Coinroom Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
Coinroom Review – is it scam or safe?
Coinroom is a Polish digital currency exchange where people can buy or sell several of the larger digital currencies: BTC, LTC, ETH, DASH, XMR, BCC, ZCOIN, PIVX. It is more like a currency change buerau, where one can exchange money, rather than a trading platform in the real sense of the word.
In essence, there are two types of accounts: verified and unverified. The former is not much different than the latter, but has the main benefit that has an unlimited turnover. The verified account can be obtained by providing more detailed personal information and a copy of a government ID. The unverified account has a limited turnover of €15 000.
Like most digital currency exchange platforms, Coinroom does not offer leveraged trading. It is not a broker that offers trading in CFDs on cryptocurrencies, like for example IG, easyMarkets, eToro, RoboForex, ThinkMarkets, XM, FxPrimus, HYCM, FxOpen or any of the many brokers that have started offering leveraged cryptocurrency trading in the recent months. Rather, Coinroom is a simple digital currency exchange platform.
The Company. Security of Funds
Like we already said, Coinroom is a Polish company. According to the timeline on its own site, it was incepted in 2015 and launched in April 2017. It says it provides services in almost all countries across the world, except Russia and USA.
In addition to the “standard” real currencies like USD and EUR, Coinroom supports GBP, PLN, NOK, CHF, CZK, DKK and RUB, despite not accepting clients from Russia.
According to data of the site Coinmarketcap, based on data from Coinroom, roughly half of its turnover is generated by Bitcoin, followed by Bitcoin Cash. The platform’s total turnover since its launch stands at $1,141,229, which is not a lot, compared to the turnover of the leading cryptocurrency exchanges. But, then again, Coinroom launched half a year ago.
What we find interesting is that Coinroom offers the option to pay bills through its platform. There is also the option to pay in the Zabka Freshmarket convenience store chain in Poland or to make donations through the Polish Post Office. So far we have not come across such options in other digital currency exchange platforms. Additionally, Coinroom users can send digital currencies to other users.
Coinroom says it keeps 100% of customer funds in encrypted cold storage, i.e. on servers that are not connected to the internet and practically cannot be hacked and robbed, like it has happened over the years to exchanges like Mt. Gox, Bitstamp, DAO, Bitfinex and the Coindash ICO.
On the other hand, the hot wallet is secured by Coinroom’s own funds and an encrypted backup on all records is being made on a regular basis.
All transactions are being verified with an SMS and two-factor verification (2FA).
From the user comments in some Polish forums, we get the impression that Coinroom’s clients are satisfied with the service, which they describe as fast and as offering good prices, and would recommend it. We have not come across any complaints or information about hacks.
The term “trading platform” is a bit of an overstatement, when we talk about Coinroom. It is a very simple and easy to use interface with “buy” and “sell” options and does not have options and tools like the classical asset trading platforms like the popular MetaTrader 4 and 5.
There, however, are options for market orders of the type take profit, stop loss, trailing stop and take profit limit, stop loss limit, trailing stop limit.
Methods of payment
Like we already said, Coinroom works with several of the most popular digital currencies and several “real” currencies. Deposits in fiat currencies are accepted through bank transfer and the online payment platforms Dotpay, Tpay, Sofort. Withdrawals can be made through the aforementioned options, as well as the Zpay platform and an internal transfer in Coinroom accounts.
Coinroom Review – is it scam or safe? Conclusion
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