Citex Review – Is Citex Safe? Fees & Minimum Deposit Explained
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
CITEX is a decentralized cryptocurrency exchange based in South Korea that allows you to trade different digital assets and invest in mining pools.
In this CITEX review, we go over the different features of this exchange, including the trading platform itself, supported cryptocurrencies, fees, security, and more.
CITEX is a peer-to-peer digital asset trading platform that offers you access to cryptocurrency swaps and staking. The exchange was first established in 2011 and operates out of South Korea. Today, it caters to users in over 100 countries across the world.
One of the main reasons CITEX is a popular option for cryptocurrency traders is because it offers competitive fees, at just 0.20% per trade. On the downside, you cannot buy or sell digital assets directly with fiat currencies. Instead, you can only exchange crypto for the stablecoin USDT, or other coins such as Bitcoin or Ethereum.
CITEX also provides you with multiple ways to benefit from staking and mining pool projects. However, it is crucial to know that this exchange is not regulated, and does not offer any investor protection whatsoever. As such, we suggest that you read this CITEX review in full before deciding whether you want to sign up on this platform.
Our CITEX review concludes that the exchange extends the following benefits and shortcomings to cryptocurrency traders.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.
CITEX supports over 75 cryptocurrencies on its platform. This includes popular digital assets such as Bitcoin, Ethereum, and DeFi tokens such as Compound, Uniswap, and Dogecoin. However, when it comes to stablecoins, you have only one option, which is Tether (USDT).
Moreover, while you can trade all supported cryptocurrencies, deposits and withdrawals are offered only for selected coins. So, if you need to trade a digital asset such as BNB, you will first need to deposit Bitcoin or another accepted token first. Then, you proceed to trade your deposited token for BNB. Needless to say, this can be a troublesome process, especially if you are a beginner.
You also cannot trade cryptocurrencies against other fiat currencies. Meaning, it is impossible for you to purchase or sell digital assets using USD, or EUR. If you are seeking to invest in the crypto market, we suggest you consider a broker such as eToro – which supports multiple fiat currency payment methods via debit/credit cards, e-wallets, and more.
When it comes to the trading pairs available, your options are limited to the following three categories:
That said, the majority of cryptocurrencies can be traded only against Tether (USDT). When it comes to Bitcoin or Ethereum markets, your options are severely limited. In fact, there are only seven crypto-to-BTC and six crypto-to-ETH pairs listed on the exchange.
Another product listed on CITEX is leveraged ETFs. For those unaware, while traditional ETFs track the price of an index, leveraged ETFs are derivatives that can amplify the returns from the underlying asset. Meaning, the net value of the ETF changes based on the leverage you choose.
As you can see, these products can amplify your gains, but also your losses. Leveraged ETFs on CITEX are designed to be perpetual funds that do not have any maturity dates. This market is dominated by USDT, and you can buy, sell, or trade these instruments as you need on the platform.
However, while doing research for this CITEX review, our team found that this market is temporarily suspended on the platform due to a system upgrade, and it isn’t clear when the products will be available to trade again on this exchange. This is a major red flag in terms of reliability.
Despite offering only a few markets, our CITEX review found that this exchange comes with a top-notch trading platform. As you can see from the image below, you can gain access to several technical indicators, and charting tools via the interface. You can also see the order book to assess information related to the latest trades placed.
As for placing orders, you can choose between limit or market prices. It is also possible to take advantage of grid trading, an automated strategy that allows you to profit from the market fluctuations by attempting to sell high and buy low. However, one thing our CITEX review found lacking is that this exchange does not support leverage on individual tokens.
CITEX also offers mining pool services, allowing users to earn interest by staking coins on the platform. You can invest in master nodes, savings, or POS holdings via this exchange. The rewards are calculated from the day after you make the deposit.
Once the digital assets start generating income, they cannot be withdrawn. However, you can trade them as usual. You also have to meet the minimum deposit requirements – which vary depending on the package you choose, the expected returns, and lock-up duration.
The earnings are deposited to your account from the next day onwards, but you can withdraw them only 48 hours after you quit the mining-pool project. Additionally, if you hold CTT tokens, you also get accelerated earnings.
However, not every type of mining pool is accessible for all supported coins. Before you proceed, take note that CITEX does not have any active offers at the moment.
As such, the rewards mentioned below are based on the returns from previous contracts that have already expired.. This can further vary depending on the digital asset, as well as the duration of the contract.
As you can see, it isn’t clear how much return you can expect by investing in certain mining pools via this exchange. Moreover, It is important to know that the returns are offered in USDT, and not in the coins you stake. You can also choose to receive rewards in CITEX Tokens (CTT) if you plan to stake this asset on the platform.
CITEX has recently introduced a cloud mining feature on the platform, where you can invest in specialist equipment and make returns without having to do any of the legwork yourself. Instead, you will be entering a contract with CITEX, which manages the mining rig on your behalf.
For example, purchasing a BTC -Antminer S19-95T for Bitcoin mining allegedly gets you annual returns of about 110% to 120%. On the other hand, if you invest in BTC cloud mining, the expected earnings are between 100% to 220%. As you can see, the equipment can be the defining factor. The earnings are deposited into your account based on the specifications of your agreement.
