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CoinFalcon Review - is it scam or safe?

CoinFalcon Review - is coinfalcon.com scam or good cryptocurrency exchange?

RATING: 2 / 2 REVIEWS ForexBrokerz CoinFalcon

RECOMMENDED BITCOIN BROKERS


 Trading accounts and conditions 

 
Account type Leverage Maker Fees Taker Fee Deposit fee
Standard 1:1 0% 0.20%* SEPA Transfer 1 EUR
 

*fees can go lower if you trade bigger volumes

 
 

CoinFalcon is a UK cryptocurrency exchange which has changed a lot since our initial review. The current iteration, as of May 2018, targets mostly European clients. The company supports SEPA Bank Transfers and EUR is the only fiat currency available.

 
 

CoinFalcon Advantages

 

- Location. CoinFalcon is a UK cryptocurrency exchange and it seems it offers its services throughout the EU. The website also has a version in German. We have come across claims that CoinFalcon was regulated, but we did not find confirmation of this. Besides, there are no specific EU requirements for the cryptocurrency exchanges, except that they apply KYC and AML procedures.

 

- Robust Safety. CoinFalcon says it stores 98% of the funds in an offline cold storage, which, presumably, is quite safe. On the other hand, however, we did not find the two-factor authentication option, at least upon registering.

 

- Competitive trading fees. CoinFalcon charges market “takers” fees as high as 0.20%, which can go lower for bigger traders. Even the highest possible ones are in line with the current state of the industry. Market “makers” on the other hand don’t pay anything, which is a measure aimed at attracting liquidity. 

 

- Fund recovery. CoinFalcon provides the service of recovering funds sent to the wrong address. This is done manually, for a EUR 20 fee and there is no guarantee it will be successful. Still, it is a useful service for those who send coins to the wrong address, which seems to be a fairly common mistake.

 

- Over 30 coins. The list of available assets at CoinFalcon has grown over 30. The top coins on offer include BTC, BCH, LTC, ETH, XRP, IOTA, NANO, TRX, GNT, DOGE, ADA and more. Trading is mostly done against BTC and ETH, as only four assets are paired with the EUR.

 

- Two nice layouts. The different interfaces at CoinFalcon are aimed at newcomers and veterans to crypto (and trading altogether).

 

The simple one, which apparently “scoops” the order book looks like this:

 

 

 

Those who are willing to get a more precise entry will be greeted by this platform (featuring charting from TradingView, one of the best third party providers):

 

 

- Low deposit and withdrawal fees. The one Euro fee per Bank Transfer applied by this company shouldn’t impact traders that much. Additionally the cryptocurrency withdrawal fees are much lower than the ones provided at other exchanges, with the Bitcoin one being 0.00008 BTC.

 
 

CoinFalcon Disadvantages

 

- Little info about the company. While it’s true the world off crypto isn’t regulated (with a few exceptions) CoinFalcon would have gained more credibility, if they had presented the public with some background information. We don’t know much about them, other than the address of operation and the name of the CEO.

 

- Fiat solution only for EU clients.  Supporting only the EUR as a fiat currency option doesn’t seem very British (this is a UK exchange after all). Additionally, the lack of support for Swift Bank transfers will also hinder users.

 

>> See crypto exchanges accepting credit cards <<

 

- No Leverage. Like most cryptocurrency exchanges, CoinFalcon does not offer leveraged trading. There is another UK crypto exchange – Cex.Io – which offers this type of trading. There are also a lot of regulated forex brokers who offer leveraged trading on cryptocurrency CFDs

 

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

 

- Liquidity may be an issue. This obviously only applies for the bigger traders. The more curious among you may have zoomed in on the chart we provided above and saw the massive spike in BTC/EUR. We suspect this may have been a client using the simple interface to perform an order too big for the book.

 

Conclusion

 

CoinFalcon is a UK-based cryptocurrency exchange, which has had a lot of changes since our initial review. The company now accepts SEPA transfers (an EU-wide banking system) and offers a lot more coins. The two different layouts are nice, as they will suite both beginners and experienced traders. 

 

That being said, there is little background information on the team behind this project, which is often the case in the world of crypto.

 

Here is a recap of this review:

 
Pros Cons
Location Little info about the company
Robust Safety Fiat solution only for EU clients
Competitive trading fees No Leverage
Fund recovery Liquidity may be an issue
Over 30 coins Two nice layouts
Two nice layouts
 
Low deposit and withdrawal fees
 
 

 

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Traders` reviews for CoinFalcon

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CoinFalcon 2.0 Updates

Hello! Just letting you know that CoinFalcon 2.0 has just been launched very recently with amazing new features such as credit/debit card and Skrill/NETELLER support for deposits, iOS and Android mobile apps, and a fresh UI! Hopefully, you'd get the chance to update your review.

