CoinExchange may be one of the of the most well-known names that many people may have heard of. People may see ads promoting the website while they are surfing the world wide web. CoinExchange is just one of the many websites that offer exchange services because of the abrupt demand for it.
Bitcoin and Ethereum or cryptocurrencies, in general, has just been lurking in someplace in the world market. It was slowly attracting people who make use of it daily. Like the currencies across the globe, these digital assets gain values when used widely.
The world of cryptocurrency exchange may be a very interesting topic to discuss for some people. This article will give you an overview of the CoinExchange platform which is notable for helping encourage the use of various cryptocurrencies.
What Is CoinExchange?
CoinExchange is a website that provides exchange services for various cryptocurrencies. However, as compared to other websites that offer the same services, it does not accept Fiat payments from credit cards, and wire transfers. It is not involved in real-world currencies such as the US Dollar, the Euro, and the Japanse Yen.
The exchange concentrates on crypto-exchange which is suitable for people who want to change their BTC into alt-coins or vice versa. It solely operates on a crypto-to-crypto basis. The users can deposit a cryptocurrency such as Ethereum and Litecoin ltc and then trade them for another cryptocurrency. The same concept also applies to withdrawals in which the users will only be able to withdraw cryptocurrency. This adds to the anonymity factor, which unfortunately makes the website less secure. So if you are looking for a coin exchange where you will be able to convert your money into cryptocurrency, then this website is not for you.
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Where Is CoinExchange Based?
The website of the company does not disclose where their website is based. The website's About Menu does not reveal any background information about the company. It does not even disclose the address or the country where the firm is based.
For some people, not knowing about the background of a company (i.e., where it is based, or the people behind the operations of the company) may be a red flag. Some people think that the website is a scam and that the company is not regulated or monitored by a legal entity.
The About page of the website only features brief information about the focus, mission, priorities, and goals of the company. You will also not be able to gather any information regarding the background of the company from Google, or any other search engines. Some people say it is based in Australia or Romania, but it's difficult to conclude as it seems that is not registered or licensed anywhere.
Verification Process
Verification levels are introduced to cap various account tiers and restrict their abilities. These abilities often include the complete use of an exchange platform. It would even sometimes result in not being able to withdraw and deposit without going through a distinct verification process.
Nowadays, there are various websites that apply the said process, thus making it more complicated for the users if they aim to trade with a particular website, but some regional issues are hindering them from it.
CoinExchange has various verification levels. To start, users can click the “REGISTER” button located on the upper right-hand side corner or the one located at the cent of the site's homepage.
The cryptocurrency market is displayed on the upper part of the platform. The candlestick chart shows your recent activity. The right-hand side panel displays figures that can be utilized to facilitate efficient trading.
The last price of the coin against BTC is displayed and the average ask and bid price is listed on the platform. A little heads up – the platform is not automated, unlike most exchanges.
The lower part of the platform gives you access to their orders tab where users can either buy or sell any coin. Their order page is not updated with the current price for the market that you have selected.
The exchange platform for the website is self-explanatory. Everything that you need will be in front of your eyes. At first, the numbers may be quite overwhelming, but everything will sink in eventually.
What Are The Fees Charged By CoinExchange?
Being aware of the fees that are charged by the platform is important. You must especially be cautious of it when you have placed various deals simultaneously. CoinExchange charges 0.15 percent of the value when you buy or sell.
As compared to other exchange websites, it sits on the mid-range cost and is potentially part of the lower mid-range fee costs as compared to what the other exchanges are charging nowadays.
The fee schedule of the exchange can be checked by anyone – even those who have doesn't have an account with them.
Withdrawals and Deposits
After the users have created an account with the website, they can continue to their dashboard and click the “Balances” option located under the “My Account” tab. Users may see it along with withdrawals and deposits. The users can click on either of the two actions where it will automatically redirect to the page they want to visit.
The “Fees” tab is for people who want to check the charges for getting funds in and out of their account.
Deposits are free of charge, but withdrawals must go through confirmations where a fee is charged per request. For Bitcoin exchange, a 0.00150000 withdrawal fee is charged with two confirmations needed, the fee of LTC is at 0.01000000 and needs 50 confirmations. On the other hand, DASH charges 0.01000000 and needs 20 confirmations before the withdrawal.
