker levels. The actual fee is determined by the lower number between the VIP discount and Market Maker discount.

Your VIP Level is calculated from the amount of CoinEx native token (CET) you hold while Market Making Level is based on trading volume.

Spot Fees

CoinEx charges spot traders a flat fee of 0.2% per spot market transaction, either as a market maker or taker.

coinex spot trading fees

But if you hold at least 1000 CET tokens or have a monthly spot trading volume of $5M, you’ll pay less fees. If you pay with CET tokens, you enjoy a 20% fee reduction.

Futures Fees

For futures trading, you pay a flat fee of 0.03% as a market maker and 0.05% as a market taker.

coinex futures trading fees

If you hold at least 1000 CET tokens or have a monthly futures trading volume of $5M, you’ll pay less fees. Also, if you pay with CET tokens, you enjoy a 20% fee reduction.

Deposit & Withdrawal Fees

Crypto deposits are free on CoinEx. You don’t get charged if you’re sending in assets from another wallet.

But if you’re using third parties to process fiat deposits, you get charged a fee based on the payment processor. And unlike other exchanges, you can’t deposit fiat money into the exchange via bank transfer.

coinex crypto deposit withdrawal fees

CoinEx’s fees for crypto withdrawals vary and depend on the particular cryptocurrency. It is affordable and even cheaper than other exchanges.

Fiat withdrawals are impossible on CoinEx.

See all CoinEx fee info here.

CoinEx Products & Features

CoinEx comes bundled with notable products and features that will interest new and veteran crypto traders.

Let’s take a look.

Markets 

CoinEx’s Market section lists all the crypto tokens that are available to trade on the exchange. According to CoinMarketCap, CoinEx has 500+ assets and the exchange is always on the lookout to list more interesting projects

coinex coin market list

You can view and sort all assets according to important metrics such as price (USD), circulation (USD), 24h change, 24h value and 7-day price trend.

You can organize them according to their listing category as well: AMM, margin, coin, GameFi NFT and more. Or use the search box to search for your favorite tokens. Crypto analysis can be hard though, so if you're looking for help analyzing coins, you might want to check out our review of Token Metrics, a cryptoanalysis community and platform.

Fiat

The Fiat section is where you buy and sell crypto using fiat currency. CoinEx supports multiple payment partners for fiat-to-crypto deposits such as MoonPay, Banxa, Simplex and more.

coinex fiat crypto deposit

To buy crypto with fiat:

  • Choose the crypto you want to buy 
  • Select desired fiat currency (USD, EUR, JPY, AUD and more) and preferred payment partner
  • Enter the amount to buy and complete payment

You can use fiat to purchase only mainstream cryptocurrencies: USDT, USDC, BTC and ETH.

Payment methods allowed include MasterCard, Visa, SWIFT and Bank Transfer, depending on the partner you select.

Swap

CoinEx Swap allows you to exchange different crypto assets in seconds without placing a direct buy/sell order.

coinex swap

It supports any combination of coins and you don’t have to transfer your assets before swapping.

The exchange rate is systematically calculated and your swapped tokens will be deducted or deposited in your Spot Account.

Exchange 

Exchange is where you can trade your crypto assets with buy/sell orders using two options: Spot and Margin Trading.

coinex spot trading

To trade:

  • Select desired trading pairs and view the latest prices 
  • Set the price and amount of tokens to trade
  • Buy or sell the amount of tokens

Depending on whether you’re spot or margin trading, you get to see all the relevant metrics for each market pairs.

There doesn't appear to be a way to set price movement alerts, but you can do it with a free crypto screener tool like Dex Screener.

Futures

CoinEx’s Futures trading platform allows you to trade crypto derivatives with high leverage.

coinex futures trading

From the Futures trading interface, you can select a trading pair, set buy or sell orders and set leverage. Your trade leverage can be adjusted  from 3X up to 100X, in both Cross and Isolated Margin.

Finance

This section houses various financial and investment products that allow you to earn interest from your assets.

