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Coinsecure Review - is it scam or safe?

Coinsecure Review - is coinsecure.in scam or good cryptocurrency exchange?

RATING: 2.8 / 1 REVIEWS ForexBrokerz Coinsecure

RECOMMENDED BITCOIN BROKERS


Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1

0.4%

 

Coinsecure is an Indian cryptocurrency exchange established in 2014. It claims to be “India's Fastest 24/7 Realtime Bitcoin Trading Platform” and offers trading in bitcoins for INR and the other way around. In that regard, it is similar to other Indian exchanges like Unocoin, who only support spot trading in Bitcoin.

 

For the time being trading in India is not regulated and is not illegal, despite the statements of the country’s finance ministry that bitcoin is not a legal tender. There has been talk that the government is considering shutting down the exchanges, like they did in China, but obviously this is not going to happen for the time being. Instead, the authorities are planning to introduce some regulations and requirements for the exchanges.

 

Coinsecure Advantages

 

- Low Fees. Coinsecure charges a 0.4% commission on all trades, which is relatively low, compared to some other Indian exchanges and makes it quite attractive.

 

- Simple platform. Coinsecure’s trading platform, like that of most crypto exchanges’ platforms that offer only spot trading, is simple and intuitive to use. It has some extra features like price charts, rolling volume of the exchange for the past 24 hours, order history, pending orders, order book and balances. It also gives the option to place a limit order or to cancel pending orders.

 

 

- Has corporate accounts. Coinsecure allows clients to hold corporate trading accounts, as long as they complete the required verification procedures with company documents, etc.

 

- No Limits. Coinsecure says it does not have top trading limits for verified customers. The minimum order can be worth INR 100, or BTC 0.01.

 

-  Good security. Coinsecure keeps client funds in hot and cold storage, with the majority in the offline storage. Only a small percentage of the funds are kept in online storage, for automated withdrawal purposes. There is also the standard 2-factor authentication that is being used by most cryptocurrency exchanges nowadays.

 

- Automation. Coinsecure offers automated processing of bitcoin deposits and withdrawals, which makes the process fairly fast. On the other hand, however, this is less safe than the manual processing.

 

- Convenient payments. Coinsecure has partnerships with two Indian banks: ICICI and Axis Bank and accepts payments through the IMPS/NEFT/RTGS transfer systems, with all their limitations and fees.

 

- Has demo trading. Coinsecure offers a type of demo trading options, called “practice”. There the client can test the ordering process, without even having to set up an account.

 

- Wallet. Coinsecure offers its own bitcoin wallet for storage of bitcoins. There is also the “paper wallet” option with which clients can print their key and store it on paper.

 

- Good Speed. Coinsecure claims to offer speedy algorithmic trading service, especially for the regular orders and when price discovery is done by the clients themselves. This is quite nice, especially at times with price volatility.

 

- Offers tutorials. Coinsecure has several nice explanatory videos and tutorials for the complete novices in cryptocurrencies and trading.

 

 

 

Coinsecure Disadvantages

 

- Backlog. At the time of writing this review (December 2017), Coinsecure warns of a serious backlog and new customer verification could take up to 10 working days, which is quite a lot, especially considering the Bitcoin price volatility.

 

- No Leverage. Coinsecure does not offer leveraged trading, which is the usual case with most cryptocurrency exchanges. There are a few major ones, like Kraken, bitFlyer and Zaif, who offer this type of trading. There are also a lot of regulated forex brokers who offer trading on margin for CFDs on cryptocurrencies. Their clients can use their existing account, without additional registration and the familiar trading platforms.

 

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

 

- No Cards. Coinsecure does not accept payments with credit cards, which can be inconvenient for some clients, as card payments are usually much faster than the ones with bank transfers.

 

 

>> See crypto exchanges accepting credit cards <<

 

- No Anonymity. As with most cryptocurrency exchanges that offer trading of cryptocurrencies for fiat, Coinsecure also has in place KYC and AML procedures that require a client to provide identification proof before starting to trade. This can be a major inconvenience for some, but it seems that this is the trend. There still are some exchanges like LocalBitcoins that have some options for anonymous trading.

 

- Location. Coinsecure accepts only Indian citizens as clients, as well as local corporate entities.

 

 

Conclusion

 

Coinsecure is easy to use and offers a very convenient trading platform. What we like are the automated bitcoin withdrawals and deposits and the lack of upper limits for verified users, i.e. for all users. We also like very much the option for demo trading, which is not offered by that many cryptocurrency exchanges, but is a common feature of most forex brokers.

 

 

We could not find information about deposit and withdrawal fees, which is either an oversight on part of the exchange, or it simply does not charge such. If the latter is the case, then this makes Coinsecure quite attractive. Yet, Coinsecure has its shortcomings, like not working with credit cards and working with Indian clients only. But, then again, India is a big market. 

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Traders` reviews for Coinsecure

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