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QUOINEX cryptocurrency exchange – December 2020 review
Buy bitcoin, Ethereum and other leading cryptocurrencies using fiat currencies on QUOINEX, with zero fees on BTC/AUD pairs.
This exchange is no longer active and has rebranded to Liquid
As of September 2018, QRYPTOS and QUOINEX have rebranded to the Liquid platform. Deposits and withdrawals have been frozen on both exchanges.
Quoinex records have been transferred to Liquid. Funds and accounts on QRYPTOS and QUOINEX have both been migrated to Liquid. Users are able to log in with their existing credentials.
This guide has been retained for archival purposes. Information no longer applies as this exchange is no longer active.
]QUOINEX is a fiat-to-crypto exchange platform that allows users to buy bitcoin and other major digital currencies with Australian dollars. It supports multiple fiat currencies and several of the world’s largest crypto coins and tokens, and is designed to offer a simple and secure trading experience. QUOINEX also offers zero fees on their users’ base currency pair, which is determined based on their country of residence – in other words, Australian users can access 0% trading fees on BTC/AUD.
To help you decide whether QUOINEX’s features make it a suitable platform for your crypto needs, we’ve compiled this review of what it has to offer.
Tim Falk is a freelance writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
This information should not be interpreted as an endorsement of cryptocurrency or any specific provider,
service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and
involve significant risks – they are highly volatile and sensitive to secondary activity. Performance
is unpredictable and past performance is no guarantee of future performance. Consider your own
circumstances, and obtain your own advice, before relying on this information. You should also verify
the nature of any product or service (including its legal status and relevant regulatory requirements)
and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
What is QUOINEX?
QUOINEX is a fiat-crypto exchange platform that was launched in 2014 and originally known as Quoine Exchange. Fully regulated in Japan, the platform handles in excess of US$12 billion in annual transactions.
QUOINEX is owned by QUOINE Corporation, which is headquartered in Tokyo, Japan, and also has offices in Singapore and Vietnam. QUOINE is a fintech company focused on blockchain and cryptocurrencies and it also offers a separate cryptocurrency-only exchange known as QRYPTOS.
QUOINEX as a global exchange supports most countries (including Indonesia) except for restricted regions.
The Balkans (Bosnia and Herzegovina, Croatia, Macedonia, Montenegro, Serbia including the regions of Kosovo and Vojvodina, and Slovenia)
Cote D’Ivoire (Ivory Coast)
Democratic Republic of Congo
Which payment methods are accepted?
You can deposit funds into your QUOINEX account in the following ways:
Bank transfer of fiat currency (IDR deposit is currently unavailable)
Cryptocurrency deposit (BTC, ETH)
How much will it cost me to use QUOINEX?
As of 25 March 2017, each trader on QUOINEX has what is known as a base currency pair. This pair is decided by their country of residence – for example, the base currency pair for Indonesian residents is BTC/IDR, while the base currency pair for Japanese residents is BTC/JPY. Trading in your base currency pair on the platform does not attract any trading fees, but fees apply when trading in other pairs.
Base currency pair (BTC/IDR)
Non-base currency (including altcoins)
0.25% (BTC and BCH pairs)
0.1% (ETH pairs)
Deposits to QUOINEX are free, and there are no fees for withdrawing cryptocurrency from your account. However, a fee does apply to fiat withdrawals. For example:
IDR withdrawals: 1% of withdrawal amount, min. 20,000 IDR (currently unsupported)
USD withdrawals: $5 fee
EUR withdrawals: €5 fee
Are there any transfer limits?
Individual trading accounts with QUOINEX can withdraw up to $30,000 daily for a maximum $300,000 monthly equivalent. This limit can be raised upon request to $50,000 daily for a maximum of $500,000 monthly.
Corporate account withdrawal limits start at $100,000 per day and $1 million per month but can be upgraded to $150,000 and $1.5 million respectively upon request.
Is it safe to use QUOINEX?
The team behind QUOINEX claims that the exchange platform was built with security at its core. As a result, it employs a variety of protective measures to help protect customer assets, including:
Multi-factor authentication. Sessions are timed and the platform provides three layers of signatures for customer accounts.
Private API key. This key remains hidden in your trading dashboard at all times.
Whitelisted IP addresses. All verified bitcoin addresses and IP addresses with API access are whitelisted, and no other addresses will receive access to your account.
Encryption. All of the personal information you provide to QUOINEX is encrypted.
Logging. IP addresses and access points are logged to help you detect any suspicious activity on your account.
Wallets. Customer cryptocurrency holdings are kept in segregated wallets, with BTC funds stored in multisig cold wallets.
KYC. In order to sign up for an account, you’ll need to satisfy KYC (know your customer) requirements, including providing a valid form of ID and proof of address.
If you ever need help with your account, QUOINEX offers a fairly comprehensive selection of FAQs. However, if you can’t find the answer you’re looking for, you also have the option of submitting a support ticket through your account.
Pros and cons
Supports fiat deposits in multiple currencies.
No trading fees on base currency pairs.
Mobile trading apps available.
Established trading platform backed by large fintech company.
Two-factor authentication support and an emphasis on security of funds.
Margin trading available with leverage of up to 25:1.
Trading dashboard can be customised to suit your needs and preferences.
Regulated in Japan.
You can access a wider range of crypto coins and tokens on other exchanges.
Low trading volume on some pairs.
Frequently asked questions
Yes. It’s quick and free to set up a demo account and sample the QUOINEX platform before registering for a full account.
QUOINEX supports withdrawals in USD, SGD, AUD, EUR and INR, while JPY withdrawals to local Japan bank accounts only are also available.
Yes, the platform does offer margin trading, with leverage ranging from 2:1 up to 25:1 available.
Yes, Indonesian residents are free to register for an account, access all functions and trade on the platform.
At the time of writing, the author holds IOTA and XLM.
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