coinhouse Review 2020
CoinHouse is a cryptocurrency exchange that is based in Paris, France. The exchange headquarters are located at #35 rue du Caire, 75002, Paris, France. The exchange was founded in 2014 initially to cater to French customers. Over the years, the exchange has expanded its services to cover customers from all over Europe. The exchange is said to be owned and operated by Ledger, a company specializing in Bitcoin security.
One of the main attractions of the CoinHouse exchange is the fact you can purchase Bitcoin with 3D secured credit/debit cards or with Neosurf cards. However, it should be noted that the tradeoff for the convenience of being able to use traditional bank cards to purchase Bitcoin is at the expense of the anonymity that cryptocurrencies offer. Thus, the exchange is bound by financial regulations and is required to abide by KYC policies and AML protocols.
Purchasing Bitcoin on the CoinHouse is a straightforward process. First, you are required to open an account at the exchange. The second step requires validation of your identity. This step necessitates you to submit several documentary proofs of your identity. Once your identity has been verified, you can start purchasing Bitcoin on the exchange.
On the backend, the exchange purchase Bitcoins from Kraken which is then resold to you for a markup called the “convince fee”. The fee that you have to pay depends on the volume that is being purchased. The more you purchase, the lower is the fee. Purchasing Bitcoin through CoinHouse helps you to avoid the hassle of having to convert fiat currencies to Bitcoin or Altcoins since Kraken does not accept credit cards. Currently, CoinHouse only supports the purchases and sales of Bitcoin and Ethereum.
Deposit and Withdrawal Options
As for the payment methods which are supported by CoinHouse, they include 3D secure credit and debit cards, Neosurf cards and SEPA. Transactions are almost instantaneous with payments made without any delays.
As mentioned earlier, the fees for making a transaction on the CoinHouse exchange depends on the volume traded. The following table below shows the relevant fees that are payable for the respective trading volume:
- 10% for €0 to €500
- 9% for €500 to €1500
- 8% for €1500 to €3000
- 7% for €3000 to €5000
- 6.5% for €5000 to €10000
- 6% above €10000
For transactions with Neosurf cards, the fees are even higher at a flat rate of 17%. Overall, the fees charged by CoinHouse are relatively high. However for small purchases of Bitcoin and the convenience of being able to use your credit or debit card justify the fees paid. But if you are thinking of purchasing larger amounts of Bitcoin, then it would be better to consider other cheaper methods.
As for the supported countries, CoinHouse supports all countries in Europe. While some countries are not supported by CoinHouse as being in “Restricted Locations”, the exchange does not specify what these restriction locations are.
Privacy and Security
With regards to privacy, CoinHouse requires you to provide identification documents to verify your identity before you are permitted to open an account with them. Required documents include a photo ID, a selfie of you holding the photo ID and proof of your address. The initial verification process takes an average of one business day. Once the verification process is completed, you can transact up to €2,000 on a daily basis up to a maximum of €10,000 per month.
As for the security at CoinHouse, the exchange stores the bulk of its funds offline in cold storage. The exchange only maintains a small balance in its hot wallet to facilitate the withdrawal process. As for the system security, CoinHouse constantly updates its software and back up its system on a daily basis. The exchange has put in place DDoS protection. For the protection of its customers, CoinHouse lets its customers enable 2-factor authentication system to prevent unauthorized withdrawals. In addition, email notifications are sent out each you log onto the CoinHouse exchange.
Like most cryptocurrency exchanges, the support service leaves very much to be desired. There is no live support and the only way which you can contact the support team is a support ticket. While there is an FAQ for reference, the FAQ is rather spartan.
Pros and Cons
- Ability to buy Bitcoin with credit/debit cards
- Fast transaction
- Reputable Exchange
- Fees are relatively high
- No Live support
What Payment Methods Does Coinhouse Accept?
Currently, CoinHouse accepts credit/debit cards, Neosurf cards and transfer through SEPA.
What Are The Fees Charged By Coinhouse?
The fees charged by CoinHouse depends on the volume of Bitcoin transacted. They range from 6% to 10% for credit card transactions and 17% for Neosurf cards.
Does Coinhouse Accept All Credit Cards?
No, CoinHouse only accepts 3D secure credit and debit cards.
Is Coinhouse A Scam?
No, CoinHouse is not a scam. The exchange has been operational since 2014 and is operated by Ledger, a Bitcoin security firm.
On the whole, CoinHouse lives up to its reputation. Transactions are carried out quickly without any issues. Withdrawals are also promptly attended to. Nevertheless, the exchange can still do more to improve the quality of its services like reducing the fees that it charges and the extending its support service to cover live chat.
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