COREDAX

COREDAX Review

What is COREDAX?

COREDAX is a cryptocurrency exchange registered in South Korea. It has been up and running since 2020.

Trading Volume and Trading Pairs

On the date of first writing this review (17 February 2021), the platform had a 24 hour trading volume amounting to USD 115.2 million according to Coinmarketcap. However, on the date of last updating this review (15 September 2021), the 24 hour trading volume was almost completely erased. It was then only USD 61,325. 

On this date, the most traded trading pairs at COREDAX were the following (picture from Coinmarketcap as well):

COREDAX Mobile Support

Most crypto traders feel that desktop give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. If you are one of those traders, you’ll be happy to learn that COREDAX’s trading platform is also available as an app. You can download it to/from both the AppStore and Google Play.

COREDAX Trading View

Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders concerning the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. This is the trading view at COREDAX:

It is up to you – and only you – to decide if the above trading view is suitable for you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.

US-investors

Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.

It is unclear whether COREDAX permits US investors or not. We have read their Terms and Conditions and have not found an explicit prohibition of US investors. We urge any US investors to form their own opinion on the permissibility of their trading at COREDAX though.

COREDAX Fees

COREDAX Trading fees

Most crypto exchanges charge two different types of trading fees: taker fees and maker fees. The taker is the person who picks up an existing order from the order book. The maker, on the other hand, is the person who creates an order that is not immediately matched against an existing order on the order book. Makers are often rewarded for creating liquidity on the platform by a lower trading fee than takers. Exchanges that do not make a distinction between takers and makers charge what we call “flat fees”.

COREDAX charges 0.25% per order (flat fees).

Compared to the largest and most recent empirical study on crypto exchange trading fees, the average spot trading taker fee is currently 0.221% and the average spot trading maker fee is currently 0.178%. Compared to those average trading fees, COREDAX is above average in both regards.

COREDAX Withdrawal fees

COREDAX charges a withdrawal fee of 0.001 BTC per BTC-withdrawal. This fee is substantially above the global industry average. The current global industry average is around 0.0005 BTC per BTC-withdrawal so COREDAX's BTC-withdrawal fee is more than 50% above that.

On the date of first writing this review (3 February 2022), 0.001 BTC corresponded to USD 36.49, which is a very high fee in this context. We hope - for the exchange's own sake - that they reduce these withdrawal fees within the near future.

Deposit Methods

In addition to depositing cryptocurrency to the platform, COREDAX also lets you deposit fiat currency. However, only through wire transfer (not credit or debit card).

Seeing as fiat currency deposits are possible at this trading platform, this platform qualifies as an “entry-level exchange”, making it an exchange where new crypto investors can start their journey into the exciting crypto world.