Why I moved from Coinspot to Coinex Exchange?
I was doing a bit of day trading and the fees and spread were rediculous on Coinspot. It’s fine for holding, but if you’re holding you are better off putting it on an ledger or trezor.
Recently I lost 00 🤷 doing a Power Ledger [POWR] transaction, because the spread was so huge because they didn’t have enough liquidity so I was furious at them for this and decided it was time to move away from Coinspot for day trading.
I’ve moved to Coinex.com due to their Trade Driven Mining and payouts being received from holding their Coinex Token. [CET]
At the time of this video I have gained nearly half a BCH (around 0 AUD) just by holding CET. While the price does fluctuate a bit I have noticed people are using CET to peg when Bitcoin or Bitcoin Cash is dropping in price. The other benefit of using this exchange is the BCH base pairing, we desperately need to move away from BTC pairings as when Bitcoin drops so does the rest of the market, this is a step in the right direction.
I’ll go a little more into detail into how this works in the video, but essentially Coinex are giving back 80% of profits from trades back to CET holders. They are keeping 20% for the running of the company and to pay their staff members. They are backed by ViaBTC which is a huge BTC and BCH mining company which is backed further by Bitmain who makes Antminers.
It’s always wise to remain skeptical about these things, which is why I took my time investigating it. The business model makes sense about returning the dividends to the users.
These are the announcements that I discuss in my video below:
Trade-driven Mining Upgrade: Lock CET for HIGHER mining yield
Long-term dividend allocation plan for CET holders
Announcement of the first CET repurchase
Rules of CoinEx Token “Trade-driven Mining” & “Dividend Distribution”
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Coinex Cryptocurrency Exchange Review – Trade Driven Mining 🔥🤑