What is CoinEx? A new cryptocurrency exchange to add to your list!
What is CoinEx?
CoinEx is one of the newer cryptocurrency exchanges on the block, having been in operation since December 2017, but it�s already been making big news; first with its heavy emphasis on Bitcoin Cash, and more recently with its addition of Trade-driven mining (which has since ended).
Launched in Hong Kong and registered in the United Kingdom, CoinEx has been up and running since December 2017. An exchange review reveals that the company behind this exchange is ViaBTC, a Chinese mining pool that was shut down in late 2017, though this information is not explicitly stated by CoinEx. CoinEx raises suspicions due to its links to ViaBTC, as it is seen as a way for ViaBTC to continue operating after it was shut down due to Chinese regulations on cryptocurrency. CoinEx prides itself on the exchange�s high speed, low cost, user-friendly interface, and high security.
The Basics
Moving to a new exchange can be beneficial in the form of new altcoins to trade and lower fees. There are also risks associated with trading on untested exchanges, so it�s good to take your time and learn all you can about a new exchange before jumping ship to take advantage of lower fees and different cons, and in the case of CoinEx Trade-driven mining.
The exchange had a bit of a roller coaster ride in 2018 as it saw its trading volume spike from $5 million in June to $1.5 billion in early July after announcing its controversial Trade-driven mining. That surge took it past Binance to the #1 spot in exchange volume, but only briefly. By late July it had dropped to #25 in exchange volume with $62.5 million in trade volume and as of August 2018 it has fallen even below its June numbers. It is currently the #126 exchange with just $830k in trade volume.
Because CoinEx is owned by ViaBTC some wonder if it�s truly a reputable exchange, or just another honeypot scheme. ViaBTC launched the site in less than two months after the infamous Chinese crackdown on cryptocurrency exchanges that wiped the slate