Citex Crypto Exchange Review 2023 : Pros & Cons

What Is Crypto Exchange ?

A crypto exchange, often referred to as a cryptocurrency exchange, is a platform that permits the buying, selling, and trading of cryptocurrencies for other digital or traditional currencies. Examples of such cryptocurrencies include Bitcoin, Ethereum, Litecoin, and others.

These markets let users open accounts, deposit money, and then use that money to buy or sell cryptocurrencies at the going rate of the market.

Cryptocurrency exchanges often function as an intermediary and collect a fee for each transaction to facilitate trades between users. Additionally, some exchanges provide tools like staking, lending, and margin trading.

By supplying liquidity, price discovery, and a platform for consumers to access and engage in the cryptocurrency market, crypto exchanges play a significant role in the ecosystem of cryptocurrencies. It’s crucial to pick a trustworthy and safe exchange when purchasing or trading cryptocurrencies.

What Is Citex Exchange ?

Citex is a convenient platform to manage cryptocurrencies, always committed to providing users with more secure, convenient, intelligent and innovative cryptocurrency management services. CITEX offers spot trading, mining, investment, incubation, OTC trading, earn, derivatives and other products.

Citex Exchange Quick Facts

How To Register At Citex Exchange?

To register on Citex , click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

Citex Exchange Supported Countries

Citex Exchange is a cryptocurrency exchange that supports users from various countries around the world. However, the availability of services may vary depending on the location of the user.

Exceptions are the US, China, Japan and countries in the Middle East. Syria and North Korea are also countries whose nationals cannot trade on Citex .

How To Verify Your Citex Cryptocurrency Account ?

There is no mandatory verification at Citex , but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of Free. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the Citex , Revolut platforms.

How To Buy Crypto Or Deposit Crypto At Citex Crypto Exchange?

There are two main options for topping up your balance on Citex . Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From Citex Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your Citex Account ?

There are several steps you can take to help secure your Citex account and protect your funds:

1. Use a strong, one-time password: Make a password that is strong and specific to your Citex account. Make sure there is a balance of capital and lowercase letters, digits, and symbols, and that it is at least 12 characters long.
2. Enable two-factor authentication (two-factor authentication, or 2FA): Citex offers 2FA as an additional security measure. By installing an authenticator app on your smartphone and following the setup steps, you can enable 2FA.
3. Update your hardware and software: Update the operating system and apps on your device frequently, as well as your online browser and antivirus program. This makes it easier to make sure that your device has the most recent security updates and safeguards.
4. Be wary of phishing scams : Phishing scams are fraudulent attempts to steal your personal information, so be on the lookout for them. They frequently take the shape of emails or texts that look like they came from Citex or other reliable sources. Never open attachments or click links from untrusted sources, and always check the URL before entering any login information.
5. Use a reliable internet connection: When logging into your Citex account, use a reliable internet connection, such as a connected or protected Wi-Fi network. Avoid connecting to unsecured or public Wi-Fi networks since they might be compromised.
6. Maintain regular account monitoring: Check the activities of your Citex account frequently to make sure no unauthorized transactions or modifications have occurred. Immediately get in touch with Citex customer care if you spot any unusual behaviour.
7. You can contribute to the security of your Citex account and safeguard your assets and private information by following these instructions.

Fees taken when buying virtual currency

Citex Trading Fees

Naturally, trading fees are vitally significant. The exchange assesses a trading cost each time you place an order. The trading charge often represents a portion of the trade order’s value. They do not distinguish between takers and makers in this exchange. The transaction charge is the same for all parties: 0.20% of the order value.

An acceptable trade commission is 0.20%. Although the industry standard has long been 0.25%, we are currently observing a shift towards lower rates. Nowadays, many exchanges impose a fee of, say, 0.10% or 0.15%. In any case, the 0.20% commission shouldn’t be a reason not to register an account with this exchange.

Citex Withdrawal Fees

When you withdraw BTC, CITEX assesses a withdrawal fee of 0.0005 BTC. The industry average, which is probably around 0.0008 BTC every BTC-withdrawal, is about 40% lower than this. Overall, Citex’s fees are a little lower than the median for the world’s industries.

Deposit Method

While credit cards are not a supported deposit option, CITEX does accept wire transfers. In light of this, if you must make deposits using a credit card for whatever reason, this exchange is not for you. However, in that situation, you may just utilize the Exchange Finder to locate another exchange that is appropriate for you. Additionally, wire transfers are only possible if you deposit KRW, the currency of South Korea.

