ABUCOINS Review 2021
Abucoins is a new cryptocurrency exchange based out of Poland with head offices in London and Dubai. The exchange has a strong focus on customer experience and aims to achieve excellence in this area through three things. They provide their customers with multilingual customer support that’s available 24/7, offer some of the lowest fees on the market, and put a strong emphasis on security. The exchange hopes to build a strong reputation based on these three aspects and only time will tell if they can as the exchange was only founded in 2017.
- Trade Types/Instruments
- Account Types
- Commissions and Spreads
- Deposits and Withdrawals Options
- Bonus and Promotions
- Customer Support
- Pros and Cons
Unfortunately, the Abucoins cryptocurrency exchange is not regulated by any reputable regulatory authorities. However, this is not uncommon in the cryptocurrency space as cryptocurrency exchanges are fairly new to the financial industry. There are only a select few exchanges that have acquired some sort of regulation and Abucoins is not one of them. As the cryptocurrency industry matures and gains adoption, more and more exchanges like Abucoins will become regulated in the future.
Abucoins is such a new cryptocurrency exchange that it’s hard to say how reliable they really are. However, the exchange has thus far proven to be trustworthy and reliable with the services they offer. The platform and website operate very smoothly, and no serious problems have been reported. In our research, we have found very little if any viable complaints about the exchange. Therefore, it’s safe to say that Abucoins is a reliable and trustworthy exchange thus far. However, users of the exchange must proceed with caution as the exchange is not regulated and has not gained the volume or track record of time to prove reliability.
The trading platform offered by Abucoins is their very own web-based trading platform that can be used from multiple devices from anywhere and anytime. The platform caters to both experienced and beginner traders by offering a basic and advanced trading interface. The basic interface features a small price chart from TradingView with some basic tools and features for technical analysis, as well as a simple order placement section and order history. The advanced trading interface features a full-screen charting section which utilizes TradingView and all the advanced tools and features for technical analysis. As well, traders can place more advanced order types here. Both the basic and advanced trading platforms feature a live order book, market depth, and trading history section. As a whole, the platform is really well designed and very user-friendly.
Abucoins Mobile Trading
Since Abucoins trading platform is web-based the platform can be used on any mobile device including smartphones and tablets powered by both Apple and Android. The website and platform are fully optimized for mobile devices and includes all the same features which are utilized in the basic desktop platform version. Due to the smaller screen interface, the advanced charting tools and features are not compatible. Mobile trading with Abucoins is very responsive and follows the same look and feel as the regular platform which is very nice as it feels familiar. There are no downloadable applications for mobile trading, but the optimized website looks and feels like a mobile app.
Abucoins is strictly a cryptocurrency exchange and does not offer any tradeable instruments other than cryptocurrencies. See below a list of the cryptocurrency assets available on the Abucoins exchange:
- Bitcoin Cash
- Ethereum Classic
- Bitcoin Gold
(Abucoins is constantly adding new cryptocurrencies to the exchange, therefore this list may change and grow frequently.)
As for the trading pairs for exchanging these cryptocurrencies, traders can pair them with USD, PLN, EUR, and Bitcoin. Bitcoin has the most cryptocurrency pairs available, while the fiat currency pairs are restricted to pairing with Bitcoin, Lisk, Ethereum, Bitcoin Cash, and Bitcoin Gold.
There are only two trade types offered by Abucoins and they are very simple and straightforward. Traders can either place a buy or sell order at the current price or place a limit order where the trader sets the price they wish to buy or sell it, and it is fulfilled when the price is reached.
The account types available to traders are dependent on their level of verification. There are no minimum deposit amounts for any level of account, but withdrawal amounts vary from level to level. See the different levels of the account below:
Level 1– The daily withdrawal limit is limited to 1 BTC or its equivalent in another cryptocurrency. No verification required.
Level 2– The daily withdrawal limit is 6 BTC or it’s equivalent in another cryptocurrency or fiat currency. Photo of government-issued ID required.
