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HappyCoins Review - is it scam or safe?

HappyCoins Review - is happycoins.com scam or good cryptocurrency exchange?

RATING: 3 / 1 REVIEWS ForexBrokerz HappyCoins

RECOMMENDED BITCOIN BROKERS


Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1 Network+service fees

 

 

HappyCoins is a Dutch cryptocurrency exchange that offers trading in bitcoins for Euro and vice versa. Payments, however, can also be made in CHF and CAD. The exchange accepts clients from the USA.

 

The Netherlands is a fairly bitcoin-friendly country and is home to quite a few exchanges, like Bitrush, BTCDirect, Anycoin, etc. The country also has its own cryptocurrency – the Gulden Coin and the city of Arnhem has been declared a “bitcoin city”. There all sorts of businesses – from hairdressers to gas stations and restaurants accept payments in bitcoin.

 

HappyCoins Advantages

 

- Location. HappyCoins is based in the Netherlands and accepts clients globally, including from the USA.

 

- Accepts Fiat. HappyCoins offers trading in bitcoins for euros and vice versa, which is exactly what the people are looking for to make a quick buck.

 

- Convenient Payments. HappyCoins has several convenient payment methods. It accepts fiat payments through bank transfers, SEPA (EU), iDEAL, Bancontact Mister Cash, GiroPay, MyBank, Sofort and Interac (instant payment methods).

 

- Happy Hour. HappyCoins has something called “Happy Hour” - a period, in which clients can trade without service charge. HappyCoins notifies its followers in the social media in advance when the next HappyCoins Hour is scheduled.

 

- Favorable Reviews. Except the occasional complaint from high fees, it appears that HappyCoins’ clients are very satisfied with the service provided. They say it is fast, easy and secure.

 

- Platform. There is no trading platform in the true sense of the word, but a simple buy and sell interface, which is quite easy for novice traders. There are also price charts which can help the novice trader to get a better idea about the price movements, but no other features.

 

-  Good Security. HappyCoins says it keeps the funds in offline storage. However, we could not find information about two-factor authentication.

 

- Multiple order type. Prices at HappyCoins are updated every minute, according to the real-time buy price of the bitcoin. There, however, is the option “Review Order”, which locks the bitcoin price for a certain period of time and the client can proceed to check out with the locked price.

 

- Good speed. HappyCoins claims its services are very fast, especially if the trader uses the instant fiat payment options. According to the client reviews, the transactions are indeed quite speedy.

 

 

HappyCoins Disadvantages

 

- No Credit cards. HappyCoins does not accept payments with credit cards. This is fairly common among cryptocurrency exchanges due to the risk of chargeback, but still, there are some who do.

 

>> See crypto exchanges accepting credit cards <<

 

- High Fees. HappyCoins says it charges network fees, plus service fees for trading. This is a normal practice, but we dislike the fact that they are not clearly displayed – at least the service fees. We have also come across clients complaining in their reviews from the high fees.

 

There are also the bank transfer fees, which can sometimes can be hefty.

 

- Rates. Trading is only done against the Euro, but HappyCoins says it accepts payments in CHF and CAD as well. This is convenient, but can be costly due to the exchange rates.

 

- No Anonymity. There is no anonymity whatsoever at HappyCoins. Right from the start, upon registration, the platform requires names and IBAN number.

 

- Limits. There are some limits on the size of transactions that can be done on new and/or unverified accounts. There are also limits associated with the payments methods.


 

- No Leverage. HappyCoins does not offer leveraged trading in cryptocurrencies, but this is the case with most exchanges. There are several who offer this type of trading: Kraken, bitFlyer, CexIo, Quoinex, etc. On the other hand, there are many forex brokers who offer CFDs on some of the major cryptocurrencies, which can be traded on margin. This can be very convenient for traders who already have an account with such broker, as they can speculate on the prices by using the same account and the familiar trading platform.

 

 

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

 

- Few Coins. HappyCoins offers only trading in bitcoin and nothing else. This is fairly common among the exchanges, but there are some who offer at least the major alt-coins and other who offer trading in hundreds of them. Usually the latter are crypto-only exchanges.

 

- No Wallet. HappyCoins does not offer own e-wallet and clients should connect an existing one.

 

Conclusion

 

HappyCoins offers a simple and fast service for those who wish to buy or sell bitcoins without much hassle. They need a bank account and an e-mail only for the basic transactions. Those who wish to trade in higher amounts should verify their account. Obviously the service is most convenient for the residents of the Netherlands and the other EU countries, because of the easier, cheaper and faster fiat payment options.

 

The main thing we dislike are the trading fees, which are time and time again described as quite high by many users. The fact that the exchange does not accept credit cards and only offers trading in bitcoin is also a disadvantage.

 

 

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Traders` reviews for HappyCoins

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