Coinex review: is a safe exchange or a scam? (09.2024) (2024)

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Table of content

Overview: is Coinex safe?
Best alternative to Coinex
Coinex fees, limits, verification, etc.
Customers' testimonials
FAQ about Coinex
Coinex vs other exchanges
Conclusion: is Coinex legit or scam?

What do we know aboutCoinex?According to the data we possess, it appears to be aquite reputable,well established,promisingdealer aka exchanger.It's a brokersuccessfullyoperating forabout8 years and1 months.Coinex supportssome of the popularcrypto.Coinex operator isan unknown entity or a group of individuals,but we must add that it appears as the usual way to docrypto-related business in their jurisdiction.

Clients fromall the255countries & territoriesare welcome here,together with your home country: United Kingdom!Broker serves the US and allows registrations fromall the56states.Unfortunately we couldn't yet collect enough data about the order processing speed from the actual customers,maybe you know how fast Coinex processes the orders? If you do, pleaseshare the knowledge!Thanks a lot!Specific types of orders may require identity verificationto exchange crypto on this broker.

Starting from2016,coinex24.comis trying its best to earn the trust from the community.Despite that, our users hasn't yet rated or reviewed broker.Have you ever used the Coinex?If you did, please spend a minute toleave your valuable feedback,we really appreciate it and put our trust on you. Thanks!Despite the facthadn't yet collected enough data to list these guysamong the rest of the approved exchange services(more information below) and therefore can't yet assign the rating to thisbroker, we can propose a preliminary evaluation:71/100.Not bad!

exchange @ Coinex!

So, what's our opinion so far? Based on the information we currently hold,Coinex should be apretty safesite toswapBitcoins;a satisfying exchange, particularly popular among the clients!Let's appraise everything in details...

Quick jump to:

Best alternative to Coinex
Customers' testimonials
Conclusion: is Coinex legit or scam?

Overview: is Coinex safe?

Coinexoperates as theBroker.A project had started up inJuly 2016.Despite the fact that wecouldn't find any information about the company that manages coinex24.comsite (and are not even sure if there's a legal entity at all),we must say that it's rather a usual practice forthe "exchangers"from Russia and the neighboring countries.The main reason for this is the uncertain local regulation;such exchange providers have no way to open a corporate bank account, etc.

So what we'll decide, how safe isCoinex?

Coinex wasn't rated yet.What does it mean, is it secure to use thisbroker?Despite coinex isn't yet fully listed and has no rating@ ExchangeRates.Pro,it doesn't mean it's a scam website ,is a bad broker, whatever.We are very careful with new additions to our listing,especially for less regulated Brokersand (among all other procedures) postpone the decision until we receiveat least a few reports from real users that we can verify.

This ordinary takesrather a long time;we already have 37well-examined websites in our listing, nevertheless, we never rush to add more.With 10,613ways to buy and sell BTC worldwide,including 123local ones for United Kingdom and GBP,why urge? For now, we can already state thatalthough it's a bit early to make conclusions,Coinexmost likely will be included in our approved services list(if we don't receive any negative reviews of course).Let's keep an eye on it!71/100, the proposed rating for thecoinex24.com so far says thatwe assume it's relatively safe to exchange with Coinexas the score counsels.Now let's break down our assumed rating for COINEX,how it was calculated:

Time in the business: 8 years 1 months

Feedback count: 0

Business model: no information available

Altogether, the preliminary rating for Coinexis71 / 100

exchange @Coinex!

Research:best alternative to Coinex

By reason of we can't (yet?)endorse the coinex24.com,you may feel safer choosing the website we've already appraised and checked in full.Thereforewe took the liberty to research the market and suggesta viable, well-known, 100% trusted alternative exchange platform.How we did it? Let's explain! Makes sense to start from figuringout what exactly we are looking for:

A glance at the service specifics confirms thatCoinex employs the business model of aBroker;exchange started the business July 2016and up-to-date operates for8 yearsand1 months.It received some reviews and seems to be known on the local market.There is no information available about the companydoing business asCoinex, etc.Please note that it's just a super-small snapshot of what we've discovered,details about the business model are available in the"what we already know about coinex"section.Considering all the abovementioned,we were looking for anotherbroker allowing registrations fromUnited Kingdomwith a flawless reputation and the best ratingand found a perfect match:TransCoin!Let's figure out what makes it the safest choice:

TRANSCOINis also aBroker;exchange started to provide the services in May 2018.It is areally trusted,surely a respectable,well established,interestingexchange platform(broker) that supports1cryptocurrency:you canThis is what we value the most about this great exchange service:

So, let's conclude: the best alternative toCoinex is

TransCoin,a perfectly safe and trustedbroker, rated100/100.Such score is really, really hard to get,only very exchange services managed to get such a high rating!Let's break down how the transcoin.me exchange could get such a scoring.

Time in the business: 6 years 4 months

Feedback count: 5

Reviews: 5 positive, 0 negative, 0 neutral

Business model: licensed, fully compliant

Overall scoring for TransCoin:100 / 100

TransCoin: the full review

Enjoy exchanging @ TransCoin now!

Coinex fees, limits, verification, etc.

Even though we still consider if we should add COINEXto the list of approved exchange platformsand the individual dealers-exchangersand are in process of gathering and evaluating the information,we've already collected some data worth sharing.The business appears like areputablebrokerrunningwithout serious issuesfrom Jul 2016.We could not find any information about the company administering the website;no signs if there's any legal entity at all. That's not a good indication,but sadly it's rather a usual practice for"exchangers" operating on/from the Russian and ex-USSR market.

coinex24.com is a broker, sort of "crypto exchange bureau" online.Buying and sellingaside, there's usually not much to do on such a website;but isn't it exactly what we are looking for?On a positive note, the brokers don't hold the clients' funds and typically require less trust, etc.

Dealing with a reputable service of the sortis virtually risk-free, especially if you don't send a lump sum at once.Just please remember thattrading with an anonymous or almost anonymous dealer requires extra caution!

Fees & Limits at Coinex

We normally analyze the fees and limits even for the exchanges that are not yet listed but are in the "watch list",while we are considering if we should add these sites or not.Unfortunately, due to some technical issuesthe integration with Coinex is not yet set,and therefore we can't state anything about the fees and purchase limits at thisbroker.Please accept our apologies!

Coinex account verification

The broker may ask the customers to complete the user identificationprocess (account verification) when certain conditions are met.Exchangers like Coinex operate in a gray areadue to the fact that their target markets have no cryptocurrency regulation in place.Therefore such providers either have no KYC programs at all or maintain a very simple one.You'll get acquainted with the details during an order submission.

As for the estimation how long does it takes to verify an account atCoinex on average:we must apologize, our platform still haven't collected enough feedback from the real users of abroker.By any chance, if you know how fast coinex24.comis with an account verification,kindly let us know too.We really appreciate your commitment!

Supported countries

The website allows the user registrations from 255countries.Actually it appears that absolutely all the countries and territories are supported bycoinex24.com, it has no blacklisted geographies and no geo-restrictions!

Is it possible to use Coinexfrom United Kingdom(GB)?

Yes! The website is open for GB residents, as claimed by the information we found.Coinex serves the customers from United Kingdomand permitsto swap all the cryptos and tokens offered by the broker.

Details are currently unavailable, pardon the inconvenience.Regardless, you can consult with the exchange website to see what's offered@ Coinex today for visitors from United Kingdom.

Does Coinex allow the users from United States (US)?

That's right, it does!coinex24.com permits the registrations from the United States!Broker grants access to the customers fromall the existing 56 states, territories, and commonwealthsof the U.S.A..

American residents and the U.S. citizens are welcome toconvert various crypto currencies offered by the broker.

try Coinex yourself

find the cheapest BTC @ GB!

Customers' testimonials

We still hadn't received any reviews of coinex24.comwe could verify.We'd love to know what our valued visitors think of this website;based on that we'll decide should we approve theBroker or not.If you've already tried this serviceor know someone who did we are counting on you!What do you think about this exchange?Please share your experience, your thoughts...even just a few words testimonial is a great help!

Write your review!

