No Regulation

Score

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/10

COINEX

Netherlands

|

1-2 years

Suspicious Regulatory License|

Medium potential risk

https://coinex.cloud/pc/#/

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COINEX
COINEX1@outlook.com
https://coinex.cloud/pc/#/
Influence
E

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No effective regulatory information has been founded yet, please pay attention to the risks!

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Company Name
COINEX
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Customer Service Email Address
COINEX1@outlook.com

WikiBit Risk Alerts

1
Previous Detection 2024-05-20

It has been verified that this Exchange currently has no valid regulation, please be aware of the risk!

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1 ratings

Participate in evaluation
Lala27
omg, I read that Cryptocurrency exchange CoinEX faces allegations of a significant hack, causing concerns across the industry... Oh Guys you must aware in Coinex
2023-09-13 14:49
4
Registered Country/Area Netherlands
Founded year 2017
Regulatory Authority Not Regulated
Numbers of Cryptocurrencies Available 100+
Payment Methods Via Third-Party Providers
Customer Support Email: mailto:support@coinex.com

Overview of COINEX

Founded in 2017 and headquartered in the Netherlands, COINEX has rapidly grown to be a noteworthy player in the cryptocurrency exchange arena. The platform boasts an impressive selection of over 100 cryptocurrencies, giving traders and investors a broad spectrum of options for their digital asset endeavors.

However, one notable aspect of COINEX is its regulatory status – it's not regulated by any major financial authority. This lack of official oversight might be a point of concern for some users who prioritize the security and assurance that comes with regulated platforms.

When it comes to payment methods, COINEX takes a unique approach. Instead of offering direct fiat deposit and withdrawal options, the platform integrates with third-party providers. This indirect method allows users to convert their fiat currencies into cryptocurrencies using services from partners like Simplex, XanPool, Mercuryo, Paxful, Moonpay, and AdvCash. Once converted, users can seamlessly deposit their cryptocurrencies into their COINEX account.

COINEX prides itself on its robust technical architecture and user-friendly interface. However, for any issues or queries, customers can reach out to their dedicated support team via email at support@coinex.com.

Overview of COINEX

Pros and Cons

Pros Cons
Wide range of cryptocurrencies available Not Regulated
Customer support available through email and live chat Withdrawal fees vary depending on the cryptocurrency
Well-made Interface Do not support US Customers

Pros:

  • Wide Range of Cryptocurrencies: COINEX offers an expansive selection of over 100 cryptocurrencies, catering to both novice and experienced traders.

  • Customer Support: Users have multiple channels to reach out for assistance, including email and live chat, ensuring timely resolution of queries and issues.

  • User-friendly Interface: The platform boasts a well-made and intuitive interface, enhancing the trading experience and making it easier for users to navigate.

Cons:

  • Not Regulated: COINEX operates without the oversight of any major financial regulatory body. This could be a concern for users who prioritize the safety and assurance that comes with regulated exchanges.

  • Variable Withdrawal Fees: The fees associated with withdrawing different cryptocurrencies can vary, which might be confusing or costly for frequent traders.

  • No Support for US Customers: Despite its global presence, COINEX does not cater to users based in the United States, limiting its reach and usability for a significant market segment.

Regulatory Authority

COINEX operates without formal regulatory oversight, meaning it is unregulated. This lack of regulation can be a significant concern for some users. Regulated exchanges are typically required to adhere to specific standards and practices which are designed to protect the users. They undergo routine audits, maintain transparency about their operations, and are held accountable to financial authorities in case of malpractices.

Security

  • No Third-party Audits: Without regulation, there might be no mandatory third-party audits of the exchange's operations and finances. This lack of transparency can conceal potential internal issues or mismanagement.

  • No Deposit Guarantee: Regulated exchanges often need to have insurance or a guarantee fund to compensate users if the exchange fails or faces a significant breach. Without regulation, COINEX users may not have such assurances.

Cryptocurrencies Available

COINEX offers access to over 100 cryptocurrencies, providing users with a diverse range of digital assets to trade and exchange. Some of the popular cryptocurrencies available on COINEX include Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, and many others. Users can engage in spot trading, margin trading, and futures trading on the platform, allowing them to participate in different trading strategies and take advantage of market opportunities.

How to Open an Account?

The registration process on COINEX can be outlined in six simple steps:

  • Visit the COINEX website and click on the “Sign Up” button.

Sign Up
  • Fill in the required information, including your email address and password, and agree to the terms and conditions of the platform.

fill in personal Information
  • Verify your email address by clicking on the verification link sent to your registered email.

  • Complete your account verification process by providing additional personal information, such as your full name, country of residence, and phone number.

  • Set up additional security measures, such as two-factor authentication, to enhance the security of your account.

