Is CoinEx Legal in Iran? Is CoinEx Safe?
Choosing a trustworthy cryptocurrency exchange is crucial as it directly impacts the safety and security of your digital assets. The high risk of scams in this area necessitates extreme caution from users.
Our analysts have noticed a growing interest in CoinEx services among users in the Iran. However, questions remain regarding its safety and legal status within the Iran. Traders Union experts have addressed this concern by crafting a detailed review that explores both the pros and cons of using CoinEx.
So, let us tell you if CoinEx is allowed in the Iran and if it's safe to use for trading.
Short summary about the CoinEx exchange
The CoinEx exchange is a multifunctional platform that combines the functions of the cryptocurrency market and a crypto exchange. Bitcoin, Ethereum, USDT, and dozens of other cryptocurrencies and tokens are at the trader’s disposal. Assets are exchanged and traded relative to each other, and there are pairs with world currencies, the most prominent contracts are with USD. The exchange has a large trading volume, and thanks to the patented lightning-quick match engine, the company guarantees the simultaneous stability of thousands of orders, each of which is reliably protected. The site has its proprietary CET coin, which is issued daily. In addition to the web version of the trading terminal, there’s is a user-friendly mobile application. Fees are fixed and they depend on the trading level and the presence/absence of VIP status.
| 💰 Account currency: | Any |
| 🚀 Minimum deposit: | Depends on the asset and type |
| ⚖️ Leverage: | no |
| 💱 Spread: | 0.2% |
| 🔧 Instruments: | Cryptos, currencies |
| 💹 Margin Call / Stop Out: | No |
CoinEx Pros and Cons
👍 CoinEx Pros:
•large trading volumes, loads of cryptocurrencies, and tokens;
•convenient and functional mobile application;
•low fees (especially with VIP status);
•you can get the status of a market maker and an ambassador;
•legal license for digital assets;
•the company has a reserve fund;
•round-the-clock professional technical support.
👎 CoinEx Cons:
•affiliate program for ambassadors only;
•absence of investment programs.
Is CoinEx legal in Iran? Does it have a license?
Before you start working with an exchange, it is important that you check whether it has a financial license. Exchanges may be regulated by various financial regulatory authorities, including central banks, securities and exchange commissions or even regional bodies. A cryptocurrency exchange may not be regulated in Iran, but it can hold a license issued by another reliable regulator. Below, you can find out about the regulation of the CoinEx cryptocurrency exchange.
| CoinEx | |
|---|---|
| SEC | No |
| FINRA | No |
| SIPC Protection | No |
| Other regulators | New York State Department of Financial Services |
Cryptocurrency exchanges often hide information about the company, and it could be very difficult to find it to check whether the crypto exchange is legit or not. However, you still need to try.
Take notice of the following information:
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Name of the broker.
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Country of registration.
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Registration license number.
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Legal address.
As a rule, this kind of information can be found in the About Us section, in the disclaimer or in the regulatory documents of a cryptocurrency exchange: Terms and Conditions. As for the license, a crypto exchange might not have this document. This is due to the peculiarities of cryptocurrency regulation, as many countries still have not adopted the licensing law in this area.
Do I recommend using CoinEx in the Iran?
The CoinEx cryptocurrency exchange can be chosen by clients from Iran, although there are certain nuances. The exchange does not have a financial license, but that is rather because the financial regulator of Iran does not issue the licenses to crypto exchanges in general. There have been certain security-related incidents, but those very singular cases. The reputation of the exchange can be considered standard.
FAQ
Can I work with crypto exchanges considering that they don’t have a license in Iran?
The fact that a crypto exchange does not have a license doesn’t mean that traders from Iran will have problems while working with it. Cryptocurrency exchanges are not subject to licensing in many countries, while there are many exchanges with good reputation. Assess the available information about the exchange and check its reputation.
What security methods for account protection do crypto exchanges employ?
Cryptocurrency exchanges may offer various security methods. These include the two-factor authentication, first and foremost, and also such methods as a security question, additional passwords, etc.
Can an exchange that has had a security-related incident in the past be trusted?
You need to check whether such incidents were regular. If it was one episode several years ago, while the reputation of the exchange is good, you can work with such an exchange.
Should I work with an exchange if I have doubts about its reputation?
No. Always choose the cryptocurrency exchanges that have a good reputation.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.