Roel 07/18/2019

Delisting scam - IT'S A SCAM.

Coinfalcon delisted several consign in may and they did not gave enough time to withdraw funds.

Now they refuse to transfer these funds.

In other words, they simply confiscated my coins and there is nothing I can do about it.

Don't trade at coinfalcon, find some trustable exchange that do not steal your money.

GLamacchia 07/10/2019

Coinfalcon opinion

Good morning:

I wanted to share my experience with Coinfalcon, so that we know who is in the background of these pages and that you can have an opinion about it. I wanted to buy cryptocurrencies, so two years ago, I decided to buy IOTA's. It comprises an amount equivalent to 2,433 IOTA cryptocurrencies through the Coinfalcon page. I used to enters to the website to check the value of these cryptocurrencies about 2-3 times a month, at most.

Last May 31 I sign in my Coinfalcon account for check my the 2,433 IOTA's, but I could see that I have no IOTA´s, but another cryptocurrency and the value that had become almost 0 €. (The cryptocurrency that I was worth two years ago more than € 7,500 and now the cryptocurrency that was worth € 1,35).

There wasn´t any transactions history in my file, but also a past of having 2,433 IOTAS to 1,525 TetherUS, which have almost zero value.

As I did not understand what had happened, I contacted Coinfalcon support to write them what had happened to me, that I hadn´t made any transactions, that there was no transaction in my file, but that the IOTAs had disappeared.

The next day they replied that they had made multiple purchase-sale operations from my coinfalcon account and that I had sold those IOTA's. there were constant transactions, for another type of cryptocurrency, in such a way that they had lost all the value that they had. When I saw the support email, I went back to the website and coincidentally, and if there were a lot of transactions and transactions that had been made from my account and that had depreciated the value of almost € 1,000 (which was what was quoted by the cryptocurrency when I hacked the account) to € 1.35.

I wrote to support to ask them to enter in my Coinfalcon account, so they could check how they had been entering from Italy, Ukraine, United Kingdom, China, Germany, Austria ... at the same time, all at the same time, perform these transactions.


At the time they answered me from Coinfalcon's support saying that indeed, those operations had been carried out and that what I only thing I could to do was improve the security in my account to prevent them from entering ... in short, I had to give up all the money I had. You must know two things about this matter, before entering Coinfalcon and start working on their application or website.

- Every bank, if they see that, from a client's current account, strange movements or transactions begin to appear or from countries outside the client's residence, they proceed to cancel the customer's account to avoid fraud. In Coinfalcon, despite being a website that guards the money of countless clients, it does not maintain any security measure to protect the money of its clients, only those that the client wants to implant to protect himself. It is not that they entered from a foreign country to take the money, but, at the same time, at the same time, they entered my account from more than 8 foreign countries, with distances of thousands of kilometers between each other, without no alert jump to Coinfalcon to protect me, that I am your client.


- When you make cryptocurrency purchase transactions from the application, Coinfalcon charges you a commission for carrying out the transaction, it can´t be done for free. I mention this, because when I had the account that I had with Coinfalcon, they did not take my money to another account and it was stolen, but what started to appear in my account were countless transactions of criptomonedas, for very small, in such a way that, each time a transaction was made, Coinfalcon received an amount by commission. In my case, they did not steal my money, but they made many transactions until my money was zero, but for their commissions, not because someone else stole it. In short, the only person who earned something when they hacked into my account was Coinfalcon, not a third party and the only one who lost was me.

- In addition, nothing appeared in my transaction history until I claimed support, so yes, all the transactions that were made 14 days in advance appeared. Draw your own conclusions, but I would be very careful if you want to use Coinfalcon as a platform.

I have screenshots of everything I've told you and I went to police station to report about what happened, but I suppose ther´s nothing to do about hackers or Coinfalcon.

Alberto 06/20/2019

CoinFalcon criminal sewer

COINFALCON IS A SCAM.