  • Once all the steps are completed, you will have successfully registered on COINEX and can start exploring the platform's features and services.

Payment Methods

COINEX primarily supports cryptocurrencies as the sole medium for deposits and withdrawals. This distinct choice limits users who might want direct fiat currency options. However, understanding this limitation, COINEX has collaborated with third-party providers to facilitate the conversion of fiat money to cryptocurrencies. This indirect method allows users to first purchase cryptocurrencies using their fiat money and then deposit it into their COINEX account.

The third-party providers associated with COINEX for these services include:

  • Simplex: A financial institution providing fraud-free payment processing solutions.

  • XanPool: A gateway solution that facilitates fiat to crypto transactions.

  • Mercuryo: A crypto wallet offering fiat-to-crypto conversions.

  • Paxful: A peer-to-peer platform for cryptocurrency trading.

  • Moonpay: An infrastructure for crypto payments.

  • AdvCash: A payment platform combining traditional and digital funds.

Fees

COINEX has established a fee structure based on the spot market-making level. This structure depends on the trader's ranking determined by their trading volume over the last month. Traders with a trading volume of 1,000,000 USD or more can fall into one of the specified levels. The fee structure comprises various percentages for different trading activities.

Level Ranking Requirement Taker Fee 1 Taker Fee 2 Maker Fee 1 Maker Fee 2
LV 5 ≤10% -0.02% -0.02% 0.05% 0.04%
LV 4 ≤25% -0.01% -0.01% 0.05% 0.04%
LV 3 ≤45% 0% 0% 0.06% 0.048%
LV 2 ≤70% 0% 0% 0.07% 0.056%
LV 1 Last 30% 0% 0% 0.08% 0.064%
LV 0 Not Specified 0.2% 0.16% 0.2% 0.16%

Educational Resources

COINEX provides educational resources and tools to help users gain a better understanding of virtual currency trading and related topics. These resources include articles, tutorials, video guides, and FAQs that cover various aspects of cryptocurrency trading, such as market analysis, technical analysis, risk management, and trading strategies.

Is COINEX a Good Exchange for You?

The following trading groups may find COINEX suitable:

  • Beginner Traders: COINEX provides an intuitive and user-friendly interface, making it suitable for beginners who are new to virtual currency trading. The availability of educational resources and tools can also help beginners gain essential knowledge and improve their trading skills.

    Recommendation: Beginner traders can start by exploring COINEX's educational resources to gain a better understanding of virtual currency trading. They can also utilize the demo trading feature, if available, to practice trading strategies without risking real funds.

  • Experienced Traders: COINEX offers a wide range of cryptocurrencies and different trading options, such as spot trading, margin trading, and futures trading. This allows experienced traders to diversify their portfolios and take advantage of various market opportunities.

    Recommendation: Experienced traders can utilize COINEX's advanced trading features, such as real-time price charts and indicators, to conduct in-depth market analysis and implement advanced trading strategies. They can also consider participating in margin trading or futures trading to leverage their positions and potentially increase their trading profits.

  • Cryptocurrency Enthusiasts: COINEX offers access to over 100 cryptocurrencies, providing enthusiasts with a diverse range of digital assets to explore and invest in. The availability of additional services, such as ICO participation and staking opportunities, can also cater to the interests of cryptocurrency enthusiasts.

    Recommendation: Cryptocurrency enthusiasts can utilize COINEX to explore and invest in various cryptocurrencies. They should carefully review the terms and conditions of ICOs and other additional services before participating to understand the associated risks and fees.

FAQs

Q: What cryptocurrencies are available for trading on COINEX?

A: COINEX provides access to over 100 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash, among many others.

Q: What trading options are offered on COINEX?

A: COINEX offers spot trading, margin trading, and futures trading, allowing users to engage in different trading strategies and take advantage of market opportunities.

Q: What payment methods are accepted on COINEX?

A: COINEX accepts payment methods via the third party, including Simplex and Advcash.

Q: How can I get the customer support of COINEX?

A: You can send your request to COINEX via email: support@coinex.com.

User Review

User 1: COINEX crypto exchange has been my go-to platform for trading cryptocurrencies. The interface is user-friendly and makes trading a breeze. I love the wide range of cryptocurrencies available for trading, as it allows me to diversify my portfolio. The customer support is also responsive and helpful whenever I have any inquiries. However, I wish COINEX had better regulation and security measures in place to ensure the safety of my funds.

User 2: COINEX crypto exchange has been a disappointment for me. The trading fees are high compared to other exchanges I've used, which eats into my profits. The liquidity is also an issue, as there are times when it's hard to find counterparties for my trades. The customer support is slow in responding to my queries, making it frustrating when I need assistance. Additionally, I am concerned about the lack of regulation and security measures, which makes me hesitant to fully trust the platform with my funds.

Risk Warning

Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.