Coinbox Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
Coinbox Review – is it scam or safe?
Coinbox is a Malaysian cryptocurrency exchange. It offers trading in the most popular cryptocurrency – the bitcoin – for Malaysian ringgits. The transfers are instant, with real-time escrow. It also has an additional feature for socializing among the users of the platform. It does not offer leveraged trading.
There are no fees either, or at least Coinbox promises so. Everything is free – deposit and withdrawal, no transaction fees either. The exchange says it pays the mining fees as well, so we are left wondering how the platform actually makes its profits.
There is no other cryptocurrency for trading, at least for the time being, but it seems trading in bitcoin is sufficient for the Malaysian users.
Offering just one cryptocurrency, usually the bitcoin, is not very typical of the cryptocurrency exchanges. Usually they offer at least of the more popular 3-5 altcoins for trading to make their existence feasible, but there are some, like Bisq and LiteBit who offer tens, or even hundreds of cryptocurrencies for trading, some of them really obscure and exotic. There, however, are others like Luno, who similarly offer just bitcoin trading.
Apparently Coinbox’s service is strictly limited to Malaysia, as we could not even sign up for the service. Or perhaps the whole system is buggy, as it obviously registered our address, but we never got past the sign up screen, nor did we get a confirmation e-mail. On our second attempt, we got another error message – that the address is already registered. We tried with another e-mail address, just to get the same results. Having problems even signing up is quite annoying and offputting. If Coinbox does not accept clients from other countries, it should have stated so, instead of leaving us wondering what is wrong.
We are only starting to look into Malaysian cryptocurrency exchanges, so we are not aware whether there are local platforms that offer leveraged trading (probably not), but there are exchanges like Kraken, who operate on a global scale.
There are also forex brokers who offer leveraged trading on cryptocurrency CFDs, for speculative purposes. Among them are IG, HYCM, easyMarkets, XM, FXTM, Plus500, Admiral Markets, Vantage FX, etc. Some of them are offering just bitcoin CFDs, but most have a more extensive portfolio that includes the largest cryptocurrencies. Some, like FXTM, XM and IG also offer their services in Malaysia.
The Company. Security of Funds
Coinbox is not regulated, but it is not required to be, at least at this stage. Despite being quite a lucrative market, Malaysia’s regulator, the Bank Negara, still has not decided on its approach to cryptocurrencies.
The governor of Bank Negara told the Malaysian Insight that the authorities are working on guidelines for entities working with cryptocurrencies that will address money laundering and terrorist funding issues and provided no further details. It is expected that the regulator will come up with a decision on the matter by the end of 2017.
Unlike most cryptocurrency exchanges, which provide fairly detailed information about verification process and tiers and client fund storage, Coinbox does not bother do so. It promises “military grade security” and encrypted servers, but does not delve into any details.
Coinbox also offers an e-wallet for its clients (also free), which can be used for storage and cryptocurrency transferring services. The funds are stored offline and on an encrypted server.
As we already said, we could not sign up for Coinbox’s service and did not gain access to the trading platform. Most likely it is similar to that of other exchanges that offer spot trading and is nothing very complicated or too fancy.
Methods of payment
Coinbox does not provide much information about the deposit and withdrawal options, except that the profits can be withdrawn in Malaysian ringgits in local bank accounts. As per the company claims, there are no processing fees.
Coinbox Review – is it scam or safe? Conclusion
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