Warning to operators of crypto coins. As a direct victim of fraud I have a moral need and duty to unmask these fraudsters.
I was a regular customer of this Exchange about a year ago. Until recently all operations took place quite normally. The transfers took two working days at the most but since March 8th, that is, my last SEPA transfer of 200€, it does not appear in my CoinFalcon account balance.
When I contact customer service they respond very kindly with nonsensical answers or charging my bank with the blame or finally blaming my country's central bank by suggesting that they block my transfers for being a bad citizen. In short, they waste my time with all sorts of excuses while they swell the account of Mr. Tango, pseudonym of the account holder they have in Lithuania, a few kilometers from their country of origin, United Kingdom and probably CEO of this band, Mr. Jordan Steeves.
When a company brazenly steals from its customers it can only mean that the ship sinks, sinks and quickly. What has happened to me has happened to more people and many others out of shame or lack of time hesitate to denounce publicly.
CoinFalcon's next step will be to simulate a massive theft of crypto coins and blame a fictitious hacker and close the business until the storm calms down and then start another similar project like an ICO of a crypto with no future but a lot of marketing or open another Exchange with a bank account in a tax haven, with a different name but with the same purpose, steal all the money out of our pockets and laugh behind our backs. When there is no shame, everything is possible. Internet is a jungle and right now benefits the criminal.
Needless to say, thank you for taking the trouble to read my bad experience with these gentlemen and ask you to share this message in the appropriate groups, only then will we be able to warn more people before it is too late.

Ricardo PS 03/24/2019

Scam - I can't withdraw my coins

Same happened to me like Faisal below. No email or notification. They delisted coins. Apparently, we had 14 days notice. Found out this after I couldn't withdraw my coins. Contacted customer services, absolutely unhelpful. Apparently, "an executive decision" yet they don't have the contact details for executives for me to contact. Total daylight robbery. Stay away. Huge scam!

Derek Trotter 08/14/2018

Complete and Utter Scam

NEVER USE THIS EXCHANGE. EVER

They literally confiscated my assets. Apparently sent 14 days notice via email (never received). Absolutely disgusting behaviors and the reason why the space does not attract retail clients. No support for withdrawals for delisted coins and absolute rubbish customer service. No senior escalation. Absolutely unbelievable. Never use these guys, that is my advice. No compensation even in bTC/ETH to the value of coins they stole. I have no affiliations to any exchange. Reach out to me, I will demonstrate evidence. DO NOT USE PLEASE>

Faisal 08/09/2018

Scams you on the margin!!! Stay away!!!

COMPLETE SCAM. They take a HUGE margin which does not reflect the current coin prices. If you then try to turn around and sell the coins you just bought, they give you LESS THAN HALF of what you originally paid (even with near-zero fluctuation in coin price from the purchase price).

NEVER USE THIS SITE. PLEASE LEARN FROM MY MISTAKE

Tim 03/11/2018

CoinFalcon withdrawal

I have tried on several occasions to withdraw my money but no luck the fees foe withdrawal are to much and they only deal with euros that is why fees are so much the help desk is not very good and I get very angry that I carnt get my money back why ???????????????????????

chris 02/27/2018

Just signed up and need to correct review

Just signed up and need to correct review.
The site DOES offer 2FA (just done it!) and there is a 'Pre Verify Account' section in the setup tab of my account, I haven't done this yet but assume it's the usual Drivers License/ID check
Ta
D.

Minerva1961 02/13/2018

2 weeks of experience using coinfalcon.com

It is very well done trading platform.
Market is huge and spread is close to 0.
It seems coinfalcon is working somehow with GDAX since order book is exactly the same as in Gdax.
Support responds very fast in live chat usually from 5-min to 2h.
They used to have issue with withdrawal fees, but seems it got fixed 2 or 3 days ago (fix was at ~24-12-2017). Current withdrawal of BTC fee is 0.0006btc to 0.00108 btc depands from current BTC network traffic.

Witdrawing BTC is usually fairly fast takes 5min-2h for withdrawal to be broadcasted to blockchain.
It is awesom becouse GDAX normaly has 10k euro withdrawal limit, while on coinfalcon you get no limit!. Also taker fee in gdax is 0.3% while in coinfalcon.com it is 0.25%.

So if you want high volume trading using gdax and you are "taker" than this exchange is for you.

Design is modern and intuitive.

There are still some minor glitches in working but nothing that can't be handled. For example when you sell crypto, account ballance is not updated correctly - you need to reload page with F5.

Expecialy since gdax withdrawals got somehow very slow (yesterday it was 12-16h to withdraw btc from GDAX, while from coinfalcon it was 1-5min + confirmations.

Overall i am VERY pleased with this exchange.

Krzysiek 12/27/2017

A total scam

Coinfalcon is a total scam,

I have made a withdrow of more than half of bitcoin, I have never received, they start give me excuse and they finish by not answering, they says they are working on the issue but nothing happened, those guy are not clean. If there is any one on the same case, please contact me and UK Fraud Office!!!!

bacem 12/22/2017
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