FAQ about Coinex

Does Coinex holds my funds?

It does not! One of the best things dealing with the brokers is that unlike most of other exchanges, such businesses instantly deliver your funds to your own wallet after the payment clearance.

Is Coinex a good broker?

We believe it is! We can say so based on the score the exchange got at our platform. The details are explained in this review and we break down a score in the overview section.

Is Coinex licensed? Does it hold e-money license?

It is not. We even could not find any information about the business entity operating the exchange, etc.

Is Coinex a ripoff?

Coinex is certainly not a rip-off; our analysis confirms that it's rather a trustworthy exchange. Read more in our conclusion: is Coinex a legit exchange or scam

is Coinex a legit exchange?

Our research confirms that Coinex is a legitimate exchange; we consider listing the broker among the recommended exchanges. Despite the fact that COINEX operates without any business licenses, etc. (unfortunately, it's rather common practice for Russian, CIS, and Eastern Europe based exchangers) so in case of any force-majeure, etc. the risk of losing money increases; please deal with caution! Our proposed rating score is 71 | 100, feel free to read more about what does it means and how the scoring is calculated.

Can I trust Coinex with my money?

It appears that the crypto-users trust Coinex for a number of reasons, read why we preliminary assess the 71/100 result for the exchange. As far as we know, the community trusts broker so you likely won't regret believing them. And remember, whatever service you use, it never hurts to test it with a smaller amount first! Especially when you are dealing with unregulated exchanges and the individual exchangers.

Is Coinex instant?

Exchange with Coinex is not instant, although as far as we know, the broker operators execute all the orders in minutes; it feels almost like a fully automated service.

Coinex vs other exchanges

In case you prefer to deal with a brokerthat was already fully checked and rated by our reviewers, algorithms, and theactual clientele,we took the liberty to compile a list of alternative sitesyou may use instead of Coinex. There are similar exchanges providingmore or less the same services; let's see what else is available rightaway and compare it to the reviewed business!Besides, we found platforms having similar ratingthat are popular in United Kingdom particularly andEuropein general.And by the way, if you are eager to pick an exchange basing on a rate and fees mostly,our price comparison platform always finds themost reasonable exchange rates inUnited Kingdom!

Coinex vs Raidofinance

A comparison of the key features and the principal facts aboutRAIDOFINANCE versus Coinex;just take a glance to decide ifRaidofinance will be the optimal choice for you or at least if it's worth checking our full study:

review of Raidofinance, users' testimonials

Raidofinance is a brokerThe way coinex24.com website functionsfits the broker format,both following the same approach to the business.
Raidofinance had launched the service February 2019Coinex started the project July 2016(Coinex operated2 years and 7 months longer).
Raidofinance has all the business licenses and permissions, required by lawCoinexcarries on the operations without registering a legal entity or there's no information publicly available about the firm(Raidofinance's business model makes it a better, safer choice for the customers).
Besides the service of digital currency exchange,Raidofinance provides some other exchange-related / financial services:Mobile wallet and theMerchant ServicesCoinexarranges less services associated with the crypto exchange operations:it only swaps cryptocurrency, one to another.
Raidofinance allows users' registrations from 251 countries;and we are glad to say that the people fromUnited Kingdom are welcomeYou are permitted to register at theCoinexbeing a resident of any of255 countries;United Kingdom is granted with an accessamong all others(Coinexadmits more countries and territories).
When the client needs to pass through the KYC process at Raidofinance,they usually ask to provide 2documents and / or specific procedures:ID or Passport Verification,Selfie with ID in hands.In most of the cases, it takesabout a day or two,as per the actual clientele survey resultsThe process of Customer Identification at Coinextypically involvesa few (varies case-by-case)individual procedures.(Coinexpolicies are generally less strict, so the clients supposedly spend reduced time and share fewer information while verifying themselves).

So, is Raidofinance a better alternative toCoinex?Such a conclusion by any means can't be drawn by us instead of you,but we'll try to assist with the matter.In view of the lesser rating score Coinex achieved:71 vs Raidofinance rated100,we honestly believe thatRAIDOFINANCEshould do the job betterthan the reviewed broker;certainly worth testing!

