CoinExchange is a cryptocurrency exchange that offers a variety of services, including trading and mining. This review will cover the fees, security, pros and cons of this platform.
It may be tough to choose among a large variety of cryptocurrency exchanges, particularly if you are new to trading. Professional traders may wish to test another platform because a project they like is listed on it. You should be aware that several exchanges in the crypto market cater to various kinds of traders. This CoinExchange review will provide you with all of the information you need.
Since you’re reading this, I’m guessing you’re thinking about using CoinExchange. The majority of traders’ trading requirements are centered on a few variables. These considerations include the exchange’s trustworthiness, deposit and withdrawal fees, and the quantity of currencies available on the platform.
What is CoinExchange and how does it work?
CoinExchange is an online trading platform that primarily focuses on crypto-to-crypto trading. The exchange places a greater emphasis on ease of use and client service. In this CoinExchange review, you’ll learn more about their security status. The exchange, on the other hand, provides a diverse selection of cryptocurrencies, mainly smaller coins that other exchanges shun. For further protection, currencies are locked using a cold storage strategy. Every transaction on the trading platform is also protected by two-factor authentication.
It’s believed that the exchange is an Australian or Romanian digital currency trading site. The management team behind the exchange, which was launched in March 2016, is unknown to date since they are not registered or regulated anywhere. As a result, determining where it is based is challenging.
The trading platform, unlike other exchanges, is only for cryptocurrencies. This implies that, unlike Poloniex and other well-known exchanges, users cannot deposit or withdraw in fiat currency. To transact on the exchange, you must first convert your fiat currency into BTC or another cryptocurrency. In this CoinExchange review, we’ll take a closer look at some of the finer points.
Coins that have been listed on CoinExchange
Aside from bitcoin, CoinExchange supports a variety of other currencies such as Dash, Litecoin, Ripple, and others. The criteria for coins to be listed on the exchange are straightforward. The coins must have made a positive contribution to science, mankind, and the environment, as well as being creative and in great demand. Your coins may be listed on the exchange if they satisfy any of the requirements stated above.
How to Make the Most of CoinExchange
To begin a transaction on CoinExchange, you must first ensure that your money have been converted to bitcoin. You may now transfer the coins to your CoinExchange wallet address after the conversion. Then, browse to your account balance page to double-check that it has gotten a maximum of 20 confirmations, which varies per coin. Some currencies, such as PAC Global, need 500 confirmations to be valid.
The next step is to look for the coins you want to purchase. You may do so by using the search box to do a broad search. Once you’ve found the coins you want to buy, click on the pair you wish to buy, which will take you to the cryptocurrency pair’s order book. If you selected a price from the “sell orders” column, the purchase order will be processed fast since the system found a corresponding sale order. Your transactions will be posted on the exchange’s ticker tape nearly instantly.
Your purchase will also be shown on the account balance page. If you want to manually make a purchase order, you may enter your price into the necessary box. The next step is to wait for a matching order or for someone to sell at the price you specified.
Withdrawal and deposit
CoinExchange, as we all know, does not take fiat for both deposits and withdrawals; everything must be done in bitcoin. You go to the balance page to start a deposit transaction into your wallet. The page can be located under the “my account” button, and you can then choose which coins to deposit into your wallet. This will not create a personal wallet address for you. You must choose the “generate New Address” option, which is exclusive to your exchange account. Due to the 51 percent assault, certain coins take a long to appear. Before the coins show on your deposit dashboard, it may take up to 500 confirmations.
Withdrawals from CoinExchange follow the same steps as deposits, with the exception that you are withdrawing rather than depositing. When you click the withdraw button, a message is sent to your email address to confirm that you started the request. If no one opens the provided link, the email will expire in approximately 5 minutes. You will not be able to revoke the withdrawal request after it has been confirmed.
Fees for CoinExchange
For both buying and selling any cryptocurrency on their platform, CoinExchange charges a fixed fee of 0.15 percent. Their prices are quite cheap when compared to those of other exchanges. CoinExchange does not impose any deposit fees on coins placed on the exchange. Every withdrawal request on the exchange, however, is subject to a charge. In reality, the BTC withdrawal cost on CoinExchange is 0.00150000, whereas the LTC withdrawal fee is 0.01000000.
Review of CoinExchange: Privacy and Security
When it comes to cryptocurrency, as we all know, security is paramount. In fact, it’s possible that the first question a prospective user may ask is, “Is CoinExchange safe?” So much so that CoinExchange uses two-factor authentication to safeguard its users and stores all of its coins in cold storage. Users may only log in and withdraw after entering a one-time code into the exchange’s 2-factor security field.
