Coinut Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
Coinut Review – is it scam or safe?
Coinut is a Singapore-based cryptocurrency exchange for bitcoin, cryptocurrencies, futures, options and binary options trading. Its cryptocurrency portfolio is not very extensive, and there are no fiat currencies available, but there is no minimum requirement, so you can deposit as much as you want.
Like most cryptocurrency exchanges, Coinut offers a single trading account type and does not provide margin trading. It looks like it does not require account verification, at least initially, and there is no clear information on its website and forum. Also, we did not find information about whether Coinut offers own e-wallet, or clients should choose an external one.
The Company. Security of Funds
COIN Ultimate Trading (COINUT) is a comprehensive exchange that allows trading in spots, futures, options, and binary options on a single platform. Its Founder and CEO Xinxi Wang started the exchange back in 2013 and it has been running securely so far with no major hacks. All cryptocurrencies are stored offline and withdrawals are checked and processed semi-manually. Additionally, in 2017 Coinut launched an Insurance fund to protect against losses and an API service with both REST and WebSocket available. Its website is available in English and Russian.
As of November 2017, Coinut is sitting at the #69 spot in the list of the top cryptocurrency exchanges by their 24 hour trading volume, according to CoinMarketCap. The most popular trading pair is LTC/USDT, comprising more than 50% of the exchanges overall volume.
The company owning the exchange and the website, Coinut Pte. Ltd., is incorporated and registered in Singapore – a country that is considered “ICO Haven”. The city-state and has a relatively liberal approach to cryptocurrencies and crypto-exchanges, although the the Monetary Authority of Singapore (MAS) announced its plans to approve in advance digital tokens that constitute securities (before their ICO) and to regulate cryptocurrency exchanges. Nonetheless, we have not heard yet of a regulated crypto-exchange in Singapore.
Indeed, to date most cryptocurrency exchanges worldwide are not formally licensed, so investors should not be bothered by this fact. Still, we advise you to do your due diligence check before transferring any coins or money or providing personal information to a cryptocurrency exchange. When we checked the user reviews on Coinut in various sites and forms, we get the impression that it is a legit exchange. Still, some users complain about delayed payments and that they have not received their bonuses (Coinut offered free 0.01 Litecoin under a referral program).
If you insist on doing business with a regulated entity, there is another option: to trade in cryptocurrencies with forex brokerages like IG, HYCM, etc. There are certain peculiarities you should take into account, but most of them are properly licensed.
Trading instruments (cryptocurrencies)
Coinut currently features Bitcoin, Litecoin, Ethereum, Ethereum Classic, and USDT (USD Tether, a cryptocurrency, backed by real dollars) . In case you would like to experience more altcoins, exchanges like Bittrex could be an option.
At this point in time Coinut doesn’t support margin trading, which is not surprising, since most crypto exchanges do not allow this functionality. That being the case, if you wish to gear up your trading, you may either select among some of the exchanges that provide leverage (Kraken, Poloniex, Bitfinex, etc), or chose a forex broker instead. Lately, a growing number of forex brokerages, like IG, HYCM, easyMarkets, Plus500, Swissquote, who are offering CFDs on some of the most popular cryptocurrencies.
While many exchanges charge both market takers and market makers, Coinut applies only a 0.1% Taker fee, which Is rather low, as the average trading fees are 0.20% – 0.25%. This makes Coinut rather competitive in terms of trading fees.
Charging market takers more than market makers or not charging the latter at all is a common policy in the crypto world (Poloniex, Bitlish and many others), as the “makers” are those who provide liquidity to the exchange. Nonetheless, other exchanges, like the Singapore-based Wex, have undertaken a different approach.
As we have already mentioned, Coinut is all-in-one a cryptocurrency exchange, as well as a platform for trading in futures, options and binary options. We will focus on its spot cryptocurrency offering here, basically allowing users to convert one cryptocurrency to another.
Methods of payment
Coinut doesn’t support deposits of US dollars, Euros, Singapore dollars, Chinese Yuan or any other type of fiat currencies, so some of the most popular payment methods like credit cards, bank wire, electronic payments like PayPal, are not available with this crypto-exchange. However, you can use USDT, which can be bought from other exchanges like Bitfinex or Kraken.
Of course, you can also deposit/withdraw in BTC, LTC, ETH, and ETC.
This may appear inconvenient to some investors, especially those who are just starting out in the cryptoverse.
Coinut Review – is it scam or safe? Conclusion
For more information about Coinut Review – is it scam or safe? visit TopForexBrokers.com Forex brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about Is Coinut Review – is it scam or safe?