Coinex vs Changelly

A comparison of the key features and the principal facts aboutCHANGELLY versus Coinex;just take a glance to decide ifChangelly will be the optimal choice for you or at least if it's worth checking our full study:

review of Changelly, users' testimonials

Changelly is a brokerThe way coinex24.com website functionsfits the broker format,both following the same approach to the business.
Changelly had launched the service December 2013Coinex started the project July 2016(Changelly is operating for2 years and 6 months longer).
Changelly is an ordinary business without financial licenses, etc.Coinexcarries on the operations without registering a legal entity or there's no information publicly available about the firm(Changelly's business model makes it a better, safer choice for the customers).
Changelly allows users' registrations from 242 countries;and we are glad to say that the people fromUnited Kingdom are welcomeYou are permitted to register at theCoinexbeing a resident of any of255 countries;United Kingdom is granted with an accessamong all others(Coinexadmits more countries and territories).
When the client needs to pass through the KYC process at Changelly,they usually ask to provide 2documents and / or specific procedures:ID or Passport Verification,current Address Confirmation (utility bill, bank or credit card statement, etc.).The process of Customer Identification at Coinextypically involvesa few (varies case-by-case)individual procedures.(Coinexpolicies are generally less strict, so the clients supposedly spend reduced time and share fewer information while verifying themselves).

So, is Changelly a better alternative toCoinex?Such a conclusion by any means can't be drawn by us instead of you,but we'll try to assist with the matter.In view of the lesser rating score Coinex achieved:71 vs Changelly rated84,we honestly believe thatCHANGELLYshould do the job betterthan the reviewed broker;certainly worth testing!

Coinex vs WMexpress

A comparison of the key features and the principal facts aboutWMEXPRESS versus Coinex;just take a glance to decide ifWMexpress will be the optimal choice for you or at least if it's worth checking our full study:

review of WMexpress, users' testimonials

WMexpress is a brokerThe way coinex24.com website functionsfits the broker format,both following the same approach to the business.
WMexpress had launched the service August 2015Coinex started the project July 2016(WMexpress is operating for11 months longer).
WMexpress operates without any registration or no information is available about the legal entityCoinexcarries on the operations without registering a legal entity or there's no information publicly available about the firm(both websites follow the same corporate modeli.e. the absence of such one,almost an identical approach to the operational and legal matters, etc.).
WMexpress allows users' registrations from 255 countries;and we are glad to say that the people fromUnited Kingdom are welcomeYou are permitted to register at theCoinexbeing a resident of any of255 countries;United Kingdom is granted with an accessamong all others(Coinex & WMexpressauthorize sign-ups from the same number of countries worldwide).
When the client needs to pass through the KYC process at WMexpress,they usually ask to provide some (it depends on various factors)documents and / or specific proceduresIn most of the cases, it takesabout a day or two,as per the actual clientele survey resultsThe process of Customer Identification at Coinextypically involvesa few (varies case-by-case)individual procedures.(Coinex & WMexpress alikeabide by the roughly analogous KYC policies requiring a user to complete almost identical stages during the verification).

So, is WMexpress a better alternative toCoinex?Such a conclusion by any means can't be drawn by us instead of you,but we'll try to assist with the matter.Coinex& WMexpressalike are sharing the same score:71 (out of 100).Therefore both together should be of the matching quality.Nevertheless,we'd like to recommend WMexpresssimply because we know it better!

Like reading? In fact, there are more exchanges worth comparing to Coinex,such as:

Coinex vs Raidofinance
Coinex vs Changelly
Coinex vs WMexpress
Coinex vs chby
Coinex vs 1-online

