Coinex vs Binance | Why Coinex Can't Win This Comparison

coinex vs binance image
Jack Moreau
Apr 2024
8 min read
Fact checked

Not sure if to signup to Coinex vs Binance? Let us help you make an informed decision! We've done a thorough comparison of both exchanges, taking into account factors like KYC requirements, product offerings, trading fees, deposit methods, and more. Keep reading to find out which exchange is the best fit! 

OKX

+350 cryptos & 100X Leverage

Spot, Margin, Perps, Options

0.8% spot trading fee

Great UX & Easy To Use

Visit OKX
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
Binance

+350 cryptocurrencies

0.1.% Spot Fees & 125X Leverage

Spot, Futures, Perps, Margin

Cheap Deposits/Withdrawals

Visit Binance
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.

Coinex vs Binance Overview

Coinex
Binance
OKX
Founded
2017
2017
2017
Registered
Hong Kong
Cayman Islands
Hong Kong
Countries N/A
US, CA, CN
US, CA, UK, CN, ML, JP
US, CA
Users
2M
150M
20M
Cryptos
+600
+350
+350
Spot Fees
0.2%
0.1%
0.08%
KYC Required
No
Yes
Yes
Best for
Wide range of Altcoins
Great All Around
Spot & Futures trading
Rating
Signup
Coinex
Your Capital is at risk.
Binance
Your Capital is at risk.
OKX
Your Capital is at risk

CoinEx was established in December 2017 by Haipo Yang and is a Hong Kong-based cryptocurrency exchange.

The company employs over 250 individuals, primarily located in Asia and offers its services to users in most countries globally, with the exception of the United States, China, and Canada.

Coinex exchange
Coinex exchange

The platform supports trading in a diverse array of cryptocurrencies, including Bitcoin, Ethereum, Solana, Litecoin, Ripple, Cosmos and many others, totalling over 600 different digital assets.

CoinEx provides various trading options, such as spot trading, margin trading, and futures trading, and is accessible via mobile apps.

With an estimated user base of over 2 million worldwide and a well-rated app, CoinEx has established itself as a user-friendly platform catering to both novice and experienced traders.

Coinex app
Coinex app

In contrast, Binance was founded in 2017 by Changpeng Zhao, is one of the world's largest and most popular cryptocurrency trading platforms.

Registered in the Cayman Islands as Binance Holdings Ltd, the company has over 6400 employees and operates in 186 countries worldwide, with restrictions in the United States, Canada, United Kingdom, China, and OFAC countries like Iran and Syria.

Binance exchange
Binance exchange

Binance offers an extensive suite of trading and financial services, including spot and futures trading, staking, earn products, and its own smart chain, supporting over 350 different cryptocurrencies.

The platform is estimated to have over 150 million users globally, with its Android app garnering a high rating based on over 1 million reviews.

Binance app
Binance app

Coinex vs Binance Signup & KYC

The signup process for both exchanges is quick and easy. Creating an account on Coinex takes less than 30 seconds and only requires an email address, password, and email verification. Similarly, creating a Binance account takes less than a minute.

On Coinex, users can immediately deposit cryptocurrencies and begin trading without going through KYC.

For those who wish to access increased withdrawal and trading limits, they will need to go through KYC, which involves submitting personal information, uploading a valid ID, and taking a selfie. It can then take up to 1-3 working days to get the account verified by the Coinex team.

Coinex KYC
Coinex KYC

On the other hand, Binance requires users to verify their identity through a KYC process before they can start trading.

The KYC verification process on Binance can be as short as 15 minutes but can take up to 2-3 business days in some cases to complete. Users must provide their country of residence, address, and government ID to complete the process.

Binance KYC verification
Binance KYC verification

In summary, both Coinex and Binance have a quick and easy signup process, but Binance requires KYC verification before users can start trading, while on Coinex, users can trade without KYC verification.

Coinex vs Binance Products & Services

Coinex, while not offering an extensive array of products, covers the basics effectively for its user base.

The platform supports spot trading for more than 600 cryptocurrencies, encompassing widely recognized large-cap cryptos as well as lesser-known altcoins.

Coinex spot trading
Coinex spot trading

Despite not being in the top 20 in terms of liquidity, with daily trading volumes usually between $25-$75 million, Coinex offers competitive services for its users.

