Trading without verification: review of the CoinEx cryptocurrency exchange

#CoinEx#Cryptocurrency exchanges

In 2022, the international cryptocurrency exchange CoinEx added the purchase of cryptocurrencies for rubles using the AdvCash payment system.

We registered on CoinEx and made a deposit. We talk about the features of this exchange: a built-in indicator of market sentiment, withdrawal of funds without verification and a button panel for selecting leverage.

Briefly about CoinEx

CoinEx is a cryptocurrency exchange with a spot market and perpetual futures contracts. The platform was founded with the support of mining equipment manufacturer Bitmain.

The crypto exchange has been operating since 2022 and is part of the ViaBTC Group ecosystem. In addition to the exchange, the ecosystem includes the ViaBTC mining pool, the ViaWallet cryptocurrency wallet and the CoinEx Smart Chain blockchain.

CoinEx trades 258 cryptocurrencies in pairs with stablecoins, Bitcoin, Bitcoin Cash, Ethereum and the platform's internal token CET.

CET holders can pay a portion of trading commissions to them. There are 4.18 billion CET in circulation. CoinEx curbs token inflation: on February 20, the exchange burned 1.08 billion locked CET. On May 11, the redeemed market value of CET exceeded $400,000.

CoinEx users can earn passive income by providing liquidity to the exchange's automated market maker and issuing loans for margin trading.

What does the company/project do?

Established on December 26, 2022 with investments based on Bitmain CoinEx is a subsidiary of the world's #1 BCH mining pool ViaBTC , a global and professional digital coin service provider.
Offices are located in Shenzhen, Hong Kong and Singapore. CoinEx is the first exchange to use BCH as its base currency. The platform is constantly evolving, and administrators are adding new currency pairs.

“We decided to use BitcoinCash rather than Bitcoin due to its faster transaction speed, low fees and high performance.” — ViaBTC representatives

Focused on the global market. The exchange operates graphics 24/7. Serious investors from all over the world take part in the auction.

The platform has its own cryptocurrency, CET , with more than 10 billion tokens issued.

Registration and security

To register on CoinEx, you need an email address: the exchange will send a transaction confirmation code to it. After setting a password, the user gains access to the trading interface.

Before you start trading, you need to enable two-factor authentication: link your phone number or connect Google Authenticator.

The user can enhance account security:

• enable transaction confirmation via email. The exchange will send a letter every time you withdraw funds;
• set an anti-phishing code. CoinEx will add it to the emails. The presence of a code indicates the authenticity of the letter.

Security settings can only be changed after confirmation via email.

An email from CoinEx with the ForkLoggish anti-phishing code.

The exchange stores data about user logins to the account. Security settings display the login time and location, as well as device type, operating system, browser version, and IP address.

The “Logout” button remotely ends the session on the device. You will have to confirm your re-entry by email.

CoinEx does not require KYC. Unverified users can withdraw up to $10,000 per day from the platform, verified users can withdraw up to $1 million per day.

Let's sum it up

Despite some shortcomings, such as incomplete Russification and a small, in comparison with other platforms, list of cryptocurrencies available for work, the CoinEx exchange deserves attention for a number of reasons, among which the following can be highlighted:

• There is no information on the network about security breaches of coinex.com. The developers have provided users with all the necessary tools to protect their accounts and assets.
• The CoinEx exchange is easy to use. At the same time, the platform has all the necessary tools for professional trading.
• On CoinEx you can buy cryptocurrency for rubles and tenge.
• The developers used an ecosystem approach. The project offers a wide range of complementary products for working with digital assets.
• You can work on CoinEx in confidential mode. In order to start conducting transactions, just enter your email address and mobile phone number.

CoinEx also allows you to maintain access to your account through a fully functional mobile application.

Purchase with card and deposit

Using a bank card you can buy Bitcoin, Bitcoin Cash, Ethereum, Litecoin, USDT (ERC-20), USDC and Tron. The minimum purchase amount is $100 or the equivalent in local currency.

Transactions are processed by payment systems Mercuryo, Simplex, MoonPay and Advcash. They support the Russian ruble, Kazakh tenge, US dollar, euro, Israeli shekel and 27 other currencies.

Commission for payment services is from 3.5% to 4.5%.

CoinEx does not charge any deposit fees. We topped up our account for test trades: we deposited $50 in USDT TRC-20 to avoid Ethereum network fees.

On the deposit page, you can get an address QR code, create a new deposit address, and view your deposit history.

CoinEx credits the funds to the spot account. To trade futures contracts, you need to transfer cryptocurrency to a perpetual account: select a coin in the list of assets and click the “Transfer” button.

The transfer page also allows you to send funds from a perpetual account to a spot account.

Supported payment systems

Currently, CoinEx only supports trading of cryptocurrencies for other cryptocurrencies (crypto-to-crypto).

Fiat payment methods such as credit or debit cards and SEPA transfers are not accepted.

If you want to quickly buy cryptocurrency using a credit or debit card, then you can try exchanges like Changelly or Coinmama.

When it comes to buying altcoins via bank transfer or SEPA, Coinbase is the best exchange option.

Markets and trading pairs

CoinEx supports spot trading in USDT, USDC, BTC, BCH, ETH and CET pairs. For popular trading pairs like BTC/USDT, margin trading is available with up to 5x leverage.

The futures market trades perpetual contracts for BTC, ETH, LTC, BSV, BCH, XRP, EOS and TRX of two types:

• USDT-M with a deposit in USDT, for example BTCUSDT;
• COIN-M with a deposit in a tradable asset, for example TRX for TRXUSD.

