Is Coinex Legal in Usa.
Many or all of the products here are from our partners that pay us a commission. It’s how we make money. But our editorial integrity ensures our experts’ opinions enau’t influenced by compensation. Terms may apply to offers listed on this page.
CoinEx is a low-fee cryptocurrency exchange with a wide range of available cryptocurrencies and advanced products, such as margin trading. However, it only requires know-your-customer (KYC) verification for withdrawals of adv lewat $10,000. Plus, it’s the customer’s responsibility to work out if they’re legally allowed to use its service. Read our full CoinEx review to find out if it’s right for you.
Max trading fee: 0.2%
Full CoinEx review
This cryptocurrency exchange is a good fit for:
Experienced investors who are confident with advanced trading products.
- Huge selection of cryptocurrencies
- Advanced features such as margin trading
- Low trading fees
- Onus on customer to understand licensing
- KYC verification not compulsory
- Expensive to deposit fiat currencies
- Titinada beginner friendly
- Limited interest earning options
There are aspects of any cryptocurrency podium that will appeal to different types of investors. Here are some areas where CoinEx shines.
Huge selection of cryptocurrencies
CoinEx has over 500 cryptocurrencies available for trading. This is a bigger selection than many crypto platforms. The list includes many popular cryptos across a number of sectors, including metaverse cryptos, decentralized finance cryptos, and smart contract cryptos. Its list of trading pairs is more limited, meaning it isn’t always possible to trade directly from one crypto into another.
In addition to spot trading, CoinEx offers margin and futures trading. Few platforms offer these services to U.S. investors. However, it’s advisable to leave these products to professional investors. Crypto investing is risky enough without multiplying that risk through margin trading.
Low trading fees
CoinEx charges a basic trading fee of 0.2%, which is a decent rate, especially as there are several ways to reduce the fee even further. It isn’t the lowest priced mimbar we’ve found — some exchanges charge 0.1% or less. But since some crypto platforms charge over 1%, CoinEx’s fees are reasonable and won’falak eat into your trading profits too much.
What could be improved
No crypto platform is perfect for everybody. Here are some potential issues to be aware of.
Onus on customer to understand licensing
According to CoinEx’s terms and conditions, you are responsible for complying with the laws and regulations in your country. Coinbase says it serves over 200 countries, and does not list the U.S. as a restricted country. But this puts the onus on the customer to work out whether CoinEx is legal. There’s no clear information on its site about any geographical restrictions.
At the end of 2021, CoinEx’s parent company, Vino Global, did register as a money service business (MSB) in the U.S. This is the minimum a cryptocurrency exchange needs to do to operate in the U.S. What’s odd is that an MSB license
mean the exchange meets certain anti-money laundering requirements, but CoinEx lets people trade without completing the know-your customer (KYC) verification. Plus, its MSB registration says it can operate in all U.S. states and several territories. Given it doesn’t have a New York BitLicense, this feels off.
KYC verification not compulsory
CoinEx is a privacy focused mimbar, and customers only need to complete the KYC verification process if they want to withdraw more than $10,000 in a 24-hour period. Some investors view paling KYC requirements as a benefit. They feel KYC goes against the crypto’s ethos of anonymity and decentralization. However, KYC is an important tool in the fight against fraud and money laundering. One way cryptocurrency investors can reduce the risk of touching laundered money is to only use platforms that require KYC for every customer. As new crypto regulation comes into play, KYC could help investors stay on the right side of the law.
Not beginner friendly
CoinEx does have some guides and videos to show people how to use its site. However, there’s no easy convert function for new investors to trade crypto without using the main trading page. Moreover, because there are so many trading tools — including some that are only suited to advanced traders — the site can be intimidating if you’re new to crypto. It doesn’t help that the English on the site hasn’t been checked by a native speaker and is at points confusing.
Expensive fiat deposits
CoinEx only accepts fiat deposits (traditional currency like the U.S. dollar) via third-party processors. These can be costly. It would have cost 8% to buy $200 worth of Bitcoin (BTC) using one of the third parties. It’s also important to check out the legitimacy of any payment processors before giving them your cash.
Limited interest earning options
Some crypto exchanges and platforms allow investors to earn up to 10% or more on their crypto assets. CoinEx does offer a way to earn interest on about 20 assets, but the rates are very low. Plus, there’s no transparency about how it is generating interest and what risks are involved. For example, some platforms loan out your assets and pay you a part of the returns. If this is the case, it’s good to check how risky the loans are.
Alternatives to consider
If you want an exchange that takes regulation seriously:
Gemini prides itself on staying on the right side of regulators. It was one of the first exchanges to get New York’s BitLicense, which is one of the hardest crypto licenses to earn. Juja also offers a limited number of free crypto withdrawals each month alongside several interest-earning products.
If you want a beginner-friendly crypto exchange:
Coinbase is a popular crypto exchange that’s intuitive and easy to use. It has two platforms, one for new investors and one for more advanced traders. The fees can be steep on the basic platform, but it’s a straightforward way to dip your toe in the crypto waters.
How CoinEx works
CoinEx is a cryptocurrency exchange with a wide range of cryptos and trading products. Users can gelondong on via a web browser, or the Android or iOS apps.
Here are some of the trading options on the CoinEx site:
This lets you trade crypto instantly. CoinEx also lets you set limit orders (an instruction to buy or sell at a specific price).
