COINEGG Review 2020
CoinEgg is yet another cryptocurrency exchange offering the trading of digital cryptocurrency assets. The exchange is very new as it was just launched in 2017 and is based out of the United Kingdom with their headquarters located at Hunstanton Avenue, Birmingham, B17 8TA, United Kingdom. CoinEgg has yet to build up a large following and reputation but is offering the ability to trade a wide variety of digital assets, including cryptocurrencies that are not available anywhere else. For this reason, CoinEgg has peaked ours and many other people’s interests in the cryptocurrency community. However, before trading with any cryptocurrency exchange, it’s extremely important to ensure they can be trusted with your money and that they’re a reliable exchange.
Like most other cryptocurrency exchanges, CoinEgg is not regulated by any reputable regulatory authorities and have yet to build up a strong reputation among users. Therefore, in the following review, we delve deep into the aspects that make up this cryptocurrency exchange and see what set’s CoinEgg apart from the competition and whether or not they can be trusted.
Much like other cryptocurrency exchanges, CoinEgg has their very own proprietary web-based trading platform. The platform is relatively nice, but not as user-friendly as some of the other exchanges we have experienced. At the top of the platform, traders can find a basic chart of the cryptocurrency they’re trading and view the recent history and different time frames. The charting tools are quite limited but more than sufficient for a beginner trader. The available cryptocurrency assets are located on the left of the platform in a simple and easy format, while the order book and order history are located directly below the chart. The layout is actually well organized but lacking some features and depth that other trading platforms have. For instance, the order book is limited and basic by only offering simple market orders rather than feature limit orders and stop losses. However, the platform does operate smoothly and appears to be technically sound.
If there’s one thing CoinEgg is known for, it’s their massive array of cryptocurrency assets available for trade. Currently, they have over 40 tradeable cryptocurrencies available and they are adding more all the time. For this very reason is why CoinEgg has some popularity among traders. The crypto assets available include all the most popular and some exotic cryptocurrencies and new projects. The sheer amount of selection is what attracts most traders to the CoinEgg exchange, rather than other aspects. For example, traders can gain access and purchase coins listed on CoinEgg before they get listed on a larger exchange with the hopes of acquiring the cryptocurrency at a better price.
The markets in which these cryptocurrencies are available to include Bitcoin, Ethereum, and CoinEgg’s very own USC token. Bitcoin and the USC token have the most tradeable assets, while Ethereum can only currently be exchanged with 5 cryptocurrencies. CoinEgg does not feature any fiat currency pairs to trade, which is disappointing but common among cryptocurrency exchanges with a wide array of digital assets.
Another area that CoinEgg stands out is their very competitive fee structure. The exchange is transparent with their fees and clearly lists all associated fees on their website as well as in the order book. The exchange does not charge any fees for depositing cryptocurrencies. As for withdrawals, fees can go as high as 1% and are set at 0.001 BTC for Bitcoin, 0.001 LTC for Litecoin, and 0.01 ETH for Ethereum. These withdrawal fees are still relatively low compared to much of the competition. Now for the trading fees, they are only 0.1% per trade which is a miniscule amount, especially in comparison with other popular cryptocurrency exchanges where fees are around 0.25%.
Security and Fairness
According to our research, CoinEgg has yet to be hacked and is therefore a reliable and trustworthy exchange thus far. However, the exchange is not regulated and therefore traders must use caution when dealing with an exchange like this. CoinEgg claims to have top-level security, but there are no technicalities or information on their site to back this up. For this reason, we urge users of CoinEgg to proceed with caution as there are many unknowns with this exchange. As for fairness of the exchange, CoinEgg appears to treat every single customer the same as there is only one account type to choose from and users are not affected by how much they trade.
The support offered by CoinEgg is subpar at best. Support representatives can be reached via email or live chat. However, whenever we tried using the live chat function there was no representatives available as they were always offline. Also, support via email is slow to respond if they respond at all. Another thing is their FAQ page is non-existent. Traders can not even try to help themselves because the FAQ page is just a blank page. All in all, we must say the customer support is not very good.
Pros and Cons
- Easy to use and navigate
- Very large array of cryptocurrency assets
- Low and competitive fees
- Poor customer service and limited contact options
- Not a regulated exchange
- Low liquidity for some cryptocurrencies
- Poor charting tools and features
Here are some of the most common questions that are asked about CoinEgg crypto trading service.
Is CoinEgg regulated?
No. CoinEgg is not a regulated cryptocurrency exchange.
Where is CoinEgg based?
CoinEgg is based in Birmingham, United Kingdom.
How does CoinEgg make money?
CoinEgg charges market maker and taker fees for each trade transaction. As well, they charge withdrawal fees.
How do I deposit in CoinEgg account?
CoinEgg only accepts cryptocurrency deposits.
How do I withdraw money from CoinEgg?
You can withdraw from CoinEgg through sending your cryptocurrency to your personal wallet address.
Can I trade on CoinEgg with my mobile device?
Yes, you can use your mobile device to trade on CoinEgg through their downloadable mobile application.
Is CoinEgg reliable?
CoinEgg has proven to be a reliable and trusted exchange that has yet to be hacked.
Is CoinEgg a scam?
No. CoinEgg is a very legit exchange and is not a scam.
CoinEgg is a cryptocurrency exchange that has some enticing cryptocurrencies that may not be available anywhere else and have very low and competitive fees. However, we urge traders to take caution when dealing with CoinEgg as there are some red flags we came across when reviewing them. For instance, the exchange does not have the reputation that many other exchanges have, and the customer support is somewhat lacking. Other than that, CoinEgg’s trading platform operates smoothly and has all the basic features a trader needs.
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