For BTCUSDT and BTCUSD contracts, leverage is up to 100x, for other contracts - leverage is up to 50x.

In the header of the site there are buttons for quick access to trading:

• Market - all CoinEx pairs;
• Exchange - spot trading;
• The contracts are perpetual futures contracts.

Market page. Trading pairs can be sorted by asset type, trading volume and weekly trend.

Trading interface

The spot and futures trading pages are similar. The only difference is the information on the trading panel.

The CoinEx trading interface includes the following elements:

• on the left: a list of trading pairs or contracts, the history of transactions for the selected pair and the status of the trader’s trading account. For futures trading, the list of pairs displays the USDT-M and COIN-M contracts.
• in the center: information about the pair or contract, price chart, trading panel and user order table;
• right : market sentiment indicator and order book.

CoinEx does not allow you to customize the trading interface: to view active orders you need to scroll down the page and lose sight of the chart. This can be a plus for beginners: you won’t be able to accidentally delete a chart or trading panel.

We reduced the futures trading page to 67%, but the order table did not fit on the screen. This can interfere with trading with a large number of orders.

The exchange has its own market sentiment indicator, which shows the ratio of purchase and sale volumes over the last 1000 transactions.

The indicator works on all CoinEx trading pairs. It can help when trading assets with low volume - it shows the mood of traders for the week.

On May 20, the majority of CoinEx traders were selling Cardano.

Let us separately note these interface elements:

• line with maker and taker trading commissions . Usually exchanges list them on a separate page, which makes it difficult to calculate the break-even point of a position;
• button panel for selecting leverage with isolated and cross margin. When trading from a mobile phone or laptop, it is more convenient to press buttons rather than move the slider.

Selecting leverage on the mobile version of the site. When you enlarge the page, the leverage panel does not float away or change size.

Financial account and AMM

CoinEx users can deposit funds into a financial account or liquidity pool to generate passive income.

The financial account is an account for issuing margin loans to CoinEx traders. At the time of writing, the weekly APY for USDT is 14.2%. Over the past 7 days, issuing margin loans in USDT brought profit as a deposit at 14.2% per annum.

AMM is an automated market maker for fast cryptocurrency exchange. CoinEx uses AMM as a separate trading tool and a way to fill order books. When depositing funds into the AMM liquidity pool, users share 50% of the trading commissions of this market. In CET markets they receive 100% of the commissions.

Trading commissions and withdrawals

The size of the exchange's trading commissions depends on the trader's monthly trading volume and the amount of CET in his account.

CoinEx Spot Trading Fees:

CoinEx trading fees for futures trading:

The minimum amount of cryptocurrency deposit and withdrawal, as well as the size of the withdrawal fee, depend on the asset and the blockchain on which it is located.

Minimum deposit and withdrawal amounts for popular cryptocurrencies:

More information about trading commissions and withdrawal fees can be found on the CoinEx website.

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affiliate program

CoinEx has an affiliate program. Its participants receive a portion of referral trading commissions. The size of the reward depends on the VIP level - the amount of CET in the referrer’s account:

• VIP0 - up to 1000 CET - 15%;
• VIP1 - from 1000 to 10,000 CET - 20%;
• VIP2 - from 10,000 to 100,000 CET - 25%;
• VIP3 - from 100,000 to 500,000 CET - 30%;
• VIP4 - from 500,000 to 1,000,000 CET - 35%;
• VIP5 – from 1,000,000 CET – 40%.

Referrers can set a kickback percentage and share part of the referral reward with invited users. Example: Alice with VIP5 level invited Bob to CoinEx and set a kickback of 50%. This way Bob will receive 20% of his own trading commissions.

Participants in the referral program can create up to 20 referral links with different kickback percentages.

Referrers receive rewards for a year from the date of registration on CoinEx. They can join the CoinEx Ambassador program and earn up to 50% trading commissions for an unlimited time. CoinEx also pays ambassadors up to 500 USDT per month to complete marketing tasks.

CoinEx has added a graphical analytics tool for the referral program to make it easier for participants to make promotion decisions.

CET token

Cryptocurrency CET, which was released on the basis of CoinEx. During the creation process, no private investors were involved, and no ICO was created. The exchange regularly conducts free distributions of digital coins. The tokens were created based on the Ethereum ERC 20 protocol. The coin is backed by the services and privileges provided to users of the CoinEx cryptocurrency exchange.

The total CET supply is 10 billion. 50% is owned by the CoinEx team and the remaining 50% is used to provide CoinEx for free to users.

How to get CET? 1. Referral Rewards: Refer your friends to register and exchange, and you will receive CET as a reward. 2. CET Airdrop: CoinEx allocates CET for free to all CoinEx users. 3. Buy CET: Enter the CoinEx trading page and buy CET with BCH/BTC/USDT etc.

What can CET do? 1. Vote for token listing: coming soon 2. Use CET as commission fees and pay 50% less

The exchange distributes 80% of the commissions it collects among CET token holders. The exchange spends 20% of its monthly income on the redemption and subsequent destruction of its own tokens.

From 20.06 to 04.07 we can see on the chart the growth of CET tokens from $0.008 increased to $0.15 ( almost x20 )

From 0:00 July 1, 2022 (UTC), CoinEx will adopt the Trade Mining method with the release of 3.6 billion CET for free distribution to CoinEx users. We will calculate 100% of our transaction fee income in CET against the real-time rate and give it to all traders in proportion to their trading volume. The rules are as follows:

1. Qualification: for ID accounts only; Transactions that use CET as fees are excluded in trade-oriented trading.

2. Duration: 180 days in total from EST. daily profitability of 20 million euros.