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Coingi Review - is it scam or safe?

Coingi Review - is coingi.com scam or good cryptocurrency exchange?

RATING: 2.5 / 0 REVIEWS Coingi

RECOMMENDED BITCOIN BROKERS


 Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1 0.2%

 

Coingi is a cryptocurrency exchange that launched in 2014. Initially it was only offering crypto-to-crypto trading, but recently (November 2017) it also introduced the option to trade cryptocurrency for EUR and USD. The alt-coins available for trading are Bitcoin, Litecoin, Dogecoin, Vertcoin, Namecoin and Dash.

 

Coingi accepts client globally and has its site localized in a large number of languages, including the major European languages, several Central and East European, Russian, Arabic and Chinese.

 

Coingi Advantages

 

- Low Fees. Coingi’s trading fees are in the lower end of the average for the industry and are clearly presented.

 

- Fiat currencies. In November 2017 Coingi, which launched as a cryptocurrency-only exchange, included fiat currencies as well, which surely would make it more attractive.

 

- Fiat payment. Coingi does not accept credit cards or online payment platforms, but one can make a deposit through a bank wire and a SEPA (available in the EU) transfer, which is convenient enough. The only inconvenience is that apparently the deposits are not processed instantly.

 

>> See crypto exchanges accepting credit cards <<

 

- Location. We could not find out with certainty where Coingi is physically located, but apparently the exchange accepts clients globally. According to the FAQ section of its site, Coingi is using FIO Banka, which is a Czech bank and most likely the company offices are in the Czech republic.

 

- Simple Platform. As with most exchanges, Coingi’s platform is easy and intuitive to use. In addition to the basic features of buy and sell, the interface offers a price chart and a chart that shows the number of traded pairs.

 

 

- No Fiat deposit fees. Naturally, the banks charge deposit fees for using their services, so deposit fees for USD and EUR to Coingi vary depending on the bank. The exchange itself does not charge additional fees.

 

- Simple Registration. The registration process is straightforward and simple and requires only an e-mail. Verification is required at a later stage, when one wants to deposit fiat currency. Cryptocurrency deposits do not require verification.

 

- Popular Coins. Despite not very extensive, Coingi’s instrument list is decent and includes some of the more popular alt-coins.

 

Coingi Disadvantages

 

- Requires Verification. With the introduction of fiat currencies, Coingi also introduced AML/KYC requirements and customer verification. For SEPA transfers, the exchange requires a government ID verification.

 

- Speed. While crypto trading can be done almost instantly after depositing, trading between cryptocurrencies and fiat currencies can start in a few days, depending on how fast the transaction is processed. But this is common for all exchanges that accept bank transfers. Payments in cryptocurrencies depend on the speed of the network, and, according to Coingi’s estimates, takes between 1 and 3 hours on average.

 

- Rates. On its site Coingi says that the EUR deposits will be converted into USD, which means that sometimes the exchange rates can be somewhat unfavorable.

 

- Crypto Withdrawal fee. Coingi says it charges a withdrawal fee for cryptocurrencies, but they depend on the network.

 

- Popularity. Oddly enough, Conigi does not appear to be very popular, despite it being on the market for a while and offering a decent service. According to its own stats, the trading volume of the various cryptocurrencies is not very impressive.

 

- Minimum deposit requirements. There are some minimum deposit requirements for cryptocurrencies of 0.000100 of the respective coin.

 

- No Ether. We have mentioned the fairly decent instrument list. Strangely, however, it does not include ether, which is still the second largest cryptocurrency by volume.

 

- No Leverage. Congi does not offer leveraged trading, similarly to the vast majority of cryptocurrency exchanges. There are some of the major ones, like Kraken, CexIo and bitFlyer, who do. There are also plenty of forex brokers who offer CFDs on some of the major cryptocurrencies for trading on margin.

 

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

 

Conclusion

 

Coingi looks like a run-of-the-mill cryptocurrency exchange that does not stand out much among its peers. The good thing about it is that it accepts clients from all over the world and works with fiat currencies. This comes with some inconveniences, like the need for account verification, but that’s how things are.

 

We dislike the fact that Coingi does not offer trading in Ether and the need to convert euros to USD when depositing cryptocurrencies.

 

Overall, Coingi seems to be provide a good and reliable service, but does not stand out much among its peers in terms of some very remarkable features.

 

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Traders` reviews for Coingi

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