Quoinex Exchange Review – Full Analisis
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Trading cryptocurrencies is slowly becoming a norm in many countries around the world. As this industry continues gaining relevance and popularity, better and more efficient tools and platforms of trade are sprouting up. Among these tools are trading exchanges where you can buy and sell different digital currencies. In some, you only trade using other cryptocurrencies such as Bitcoin and Ethereum to buy other coins, while there are others that give you an opportunity to use fiat currency.
Some exchange platforms and trading sites are out to scam individuals. Since they are so many available now, it is important as a new trader you carry out proper and in-depth research before settling on any exchange. There are those that offer very enticing features and low fees, yet they amount to nothing. Only a few of these exchanges are reputable and credible, so carry out due diligence to protect your wealth.
What is Quoinex?
Quoinex is an offshoot of Quoine, a fintech company based in Japan. It is a cryptocurrency exchange, financial and trading platform that began its operation in May 2014. The chief executive officer and co-founder of Quoineis Mike Kayamori, and it has offices in Japan, Vietnam, and Singapore. Other members of their board of directors’ panel include Mario Gomez-Lozada who is the president and chief technology officer, KatsuyaKono, the chief financial officer and Masaaki Tanaka among others. Its mother company, Quoine, is the first worldwide digital currency company to get a license from Japan Financial Services Agency (JFSA).In the course of its operations, Quoinex which offers both margin and spot trading has risen to become among the largest Bitcoin exchanges globally.
The exchange has unique trading features and a sophisticated dashboard. It allows trading in fiat currency including Japanese yen, US dollar, HK dollar, Singapore dollar, Euro, Australian dollar, Indian rupee, Philippine peso as well as Chinese Renminbi. You can also use Bitcoin as the main digital currency on this platform. You can find trading pairs in all of these currencies.
This exchange is available for people in Asian and European countries. Please note that even if it allows trading in US dollars, it does not provide its services to US citizens and residents. It also does not provide these services to North Korea, Myanmar, and Iran. It is important that you confirm whether it is available in your country before you start using it for your transactions.
Trading on Quoinex
You can buy and sell cryptocurrencies using fiat currencies. Some currencies like AUD have limited trading pairs. You have to deposit fiat currency in order to make any transactions. Once you make a sell order, it might take up to 24 hours for your transaction to be confirmed and might take longer, like a week or so to withdraw your funds.
The available cryptocurrencies include Bitcoin, Ethereum, Bitcoin Cash, Qtum, Qash, Neo, and Dash. These cryptos are traded against the supported fiat currencies. (Please check above for the supported currencies).
If you are a beginner trader and are not sure with the mechanisms of this platform, there is a demo mode feature that you can train with.
Depositing with the listed currencies is free, but you may incur bank charges for money transfer. It takes about 24 to 48 hours to confirm deposits into your account. Withdrawing fees are relatively low, but it takes about 24 hours to process withdrawal transactions. Trading with your base currency is free. Margin and spot trading attract a fee of 0.25% for BTC and BCH pairs and 0.1% for ETH pairs.
Quoinex has very strict verification procedures. It administers a Know Your Customer (KYC) process that takes potential users through a thorough verification process. As a new user, you will only be allowed to use the platform after:
- You have provided accurate and up to date residential information. You can provide utility bills or bank statements.
- You will be required to give your official name and verification of the same using your national identity card or passport.
- They have the two-factor authentication feature that requires you to use your phone to receive a special code when creating and using your account.
- The company then reviews the information you have provided and decides whether to approve your account or ask for extra information.
Quoinex Exchange Special Features
Quoinex prides its self as one of the most advanced trading and exchange platforms in the world. Here are a few special features that you might not find on other exchanges.
- Flexible Multicurrency Deposits: You can deposit fiat cash using different currencies listed on this platform.
- Cold storage wallets: Quoinex exchange keeps your coins in an offline wallet away from hackers.
- Anti-Money Laundering: The exchange carries out ongoing reviews during transactions to prevent any cases of money laundering or any other illegal activities.
- Multi-factor authentication: This is 3-layer protection on all clients’ accounts. They also have private API key that remains hidden in the transaction dashboard.