You can learn about the complete list of the available coins and withdrawal fees here.
Customer Service
The kind customer service offered by a company is important especially when it comes to sites that have access to your funds. CoinExchange introduced a ticketing system in answering the concerns of their customers but doesn't have live chat and phone support.
The clients and visitors of the site can browse through their “Knowledgebase” where they can read articles about general account issues, FAQ’s, withdrawals, and the ways to set up Two-Factor Authentication for users that have not tried it yet.
Pros and Cons
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Pros
1. CoinExchange offers a huge number of small-cap altcoins
With CoinExhange's extensive assets portfolio, it aims to support a diverse range of altcoins. There are currently more than 340 cryptocurrencies available on the platform, and more are added regularly.
BTE/BTC and REC/BTC are the most traded pairs on CoinExchange.
2. CoinExhchange allows users to trade anonymously
Even though the creator of Bitcoin introduced it with the concept of anonymity, various crypto-exchanges do not allow trading without user verification with ID. Most of the larger cryptocurrency exchanges will require their users to submit an ID before they can trade in their platform. This is not a requirement at CoinExchange as it allows users to anonymously buy, sell, and trade coins.
3. CoinxExchange has competitive trading fees
CoinExchange charges a flat fee of 0.15% on all the trades performed in its platform. Most exchanges charge 0.20% – 0.25%, so it is safe to say that the fees charged by CoinExchange are competitive.
4. The CoinExchange platform is simple and decent
The first thing that users will notice when they visit the CoinExchange website is how simple the interface is. It is ideal for a beginner who doesn't know much about cryptocurrency trading. The exchange also uses very little colors, making it easy on the eye.
CoinExchange does not have an advanced trading platform equipped with charting options, technical indicators, and add-ons. It has grouped the coins available into five making it convenient to search. The five groups are BTC Markets, DOGE Markets, ETH Markets, ETC Markets, and LTC Markets. CoinExchange also features a neat order book, Toolbox, Recent Trades window, as well as a list of the coins added recently.
Cons
1. CoinExchange seems to be unregulated by a legal entity
While an unregulated crypto-exchanges may not be unusual, these kinds of platforms provide information regarding the company working behind the website. CoinExchange only discloses statements about security and excellent customer support.
2. The background information of the company remains a mystery
No one knows where CoinExchange is based, when it was created, or who its owner is. So if anything bad happens, such as if CoinExchange steals everyone’s coins, you're out of luck.
3. CoinExchange charges high withdrawal fees
CoinExchange does not charge fees on Blockchain deposits but imposes certain fees to withdrawals made on the platform. As an example, if you want to withdraw Ethereum (ETH), it will cost you 0.01 ETH. Once Ethereum rises back to its previous $1000 mark, it will cost users $10 to withdraw the coin.
4. CoinExchange does not support fiat currency and does not accept bank transfers and credit cards
CoinExchange is strictly a Cryptocurrency/Alt Coin trading website. Its clients are only allowed to deposit and withdraw digital coins to and from CoinExchange. CoinExchange redirects its clients who want to convert USD into Bitcoin (BTC) to LocalBitcoins.
Conclusion
CoinExchange is a crypto-to-crypto exchange platform where people can trade in Ethereum, Bitcoin, and Litecoin among others. It allows its users to trade almost every altcoin in the market.
Most users may consider CoinExchange the most suitable platform for them especially if they wish to invest in a token or an altcoin that are not very popular. The platform features over 350 types of cryptocurrencies. CoinExchange is a new player in the altcoin exchange marketplace but strives to support as many altcoins as possible.
CoinExchange is great when it comes to trading cryptocurrencies. The only reason for concern is the fact that the users know very little information about the company. This may be the reason why some people think of it as a scam. However, the fact that the platform offers a variety of small-cap altcoins that most people are not able to look for on most exchanges makes it stand out.
CoinExchange may not be the best exchange platform on the market. But it's good for people who want to trade new tokens and altcoins
Click here to register with CoinExchange