Coinex vs chby

A comparison of the key features and the principal facts aboutCHBY versus Coinex;just take a glance to decide ifchby will be the optimal choice for you or at least if it's worth checking our full study:

review of chby, users' testimonials

chby is a brokerThe way coinex24.com website functionsfits the broker format,both following the same approach to the business.
chby had launched the service July 2018Coinex started the project July 2016(Coinex operated1 years and 11 months longer).
chby operates without any registration or no information is available about the legal entityCoinexcarries on the operations without registering a legal entity or there's no information publicly available about the firm(both websites follow the same corporate modeli.e. the absence of such one,almost an identical approach to the operational and legal matters, etc.).
chby allows users' registrations from 255 countries;and we are glad to say that the people fromUnited Kingdom are welcomeYou are permitted to register at theCoinexbeing a resident of any of255 countries;United Kingdom is granted with an accessamong all others(Coinex & chbyauthorize sign-ups from the same number of countries worldwide).
When the client needs to pass through the KYC process at chby,they usually ask to provide some (it depends on various factors)documents and / or specific proceduresIn most of the cases, it takesabout a day or two,as per the actual clientele survey resultsThe process of Customer Identification at Coinextypically involvesa few (varies case-by-case)individual procedures.(Coinex & chby alikeabide by the roughly analogous KYC policies requiring a user to complete almost identical stages during the verification).

So, is chby a better alternative toCoinex?Such a conclusion by any means can't be drawn by us instead of you,but we'll try to assist with the matter.Since the CHBY exchange servicegot a lower rating at our platform:70 versus 71 thatCoinexaccomplished,our advice is either to go for Coinex,or, even better to look into few others first;particularly the ranked "best-of-the-best"TransCoin!

Like reading? In fact, there are more exchanges worth comparing to Coinex,such as:

Coinex vs Raidofinance
Coinex vs Changelly
Coinex vs WMexpress
Coinex vs chby
Coinex vs 1-online

Coinex vs 1-online

A comparison of the key features and the principal facts about1-ONLINE versus Coinex;just take a glance to decide if1-online will be the optimal choice for you or at least if it's worth checking our full study:

review of 1-online, users' testimonials

1-online is a brokerThe way coinex24.com website functionsfits the broker format,both following the same approach to the business.
1-online had launched the service February 2017Coinex started the project July 2016(Coinex operated6 months longer).
1-online operates without any registration or no information is available about the legal entityCoinexcarries on the operations without registering a legal entity or there's no information publicly available about the firm(both websites follow the same corporate modeli.e. the absence of such one,almost an identical approach to the operational and legal matters, etc.).
1-online allows users' registrations from 255 countries;and we are glad to say that the people fromUnited Kingdom are welcomeYou are permitted to register at theCoinexbeing a resident of any of255 countries;United Kingdom is granted with an accessamong all others(Coinex & 1-onlineauthorize sign-ups from the same number of countries worldwide).
When the client needs to pass through the KYC process at 1-online,they usually ask to provide some (it depends on various factors)documents and / or specific proceduresIn most of the cases, it takesabout a day or two,as per the actual clientele survey resultsThe process of Customer Identification at Coinextypically involvesa few (varies case-by-case)individual procedures.(Coinex & 1-online alikeabide by the roughly analogous KYC policies requiring a user to complete almost identical stages during the verification).

So, is 1-online a better alternative toCoinex?Such a conclusion by any means can't be drawn by us instead of you,but we'll try to assist with the matter.Since the 1-ONLINE exchange servicegot a lower rating at our platform:67 versus 71 thatCoinexaccomplished,our advice is either to go for Coinex,or, even better to look into few others first;particularly the ranked "best-of-the-best"TransCoin!

Like reading? In fact, there are more exchanges worth comparing to Coinex,such as:

Coinex vs Raidofinance
Coinex vs Changelly
Coinex vs WMexpress
Coinex vs chby
Coinex vs 1-online

Conclusion: is Coinex legit or scam?

Seems it's time to finalize the report, to make a judgment call.Is Coinex a scam or is it a legitimate exchange?How secure the coinex24.com website is?Can you trust Coinex with your money?And (in our case) the most frequently asked question:Why the broker is not yet ranked at ExchangeRates.Pro?Let's start by answering the last question and, you'll see, the replies to the rest will follow.Can't wait? Help yourselfjumping to the final verdict!

Why we hadn't yetranked and fully listed COINEXand what does it mean?

