Is Coinex Safe? Key Facts You Should Know
Founded in 2017, Coinex is a global currency exchange platform designed for professionals and beginners alike. The exchange’s motive is to use the positives of Blockchain and make trading accessible and convenient for everyone.
What’s more, Coinex takes pride in being a secure, stable, and well-accepted currency exchange. According to the platform’s official website, the security and safety of its customers are the core objectives of the platform. Besides, Coinex believes in providing a customer-first experience while also conducting global operations around the world.
While Coinex has an impressive portfolio and features, is Coinex safe? Besides, is Coinex legit, and can you trust its operations with your money?
If you have all these questions in your mind, this article will help you find relevant answers. So, dig in to explore everything you need to know about Coinex.
Is Coinex Safe? How is Coinex Protecting Your Money?
Every time a trader plans to open an account in an exchange, their first concern is always regarding its security. Unfortunately, in a world where cybercrime is pretty common, trusting trading platforms have become more complex than ever.
So, is Coinex safe? The short answer to this question is yes!
If you are investing in cryptocurrency, security should be your number one priority, which Coinex understands pretty well. As a result, the platform has an excellent security infrastructure, making it secure for traders worldwide.
The platform has some excellent security features, which are mentioned in detail below.
Reserved Coins
All the assets you might have purchased through Coinex are 100% reserved. This means no one can use your coins anywhere else and that every withdrawal you make is processed without any delays.
Efficient Matching Engine
Coinex has a high-speed and efficient matching engine. This process is capable of processing around 10,000 transactions in one second. The system helps to handle each transaction on a timely basis and ensures all your currency orders are catered to on time.
Fund Protection
Another fantastic feature that helps Coinex protect your funds is the intelligent adoption of HTTPS. In addition, the platform also offers the facility of two-factor authentication, providing an extra security layer.
What’s more, if you own a Coinex wallet, a multi-signature strategy and cold wallet storage facility are available to keep all your money safe.
Fast Withdrawal and Deposit
Coinex also ensures the safety of your funds by making every deposit and withdrawal pretty fast. If you have made a small withdrawal, the process will usually take less than five minutes.
Withdrawal Verifications
If you have made a withdrawal, Coinex makes sure that you reconfirm your transaction through a systematically executed email. This again helps to avoid any incorrect transaction being made on your behalf.
Besides the above measures, Coinex also has a well-curated privacy policy, and it doesn’t shy away from mentioning things that it might do with your information. For instance, Coinex clearly states that the platform might disclose the personal information of its customers to a non-affiliated third party, but only after getting their consent.
This information may resist many clients from opening an account with Coinex, but many might also get impressed by the platform’s transparency. So, fortunately, Coinex is a safe platform that practices stringent measures and policies to protect your money in any way.
How Do Governments Regulate Coinex?
Initially, Coinex wasn’t regulated by any government or authority body. However, in 2019, the exchange was registered in Estonia and is now regulated by the government.
Has Coinex had Any Security Compromises?
Since its birth, Coinex has not suffered any security breach, including downtime or hacking. That’s because the platform follows pretty strict security measures that even the smartest minds find hard to get through. Besides, Coinex ensures that any customer who joins them verifies their identity to access the features of the exchange and the different trading assets.
Can I Use Coinex In the US?
Yes, you can. Coinex is available for the citizens of almost all the countries. This list includes the USA, Australia, United Kingdom, Iceland, Finland, Germany, and Austria.
Coinex doesn’t charge deposit fees for the citizens of most countries. So, if you are in the USA, you can start trading without any charges.
However, is Coinex safe in US? Yes, it is. While the platform isn’t regulated in the country, it still takes all its security measures seriously. Moreover, the platform complies with an anti-money laundering policy to reduce the chances of any fraudulent activity on the exchange.
Is CoinEx legal in Iran? Is this crypto exchange safe?Coinex Security Rules
Below let's explore some of the most common security rules practiced on this excellent trading platform.
ID Verification
You can’t open an account without providing an authentic government-generated ID. Your proof should have a picture, your date of birth, and the place you were born in. Coinex doesn’t compromise on this rule and doesn’t process an account opening procedure without receiving an ID copy from its potential customers.
Two-factor Authentication
Coinex supports two types of two-factor authentications. These include SMS code and Google Authenticator.