CITEX Token, otherwise known as CTT, is the native ERC-20 token of this exchange. This digital asset is designed to incentivize users of the platform with reduced fees and high stake rewards, much like Binance does with its BNB token. You can also earn daily dividends by staking the coin.
In addition to this, you can hold Bitcoin, Ethereum, or Tether coins on CITEX and receive up to 105% equivalent of CTTs in trans-fee mining output. Those who own CTT are also given voting rights, as well as access to priority investments when the exchange introduces new markets.
Although based in South Korea, CITEX caters to global clients and offers its services across the world. However, the following countries are not supported by this platform:
As you can see, if you are based in the US or in a US-sanctioned country, then you cannot access the services of this platform. Those based in the US might otherwise consider using eToro – which allows you to invest in and trade crypto on a spread-only basis. Plus, eToro is regulated by the SEC.
Following suit with other cryptocurrency exchanges, CITEX has also released its own native mobile app. This enables you to trade on the go. You can open and close positions, and gain access to real-time market data as needed.
Our CITEX review team found that the app is available for both Android and iOS devices. However, the feedback from users is not encouraging. There are several reports about the platform not working properly, and failing during transactions. And as such, if you are using CITEX, we would suggest that you stick to the web version.
Our CITEX review found that this platform also complies with anti-money laundering laws, and thus requires you to go through the KYC process. This means that you have to provide the following information:
It is not necessary that you should complete this identity verification process in order to make deposits into the CITEX exchange. However, if you do not go through the KYC procedure, there will be a daily withdrawal limit of 0.5 BTC imposed on your account.
When it comes to fees, most cryptocurrency exchanges follow a maker-taker model.
However, on CITEX, both makers and takers are charged a standard fee of 0.20% per slide. And as such, there is no incentive for liquidity providers to use this exchange.
Apart from the aforementioned trading commissions, our CITEX review found that the platform also charges you fees for withdrawing cryptocurrencies. However, this depends on the type of digital asset you are transferring.
However, CITEX is one of the few exchanges that does not charge you any fee for processing cryptocurrency deposits. As such, when it comes to funding your account, you do not have to worry about any additional costs.
Our CITEX review team found that this platform is not regulated by any authority. Moreover, the exchange is not entirely transparent when it comes to the security offered. There is no information on where your cryptocurrencies are stored, or how they are protected.
In terms of security features, CITEX has included some of the industry-standard features such as 2FA, anti-phishing codes, whitelisting of devices, and such. However, these are not sufficient to convince us that the platform takes the safety of your funds seriously.
One thing our CITEX review team found impressive is that the live chat option of this exchange was very easy to access. A representative was immediately available and was willing to offer clarifications as needed.
If you need further assistance, you can also send an email. Importantly, you do not have to be a user to send in a request via the platform. There is also an FAQ section and knowledge center, however, these are poorly organized and do not offer comprehensive information.
If you have read our CITEX review from start to finish, it is evident that the platform is lacking in several aspects. So, if you are on the lookout for a top-rated cryptocurrency provider, then we suggest that you consider another brokerage – eToro.
To tell you why our research team prefers eToro, we have put together a comparison between this online broker and CITEX.
As we have already established, CITEX does not offer you anything in terms of safety or regulation. If you are to engage in cryptocurrency trades via this exchange, you are only inviting unnecessary risk.
On the other hand, eToro is as safe as it gets in the online trading arena. This broker is licensed by the SEC, FCA, ASIC, and CySEC. It also has approval from FINRA to cater to US residents.
Another drawback our CITEX review team found is that the exchange is not that user-friendly for beginners. This is because the trading platform can be a bit confusing – with pricing charts and indicators that are not entirely suitable for first-time traders.
At the other end of the scale, eToro comes with a highly intuitive platform that works well for both beginners and advanced traders. It integrates several order types, charts, and tools, without making it difficult for newbies to start trading.
CITEX allows you to only trade one cryptocurrency for another. In other words, you cannot buy or sell digital assets using fiat money on this exchange. As such, if you are a beginner, you will need to get your hands on a token such as Bitcoin from another provider before you can get started.
In comparison, eToro is much more flexible. The broker supports multiple fiat payment methods, such as credit/debit cards, bank transfers, and e-wallets. You can also buy and sell cryptocurrencies in exchange for USD, EUR, or GBP and store them in the custodial wallets provided on the platform itself.
If you want to invest in cryptocurrencies passively, eToro allows you to earn returns via staking. In addition to this, the platform offers a Copy Trading tool, where you choose to follow an experienced trader and mirror their trades in your own account. Of course, this will be in proportion to the amount you invest.
Then there is also the option to invest in CopyPortfolios. You can choose one based on your investment style, risk appetite, and other parameters, and leave it to the eToro team to rebalance your portfolio based on broader market conditions.
CITEX is one of many cryptocurrency exchanges that have emerged in the last decade. For us, CITEX falls short in virtually all areas – be it in terms of the number of supported coins, security, or features offered.
As such, our CITEX review team would suggest that you consider a licensed broker like eToro. Not only is this provider regulated in the US, UK, and Australia, but it also allows you to purchase cryptocurrencies using fiat money.
Furthermore, you can also invest in and trade other assets such as stocks, commodities, and forex – all via a single account.