Negocie Coins Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this Negocie Coins Review.
Negocie Coins Review
As its name suggests, Negocie Coins is a Brazilian exchange that allows users to trade between some of the most popular cryptocurrencies and Brazilian Real (BRL). Unfortunately, they don’t support Ethereum, as well as a number of other popular coins, nor coin-to-coin trading.
Apart from the Basic account type, there is also a Premium one Negocie Coins. It is for users who deposit at least BRL 30,000 or BTC 50, and to them apply higher trading limits.
Like most similar venues, Negocie Coins utilizes two-factor authentication (2FA) for security purposes.
Negocie Coins Advantages
Decent amount of coins available for trade
By the time of writing the present review, Negocie Coins offers 4 coins for trade, including Bitcoin, Litecoin, Bitcoin Cash, and Bitcoin Gold. Although this is hardly a rich cryptocurrency portfolio, one of the most popular Brazilian exchanges, FoxBit, offers only trading in BTC/BRL.
Trading against BRL
One of the main advantages of this exchange that targets Brazilians is the fact that it offers them access to Bitcoin and several other coins via depositing directly in their local currency (BRL). Clients of Negocie Coins may trade BTC/BRL, BTG/BRL, BCH/BRL and LTC/BRL.
Brazilian bank transfers supported
Being able to deposit and cash out in their local currency via bank transfer is without a doubt a significant convenience to Brazilian traders. When it comes to withdrawal fees, however, they appear quite high.
Trading platform with advanced charts
Like most exchanges, trading at Negocie Coins is carried out directly on its website. There is an order book, as well as advanced charting, provided by TradingView. Charts are equipped with some useful options, such as technical analysis indicators. Oddly, the order book and the charts are not present in a single window, so one has to click back and forth.
It looks like the trading volumes on Negocie Coins platform are not low and liquidity is good, especially for the BTC/BRL pair.
Negocie Coins Disadvantages
A Brazilian exchange suitable only for locals
Negocie Coins will hardly be of any interest to crypto investors outside Brazil, given the fact that only supports trading against the local currency BRL.
There are discounts for high-volume traders, based on their trading volume for the last 30 days, but otherwise Negocie Coins charges market makers 0.30%, and market takers 0.40% per trade. Such trading fees are above the average in the sector, which is in the range of 0.20% – 0.25%. For example, Bleutrade, another Brazilian exchange, charges all trades with a flat fee of 0.25%.
In addition, Negocie Coins has pretty salt withdrawal fees: clients who cash out in Brazilian reals, must pay a fee of 0.90% + BRL 8.90 per withdrawal. The minimum commission rate for this operation is BRL 1.50.
Minimum initial deposit required
While the majority of Bitcoin exchanges have not set a minimum investment requirement, at Negocie Coins one has to deposit at least BRL 50 or 0.002 BTC, which may prevent some small players from registering at this exchange.
No coin-to-coin trading
As we have mentioned above, clients of Negocie Coins are not able to exchange one coin for another, but only fiat for crypto and vice versa.
No margin trading
As we mostly review forex brokers, we are used to them offering high leverage levels, however most crypto-exchanges don`t provide margin trading. Negocie Coins is no exception to that, so if you need some leverage, you can check out some larger exchanges like Kraken or OKEX, who offer such. Forex brokers that offer trading in Bitcoin are yet another option.
No wallet service
Many exchanged provide wallets, which is without doubt convenient for their users, however Negocie Coins is not one of them.
In essence, Negocie Coins allows Brazilians access to Bitcoin and several other cryptocurrencies. They are able to use their local currency (BRL), and to make wire transfers from and to Brazilian banks. Besides, this exchange offers charts by TradingView and appears to have sufficient liquidity. However, coin-to-coin trading is not possible on Negocie Coinsр nor margin trading, its fees are a bit high.
Although Negocie Coins seems like a legitimate exchange, we have to mention that the company that owns and operates it is not regulated in Brazil. Negocie Coins is owned and operated by Negociecoins Intermediação E Serviços Online Ltd., a company that is not regulated, which is not unusual in the crypto-world. We remind you that you can also trade in Bitcoin with licensed forex brokers, just be sure to understand the differences.
Negocie Coins Review Conclusion
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