CITEX was founded in 2011 and has since grown to become one of the market’s largest cryptocurrency exchanges, with over 800,000 active traders. This platform supports a wide range of coins, making it an excellent choice for the majority of crypto investors.
CITEX, one of the most prominent South Korean cryptocurrency exchange platforms, has built a reputation for quick sign-up process, dependable trading, and top-flight security. Let’s discover all the information about CITEX with Betomon, encompassing its unique features, security measures, fees, and further detail in this review.
What can I do with CITEX?
In addition to peer-to-peer exchanges and other cryptocurrency trading features, CITEX has introduced cloud mining of coins and ETF trading.
CITEX offers both a user-friendly web trading platform and a mobile app for iOS and Android users. It prioritizes traders by providing an open, transparent platform and a 24/7 support team that is available to assist with any issue.
Advantages and Disadvantages
Pros:
- Does not charge any deposit fees
- Supports intuitive and easy-to-use web-based trading platform and mobile app
- Allows you to pay with cryptocurrency
Cons:
- Does not support anonymous trading
- Supports only offered in a limited number of languages
- Doesn’t support credit cards
Financial Backing
The platform is supported by institutional investors, which the exchange proudly demonstrates on its website. Their investor collective consists of both larger and smaller investors.
Decent Number of Trading Pairs
This trading platform offers a decent amount of trading pairs matched against BTC, ETH, and USDT. In addition, there are two trading pairings provide you access to the other trading pairs against the KRW is BTC/KRW and ETH/KRW.
US-investors
The exchange does not explicitly state that trading is not allowed for US investors. As a result, we think US investors can trade here.
Mobile Support
CITEX exchange also provides an excellent application for those who are interested in trading on their phones. The trading view of the mobile version is shown in the picture below:
CITEX Trading View
Exchanges differ in their perspectives on trade. There is also no “this overview is the best” point of view. It is up to you to decide which trading view is best suited for you. The order book, or at least a part of it, a price chart of the selected cryptocurrency, and order history usually appear in all of the trading views. Additionally, they generally have purchase and sell boxes. Try to look at the trading view before selecting an exchange to make sure that it might be good for you. The trading view at CITEX is as follows:
CITEX Fees
CITEX Trading fees
Trading fees are obviously very important. The exchange charges you a trading fee each time you place an order, which normally is calculated as a percentage of the trade order’s value. They do not separate into makers and takers in this exchange, they charge the same for all parties involved: 0.20% of the order value.
0.20% is a reasonable trading fee. Although the industry average has for a long time been 0.25%, there is currently a movement toward reducing it. A lot of exchanges now charge only 0.10% or 0.15%. Yet, 0.20% shouldn’t be a reason not to create an account with this exchange.
CITEX Withdrawal fees
For every Bitcoin you withdraw, CITEX charges a withdrawal fee of 0.0005 BTC. This is almost 40% less than the industry average, which is approximately around 0.0008 BTC for each withdrawal of BTC.
Overall, Citex charges fees that are slightly lower than the global industry average.
Deposit Methods
Credit card deposits are not accepted by CITEX, the only accessible deposit option is wire transfers. As a result, if you utilize your credit card to make deposits, this exchange is not for you. However, you may utilize the Exchange Finder to find another exchange that’s suitable for you in that situation. Additionally, wire transfers can only be made if you deposit the South Korean currency (KRW).
Frequently Asked Questions (FAQs)
Is CITEX secure?
CITEX has received numerous awards since its launch in 2011 and recognized as one of the safest cryptocurrency and exchange trading platforms in Asia. Your personal information and assets are always kept safe owing to its security measures regarded as an excellent private banking security system.
Am I and my cryptocurrency protected?
To guarantee the security of all transactions and wallets, CITEX employs a series of PCI standard security procedures in addition to encryption. Their website explains that assets may be deposited and withdrawn using an offline signature and are kept in a multi-signature cold wallet.
Is CITEX regulated?
Not at all, the business behind CITEX (Toptech Blockchain Co. Limited) is not regulated by any recognized government agency.
Do I need to verify my account with CITEX?
Yes, in order to permit live trades, CITEX runs a Know Your Customer (KYC) policy that needs verified information. Every account needs to be registered and follow a verification process because they do not offer demo accounts.
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