Trade On Go Citex Exchange Is 100% Mobile Friendly

Both iOS and Android mobile devices can use the Citex Exchange mobile app. Users can access the exchange’s services through the mobile application, including buying and selling cryptocurrencies, updating their accounts, and keeping track of their trading actions while on the go.

The mobile app’s user-friendly interface is mobile device optimized, making it simple to use and navigate. Additionally, it offers real-time price charts, order books, and trading history so that customers can keep up with the most recent market trends and make wise trading choices.

The Citex exchange website should be mobile-friendly if it truly is 100% mobile-friendly, making it simple for customers to access and trade cryptocurrencies on their smartphones and tablets. Before using any exchange or trading platform, it’s wise to conduct your own research and read reviews to be sure it is reputable and suits your demands.

How To Contact Citex Exchange Customer Support Team?

If you need help with your Citex account or have any questions, you can contact Citex customer support through the following methods:

Visit Website : Go to https://www.citex.co.kr/ to access the Citex Exchange website.

Scroll Down : The “Contact Us” option may be found on the right side of the webpage if you scroll all the way down.

Submit Ticket : Send a ticket: To contact Citex Exchange customer service, use the “Submit a Ticket” button. Name, email address, subject, and message fields must be completed on the form.

Live Chat : By selecting the “Live Chat” button, you can have a real-time conversation with a customer service agent. 24/7 live chat help is offered.

Social media: You may get in touch with Citex Exchange through their Telegram or Twitter accounts, among other social media platforms. On the “Contact Us” tab, look for the links to their social media profiles.

No matter which method you choose, be sure to provide as much detail as possible about your issue or question so that Exmo customer support can assist you efficiently.

Features Of Citex Exchange

Rich Digital Currency

A variety of payment methods can be used to trade digital currency to meet the needs, safe and fast

Convenient Product Service

An old-fashioned trading platform with rich products and the best quality service

Reliable Security

Using cold wallet multiple offline signature management methods, strong security measures to protect your assets

24*7 hours Customer Service Support

24*7 hours all-weather, full-time operation mode, answering relevant inquiries for you at the first time

Fast Trading

Provide a variety of transaction types to choose from, and quickly place an order

Custom Trading Panel

Freely define the trading layout according to different trading habits

Easily View Assets

Easily transfer assets in the account, real-time digital asset overview

Citex Good Or Bad Points

Citex is a cryptocurrency exchange that allows users to buy and sell various cryptocurrencies. Here are some potential good and bad points of using Citex :

Good points:

1. Numerous cryptocurrencies: Citex offers trading pairings for several different cryptocurrencies, giving investors more options for portfolio diversification.
2. User-friendly interface: The platform has a simple, intuitive layout that makes it simple for users to navigate and place trades.
3. High level of security: Citex says it uses cutting-edge security procedures, like two-factor authentication and cold storage of assets, to protect user accounts and funds.
4. Active Community: Users of Citex actively engage in conversations and share knowledge about the exchange and the cryptocurrency market at large.

Bad points:

1. Limited payment options: Citex only presently offers cryptocurrency-based deposits and withdrawals, which may be cumbersome for users who want to use more conventional payment methods.
2. Lack of governmental oversight: Citex works in a market that is mostly unregulated, like the majority of cryptocurrency exchanges, which may enhance the risk of fraud or other nefarious activity.
3. Relatively low trading volume : Citex has a relatively low trading volume compared to some of the bigger cryptocurrency exchanges, which can turn away traders who want high liquidity and quick order execution.
4. Limited geographic reach: Some users may not be able to access Citex because it is not available in all nations.

Is Citex Is Safe Platform To Trade ?

Users of the cryptocurrency exchange Citex can trade a number of cryptocurrencies, including Bitcoin, Ethereum, and others. Citex faces risks like market volatility, hacker attempts, and regulatory uncertainty just like any other cryptocurrency exchange.

Citex asserts to have a secure platform and to take precautions to safeguard users’ money and personal data. To protect the assets of users, they employ multi-factor authentication, SSL encryption, and cold storage. A 24/7 surveillance system, according to them, is in place to look for any unusual activity.

No exchange is 100% secure, it is important to remember, and even the most secure systems have had security flaws in the past. Therefore, it’s crucial to use Citex—or any other cryptocurrency exchange—prudently.

Citex Conclusion

Citex is a trustworthy and user-friendly cryptocurrency exchange that offers investors and traders a number of advantages. For individuals wishing to purchase, sell, or keep cryptocurrencies, it is a desirable alternative due to its minimal trading costs, staking opportunities, and security features.

FAQ