Level 3– Unlimited daily withdrawals with no limits. Photo of government-issued ID and proof of address via bank statement or utility bill required.
Commissions and Spreads
Abucoins offers their traders some of the best fees in the cryptocurrency exchange market. There are no fees for deposits and withdrawals are minimal and vary between cryptocurrencies. As for trading fees, there is absolutely no maker fee and only a 0.1 % taker fee for crypto to crypto trading and a 0.25 % taker fee for fiat to crypto trading. These fees are minuscule compared to many other cryptocurrency exchanges.
Deposits and Withdrawals Options
Deposits and withdrawals can be completed with any of the cryptocurrencies available for trade, and for fiat currencies, the only deposit and withdrawal method available is through bank wire transfer. Deposits and withdrawals in the Polish Zloty are free from any fees and is, therefore, the most desirable fiat currency to use with Abucoins.
Bonus and Promotions
Unfortunately, Abucoins does not offer their traders any sort of bonuses or promotions for new traders. As well, there is no loyalty program in place. However, the exchange offers desirable fees and various trading pairs to attract and maintain customers.
Abucoins excels in the area of customer service and support. The exchange places customer experience as a number one priority and offers various methods of support. Traders can reach customer support through email, live chat, and on their social media channels. Support is available 24/7 through email and live chat and is available in the English, Russian, Polish, Ukrainian and Hungarian languages. As well, the support through live chat and email is very fast and professional.
Pros and Cons
- Low and competitive fees
- Advanced trading platform
- Fiat currency deposits and withdrawals
- Lower liquidity exchange
- Not regulated and fairly new with less experience
- Small variety of tradeable cryptocurrency assets compared to some exchanges
Is Abucoins regulated?
No. Abucoins is not a regulated cryptocurrency exchange under any financial regulatory agency.
Where is Abucoins based?
Abucoins is based out of Poland.
How does Abucoins make money?
Abucoins makes its money by charging their clients small trading and withdrawal fees. As well, they receive money for listing new cryptocurrencies.
How do I deposit in Abucoins account?
Abucoins accepts cryptocurrency deposits as well as USD, PLN, and EUR deposits made via bank wire transfers.
How do I withdraw money from Abucoins?
Withdrawals of funds from Abucoins can be made the same way as deposits, through bank wire transfers for fiat money, and through cryptocurrency transfers between digital wallets.
How do I open an account with Abucoins?
To open an account at Abucoins, simply provide an email address and password to set up an account.
Is Abucoins reliable?
Yes, Abucoins is a reliable and trusted exchange thus far.
Does Abucoins use MetaTrader?
No. Abucoins utilizes their very own proprietary web-based trading platform.
What is Abucoins leverage?
The maximum leverage offered by Abucoins is 1:1 leverage.
Is Abucoins a scam?
No. Abucoins is not a scam even though it is not regulated.
How safe is Abucoins?
Abucoins is a safe cryptocurrency exchange as they use the latest encryption technology and holds the majority of users funds offline in a cold storage wallet.
- Bitcoin Cash
- Ethereum Classic
- Bitcoin Gold
- Cape Verde
- Sri Lanka
- United Kingdom
- Solomon Islands
- Trinidad and Tobago
- Burkina Faso
- Russian Federation
- Saint Lucia
- South Sudan
- Virgin Islands, British
- South Korea
- Saint Kitts and Nevis
- Saint Vincent and the Grenadines
- Vatican City
- Papua New Guinea
- Cote d'Ivoire
- Dominican Republic
- Bosnia and Herzegovina
- Equatorial Guinea
- Hong Kong
- Sierra Leone
- Saudi Arabia
- Cayman Islands
- Sao Tome and Principe
- Czech Republic
- United Arab Emirates
- Marshall Islands
- New Zealand
- Antigua and Barbuda
- Central African Republic
- San Marino
- Costa Rica
- El Salvador
- South Africa
- Isle of Man