CoolCoin Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this CoolCoin Review.
CoolCoin is an Australian cryptocurrency exchange, which operates on a crypto-to-crypto basis. Basically, it offers trading in more than twenty altcoins against Bitcoin and its pricing is good. If you are looking to purchase some digital assets with traditional “fiat” currencies, however, CoolCoin is not the place for you.
This exchange offers two types of trading accounts – Original and Activity. The latter is designed for high-volume traders and has reduced trading and withdrawal fees for some instruments. We suppose that users are classified as Original or Activity account holders, based on their monthly trading volume, but actually CoolCoin’s website does not provide information about this.
CoolCoin is one of those exchanges that do not allow anonymous trading, although that was initially the idea of Bitcoin. It uses an Australian Government approved verification system called Green ID to verify its customers in order to apply its KYC and AML policies.
Low trading fees
Like many other exchanges, CoolCoin charges trading and withdrawal fees, while crypto deposits are free of charge. The Original transaction fee is 0.1% per trade, and Activity account holders are charged with 0.05% when trading in some less popular altcoins. Such trading fees are really low, as the average in the sector is around 0.20% – 0.25%.
Many altcoins offered
Although it was launched in September 2017, CoolCoin already offers more than 20 altcoins for trade. These include BBC,ETH, ETC, LTC, NEO, EOS, QTUM, ACT, XAS and others.
Two account types
Unlike most exchanges, CoolCoin offers two account types – an Original one which is standard, as well as an Activity one with lower trading and withdrawals fees for some trading pairs.
No fiat currencies
As we already said, CoolCoin offers trading only against BTC and does not support any type of fiat currency integration, not even the quite popular USDT (a cryptocurrency backed by US dollars). Accordingly, the only payment methods accepted by this exchange, are blockchain transfers. Those who’d rather use their credit cards to buy some Bitcoins for example, may check out our list of exchanges that offers such payment options.
Only Australians accepted as clients
In the CoolCoin’s Terms and conditions it is stated that its trading platform is not offered or available to any person who resides outside of Australia. Most exchanges don’t have such limitations.
Actually, on the exchange’s website is explicitly stated that the company operating the CoolCoin brand is not licensed as an Australian Financial Services Licensee and it does not offer general or personal financial advice.
As the legislative framework on ctyptocurrencies and crypto-exchanges in the country is still in progress, it is actually logical for venues like CoolCoin not to be regulated. You can find a brief summary of the current situation in Australia.
Platform too basic, no charting
CoolCoin’s has a web-based trading platform that is simple and easy to use, but seems too basic.
In fact, this platform lacks basic features, such as charting, market depth window, cancellation, etc. It only has an order book and a buy and sell button.
No margin trading
CoolCoin does not offer leverage, which is most often the case with crypto-exchanges.You can check out the options forex brokers provide in terms of leveraged Bitcoin trading.
No anonymous trading
The exchange cannot be used by non-verified users, which defies the initial purpose of Bitcoin.
Withdrawal fees up to 1%
This exchange charges withdrawal fees, which are as high as 1% for the most coins. The rates for the more popular coins are rather acceptable, with 0.001 BTC, 0.001 LTC and 0.01 ETH, respectively.
CoolCoin is a newly-launched Australian crypto-to-crypto exchange where you can trade in Bitcoin, Ethereum, Litecoin, and more. What we like most about it is the fact that it offers two account types and its low-cost trading fees. On the downside, fiat currencies are not supported, and only Australians who had undergobne verification are able to use CoolCoin’s platform. Besides, we find the platform missing some basic features and with rather high withdrawal fees.
The exchange is operated by Coolcoin PTY LTD – and Australian company, owned by Michael SU. Like the majority of exchanges wirldwide, CoolCoin is not licensed, nor overseen by any governmental authority, as cryptoicurrency legislation in Australia is still in progress.
For those of you who prefer trading with a regulated entity, there is yet another option – to trade cryptocurrency CFDs with forex brokers.
CoolCoin Review Conclusion
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