CITEX cryptocurrency exchange was founded in 2018 with the aim to open up a digital asset trading platform for full process transfer, payment, and transaction of legal currency. Although the platform is registered in the British Virgin Islands, it is based in South Korea.
The platform is open to users from over 100 countries, including Germany, France, the United Kingdom, and others. However, some countries are restricted from using the services offered by the CITEX crypto exchange due to restrictions on cryptocurrency and trading in those countries. Before signing up on the platform, it is advisable for you to check if your country is allowed on the platform.
Furthermore, all intending users of the platform must go through the KYC process. This is to ensure that all its users are real, and they do not use the platform for criminal activities like money laundering or the funding of terrorist activities. Users must register on the platform with their personal information like email addresses, and phone numbers; verify their physical addresses by uploading utility bills; and upload their government-issued identity cards.
Markets
The only supported fiat currency on the platform is the South Korean Won (KRW). Additionally, there are over 100 CITEX trading pairs available, with over 87 different cryptocurrencies supported by the platform. Major cryptocurrencies like BTC, BCH, ETH, USDT, and more are quite popular on the platform. While it currently does not support leverage or margin trading, CITEX spot and futures trading options are available for users to trade with and make money from. Additionally, there are over 50 ETF trading pairs for more experienced traders. In terms of the markets available for trading, the platform only supports BTC, ETH, and USDT markets.
While deposits are free on the platform, there are CITEX exchange fees charged for trading and withdrawals. Trading fees for both makers and takers are 0.2%. However, there are trading fee discounts offered to CITEX users. Furthermore, withdrawal fees and the minimum withdrawal amount depends on the cryptocurrency a user wants to withdraw. For futures trading, a CITEX crypto price of 0.1% is charged when closing futures positions.
The CITEX Token (CTT) is the native utility token of the platform. It is built on the ERC-20 token standard, and it is designed to add value to its holders and users of the CITEX cryptocurrency exchange. CTT is used for different purposes on the platform and it provides its holders with some benefits such as discounted fees, 105% trans-fee mining output, daily dividends, and community decision-making. Other benefits for holders of the token are in the pipeline. Check out the current CITEX crypto price here.
Other Services
Apart from trading, CITEX crypto exchange gives its users the opportunity to make money using other means. One of such means is the staking feature, where holders of various altcoins can stake them for rewards.
The Mining Pool is another feature of the platform that allows users to receive additional income. While it is impossible to withdraw the coins deposited to the mining pool when they begin to generate income, they can be traded and deposited as usual. Withdrawals from the pools are made available two days after the end of each mining pool. For participating in the project, it is possible to get additional rewards by holding CTT, the native platform’s token.
Another feature offered by the CITEX crypto exchange is the Trans-Fee Mining mechanism. With this feature, users can mine tokens by paying a transaction fee. Miners are rewarded with a 105% equivalent of fees in the form of CTT tokens. CITEX claims to overcome inherent problems with traditional trans-fee mining with the help of its innovative features like one-click mining, hourly 5% income, one-hour high-frequency mining returns, high-pledge dividends, and the introduction of a scientific mining hard cap.
About the Company
Founded in October 2018, CITEX is a centralized cryptocurrency exchange. The platform is based in South Korea with a British Virgin Islands registration.
The identities of the core project team members are not publicly disclosed. They are not mentioned on the official website or in the company’s profile on LinkedIn. However, Son Chelo Won is mentioned as the CEO in the Whitepaper. He has more than 21-year experience in financial and securities management. Another member of the team is William Wang although his position or role in the company is not specified. He is engaged in the investment of blockchain projects and has successfully invested in some star projects. Cha Seung Hun is the CMO of the CITEX trading platform.
Care to see the live CITEX trade volume? Take a look at the CITEX volume chart above.