- Margin trading: This is essentially trading with borrowed money. It can amplify your gains but can also multiply your losses. CoinEx offers up to 10x leverage, meaning an investor could use $100 to buy $1,000 worth of crypto. However, this is not advisable.
This type of crypto derivative lets investors speculate on the future price of an asset. For example, if someone thought the price of Bitcoin might go down next week, they could go short on Bitcoin. If the price did fall, the penyandang dana would profit. However, if the price went in the opposite direction, it could prove costly.
The risks of margin and futures trading
Margin and futures trading are both high-risk products that are best left to experienced traders. There’s already a lot of risk in cryptocurrency trading — and these products only add to that risk. For example, when the crypto market crashed in May 2021, thousands of futures traders batas their positions liquidated, losing billions of dollars.
The trading fees on CoinEx are in line with other similar platforms. However if you want to deposit fiat money, such as U.S. dollars, the cost can be quite steep. CoinEx’s withdrawal fees are similar to those on other crypto exchanges.
Unlike other crypto platforms, CoinEx does not let you deposit fiat money for free using a bank transfer, though users can deposit most cryptos for free.
It only uses third parties to process its fiat deposits.
Users can buy Tether (USDT), USD Coin (USDC), Bitcoin (BTC), and Ethereum (ETH) from various third-party payment processors on the site.
Each payment processor has a different fee structure, but there’s usually a set fee as well as a subpar exchange rate. Let’s say you wanted to buy Bitcoin using Simplex, one of the site’s third-party processors. The minimum endapan is $200. If you spend $200, you’ll get $184 worth of Bitcoin
— that’s a $7 fee and a further $9 hidden in the spread. Fees were similar with the other operators.
Best Places to Buy Bitcoin
CoinEx charges a maker/taker fee of 0.2% on spot trading. Users can reduce trading fees in two ways:
Paying with CoinEx’s native token, CET:
This gives a 20% fee reduction.
Qualifying for VIP status:
CoinEx has five VIP levels, and users can ascend the ranks by holding CoinEx’s CET token or trading high volumes.
|Spot trade||Fee||Fee (paid in CET)|
CoinEx’s crypto withdrawal fees vary depending on the cryptocurrency.
The fees are similar to or even often cheaper than other crypto exchanges. It isn’t possible to withdraw fiat money from the podium.
Withdrawal fees for popular cryptocurrencies:
|Bitcoin (BTC)||0.0001 BTC|
|Ethereum (ETH)||0.0033 ETH|
|Cardano Cak semau)||0.5 Terserah|
|Solana (SOL)||0.00001 SOL|
|Dogecoin (DOGE)||3 DOGE|
|Shiba Inu (SHIB)||790,000 SHIB|
CoinEx lists over 500 cryptocurrencies, which is much more than many top cryptocurrency exchanges. It trades almost all the top 20 cryptos by market cap, including Bitcoin, Ethereum, Binance Coin (BNB), Cardano, Solana, and Dogecoin. It also trades several stablecoins, such as Tether, USDC, UST, Dai, and more.
Best Cryptocurrency Apps and Exchanges
There’s a good mix of smart contract cryptos, metaverse and gaming tokens, decentralized finance tokens, and many others. CoinEx lets you sort by token type, which is a useful function. The exchange also has quite a few trading pairs, though many of them involve Tether or USDC — you couldn’t, for example, exchange Solana for Cardano directly.
If you want to buy some of these lesser known coins and tokens, research them carefully. Smaller cryptos carry much more risk. You might buy a scam coin or a project that fails for other reasons. It’s important to look into things like:
- The management team
- The project’s mission
- How active the coin is on social media
- How many tokens it’s issued
- How the tokens are distributed
Is your cryptocurrency safe with CoinEx?
Cryptocurrency can be a high-risk and volatile asset, but those aren’t the only risks crypto investors face. There have been several high-profile cryptocurrency exchange hacks, making security an important consideration when choosing a crypto exchange.
Unlike some top crypto exchanges, CoinEx does not offer third-party insurance. This would cover investors in the event of a security breach. However, the tribune has never been hacked and has several other measures in place to protect investor funds. These include:
Keeping crypto assets offline in what’s known as cold storage makes it harder for hackers to gain access. CoinEx doesn’t say what proportion of its assets are kept in cold storage.
CoinEx users can enable Google Authenticator and/or SMS codes to add an extra level of verification.
Additional withdrawal confirmations:
The exchange confirms any withdrawals via email before releasing funds.
I would like to see stronger KYC requirements and more clarity about which countries CoinEx is licensed to operate in. We will probably see increased crypto regulation in the near future. If regulators crack down on exchanges that are offering crypto derivatives or don’t require much in terms of KYC, CoinEx could face problems. It’s a small risk, but a risk nonetheless.
External crypto wallet
It’s worth noting that some investors choose to transfer their assets in an external crypto wallet. This reduces the risk of losing funds in an exchange hack, but it can bring additional responsibilities. For example, if you lose the keys to your wallet, you may not be able to access or recover your funds. Learn more about how to store cryptocurrency.
CoinEx partners with an external wallet called ViaWallet. The wallet does not support as many cryptocurrencies as the main exchange, but it does have a built-in exchange function and allows users to stake certain cryptos and earn interest.
CoinEx is right for you if:
- You are an experienced trader who wants to trade a wide range of cryptocurrencies and access advanced features such as margin trading
- You enau’kaki langit concerned by the lack of KYC requirements
- You already hold crypto and don’falak need to buy it using fiat money
Is Coinex Legal in Usa