In the world of cryptocurrency, trading platforms are in high demand these days. Most exchanges seem to focus on very similar trading markets, even though there seems to be a high demand for anything related to Bitcoin Cash right now. It seems there is at least one exchange which offers pure BCH trading markets, which gives traders a few more options. CoinEx is certainly an interesting platform in this regard.
CoinEx is a new Player on the Market
Whenever a new cryptocurrency exchange launches, people are often wary. These companies often have little to no reputation, yet they expect users to trust them with their money. Any exchange needs to be given a fair chance, though, even if it means working with very small amounts first and foremost. CoinEx is one of the newer kids on the block right now, and it is quickly gaining attention due to its focus on Bitcoin Cash.
CoinEx is an engine operated by the ViaBTC team. Most cryptocurrency users know this name all too well, as the company operated a major mining pool as well. Over the past few months, the company has quickly warmed the hearts of Bitcoin Cash supporters. That’s not just because of its mining pool, but also the promise of offering an exchange platform on which BCH is the default currency.
Unlike most other cryptocurrency exchanges, CoinEx doesn’t utilize Bitcoin or Ethereum for new trading markets. Instead, it only focuses on Bitcoin Cash, which can be traded against most of the popular altcoins right now. As one would expect, there is a BTC/BCH market as well. Being able to trade Litecoin, Ethereum, Zcash, and Dash against Bitcoin Cash opens up a lot of interesting new markets. It is evident the exchange will add more currencies over time, but it remains unclear which those will be.
Because CoinEx focuses on Bitcoin Cash primarily, it is also normal that it will support hard forks which are related to BCH. Bitcoin Candy, for example, is the first Bitcoin Cash-related hard fork to be supported on this exchange. It is unclear if any further hard forks will be supported in the future, assuming anyone is looking to create new currencies based on BCH. With these six trading markets available on CoinEx right now, things are seemingly off to a good start.
Furthermore, it seems CoinEx has no plans to ever support fiat currencies. This means it will not become a gateway for fresh capital entering the cryptocurrency world directly, but that doesn’t have to be a bad thing. It means the company will not have to perform KYC verification for the foreseeable future, although that situation may change at any given moment. For those people who want to enjoy a pure crypto-to-crypto experience without KYC requirements may want to keep an eye on this company as well as KuCoin.
Whether or not this particular exchange will become a big player in the long run has yet to be determined. It is evident there is a demand for Bitcoin Cash-based trading markets, and CoinEx is the first platform to explore this opportunity. Other exchanges may follow its example in the future, but for the time being, it is the only one to tap into this new market. Bitcoin Cash is certainly very popular right now, and it seems that situation will not change anytime soon.