Selecting from a wide range of cryptocurrency exchanges can be difficult, especially when you are just starting up with trading. Sometimes pro traders want to try another platform may be because a project they admire is listed on the exchange. You should know that a lot of exchanges cater to different types of traders in the crypto space. This CoinExchange review will answer all your questions.
Since you are reading this article, I can only assume you're considering using CoinExchange. The trading needs of most traders revolves around certain factors. These factors include whether or not the exchange is trustworthy, the cost for deposit and withdrawal, and the number of coins listed on the exchange.
What is CoinExchange
CoinExchange is an online trading platform that offers mainly crypto to crypto trading services. The exchange concentrates more on simplicity and customer support. You will find out more about their security status in this CoinExchange review. However, the exchange offers a wide range of cryptocurrencies, mostly smaller coins that other exchanges avoid listing. Currencies are locked using a cold storage policy for better security. They also employ 2-FA authentication for every transaction carried out on the trading platform.
The exchange is rumored to be an Australian or Romanian digital currency trading platform. Launched in March 2016, the management team behind the exchange is unknown to date as they are not registered or licensed anywhere. So, it is difficult to determine where it is based.
Unlike other exchanges, the trading platform is strictly for cryptocurrency. This means that users do not have the option of depositing or withdrawing in fiat like Poloniex and other more prominent exchange. You must first convert your fiat to BTC or any other altcoins to transact on the exchange. We will look at other intricate details in this CoinExchange review
Coins Listed on CoinExchange
Asides bitcoin, CoinExchange also offers support to numerous alternative coins like Dash, Litecoin, Ripple e.t.c. The requirement for coins to be listed on the exchange is simple. The coins must have contributed to science, humanity, and the environment, the coins must be innovative and also have a high demand. If your coins meet any of the criteria mentioned above, then it can be listed on the exchange.
How to Use CoinExchange
To initiate a trade on CoinExchange, you have to be sure you have the funds converted to cryptocurrency. After the conversion, you can now send the coins into your CoinExchange wallet address. Next, you have to go to your account balance page to be sure it has received a maximum of 20 confirmation, which is dependant on the cryptocurrency. Some coins, such as PAC Global, takes about 500 confirmations.
The next step is to search for the coins you wish to buy. You can do this by inputting a general search via the search field. Once you have been able to locate the coins, you want to purchase, click on the selected pair, which will direct you to the order book of the cryptocurrency pair. If you have chosen a price from the “sell orders” section, the buy order will be completed quickly since the system was able to find a matching sell order. Your transactions will be updated almost immediately on the ticker tape of the exchange.
Also, your purchase will be displayed on your account balance page. However, if you wish to place a buy order manually, you can type in your price into the required field. The next step is to wait till you have a matching order or someone decide to sell at the price you inputted.
Deposit and withdrawal
As we all know, CoinExchange does not accept fiat for both deposits and withdrawals; it has to be in cryptocurrency. To initiate a deposit transaction into your wallet, you go to the balance page. The page can be found under the “my account” tab, and then you select the coins you wish to deposit into your wallet. This will not automatically generate a personal wallet address. You will have to click on the “generate New Address” button, which is tied to your exchange account alone. Some coins take a little while to show up due to the 51% attack. It might take as much as 500 confirmation before the coins appear on your deposit dashboard.
Withdrawals from CoinExchange are similar to the deposit procedure above; the only difference is that you are withdrawing instead of making a deposit. Once you click on the withdraw button, a message is sent to your email to confirm that the request was initiated by you. The email only takes about 5 min to expire if no one clicks the posted link. Once you have confirmed the withdrawal, you cannot cancel the request anymore.
CoinExchange charges a flat rate of 0.15% for both buying and selling of any cryptocurrency on their platform. Compared to other exchanges, their prices are pretty low. As for deposit fees, CoinExchange does not charge any fees on coins deposited on its exchange. However, there is a fee for every withdrawal request on the exchange. In fact, the CoinExchange withdrawal fee for BTC is 0.00150000 and 0.01000000 for LTC.
CoinExchange Review: Privacy and Security
As we all know, security is of the utmost importance when it comes to cryptocurrency. In fact, the first thing a potential user will search for may likely be “Is CoinExchange safe?” So much so, CoinExchange protects its users with 2-Factor authentication and keeps all its cryptocurrencies in cold storage. Thus, users can only log in and withdraw after inputting a one time code into the 2-factor security field in the exchange.
