CODEX Exchange Review: Trade Mining, Fiat Gateways and Own Token

A cryptozyme that lasted for more than a year drove many participants from the market. Nevertheless, the crypto community is not discouraged: new projects appear, new exchanges open. Most of them reject the idealistic crypto-anarchist ideas of their predecessors and prefer to obtain licenses to work in jurisdictions that are cryptocurrency-friendly such as Estonia or Switzerland. This increases the security of both the exchange itself and its users.

In this review we will look at one of these new exchanges – CODEX .

About Exchange

CODEX Exchange is registered in Estonia. There, the company obtained EU licenses for the exchange and storage of fiat money and cryptocurrency. In practice, this means that in a day you can withdraw assets from the platform in an equivalent of up to USD2,000 without a passport. If this is not enough for you, you will need to submit documents. Then the limit will rise to 200,000 USDT.

A characteristic feature of CODEX is the availability of a trade-mining mechanism for own CDX tokens. The only way to get tokens is to trade on the exchange. CDX holders receive a discount on commissions, increased referral fees for referrals and other benefits.

The main feature of the exchange is the safety of the platform and user funds. But more on that below.

Registration and login

You can register for CODEX using email. A letter will be sent to you in the box with registration confirmation, you will click on the link, then enter the password again and this will all end. Multifactor authentication is implemented on CODEX.

In addition, at the stock exchange you can go through authorization without a login and password: directly through Scatter or using the SimpleWallet protocol through a QR code. Such an approach is usually used by decentralized exchanges to reduce the risk of theft of user passwords.

Interface

The interface is familiar to experienced traders: the price chart for the selected trading pair, the menu for new orders, the glass and the top menu. Managing your account is intuitive: if you click on “Balance”, you will see your balance. If you click on “Support”, you will be taken to the round-the-clock support page. No surprises.

But there are some features. CODEX offers scalable orders – the ability to split an order into parts, each of which is executed at a certain price. Usually this option is offered by large players such as Bitfinex, BitMEX and HitBTC.

Deposit and withdrawal of fiat currency is intuitive. In the “Balance” menu there is a list of two fiat (euro, hryvnia) and 23 cryptocurrencies. There is also a transaction history.

For EUR / UAH transactions, the exchange has its own fiat gateway, which works with payment services 4bill (UAH), Skrill and Neteller (EUR).

Transactions are protected by the standard PCI DSS. This means that the exchange does not store the data of bank cards of the user.

Now on the stock exchange represented 25 active currencies. Their list can be found here .

Security

The cyber security provider for IT companies Hacken rated the reliability of the CODEX web platform as 10/10. CODEX and Hackenproof also run a bounty campaign for hackers who discover vulnerabilities in the CODEX ecosystem. If you like to break other people’s exchanges at your leisure, this is your chance.

It may not be so easy to do this. On the stock exchange work:

  • Intrusion Detection System (IDS);
  • automatic blocking of hacker attacks (IPS), working in tandem with IDS;
  • a system of deep traffic inspection to detect possible attack vectors (DPI).

Exchange keeps only the public key for API and does not store private keys.

Commissions

There are no commissions for deposit. Cryptocurrency sellers and buyers pay up to 0.1% for each transaction. In addition, the exchange charges fees for withdrawal of funds:

  • 1% in euros;
  • 0% in hryvnia;
  • 0.005 BTC when withdrawing bitcoins.

A complete list of currencies and fees for their withdrawal is on the special page . The commissions of payment gateway operators are added to these commissions: up to 3.5% for depositing funds and up to 2% for withdrawal. For the input and output of the hryvnia commission of the operator – 1%.

Trade mining

CODEX uses trade mining. This means that native CDX tokens appear due to trading on the exchange.

Tokens are distributed among all traders in proportion to the daily trading volume of each participant. If there are CDX tokens on the trader’s balance, the so-called “multiplier” is triggered: the more CDX tokens on the balance at the moment of distribution, the greater the reward for mining. Thus, the more a member trades, the higher his reward. 1 million CDX is mined and distributed daily. If the user paid a commission in CDX tokens, they will not be charged.

Since CDX tokens discount trade commissions, they can be considered a cashback for the user’s operating expenses. In addition, if someone registers with the referral link of the CDX holder, he will be charged a higher percentage of the commissions paid by the referral. Their exact size depends on the user’s activity on the exchange.

Conclusion

The main feature of CODEX is the safety of the platform and user tools. This was confirmed by the cyber security provider for IT companies Hacken. The provider rated the reliability of the CODEX web platform at 10/10.

Other characteristic features are CDX’s own token and the possibility of trade mining. Such a solution, however, is only suitable for traders who participate in trading regularly.

For those who trade from time to time, it does not make much sense: it is more important for them to have low commissions for closing deals offered by CODEX.

In general, CODEX makes a pleasant impression with its minimalist design and intuitive interface. Other advantages include the administration’s concern for safety, features for professional traders and low commissions.

The disadvantages of the exchange include relatively low trading volumes. Given that CODEX began to work not long ago, this situation may change in the future.

Create an account on CODEX

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