CITEX

Overview of CITEX

CITEX was established in 2018 and is officially located in the British Virgin Islands. However, the exchange operates mainly in South Korea. This choice is because South Korea has a bustling cryptocurrency market, and CITEX wanted to be near the people it serves the most. CITEX lets users use more than 100 types of cryptocurrencies. Every day, about $81 million worth of trading happens there. When you trade, they charge a 0.2% fee, and if you help set up trades, they charge only 0.2%.

Pros and Cons

Security & Storage

Cold storage: Most of CITEX's cryptocurrency funds are stored in cold storage, which means that they are offline and not connected to the internet. This makes them less vulnerable to cyberattacks.

Multi-signature wallets: CITEX's hot wallets, which are the wallets that are connected to the internet and used to process withdrawals, use multi-signature technology. This means that multiple keys are required to authorize a withdrawal, making it more difficult for unauthorized users to withdraw funds.

DDoS protection: CITEX's servers are protected from DDoS attacks, which are a type of cyberattack that can flood a server with traffic and make it unavailable.

2FA: CITEX users can enable two-factor authentication (2FA) for their accounts, which adds an extra layer of security by requiring them to enter a code from their phone in addition to their password when logging in.

Cryptocurrencies Available

CITEX lists a wide variety of cryptocurrencies, including Bitcoin, Ethereum, Tether, USD Coin, and many others. The exchange currently lists over 100 cryptocurrencies.

Fees

Fees for Spot Trading:

When you make an order that instantly trades at the current market price (this is called a “Taker” order), they charge a fee of 0.2%.

If you place an order at a specific price and wait for it to trade (this is called a “Maker” order), they also charge a fee of 0.2%.

Fees for Futures Trading:

When you finish a futures trading deal, they will take a fee of 0.1% from the amount you traded.

Additionally, they will charge a fee based on a percentage of your total trading amount at three specific times: 00:00, 8:00, and 16:00 each day when you close a futures position.

How to open an account？

1. Go to the CITEX website and click on the “Sign Up” button.

2. Enter your email address and create a password.

3. Read and agree to the terms and conditions.

4. Click on the “Create Account” button.

5. You will receive an email from CITEX with a verification link. Click on the link to verify your email address.

6. You will then be asked to provide some personal information, such as your name, date of birth, and address.

7. You will also be asked to provide a government-issued ID to verify your identity.

How to Buy Cryptos？

Buying cryptocurrencies on CITEX is easy and involves a few steps:

1. Pick Your Cryptocurrency and Currency:Choose the cryptocurrency you want to buy and the currency you'll be using (like USD or EUR).

2. Confirm the Amount:Decide how much of the chosen cryptocurrency you want to purchase and confirm the amount.

3. Select Transaction and Payment Method:Choose how you want to make the transaction (e.g., spot trading) and your preferred payment method, like a bank transfer or credit card.

4. Make the Payment:Follow the instructions to complete the payment. Once done, wait for the payment to be confirmed.

5. Automatic Transfer:Once the payment is confirmed, your purchased cryptocurrency will be automatically transferred to your CITEX account.

Payment Methods

At CITEX, you can deposit using wire transfers, but credit cards aren't an option. You can also use cryptocurrencies like BTC and ETH for depositing and withdrawing.The minimum deposit and withdrawal for cryptocurrencies like BTC and ETH are set at 0.05 and don't have a maximum limit. No fees for depositing using cryptocurrencies, but a fee of 0.005 is charged when withdrawing.

Depositing is free. When you take out BTC, they'll charge a withdrawal fee of 0.0005 BTC, which is about 40% less than the average of 0.0008 BTC in the industry. Overall, CITEX's fees are a bit lower than what most other exchanges usually charge.

Compare CITEX with other exchanges

Features
Trading Fees	Taker 0.2%, Maker 0.2%	Maker: 0.04%, Taker: 0.075%	Maker: 0.05% - 0.1%, Taker: 0.1% - 0.5%	Up to 0.40% maker fee and up to 0.60% for taker fee
Cryptocurrencies	100+	500+	11	200+
Regulation	Regulated by FinCEN (Exceeded)	Regulated by NMLS, MAS/FinCEN (Exceeded)	Regulated by FSA ( Japan), NMLS, CSSF, DFI, NYSDFS	Regulated by NMLS , FCA, NYSDFS, SEC (Exceeded), FINTRAC (Exceeded)