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Cloud Coinz Review - is it scam or safe?

Cloud Coinz Review - is cloudcoinz.com scam or good cryptocurrency exchange?

RATING: 2 / 0 REVIEWS Cloud Coinz
Cloud Coinz is not regulated. We cannot guarantee your money is safe.

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Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1

0.1%*

 

*Welcome offer of zero fee for the first month of trading.

 

Cloud Coinz is a relatively new Indian cryptocurrency exchange that offers trading in 50 altcoins for INR, both bigger and smaller ones, such as Bitcoin, Ether, Ripple, Litecoin, Neo, Monero, Dash, Stellar, Bitcoin Cash, Bitcoin Gold, Lisk, Ethereum Classic, etc. It claims to be “next generation multi-cryptocurrency exchange in India”.

 

The exchange is mostly intended for Indian users and we could not find information whether it accepts clients from other countries.

 

Cloud Coinz advantages

 

- Low Fees. Cloud Coinz charges a fee of 0.1%, no matter what the size of the transaction, which is not a lot, compared to other Indian exchanges like Zebpay and Unocoin. Furthermore, Cloud Coinz does not charge deposit and withdrawal fees.

 

- Accepts Fiat. Cloud Coinz accepts deposits in fiat currencies, INR to be more precise. There are several deposit and withdrawal options, including IMPS and NEFT/RTGS payment methods.

 

>> See crypto exchanges accepting credit cards <<

 

- Good Speed. The fiat deposits can be processed for between 5 minutes and 4 bank hours, depending on the deposit method. The payment gateway deposits are instantaneous. Withdrawals of up to INR 1,00,000 will be credited via IMPS within 30-60 seconds. Withdrawals of more than INR 1,00,000 will be credited via NEFT payments within 24-48 hours bank working hours.

 

- Lots of Coins. Cloud Coinz has an extensive portfolio of around 50 cryptocurrencies for trading, which is quite impressive, especially considering that most platforms with so many coins on offer seldom provide the option to buy and sell them for fiat currencies.

 

 

Cloud Coinz disadvantages

 

- Minimum deposit requirement. Cloud Coinz has a minimum deposit requirement of INR 5000 (around $77). It is not much, but most exchanges have no such requirements.

 

- No Anonymity. The service of Cloud Coinz anonymous and the exchange requires client verification. It can be done with documents that include Aadhaar card, PAN card and bank details. Besides, the clients have to undergo verification once a year, as per the legal requirements.

 

- Taxes unavoidable. Cloud Coinz explicitly notes that its clients are supposed to pay taxes on their profits, as per the requirements of Indian law.

 

- No Regulation. Cloud Coinz is not regulated, but for now there are no specific requirements for licensing and regulation in India. According to recent media reports, however, the government is looking into setting up rules to regulate the cryptocurrency industry in India.

 

- No Leverage. Like most exchanges, Cloud Coinz does not offer leveraged trading. For those who are interested in this type of investment and do not need to own the cryptocurrencies themselves, there is the possibility to trade in CFDs with cryptocurrencies as an underlying asset. There are plenty of properly regulated forex brokers who offer such instruments, mostly with the bigger coins.

 

 >> See our list of regulated bitcoin forex brokers <<

 

- Countries. Cloud Coinz is mainly targeting Indian clients. It is a big country, indeed, yet this is a limitation.

 

- No info on security. We could not find much information about the coin storage method of Cloud Coinz. If it stores most of the client’s coins in cold storage, fine. But if it is in hot online storage, it can be risky.

 

- Platform. We could not get to see the trading platform of Cloud Coinz, because we cannot verify our account and the platform is available only to verified users. From the FAQ section of the exchange we understand that it is web-based only, but the company is working on mobile applications for trading on the go.

 

 

 

Conclusion

 

Cloud Coinz is competing on a large market with several major players such as Unocoin, Zebpay, Kucoin, etc.

 

Besides, it seems that the cryptocurrency industry in India right now is somewhat stressed out by the unclear position of the government and fears that the cryptocurrencies and trading in them may be altogether forbidden.

 

Compared to other Indian exchanges, Cloud Coinz has some advantages, such as the low trading fee and the large number of coins available for trading.

 

 

 

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Traders` reviews for Cloud Coinz

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