In terms of privacy, the exchange does not require account holders to provide any kind of identity. As a result, there are no restrictions on how much money customers may deposit or take from the exchange.
- Low fees: When compared to other exchanges, the trading platform charges a little price, which is a major advantage for individuals who are concerned about expenses each time they trade. For both purchasing and selling bitcoin, they charge 0.15 percent. Although not the lowest, it is still much less costly than other exchangers.
- Hundreds of altcoins: CoinExchange’s biggest advantage is that they offer hundreds of cryptocurrencies for trade since they believe in the free market. The majority of the coins mentioned are tiny, making it simple for dealers to purchase inexpensive coins. They accept ERC20/Ethereum assets as well as tokens created from Bitcoin derivative currencies/Bitcoin core forks. According to their website, they also support QRC20/QTUM assets as well as Komodo/Komodo chain assets.
- Trading interface that is simple to use: Even if you are new to cryptocurrency trading, you will find CoinExchange’s platform to be simple to use. Beginners and non-technical users alike will benefit from the interaction. Furthermore, the site features a simple interface with few colors, making it easy on the eyes.
- CoinExchange has a charting feature that enables traders to safely communicate with one another. This will allow traders to read what other members of the crypto community have to say about a project, which will aid in decision-making. Despite the fact that there are more trolls than genuine users on the open chat boards, reading the discussions allows you to make educated judgments about the project.
- Trading anonymously: Unlike other cryptocurrency exchanges, CoinExchange does not have any KYC procedures in place. A passport or any other form of identification is not required of users. As a result, you may purchase and trade coins without revealing your identity. CoinExchange should be one of your choices for people who value their privacy.
- No deposit cost: While other exchanges charge a deposit fee, CoinExchange does not. In most crypto exchanges, withdrawal fees are increasingly frequent. Some, however, charge a deposit fee. Regardless of the amount put into the exchange, the charge is usually a fixed fee rate.
- There is no information available about the business.: Most traders’ main worry with CoinExchange is that there is no information about who founded the exchange. This is a major issue because if anything occurs, such as the exchange shutting down, no security force will be able to hunt them down or recover traders’ funds.
- Customer Support: Another drawback of dealing on CoinExchange is the lack of live chat or a phone number. Only by raising a ticket will you be able to contact them. Many customers have also claimed that they have filed complaints but have yet to get a response from their support center. In addition, the assistance section is lacking in information.
- Deposits in fiat currency are not accepted.: For some traders, the fact that the exchange does not have an ordinary payment method incorporated into their website is a warning sign. Traders want to be able to transfer money and trade using their debit card or bank account, just like every other regulated crypto exchange. CoinExchange, on the other hand, does not provide this option for using fiat currency.
- Trading Volumes are Low: Trading volumes on the exchange are low. In a 24-hour trading session, their most common trade volumes are about $1 million. Some coins have a daily trade volume of about $10. This may make buying and selling currencies on CoinExchange difficult.
- Technical difficulty: In 2018, the exchange had to switch to a new domain (coinexchange2.com) when their server went down due to a blacklisting by the domain they were using. As a consequence of too many negative customer experiences and complaints aimed at the domain hosts, they were banned.
- Bad Client Experiences: A simple Google search on CoinExchange reveals a plethora of negative customer experiences. The majority of complaints are about outages, withdrawal delays, and poor customer support.
Conclusion of the Review of CoinExchange
While CoinExchange is a fantastic place to learn about new cryptocurrencies, the exchange has a shady history. Its absence of regulation is also a warning sign. CoinExchange, on the other hand, is for you if you want to utilize an exchange with an unknown creator or administration. CoinExchange, on the other hand, provides a trading platform for those interested in trading fresh and inexpensive cryptocurrencies. The benefits and drawbacks of CoinExchange have been examined in this study. However, there is some intriguing news: the website has stated that it would be shutting down shortly. Traders have been urged to take their coins out of the system.
CoinExchange is a multi-coin cryptocurrency exchange that is simple to use and provides traders with a large selection of currencies to trade.
- Choosing a Coin
- Wallet Charges
- Low fees
- Various altcoins
- User-friendly trading interface
- Capability for graphing
- Trading without revealing your identity
- There is no deposit charge.
- No information about the company
- No Fiat Currency Deposits
- Low Trading Volumes
Frequently Asked Questions
Is CoinExchange legit?
CoinExchange is a scam website.
What happened to CoinExchange?
CoinExchange was a cryptocurrency exchange that was hacked in 2018. The company is no longer in operation, and its website is now defunct.
Is Binance secure?
Binance is a secure exchange that offers the best prices for trading cryptocurrencies.
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