To ensure a secure account, you should enable the feature of two-factor authentication as soon as your account is ready for trading. You can then make it more secure by changing your password frequently and adding your API keys. However, Coinex ensures to hold your account for 24 hours after making any modifications.
Login Password
Coinex doesn’t allow anyone to access an account without a login password. It also encourages all its users to have a strong passcode with unique characters.
Moreover, it also features some management tools that can help you manage your password easily. For your own safety, it is best to change your password frequently.
Individual Security
There are many featured security tools available for every user on the platform. Coinex encourages its customers to use them and increase the overall security of their accounts.
Cold Wallet Storage
Coinex wallet holders have the facility of cold wallet storage. In addition, the keys of their wallets are kept safe both offline and online so that the access is not limited to the user. Simultaneously, the wallets are guarded by high-quality security, reducing the chances of any hacking.
Multi-signature Strategy
Coinex allows all its customers to perform multi-signature security measures before accessing their funds. This policy helps reduce the chances of any fraudulent intervention.
Coinex Pros and Cons
Here are some positive and negative points of this platform.
👍 Coinex Pros
• The trading fees charged by Coinex are pretty low. And if you are trading at a high volume, the fees decrease further.
• Coinex offers a combination of various coins and fiat pairs which gives traders many options.
• One of the best qualities of Coinex is that it offers vast liquidity pools and a high trading volume.
• As a user, you will experience various features on the platform that can help enhance your entire trading process.
• Coinex offers a convenient procedure to open an account.
• The security procedures at Coinex are pretty solid and relevant.
👎 Coinex Cons
• Any government body doesn’t regulate the platform in almost all countries other than Estonia.
• Coinex policy states that it might share the personal information of its customers.
Is Coinex Good For Beginners?
If this is your first time joining a trading platform, know that Coinex is a perfect exchange. That’s because it is super convenient to open an account on Coinex. Besides, the platform provides its customers with some basic and advanced-level lessons to make trading a fun process for everyone.
As a beginner, you can either join a tutorial on withdrawals and deposits or learn how to earn a stable income on Coinex. All the lectures are designed to help you quickly become a professional.
Summary
Coinex is a safe and legit exchange available for almost everyone around the world. The platform may not be regulated, but it follows a firm privacy policy and security rules, making it secure for all users. So, if you have been thinking of opening an account with Coinex, know that you can do so without any hesitation and start trading immediately.
Top 10 Huobi Reviews
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Comment
This exchange is in the TOP 60 best platforms for derivatives trading on CoinMarketCap, so it can be trusted. I liked the successful combination of trading tools. Things didn’t work out with top exchanges for me – I simply got confused by the functionality. Some bipolar investments, launch pools... I could have figured it out, but why bother when it’s easier to choose a simpler exchange that perfectly suits my needs? At least I won’t worry about accidentally clicking something wrong. CoinEx has a platform for direct spot trading, mining for fun, staking for passive investing of idle coins, and lending. Everything is extremely simple – even a beginner can figure it out in a couple of hours!
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Comment
My review is positive. I chose this exchange for two reasons. Regulators are actively limiting major exchanges right now, and there are even rumors of a potential artificial bankruptcy of Binance. What’s the point of taking risks when there are second-tier exchanges like CoinEx, which are simple to manage? It has a straightforward interface and a transparent trade copying service – none of the unrealistic profit percentages that many platforms like to advertise. But there is a nuance: this platform is exclusively for active trading in spot or derivatives. The P2P service practically doesn’t work due to low liquidity, so there’s no point in using the exchange for transaction optimization or earning from the listing of new coins.
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Comment
I've had a mixed experience with CoinEx, but generally it was positive, thanks to its user-friendly interface, wide range of supported cryptocurrencies, and competitive trading fees. However, there is room for improvement in areas such as customer support and security, which the exchange could address to further enhance the overall user experience.
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Comment
I have been working with this crypto broker for 7 months now. In general, I am satisfied with the work, sometimes there are problems with the site. You can ignore this. There were other options, but the choice of CoinEx turned out to be successful!
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Comment
Quickly withdraw money, support works efficiently, always explains everything and helps. It would seem, what else is lacking for a trader? Just a license is not enough for me, without it it’s somehow restless all the same. But otherwise CoinEx is excellent. I recommend.