The routine for adding a new exchange,especially if it's a Broker,to ExchangeRates.Pro listing is rather a long processand it depends on few factors we don't control directly.Our approach to the process is «better be safe than sorry»;we already have 37well-tested platforms providing similar to Coinex functionality.22different exchange websites of broker type are among thoseand additionally, there are4peer-to-peer marketplaces.10,613exchange offers are available right away;these cover almost all the payment systems and local banks available inUnited Kingdom and Europefor buying and selling BTC, cryptos, and tokens withPound Sterling,US Dollars,EURos,whatever.Hence, we never hurry to add more websites until we are 100% sure we did everything we could to verify the data and test every service well ourselves.It takes time.Moreover, there are two circ*mstances that are out of our direct control:

All the exchange services,most notablythe broker type onesare staying in the "pending approval" state until we collect at least a few reviews from the genuine customers,the ones we can actually verify. In addition,we monitor the clients' testimonials at the trusted review platforms, social networks, etc.,and postpone the approval until we find enough evidence thatthe broker has no unresolved complaintsand there are enough convincing users recommendations.
We receive the new applications dailyand like over 90% are from the other Brokers.It consumes a lot of time to check each and every one;there's a large queue and we have to be selective when choosing which applications to process first.Considering there's 278pending applications from other "exchangers",websites that are very similar to Coinex,we can't promise that we'll process this one very fast, our apologies.

Exceptions from these two rules may happen only in very rare extraordinary cases.As you can see, we move forward with listing new exchanges slowlyand the queue for Brokers is the largest one,but as a consequence,only the best brokers are getting approved.Although we can't endorse Coinex and hadn't rated it (in full) yet,we believe thatit should get approval if we won't receive any complaints.

So is Coinex a legit exchange or a fraud?

Looking at the data we possess, it's clear that Coinexis not a scam, not a fraudulent website, etc.,you name it.Even though we are not endorsing this broker,it appears to be trustworthy and worth trying.Furthermore, it could become a nice addition to our listing,considering there won't be any complaints or accusations from the users.Try exchanging at Coinex yourselfand don't forget to share your experience!

Suggested rating for Coinex:71 / 100

try out Coinex!

Alternative solution:how to findthe best rate to exchange BTC & cryptoin United Kingdom andEurope

There is another way of finding the most worthy alternative to Coinexthat will work best for you.What if instead of opposing the features of various exchanges we'llcompare the terms of the specific offerings that all the marketplaces,brokers, dealers, and even individual exchangers provide?That's exactly what our platform does!We assist you in choosing the most appropriate dealconsidering:

The fees and rates provided at the moment by21exchange websites of a "Broker" typeand 10,613other offers.
BTC/GBPexchange rate at those or BTC/USD, etc;the availability of service for the residents of United Kingdom (and the Pound Sterling support).
Which local banks & payment systems out of96 serving GBare the fastest, most convenient and cost-efficient personally for you.
Amount you need to swap: say,the conditions for exchangingGBP0.82will be significantly different from the terms of$58,802.0conversion.
And of course, you see the rating, users reviews(up-to-date 539real clients testimonials), etc.for all the offers available!

Our platform could find 123offers to buy, sell, exchange BTC available to users fromUnited Kingdom,and 28 of these are for thePound Sterling currency.EUR,USDare also available here.There are totally 37exchange services supporting GB.Some of those are providing the access toGBP|BTC market,including such types asBroker,e-wallet,P2P Marketplace,Trading Platform,etc.7exchanges has active offers for these currencies right now;you can buy/sell using 31local and international payment systems & banks!The local dealers and exchanges are mentioning the support of13 local banking institutions and the payment systems.According to the latest data we have,the lowest fee topurchase BTCwith GBP locally is available forEtana,that's a local payment system.The most popular domestic options for purchasing BTC @ GB:

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Our software couldn't get an access to the data what's available atcoinex24.comfor the clients from United Kingdom,howeverwe are sure that you'll find a worthy alternativeon one of36 exchange websites we compare the rates at!Check out what the local dealers and platforms are offering:currently there are 13domestic banks supported.Besides, you may find something interesting browsing10,613offers available with31ways to pay internationally,either to neighboring countries in Europeor to any other part of the world.

Best GBP to BTC rates in United Kingdom!