- Account encryption and logging: Clients’ information is encrypted, and IPs and access point assist clients in identifying any suspicious activity
Is Quoinex Safe?
Quoinex is designed with security at its core. Its first priority is to ensure that your coins are safe and free from hackers. It has, to achieve this milestone, designed some special security features. for security, Quoinex has multi-Factor Authentication that has 3 layers of signatures for maximum security.
Like all other cryptocurrency exchanges, there are varied views from users regarding this exchange. Most clients are complaining that Quoinex exchange might be a scam. A few clients complained that it takes an awfully long time to have your account credited which is unsuitable and risky in the cryptocurrency industry. Others have complained that they funded their accounts only to find limited trading pairs with their preferred currency. This aspect can be discouraging if one fails to find a preferred trading pair after incurring bank and other charges in the process of funding their accounts.
Others complain that they are unable to withdraw their coins and fiat currencies from their accounts. There are a few others though who have had an easy time with the exchange, but also complain the long time it takes to confirm deposits and withdrawals. Overall, most clients are complaining about the length of time it takes to make just one transaction, yet the exchange claims on its website that it can carry out thousands of transactions in a few seconds.
Quoinex has a frequently asked questions (FAQ) section where you can resolve some of your issues. If you need to contact their support team, then you can submit a ticket through their site. This section though is in Japanese thus you will need the services of a translator.
The response rate is not as fast, and it might take hours before you receive an answer to your query. However, they eventually do reply. There are instances when they fail to address the underlying issue though, so you should be as specific as possible when submitting a ticket.
You can also send them an email if you have an issue that you need to explain in details. Their email address is provided on their official site.
How to Use Quoinex
Quoinex is a platform that allows not only to buy and sell cryptocurrencies using fiat currencies but also take part in margin trading and leveraging. Buying one currency using another currency is referred to as spot trading while margin trading is betting against the price of a particular currency or commodity. Here are a few simple steps that you should follow if you want to start using Quoinex.
- The first step is to register an account. You will go to their site and create an account by clicking on the “Create An Account” icon. Follow the steps and provide the required documents.
- Once you are through with signing up, you are required to fund your account. You simply click on “fund my account” icon on the top task bar and follow instructions. (If you are not conversant with trading, you can teach yourself with their demo account platform).
- Placing an order is quite easy. Click on the trading dashboard to expose the available trading pairs. Click on order entry to choose your trading pair, then enter the quantity and click buy or sell to execute the order. You then key in the price at which you want to buy or sell your order. Enter the stop price at which you want to take profits or stop losses, the amount and then click on buy or sell.
- If you want to cancel an order, check on the top right-hand side and click cancel if the status of that transaction is still live.
- If you want to put a margin trade, you choose the currency that you want to speculate upon, set the time and select whether the price will go up or down.
You can customize the Quoinex dashboard to suit your needs. This includes setting your own base currency pair. You choose the currency that you would prefer to use as your main trading currency.
In a Nutshell
Like all other cryptocurrency exchanges, it is important that you carry out due diligence before using Quoinex. The final decision ultimately lies with you. Here is our rating for the various aspects of this exchange.
As we have seen, Quoinex is a cryptocurrency exchange platform that supports multiple fiat currencies and major digital currencies. You can fund your account by wire transfer from supported countries. Here are a few advantages of using this platform.
- Major fiat and cryptocurrencies.
- Decent trading volume with 10 trading pairs.
- Regulated by the government of Japan.
- Strict authentication procedures for security.
- Multiple trading options.
- Low trading fees.
- Withdrawals take a lot of time to get processed (can take up to 72 hours especially if you place it on a Friday).
- Relatively low volume compared to major exchanges.
- Does not provide their services to United States citizens.
- It has a complicated dashboard that might not be suitable for beginners.
- Poor customer support.
While beginners can use this account as a practice trading account using the demo account feature, this platform is suited more to advanced traders. Beginners may take a while to acquaint themselves with the platform’s trading dashboard since it also confuses the established traders. You can, however, have someone experienced to customize the dashboard to your liking to make it simpler to use.
Thank you for taking your time to read this review. We have more enlightening reviews on our site where you can get more information on everything pertaining cryptocurrencies. We are always delighted to keep you informed.