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Comment
Well… Just for trading CoinEx will do. In a sense, the conditions are adequate, the commission does not look like a robbery, and the choice of tools is normal. But if you, say, want to delve into analytics, then CoinEx will no longer work. There are very few analytics. So it is only enough for beginners. With a deposit of $ 1, I think this is just the option for beginners. If anything, you can also contact support, they always answered me quickly and to the point. But you won’t get additional income in CoinEx: there are no investment offers, and the referral program, which surprised me, is only for ambassadors. And then there are the freezes. In short, it’s better not to worry and just trade, and then find a broker to invest.
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Comment
It seems to me that for those who are just starting their journey in cryptocurrency trading, CoinEx is ideal. Everything you need is here, such as an intuitive platform that does not need to be individually installed on your device, there are plenty of assets for trading, the minimum deposit is only $1, and there are basic training materials. So at least newbies will not be very busy and will learn information gradually. That's exactly how it was for me. First, I read the guides in CoinEx, then I went to look for additional information, plus I honed my skills in parallel.
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Comment
This is a standard cryptocurrency exchange, so this one is a matter of personal preference. I like the CoinEx exchange trading platform, so I trade here from a laptop and smartphone. Fortunately, the mobile application is not slow. In short, the conditions here are normal. One account for everyone, and then either trade as you like, or purposefully increase the trading volume and increase your earnings. I don’t need the latter yet, but the fact that I don’t have to jump from one account to another makes me happy.
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Comment
I heard a little about CoinEx exchange, and for a start, I decided to open accounts in different exchanges to check and choose a trading platform for myself. Here, I immediately liked that the interface is multilingual, and the support service is available at any time! These are important. It is still difficult to assess the level of commissions, but I noticed that trading through a mobile application is very convenient during work. Of course, the fact that you cannot trade passively is a significant minus, but for now, I will not draw conclusions about the exchange. I will update this review in a couple of weeks.
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Comment
I use CoinEx as a place to work exclusively with cryptocurrency because commissions are lower than those of the more popular brokers. And the company, after all, has a specific specialization, so there are plenty of trading tools here. Unlike the methods of passive earnings: there is no transaction copying service, and the referral program is available only to ambassadors. And this "title" can neither be bought nor issued, because an application must be submitted and then the exchange will either approve it or not. But I have no questions about trading here in general.
FAQs
Here are some common questions on this topic.
Is CoinEx exchange legit?
CoinEx is a legitimate cryptocurrency exchange that pays great attention to the safety and security of your funds.
Is CoinEx a good platform?
CoinEx is a good platform that focuses on the privacy of access to trading many stablecoins. On the crypto exchange there is an opportunity for spot and margin trading, work on perpetual markets
Is CoinEx legal?
CoinEx's parent company, Vino Global, is officially registered in the US as an MSB.
Is CoinEx a good wallet?
CoinEx is a good cryptocurrency wallet with a good security infrastructure (using cold storage, 2FA, etc.).
Where is Coinex based?
Coinex has its headquarters in Hong Kong. But it is a global exchange that provides its services to customers worldwide.
Is Coinex safe?
Yes, it is. The platform features strong security measures such as two-factor authentication and a multi-signature strategy.
Does Coinex require KYC?
It only requires a KYC verification for a withdrawal request of above $10,000.
Does the withdrawal procedure take a long time?
You can get your funds within five to ten minutes of making a request.
Glossary for novice traders
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1
Extra
Xetra is a German Stock Exchange trading system that the Frankfurt Stock Exchange operates. Deutsche Börse is the parent company of the Frankfurt Stock Exchange.
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Trading
Trading involves the act of buying and selling financial assets like stocks, currencies, or commodities with the intention of profiting from market price fluctuations. Traders employ various strategies, analysis techniques, and risk management practices to make informed decisions and optimize their chances of success in the financial markets.
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Cryptocurrency
Cryptocurrency is a type of digital or virtual currency that relies on cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies operate on decentralized networks, typically based on blockchain technology.
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Leverage
Forex leverage is a tool enabling traders to control larger positions with a relatively small amount of capital, amplifying potential profits and losses based on the chosen leverage ratio.
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5
Broker
A broker is a legal entity or individual that performs as an intermediary when making trades in the financial markets. Private investors cannot trade without a broker, since only brokers can execute trades on the exchanges.
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Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses that want to improve their Google search rankings to compete with their competition. With expertise in search engine optimization (SEO) and content marketing, he ensures his work is both informative and impactful.
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.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).