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CoinFalcon Review - is it scam or safe?

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

RATING: 3 / 5 REVIEWS

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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Spread

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Platform

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Deposit/Withdraw

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Traders` reviews for CoinFalcon

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
Forex
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