In regards to privacy, the exchange does not request for any means of identification for account owners. So, there is no limit to the amount users can deposit or withdraw from the exchange.
Advantages of CoinExchange
- Low fees: The trading platform offers a meager fee compared to other exchanges, which is a big plus for those who are worried about costs each time they trade. They charge 0.15% for both the buying and selling of cryptocurrency. Although this isn't the cheapest, it is still way less expensive than other exchanges out there.
- Multiple altcoins: CoinExchange's most significant advantage is the fact that they list hundreds of cryptocurrency for trading as they believe in the free market. Coins listed are mostly small coins, which makes it easy for traders to buy cheap coins. They support tokens from Bitcoin derived currencies/Bitcoin core forks and ERC20/Ethereum assets. They also support QRC20/QTUM assets and Komodo/Komodo chain assets according to the information found on their website.
- User-friendly trading interface: Even if you are new to crypto trading, when you log into CoinExchange's website, you will find the platform is easy to use. The exchange is ideal for both beginners and non-technical users. Additionally, The site has a straightforward interface and little colors, so it is easy on the eyes.
- Charting capability: CoinExchange allows traders to chat with each other securely. This will enable traders to read what other crypto community users are saying about any particular project, which will also help in decision making. Although there are more trolls at the open chat forums than real users, you can still make calculated guesses on the project by reading the conversations.
- Anonymous trading: While other cryptocurrency exchanges have KYC policies implemented in their exchange, CoinExchange has none. Users are not asked to submit a passport or any other means of identification. So, you can buy and sell coins anonymously. For those who care about their privacy, CoinExchange should be one of your options.
- No deposit fee: Some exchanges require users' deposit fee, not CoinExchange. Withdrawal fees are more common in most crypto exchanges. But some also offer deposit fee. The fee is mostly a flat fee rate, regardless of the amount deposited into the exchange.
Disadvantages of CoinExchange
- No information about the company: The primary concern that most traders have with CoinExchange is that there is no information about who created the exchange. This is a big concern because if anything happens, such as the exchange closing up, it won't be possible for any security force to track them or even get back traders' money.
- Customer Support: Another disadvantage of trading on CoinExchange is that there is no live support or phone number. The only way you can reach out to them is by raising a ticket. Also, many users have complained that they have opened tickets, and they still did not get a reply from their support center. Additionally, the help section has limited information.
- No Fiat Currency Deposits: The fact that exchange has no available everyday payment system integrated into their website is a red flag to some traders. Traders want to use their debit card or bank account to transfer funds and trade like every registered crypto exchange. However, CoinExchange does not offer such an opportunity to utilize fiat.
- Low Trading Volumes: The exchange has low trading volumes. Their most popular trading volumes are about $1 million in a 24 hours trading period. Some coins have a trading volume of about $10 in a day. This can make it challenging to buy and sell currencies on CoinExchange.
- Technical difficulty: In 2018, the exchange had to use a different domain (coinexchange2.com) as their server went down because the domain they were using blacklisted them. They were blacklisted as a result of too many bad customer experiences and complaints directed to the domain hosts.
- Bad Reviews: If you run a regular Google search on CoinExchange, you will notice that there are a lot of bad customer experiences. Most complaints are related to downtime, delay withdrawal, and lousy customer services.
CoinExchange Review: Conclusion
While CoinExchange is a great platform to find new cryptocurrencies, the exchange has had a pretty bad track record. Equally, its lack of regulation is a red flag. However, if you prefer to use an exchange with an unknown developer or management, then CoinExchange is for you. On the flip side, CoinExchange offers a trading platform for traders willing to trade new and cheap cryptocurrency. This CoinExchange review has looked at the advantages and disadvantages of the exchange. However one more interesting news is that the website has announced that they are closing down soon. Traders have been advised to withdraw their coins.
CoinExchange is a multi-coin crypto exchange that is easy to use and offers traders a vast range of coins to trade from.
- Ease of Use
- Coin Selection
- Wallet Fees
- Low fees
- Multiple altcoins
- User-friendly trading interface
- Charting capability
- Anonymous trading
- No deposit fee
- No information about the company
- No Fiat Currency Deposits
- Low Trading Volumes