CoinsMarkets Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this CoinsMarkets Review.
CoinsMarkets is a crypto-exchang that currently offers only coin-to-coin trading. Nonetheless, its users are able to trade in wide range of altcoins, not only the most popular ones. In fact, it seems that CoinsMarkets specializes in small market cap coins, which most other exchanges haven’t listed. Another unique feature of this exchange is that it provides daily Proof-of-stake (PoS) rewards.
As is usually the case with most exchanges, CoinsMarkets offers a single account type with no option for margin trading and charges some trading and withdrawal fees, while deposits are free.
Competitive Trading Fees
Trading fees on CoinsMarkets are flat, amounting to 0.25%, regardless whether you are a market “taker” or “maker”. Such fees are not high, yet, many exchanges charge only users who place orders at the market price that get filled immediately (market takers).
Numerous alternative coins offered
Apart from Bitcoin, Litecoin, at Doge at the CoinsMarkets exchange one can trade in a large number of altcoins, some of which are listed solely on this exchange. Strangely, Ethereum is not available for trade here.
Focus on staking coins
CoinsMarkets places a special focus on staking coins offers a decent amount of altcoins and actually these are the most popular instruments on this exchange. Currently, the most traded pairs on CoinsMarketsare B3/BTC and MUT/BTC.
Both Mutual Coin (MUT) and B3Coin (B3) are specific coins that reward you for just for holding them. Also known as Proof of Stake (POS) or staking coins, they allow users who hold them to get daily rewards for staking the coins in their wallets.
Relatively nice platform
The web platform provided by CoinsMarkets leaves a good overall impression, although it is nothing special in the crypto world. It seems like a perfectly functional coin trading place, with an order book, trading history, chatbox, news and a list of newly-listed digital assets. Instruments are groupes in 4 categories: BTC. LTC, DOG, XGOX, and ETH (the latter currently being empty).
Unknown company background
We could not find any information on the company owning and operating the CoinsMarkets exchange on its website. We even don’t know its headquarters.
Not suitable for beginners
First, we consider CoinsMarkets is not beginner-friendly, because it does not support fiat currencies; second, Bitcoin and altcoins are handled with 9 decimal spaces instead of 8, so one can easily make a mistake; third, we bet that inexperienced users have not heard of at least half of the coins listed on CoinsMarkets.
Of course, as US dollars and other traditional currencies are accepted users of this exchange cannot use their bank accounts or credit cards in order to start trading at CoinsMarkets.
Low trading volumes on many instruments
It seems that trading volumes on many pairs at CoinsMarkets are rather poor.
High withdrawal fees
Cryptocyrrency deposits at CoinsMarkets are free, however users have to pay pretty salty withdrawal fees. For example, if you transfer your Bitcoins out of the exchange, you are charged with 0.002 BTC. For litecoins, the fee is 0.001 LTC.
No leverage available
As we have mentioned above, trading with leverage is not available at CoinsMarkets. In case you are willing to trade cryptocurrency CFDs with a forex broker instead, they always provide margin trading.
We must mention that trading in cryptocurrency CFDs is quite different from dealing with a crypto-exchange.
No two-factor authentication
There is no 2FA at CoinsMarkets, only whitelisting IPs and pin code as forms of security, which is definitely as disadvantage. 2FA significantly reduces the change of your email or phone being hacked.
CoinsMarkets is a relatively small cryptocurrency exchange (in terms of trading volume), however it has a rather large staking pool. Proof of Stake (a.k.a. staking) coins don’t require any mining equipment, just a wallet that is open 24/7 for staking, and if you are lucky, you get some profits as rewards. So if you are into staking, CoinsMarkets may be a good choice for you.
Another thing we like about this exchange is that it offers wide range of altcoins, and its trading fees are in line with the average for the crypto-market.
However, there are a lot of things we don’t like about CoinsMarkets. First of all, the high withdrawal fees; Second, it does not support fiat currencies and some popular coins like Ethereum, Ripple, Neo; Third, the website of this exchange provides no information whatsoever about the company behind it, its headquarters, etc.
While most crypto-exchanges worldwide operate without any license, almost all share with the public who are the people behind it and provide some general information about the company that operates them. Furthermore, CoinsMarkets mentions nothing about keeping clients’ coins in cold storage and it does not use 2FA.
Judging from some user reviews in popular Bitcoin forums, we also get the impression that the deposit/withdrawal process is oftentimes slow.
We remind you that you can always find a well-regulated and reliable forex broker, with whom to trade in Bitcoin.
CoinsMarkets Review Conclusion
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