Coinex

Overview of Coinex

Coinex is a virtual currency exchange platform founded in 2017. It is registered in the Cayman Islands, but it is important to note that the company is not regulated. The platform offers a range of cryptocurrencies for trading, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and more. With a maximum leverage of 1:100, Coinex provides users with the opportunity to maximize their trading potential. The trading is conducted through the Coinex Exchange platform.

In terms of deposit and withdrawal options, Coinex supports various methods, including bank transfers, credit/debit cards, and cryptocurrency deposits/withdrawals.

Pros and Cons

Regulations

Coinex is regulated by the MajandusTegevuse Register (MTR). The exchange holds various licenses issued by MTR, including the Digital Currency License and the Common Financial Service License. The specific regulatory agencies and their corresponding licenses are as follows:

1. Regulation Number: FVT000080

Regulation Status: Regulated

License Type: Digital Currency License

License Name: CoinEx Group OÜ

2. Regulation Number: FIP000170

Regulation Status: Exceeded

License Type: Common Financial Service License

License Name: CoinEx Group OÜ

3. Regulation Number: VVT000337

Regulation Status: Exceeded

License Type: Common Financial Service License

License Name: CoinEx Group OÜ

4. Regulation Number: FFA000144

Regulation Status: Exceeded

License Type: Common Financial Service License

License Name: CoinEx Group OÜ

These licenses reflect the regulatory framework under which Coinex operates, demonstrating its compliance with financial regulations in the jurisdictions in which it operates.

Security

The security measures of Coinex include several aspects. Firstly, the platform employs industry-standard practices to ensure the protection of user data and funds. This includes the implementation of encryption protocols to secure user information and the adoption of multi-factor authentication for user accounts.

In addition to these measures, Coinex also incorporates cold storage techniques to safeguard a significant portion of user funds. By keeping the majority of digital assets offline, Coinex reduces the risk of hacking and unauthorized access.

Cryptocurrencies available

Coinex offers a wide range of cryptocurrencies for trading, including popular options like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Bitcoin Cash (BCH). These cryptocurrencies can be traded against each other or against other digital assets available on the platform.

How to open an account？

The registration process for Coinex typically involves the following steps:

1. Visit the Coinex website and click on the “Sign Up” button to initiate the registration process.

2. Fill out the required information, including your email address and password, and agree to the platform's terms and conditions.

3. Verify your email address by clicking on the verification link sent to your inbox.

4. Complete the additional verification process, which may include providing personal identification documents and proof of address.

5. Set up your security features, such as enabling two-factor authentication to enhance the security of your account.

6. Once your account is verified, you can start depositing funds and trading cryptocurrencies on the Coinex platform.

Fees

Coinex employs a fee structure that is based on the trading volume of users. The platform utilizes a maker and taker fee model, where makers refer to users who add liquidity to the market by placing limit orders, and takers refer to users who remove liquidity from the market by placing market orders. The fees for both makers and takers are adjusted based on the user's 30-day trading volume.

For makers, the fees range from 0.05% to 0.2%, with higher volume traders enjoying lower fees. For takers, the fees range from 0.1% to 0.2%, also depending on the trading volume. It is important to note that the specific fee rates can vary and may be subject to change. Users are encouraged to visit the Coinex website or consult their fee schedule for the most up-to-date information.

In terms of deposit and withdrawal fees, Coinex does not charge any fees for deposits. However, users may be subject to network fees associated with depositing or withdrawing certain cryptocurrencies. These fees are determined by the respective blockchain networks and can vary based on network congestion and other factors.

Deposit & Withdrawal

Coinex offers various methods for depositing and withdrawing funds. Users can deposit funds into their Coinex account using cryptocurrencies or fiat currencies, depending on the available options. The specific deposit methods and processing times may vary based on the chosen currency or payment method.

For cryptocurrency deposits, users can generate a deposit address for the desired cryptocurrency on the Coinex platform and transfer the funds from their external wallet to the provided address. The processing time for cryptocurrency deposits generally depends on the network congestion and confirmation time required by the respective blockchain.

For fiat currency deposits, Coinex supports methods such as bank transfers and third-party payment processors. The processing time for fiat currency deposits may vary depending on the chosen method and the processing times of the involved banks or payment processors.

Withdrawals from Coinex can also be made in cryptocurrencies or fiat currencies. Users can initiate a withdrawal request by specifying the desired currency and providing the necessary withdrawal address or bank account details. The processing time for withdrawals may vary based on the currency and the verification processes implemented by Coinex.