CoinEx Financial Account

With CoinEx Financial Account, you can earn compound interests from your idle crypto assets.

coinex financial account

Instead of letting your tokens remain unused, you can transfer them into your Financial Account, loan them out and earn yield.

This yield is calculated based on the 7-day APY of the particular coin.

AMM

Automated Market Making (AMM) is a program that lets you become a market maker for hundreds of crypto markets and enjoy dividends from trading fees.

coinex automated market making amm

You become a market maker by providing liquidity and injecting funds into the pool.

To participate:

  • Simply select an AMM market
  • Inject liquidity into the market
  • Earn dividend from trading fees

CoinEx Dock

CoinEx Dock was created to help early-stage quality blockchain projects with development and promotion. The exchange looks out for innovative projects with unique vision and assists them.

Promotions

CoinEx promotions aren't as enticing as some exchanges, for example KuCoin gives up to 400 USDT in bonuses for new users, while ByBit gives a massive $4,000+ in potential sign up bonuses (depends on account size and trading volumes).

CoinEx Tradeboard

CoinEx Tradeboard lets you win mega rewards when you join the ranks and trade. These promotions last for a specific period of time and let you share in a prize pool based on your trading prowess and volume.

coinex tradeboard

CoinEx Airdrop Station

CoinEx Airdrop Station offers you free airdrop tokens when you learn and answer simple fun questions.

coinex airdrop station

Available Cryptos on CoinEx 

According to CoinMarketCap, CoinEx has 540 cryptos listed on its exchange and available for trading.

On the list, you’ll find popular cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Binance Coin (BNB) and many more.

coinex coin market list

You’ll also find several less-known, low-cap altcoins. You can sort all of these coins according to their respective categories such as DeFi, GameFi, metaverse, and smart contract.

For trading pairs, CoinEx has about 850+ which is bound to increase as the exchange is always adding new projects that pass their vetting process.

Check out all CoinEx cryptos and trading pairs here.

How to Create a CoinEx Account? Step By Step Guide

Getting started as a crypto trader on CoinEx begins with going through their simple onboarding process and signing up for an account.

Here are the steps involved in creating a CoinEx account:

Step 1:

Visit the CoinEx website and click the Sign Up button at the upper right corner of the homepage. This button will take you to the sign up page.

coinex account sign up page
Step 2:

Sign up for an account by entering your email address. Then, enter a STRONG password, add a referral code (use code sgnm3 to receive any current signup promotions), check the Terms of Service box and and click the Sign Up button.

Step 3:

Next, you’ll need to confirm and secure your account via email address. Click on Send Code to receive a verification code and fill it in the box provided. Then, click the Confirm button.

coinex account security authentication
Step 4:

Once you’ve confirmed your email address, you’re good to go! You can now deposit or buy crypto and start trading on CoinEx.

coinex account welcome page

It is important to set up two-factor authentication for your CoinEx account. Of course, this isn’t compulsory but encouraged for stronger account security.

CoinEx also has a mandatory Know Your Customer (KYC) process, but they don't seem too strict about it. If you complete the KYC check, you raise your daily withdrawal limit from $10,000 to $1M. Otherwise, you can skip the process and continue with trading.

CoinEx Alternatives

Here’s how CoinEx levels up to its competitors.

CoinEx vs Binance

CoinEx and Binance serve a globalized user base with an opportunity to buy, sell and trade crypto assets. Both exchanges were founded in the same year but Binance has grown to be bigger and more popular across the world. When it comes to lesser trading fees, a diverse set of crypto products and deposit/withdrawal routes, Binance takes the lead. The Cayman Islands-based exchange also offers better security and customer support than CoinEx. On the other hand, CoinEx is a better choice when you consider the platform's user-friendliness and a high number of tradable assets.

