coinroom Review 2019
Conceived in 2015 and launched in early 2017, Coinroom is a Polish-based cryptocurrency exchange which allows its users to buy and sell several types of cryptocurrencies using fiat currencies. Its headquarter is located in Janka Muzykanta 60, 00-001 Warszawa, Poland, and its current SEO is Tomasz Wiewióra.
Apart from allowing users to trade cryptocurrencies with fiat currencies, Coinroom also offers them the opportunity to make deposits and withdrawals through ATMs. They can also pay their bills with cryptocurrencies across Europe.
- Deposit and Withdrawal Options
- Fees and Charges
- Privacy and Security
- Customer Support
- Pros and Cons
Like most cryptocurrency exchanges in the industry, Coinroom uses a proprietary web-based trading platform. The platform surprisingly is more sophisticated than the typical platforms used by Coinroom’s competitors. With the platform, you can easily view the conditions in the market through the order book. It also comes with a fairly decent chart.
Apart from being able to support several types of cryptocurrencies, Coinroom’s platform is also able to handle several types of market orders. With the high volatility often faced by cryptocurrency traders, these tools are invaluable for minimizing the trading risks.
Currently, Coinroom supports the following types of cryptocurrencies:
- Bitcoin Cash
Deposit and Withdrawal Options
Since Coinroom also accepts fiat currencies such as the Euro, British Pounds, U.S dollar, Polish Zloty, Norwegian Krone, Danish Krone, Czech Koruna and Swiss Franc, the deposit and withdrawal options are expanded to cover fund transfer through the traditional channels. At present, you can fund or make a withdrawal using the following methods below:
- Bank Wire transfer
- Direct Deposit
- Polskie Przelewy
Fees and Charges
As for the trading fees that are applicable at Coinroom, the exchange uses the Maker/Taker fee, model. This fee model is the most popular model among cryptocurrency exchanges around the world as it helps to encourage liquidity on the exchanges. The fees are calculated based on a 30-day trading volume.
|30 days Turnover||Maker Fee||Taker Fee|
|0 – 49999.99 PLN||0.06%||0.25%|
|50000.00 – 199999.99 PLN||0.05%||0.23%|
|200000.00 – 499999.99 PLN||0.04%||0.2%|
|500000.00 – 9999999.99 PLN||0.03%||0.15%|
As for the deposit and withdrawal fees, transfers with digital currencies are free. For transfers involving fiat currencies, the following fees will apply:
|Bank transfer – 0 PLN
Frog Shop or Fresh market Deposit (Dotpay) – 1.9%
Post Office “Online Payment” deposit – 1%
Transfer express Dotpay – 1.9%
Transfer express Dotpay – 1.9%
Transfer express Sofort – 1.5%
Transfer Express Tpay – 1.8%
Wire transfer – Maximum 5 EUR
Wire transfer – Maximum 5 GBP
Wire transfer – Maximum – 6 USD
|Wire transfer – 0 PLN
Transfer express Zpay – 10 PLN (up to 5000 PLN)
Wire transfer – 2 EUR
Wire transfer – 3 USD + 0.35% (min. 5.2 USD, USD max 50)
Wire transfer – 3 GBP + 0.35% (min. 4 GBP, max 35 GBP)
Sofort (buy digital currencies) -1.5%
Dotpay (buy digital currencies) – 1.9%
Tpay (buy digital currencies) – 1.8%
Zpay (sell of digital currencies) – 10 PLN
Internal transfer – 0 PLN
Privacy and Security
Coinroom offer its users to buy and sell cryptocurrencies on its exchange without having to be verified. However, unverified accounts are limited to a turnover of PLN 65,000 per annum. In order to achieve a higher turnover balance, your account will need to be verified.
As for the security measures adopted by Coinroom, the exchange utilizes 256 encryption technology to secure the login details of its account holders. Other security measures include the following:
- 2 Factor authentication
- Cold wallets
- Hot wallets secured with company’s own funds
- Regular Security audits
- Regular security checks
The customer support service at Coinroom basically consist a fairly detailed FAQ and help request form. You can also email them directly at email@example.com or chat with them on live chat or call them on their hotline number 801-808- 999 to request for assistance.
Pros and Cons
- Accepts fiat currencies
- Competitive fees
- Selection of cryptocurrencies for trading
- Several payment methods supported
- Sophisticated trading platform
- Only basic customer support
Why is verification required?
Verification is required if you wish to remove the 65,000PLN annual turnover limit on the account.
Do I have to register in order to buy cryptocurrencies?
No, you are allowed to purchase cryptocurrencies even without registration on Coinroom.
How does an unverified account purchase cryptocurrencies?
Unverified accounts can only purchase cryptocurrencies through instant buy.
How long does a withdrawal take?
The typical time to process a withdrawal request is one business day and two business days if it is made during the weekend.
In terms of Coinroom’s product offerings, the exchange offers a fairly decent level of services. They support a selection of cryptocurrencies as well as the ability to trade these digital currencies using fiat currencies. Their platform also features a few fairly advanced options when we compare it with what others have been able to provide so far.
- 5Coinroom reviewGordon
- Bitcoin Cash
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- 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