Citex is a cryptoasset exchange located in South Korea. Their volume over the last 24 hours is $332.73M. The exchange is rated “C” which means “Fair.” They allow trading with the following fiat currencies: KRW.
|1st 1D Candle||Oct '18|
|1st Orderbook||Mar '20|
CITEX Global is a centralized exchange launched in 2018. It is based in South Korea but it is registered in the British Virgin Islands. Its main goal is to build a top crypto exchange and a platform token economic ecosystem as the world's leading digital asset trading platform. The company’s representatives claim that they strictly follow industry rules as their mission is to be open, transparent, equal, and cooperative.
The platform is available in four languages: two variants of Chinese, Korean, Vietnamese, and English. According to the list of languages, the platform caters primarily to Asian customers although CITEX has its operation centers not only in Hong Kong, South Korea, and Japan but also in South America, Africa, and Europe. CITEX has developed a global user community matrix comprising the communities in about 20 regions. At the same time, the list of countries whose citizens are not welcome on the platform is rather long and includes over 35 countries all over the world.
The platform’s app can be downloaded from the official website. The app for iOS is available only as a test version.
Peculiarities of trading
CITEX supports over 80 coins and 200 pairs. The exchange reserves the right to delist any token if it doesn’t meet its requirements anymore.
There are three markets available on the platform: BTC, ETH, USDT. A credit card cannot be used for making a deposit but CITEX offers wire transfer as a deposit method. In this instance, it is possible to deposit only Korean Won as the platform has access to the Korean legal currency channel, which provides a massive user increment space. Korean Won is also mentioned among the currencies that can be withdrawn.
The deposits are free on the platform. Trading fees for both makers and takers are 0.2%. There are some trading fee discounts offered to the participants. Withdrawal fees and the minimum withdrawal amount depend on the token you want to claim.
Trading is not the only way to benefit from the platform. CITEX provides the owners of some altcoins with an opportunity to get more profit via staking.
Mining-Pool Project is one of the variants that allows users to receive additional income. It is impossible to withdraw the coins participating in the Mining-Pool Project when they begin to generate income but they can be traded and deposited as usual. The withdrawal will be available in two days after quitting the Mining-Pool Project. After participating in the project, it is possible to get additional accelerated rewards by holding CTT, the native platform’s token.
Another variant of staking is the Masternode Hosting program. CITEX users can open the nodes on the platform and stake a specified quantity of coins to get node rewards. The annualized return of the Masternode investment usually is 15% - 50%. The Masternode Hosting provides the participants with higher income but they need to pay the server rent (5 USDT per each server every month).
CITEX offers an innovative Trans-fee mining model when users can "mine" tokens paying a transaction fee. The users are rewarded with a 105% equivalent of fees in the form of CTT tokens.
The traditional trans-fee mining mechanism is not perfect, though. CITEX claims to overcome inherent problems with the help of its innovative features: one-click mining, hourly 5% income, one-hour high-frequency mining returns, high-pledge dividends, the introduction of scientific mining hard cap.
Trans-Fee Mining mechanism supports not all the traded pairs. At the time of writing, the supported pairs are ETH/BTC, BTC/USDT, and ETH/USDT.
CITEX Token (CTT) is the native coin of the platform. This is a user value-added service equity system based on ERC-20. The CTT/ETH trading market was launched on November 14, 2018, on CITEX.
The total supply is 1 billion (9 billion have been already destroyed at the time of writing). CTT is distributed in the following way: early investors got approximately 20,330,000; team received approximately 103,620,000; community got approximately 314,770,000.
CTT is used for different purposes supporting the platform performance and providing its owners with some benefits such as discounted fees, 105% trans-fee mining output, daily dividends, and community decision making. Some of the benefits are not yet avaialble.
According to the official statements, CTT has complete investment, equity, currency, and governance attributes. The platform regularly organizes various events and airdrops for CTT holders.
According to the official statements, the CITEX exchange provides bank-level protection for crypto assets. All CITEX’ security team members previously worked in traditional financial institutions of Hong Kong and South Korea that feature a large variety of advanced security technologies. The platform provides risk control implementing the management concept of unified planning, unified authorization, and hierarchical prevention.
Cybersecurity is achieved by multiple firewalls isolation and access control. WAF protection and massive DDoS cleaning save from hack attacks. Encrypted data transmission, multi-address data back, and remote disaster recovery contribute to the security of data as well.
The users’ assets are stored in a multi-signature cold wallet with the top security system and can be deposited and withdrawn with an offline signature. Wallet security is guaranteed due to a number of solutions like two-step authentication, key storage mechanism, etc.
The project team members do not publicly disclose their identities. They are not mentioned on the official website or in the company’s profile on LinkedIn. The names of the core team members can be found only in the Whitepaper and some interviews on a number of websites.
Son Chelo Won is mentioned as the CEO in the Whitepaper. He has more than 21-year experience in financial and securities management. At the same time, William Wang is introduced as the CEO in some interviews. He is mentioned in the Whitepaper but his position in the company is not specified there. 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. The CMO of CITEX is called Andy and he is the former COO of KRX.Read More