The exchange also provides several adjustable leverages, ranging from 3X to 100X, on its inverse contracts.

Additionally, Coinex provides margin trading facilities, offering up to 10X leverage, and futures trading with perpetual contracts settled in stablecoins and various cryptocurrencies.

Coinex also extends trading bot services, facilitating recurring buys and automated buying and selling, which can be useful for systematic trading strategies.

For users looking to earn on their holdings, Coinex provides lending services, enabling users to generate income by lending their digital assets.

Coinex earn
Coinex earn

The platform has been tailored towards beginners, providing a positive user experience with an easy-to-navigate interface, complemented by a "newbie zone" featuring easy-to-follow tutorials on using the exchange's services.

On the other hand, Binance offers a more comprehensive suite of trading services. This includes spot trading, futures trading, margin trading, perpetual swaps (perps), and options trading.

Binance spot trading
Binance spot trading

As one of the most liquid platforms globally, Binance frequently sees daily spot trading volumes exceeding $10 billion.

The exchange also offers a max leverage of up to 125X on futures, and margin trading with up to 5X leverage, with USDT, BUSD, BNB, BTC, altcoins, and fiat as underlying collateral.

Binance futures
Binance futures

The platform provides contracts settled either perpetually or on a quarterly basis, using USDT, BUSD, or other cryptocurrencies.

To further facilitate trading, Binance offers trading bots and a copy trading feature, allowing users to follow and replicate the trades of successful traders.

For those seeking to earn on their assets, Binance offers staking, lending, and various vault services. Additionally, Binance also hosts its own NFT marketplace and its own Web 3 wallet in Trust Wallet.

Binance NFTs
Binance NFTs

Despite the wide range of services, the user experience on Binance remains favorable, managing to offer a comprehensive suite without overwhelming the user.

Coinex
Binance
OKX
Spot Trading
Yes
Yes
Yes
Futures
Yes
Yes
Yes
Perps
-
Yes
Yes
Margin
-
Yes
Yes
Options
-
Yes
Yes
OTC Desk
-
Yes
Yes
Copy Trading
-
Yes
Yes
Trading Bots
-
Yes
Yes
Staking
-
Yes
Yes
Lend & Borrow
Yes
Yes
Yes
NFTs
-
Yes
Yes
Web 3 Wallet
-
Yes
Yes
Debit Card
-
Yes
-
Signup
Coinex
Your Capital is at risk.
Binance
Your Capital is at risk.
OKX
Your Capital is at risk

Coinex vs Binance Fees

When it comes to trading fees, both Coinex and Binance both offer competitive rates for their users.

In terms of Binance's trading fees, they charge a spot maker fee of 0.1% and a spot taker fee of 0.10%.

For futures trading, the maker fee is 0.02% and the taker fee is 0.04%. These fees can be lowered if monthly trade volumes exceed $1 million or if users hold at least 25 BNB tokens.

Binance spot fees
Binance spot fees

Binance also offers margin trading with fees ranging from 0.02% to 0.1% depending on the currency pair. It's clear that Binance is a great choice for high volume traders looking to save on fees.

Moving on to Coinex, they offer a higher spot trading fee of 0.2% for both makers and takers. These fees can be lowered if users hold more than 1,000 CET tokens (VIP 1) to 0.18% for makers and takers.

Coinex spot fees
Coinex spot fees

For futures trading, Coinex charges a maker fee of 0.03% and a taker fee of 0.05% which once again is slightly higher than Binance.

Coinex
Binance
OKX
Spot (mkr)
0.2%
0.1%
0.08%
Spot (tkr)
0.2%
0.1%
0.10%
Futures (mkr)
0.03%
0.02%
0.02%
Futures (tkr)
0.05%
0.04%
0.05%
Signup
Coinex
Your Capital is at risk.
Binance
Your Capital is at risk.
OKX
Your Capital is at risk

Coinex vs Binance Deposit Methods

When it comes to deposit options, Coinex and Binance couldn't be more different. While Binance supports an impressive 26 fiat currencies, Coinex does not support any fiat currencies.

If you want to buy cryptocurrencies on Coinex, you'll have to use third-party providers like Banxa, Mercuryo, MoonPay, or Advcash. However, keep in mind that these options come with high fees ranging from 3-8% commissions.

