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CoinFalcon Review - is it scam or safe?

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

RATING: 3 / 3 REVIEWS

RECOMMENDED BITCOIN BROKERS


 Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1

0.25%

 CoinFalcon is a UK cryptocurrency exchange that offers trading in Bitcoin, Ether, Litecoin, Bitcoin Cash and IOTA. Bitcoin and Ether can be traded against the EUR, while Litecoin and IOTA can only be traded for Bitcoin only. Respectively, Ether and Bitcoin can also be traded for each other. CoinFalcon claims its services are instant.

 

In fact, there are two types of trading on offer: instant and something called “Trading view”, which is for more advanced traders and allows placing for limit and market orders.

 

 

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, but this regulatory area is still quite fuzzy.

 

- Speed. CoinFalcon claims buying and selling is instant. Or probably almost instant. But if this is indeed the case, most likely the exchange has its own stash of coins and can process the orders fast.

 

- 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.

 

- Trading fees. CoinFalcon charges a 0.25% trading fee. When compared to other exchanges, the commission is not that high, even though we could not figure out whether this is per side, or total. There is also a fee when using the instant exchange and it is calculated and displayed when the order is placed.

 

- 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.

 

- Coins. CoinFalcon offers several other cryptocurrency, in addition to Bitcoin. There are only a few more, but it is still better than most instant exchanges who only offer trading in Bitcoin.

 

- Transfer fees. Deposits in cryptocurrencies are free, withdrawals are charged only with network fees. IOTA withdrawals have no network fee.

 

- Platform. The trading platform of CoinFalcon looks like a proper trading platform. It has an order book, order history, price and market depth charts and charting and analysis tools provided by the TradingView platform. There is also a chat option. The instant exchange offers a simple and easy to use order form.

 

 

 

 

 

- Anonymity. CoinFalcon’s service is practically anonymous. One only needs a valid e-mail address to sign up and there are no ID requirements whatsoever. Most likely the reason is that the exchange only offers cryptocurrencies, hence it does not need to deploy KYC and AML procedures.

 

- Volume. According to data of CoinCodex, CoinFalcon has a fairly impressive daily volume of the equivalent of $13.46 million, at the time of writing this review.

 

 

CoinFalcon Disadvantages

 

- US clients. Upon registration, CoinFalcon requires the potential clients to explicitly state they are not US citizens or residents. This means that the exchange does not accept US clients.

 

- Leverage. Like most cryptocurrency exchanges, CoinFalcon does not offer leveraged trading. There is another UK crypto exchange – CexIo – who offers this type of trading. There are also a lot of regulated forex brokers who offer leveraged trading on cryptocurrency CFDs – on the familiar trading platforms and both for new and existing clients.

 

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

 

- Fiat. The situation with the fiat currencies on CoinFalcon is a bit confusing. Upon first look one would get the impression that they can buy and sell Bitcoin and Ether for euro and vice versa, but it turns out this is actually not the case and the exchange does not work with fiat currencies. Obviously the BTC/EUR and ETH/EUR pair are actually some sort of CFDs.

 

- Cards. As CoinFalcon does not in fact work with fiat currencies, quite naturally, it does not accept payments with credit cards, or any other form of fiat payment, like bank transfers or PayPal, for instance.

 

>> See crypto exchanges accepting credit cards <<

Conclusion

 

CoinFalcon appears to be a stable and user-friendly exchange that has a few advantages like offering some of the most popular cryptocurrencies for trading and has services both for novice and occasional users and for more advanced traders. We particularly like the fact that it has intergrated TradingView’s charts and tools. The trading fees are also quite low, which makes CoinFalcon attractive. As for transfers, the client only has to cover the network fees for withdrawals of some of the cryptocurrencies.

 

The two main disadvantages of CoinFalcon are the fact that it does not accept US clients and that it does not offer the option to exchange cryptocurrencies for fiat currencies and vice versa, even though initially it leaves the impression that it does.

 

Considering that CoinFalcon is a relatively new exchange, it seems it got the most essential features and options right and can only progress from here.

 

Latest news about CoinFalcon
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Spread

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Traders` reviews for CoinFalcon

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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