CoinEx vs Coinbase

Both CoinEx and Coinbase let you buy, sell or trade crypto assets. CoinEx makes it easy to buy and store a large variety of altcoins you won’t find elsewhere. Also, its user experience is impressive and fees are pretty affordable. On Coinbase, you enjoy a smooth user experience, regulated trading environment, multiple fiat deposit/withdrawals routes, and firm security mechanisms. But you incur heavy trading fees and have access to limited asset range. Plus, Coinbase lacks diverse crypto features that would make advanced traders stick around, despite being five years older than CoinEx.

CoinEx Ratings

CoinEx enjoys an awesome 4.0 rating with 286 reviews on TrustPilot. This is pretty impressive, considering that most centralized cryptocurrency exchanges suffer from low trust scores.

On CoinGecko’s list of top centralized crypto exchanges, CoinEx was ranked #30 with a trust score of 8/10. While on CoinMarketCap, the exchange managed to rank #77.

Looking at CER’s list of top crypto exchanges ranked by security, CoinEx was ranked #52 with a 2/3 certification and a BB security rating. This proves the platform has some security lapses such as not enforcing KYC checks and an absent bug bounty program.

By trading volume, Nomics ranked CoinEx #65 with a 5.67 impact score on its list. And a research company called CryptoCompare, also ranked CoinEx 80th out of 150 exchanges giving it an overall B grade.

CoinEx Customer Reviews

CoinEx has a really good reputation on TrustPilot, with a 4.0/5 rating to show for it. For reference, Binance has a 2.0 rating, Coinbase has 1.6 and KuCoin has 1.9.  

While glancing through the reviews, most praise I found was about user-friendliness, low trading fees and large number of tradable crypto assets. This isn’t surprising as those are some of the highlights of CoinEx that we called out in our review.

However, a recurring theme of negative feedback was about their slow and unresponsive customer support. CoinEx has no live chat feature. And support via email tickets is unreliable and you could go hours before getting a response.

Customer service is a big deal for crypto and finance products and I hope the CoinEx team sees this and levels up if they want to remain a top-class crypto platform.

CoinEx Customer Support

CoinEx offers customer service and support through various mediums.

The platform has a Help Center that houses detailed guides to common issues you’ll encounter as a user. You can also use the Help button in the bottom-right corner of the page to enter your inquiry and see all articles that could help you.

coinex help center

If you have more questions or need specific support, you can also submit a request. Fill the request form adding a description of your issue, wait a few hours and a customer service agent will reach out to you via email. Currently there is no live chat support. 

CoinEx has an active social presence on Facebook, Twitter, Telegram and Reddit. You can get community support via these channels. And to stay abreast on new coin listings or service upgrades, the Announcement Center is there for you.

CoinEx Crypto Exchange FAQs

Is CoinEx safe and trustworthy?

In our view, CoinEx is a safe and legitimate exchange to consider for trading, however it’s always a good idea to proceed with caution. Even though it lacks regulation, the platform has never been hacked and maintains strict security measures for your assets and data.

How many users are on CoinEx?

Founded in 2017, CoinEx serves a robust user base of 3 million+ users to date. The exchange operates in over 200 regions and supports 16 languages.

Does CoinEx provide learning resources?

CoinEx offers various learning resources including the CoinEx Blog, CoinEx Academy and CoinEx Research. This would help you learn and stay updated on trends in the world of blockchain and cryptocurrency.

Does CoinEx have an NFT platform?

CoinEx does not offer its own NFT platform. But the exchange lists several NFT tokens, giving you access to buy, sell or swap these coins.

CoinEx Review Verdict - Should You Trade On CoinEx?

coinex review

Overall, CoinEx is a pretty decent crypto exchange.

Its user-friendly interface offers an interactive experience that will delight crypto newbies, while its advanced trading products and wide range of tradable assets makes it a good choice for advanced traders.

As we've mentioned in this CoinEx review, the exchange maintains low trading fees, a less-than strict KYC policy, and decent privacy and security mechanisms in place.

In conclusion, CoinEx is a great choice for traders around the world, looking to buy or sell low-cap altcoins while enjoying low fees and access to crypto investment products.

About the author 

Sam Rexford