Buy crypto with card on Coinex
Buy crypto with card on Coinex

Binance offers a wide variety of deposit methods, including bank transfers via Swift, Signet, SEPA, and Faster Payments. They also allow fiat deposits with Visa, Mastercard, PayID, and Advacash.

Binance fiat deposits
Binance fiat deposits

However, fees vary depending on the deposit method. Deposits made with Visa and Mastercard incur a 1.8% fee, while SEPA bank transfers have a 1 EUR fee. If you have an Advcash account, you can deposit with a 1.5% fee.

In summary, if you're looking for a wide variety of fiat deposit options, Binance is the clear winner.

Coinex
Binance
OKX
USD
-
Bank Transfer, SWIFT
-
EUR
-
VISA, MC, SEPA
-
GBP
-
VISA, MC
-
Signup
Coinex
Your Capital is at risk.
Binance
Your Capital is at risk.
OKX
Your Capital is at risk

Coinex vs Binance Withdrawal Methods

When it comes to withdrawing funds from Coinex, users are limited to withdrawing cryptocurrencies only. Unfortunately, there is no support for fiat withdrawals, which can be a downside for some users.

The fees to withdraw crypto from Coinex ranges from Bitcoin withdrawals with a 0.00014 BTC fee, Ethereum withdrawals have a 0.003 ETH fee, and Solana withdrawals have a 0.01 SOL fee.

On the other hand, Binance offers multiple methods for people to withdraw their fiat currencies. USD can be withdrawn via SWIFT, EUR via SEPA, and GBP via Faster Payments (FSP).

While Binance charges a 1.8% withdrawal fee for fiat withdrawals with Visa and MasterCard, there is only a 1 EUR withdrawal fee with SEPA, and bank withdrawals are free with many other fiat currencies.

When it comes to cryptocurrency withdrawals, Binance charges a 0.0002 BTC fee for Bitcoin, a 0.000768 ETH fee for Ethereum withdrawals, an 0.008 SOL fee for Solana and 5-10 USDT fee for ERC-20 withdrawals.

In comparison, Binance offers more flexibility with fiat withdrawals and lower crypto withdrawal fees than Coinex.

Coinex
Binance
OKX
USD
-
Bank Transfer, SWIFT
-
EUR
-
Sepa, Bank Card
-
GBP
-
Bank Card
-
Signup
Coinex
Your Capital is at risk.
Binance
Your Capital is at risk.
OKX
Your Capital is at risk
Coinex
Binance
OKX
Bitcoin
0.00014 BTC
0.0002 BTC
0.0002 BTC
Ethereum
0.003 ETH
0.0008 ETH
0.0014 ETH
Solana
0.01 SOL
0.008 SOL
0.008 SOL
USDT (ERC-20)
5 USDT
3.2 USDT
3.8 USDT
Signup
Coinex
Your Capital is at risk.
Binance
Your Capital is at risk.
OKX
Your Capital is at risk

Is Coinex better than Binance?

In conclusion, Coinex and Binance are two popular cryptocurrency exchanges that offer quick and easy signup processes. While Coinex requires KYC verification for increased limits, users can still trade without it. On the other hand, Binance requires KYC verification before users can start trading.

Both exchanges have competitive trading fees, but Binance offers lower spot fees and futures fees than Coinex. In terms of range of crytocurrencies, Coinex has the advantage with over 600 coins and tokens to choose from compared to 350 for Binance.

In terms of product range, Binance is the clear winner with plenty of products and services not available on Coinex such as perps, margin, options, copy trading, staking, NFTs and a few other products.

And it's a similar story when it comes to fiat desosits and withdrawals, Binance offers support for over 20 fiat currencies with cheap deposit and withdrawal methods. Coinex on the other hand does not support any fiat currencies which means that users have to deposit crypto or buy crypto expensively via third-party providers.

Binance is clearly the better exchange for those that are looking for more products and services and a more sophisticated platform with lower trading fees.

OKX

+350 cryptos & 100X Leverage

Spot, Margin, Perps, Options

0.8% spot trading fee

Great UX & Easy To Use

Visit OKX
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
Binance

+350 cryptocurrencies

0.1.% Spot Fees & 125X Leverage

Spot, Futures, Perps, Margin

Cheap Deposits/Withdrawals

Visit Binance
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.

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