AbuCoins Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this AbuCoins Review.
AbuCoins is a Polish exchange that offers both crypto-to-crypto and fiat-to-crypto trading with competitive fees. It has set no minimum deposit requirement, however there are certain withdrawal limits, depending on user verification:
– Level 1 with daily withdrawal limit of 1BTC (or equivalent in another cryptocurrency);
– Level 2 with daily withdrawal limit of 6BTC (or equivalent in another cryptocurrency or FIAT currency);
– Level 3 with no withdrawal limits.
In other words, you can trade anonymously on AbuCoins, but only coin-to-coin, and your daily withdrawal limit is 1BTC (or equivalent in another cryptocurrency).
Transparent pricing, competitive fees
Trading at AbuCoins is relatively low-cost. Market makers are not charged, while market takers have to pay a certain fee per trade, which is in line with the industry’s average. Basically, coin-to-coin transaction fee is 0.10%, while fiat-to-crypto trades are charged with a fee of 0.25%.
Also, deposits are free of charge, as well as withdrawals in Polish Zloty, which is great. Withdrawals in other fiat currencies or cryptocurrencies are charged with some small fees, which are accurately specified on AbuCoins’ website.
Many coins available for trade
AbuCoins offers decent amount of altcoins for trade, including ETH, LTC, BCH, BTG, DASH, ZEC, XMR, REP, HSR, LSK, STRAT, CNT. Currently, there are around 30 pairs available at the exchange.
Traditional fiat currencies supported
Apart from the various digital assets offered at AbuCoins, the exchange supports several “traditional” fiat currencies: PLN, USD, EUR. So, users of AbuCoins can by cryptocurrencies directly with cash, or cash out their coins.
Bank Wire and credit card payments offered
Supporting fiat currencies is also an advantage as it allows investors to use convenient payment methods such as bank transfer and credit card payments. AbuCoins supports bank wire payments, such via Visa and Mastercard, as well as Dotpay.
Good platform with advanced charting
AbuCoins’ platform offers a basic and an advanced interface. The latter can be switched on by a slider button in the right upper corner. The advanced interface features price charts from TradingView, as well as a number of technical analysis tools. The platform also features an order book, market depth and trading historywindow.
Although this is not something out of the ordinary in the crypto-world, we have to mention that AbuCoins is not regulated. Most countries have not developed yet clear regulation and requirements regarding digital tokens and exchanges and Poland is no exception to that.
No margin trading
AbuCoins works like a traditional exchange bureau and does not offer leveraged trading. As we mostly review forex brokerages, we are used to them offering margin trading. Most crypto-exchanges, however, don’t do that, probably due to the more volatile nature of digital tokens. If you need some leverage, you can check out exchanges like bitFlyer, Lykke, or Kraken. Of course, forex brokers are also an option, as many of them offer trading in Bitcoin CFDs.
No info about storage of clients’ funds
The website of AbuCoins does not provide much information about the protection levels of client assets and it is not clear whether it keeps them in cold storage.
A Polish crypto-exchange with offices in Dubai and London, AbuCoins has rich digital assets portfolio, offers low-cost trading on an advanced web platform, and supports various payment methods.What we dislike about this exchange is the lack of information about the fund storage. Most crypto-exchanges keep client funds in cold storage, in order to prevent hacks.
This exchange is operated by Abucoins limited liability company registered in Poland with share capital of 50,000 PLN (paid up). It is not regulated, as is the case with most similar venues globally. Nonetheless, this situation creates a potential for counter-party risk, as the majority of crypto-exchanges are centralized. We remind you that you can also trade in cryptocurrency CFDs with forex brokers, and below you can find a list of companies that are duly licensed by the respective government agencies.
AbuCoins Review Conclusion
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