COINEXCHANGE.IO Review 2018
CoinExchange is a medium sized cryptocurrency exchange that offers purely crypto to crypto trading services. The exchange focuses on simplicity and security. While not much is known about the people behind the exchange, CoinExchange is still popular among many cryptocurrency investors as the exchange offers the largest selection of altcoins for trading.
- Deposit and Withdrawal Options
- Fees and Charges
- Privacy and Security
- Customer Support
- Pros and Cons
The best part of their selection is the fact that these coins are not based on any of the main cryptocurrencies such as Bitcoin or Ethereum. You can purchase any of their offerings in any combination that you wish without having to purchase Bitcoin first and convert it to the coins that you wish.
To initiate a purchase on CoinExchange, you need to first make sure you have the funds in your account to carry out the transaction. After you have made a deposit, proceed to the account balance page.
Next, look for the coin that you wish to use to make your purchases with. You either do this by typing the name of the coin or its ticker symbol in the search field. Once you have located the coin that you want to use and the coin that you wish to purchase from the list on the left side of the trading screen, click on the selected pair. By clicking on the selected pair, you will be directed to the Order book for this cryptocurrency pair.
Select the price that you want to buy at from the “Sell orders” section. You can either type in the price manually into the buy order or click on the price on the “Sell orders” section to automatically fill in the price for your buy order. After filling in all the fields, submit your Buy Order by clicking on the “Submit Buy Order” button. The Buy order will be completed as soon as the system locates a matching Sell order and the transaction will be updated on the ticker tape. Normally the process can be completed quickly if you selected a price from the “Sell Orders” section. Your purchase will be indicated on your account balance page.
At present, CoinExchange supports over 300 different types of cryptocurrencies.
Deposit and Withdrawal Options
Since CoinExchange doesn’t deal with fiat currencies, deposits and withdrawals are solely through cryptocurrencies wallets. To initiate a deposit, go to the Balance section under the “My Account” tab and select the coin that you wish to deposit. Once you have located it, click on first the “Action” tab and then the “Deposits” tab.
Next, you have to generate the wallet address to send the coin to by clicking on the “Generate New Address” button. Once the deposit is completed, you can check its status under the “Deposit” section. Take note that for some coins, the deposit might take a little while to show up.
Withdrawals from CoinExchange are also initiated in a similar manner as for deposits except that now you withdraw instead of making a deposit. A withdrawal request can be canceled anytime before you click on the link in your confirmation email that was sent to you. Once you can confirm the withdrawal, then you will no longer be able to cancel your withdrawal.
Fees and Charges
CoinExchange charge a flat fee of 0.15% for buying as well as the sale side of the transaction. Overall, the fee is considered mid-range when compared to what other cryptocurrency exchanges are charging.
As for the deposit and withdrawal fees, there are generally no fees imposed on deposits. However for withdrawals and since they have to undergo confirmation, there is the fee for every request. Typically, the fee for BTC withdrawals is 0.00150000 and 0.01000000 for LTC.
For a full listing of the fees charged by CoinExchange, you can visit the fee page on their website.
Privacy and Security
Since the exchange deals solely in cryptocurrencies, the exchange does not require their account holders to verify their identity. There is also no specific limits imposed on these unverified accounts as well.
In terms of the exchange security, CoinExchange keeps all the funds under its system in cold storage. For the clients, the exchange offers 2-factor authentication for security.
Customer support at CoinExchange is in the form of a comprehensive help desk and support ticket system.
Pros and Cons
- Anonymous trading permitted
- Huge selection of supported coins
- No Limits on withdrawals
- User-Friendly Exchange
- Does not support fiat currencies
- No transparency
How do I open an account at CoinExchange?
Click on the “Register” tab and then fill in all the fields of the registration form such as email address, Username, and Password.
How do I make a withdrawal?
At your “My account” page, click on the “Balances” page. Choose the coin that you want to withdraw, enter the amount to withdraw, the address to withdraw to and click “’Process Withdrawal’”.
How do I make a deposit?
At your “My account” page, click on the “Balances” page. Choose the coin that you want to deposit. On the Deposit page, generate an address to send your coin to. Once, you have the address, simply send the coin to the new address.
I have not received my withdrawal confirmation email yet.
If after 30 minutes you have not received your confirmation email, first check your Junk/Spam folder. If there is no confirmation email, then the withdrawal will be canceled after an hour. We suggest that after the cancellation of the initial withdrawal attempt that you try again a bit later.
Overall, the quality of the services offered by CoinExchange seems pretty decent. However as there is virtually no information about the people behind this exchange, there exists a trust issue which the exchange needs to overcome first before it can hope for more people to sign up for its services.
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