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Kiwi Coin Review - is it scam or safe?

Kiwi Coin Review - is kiwi-coin.com scam or good cryptocurrency exchange?

RATING: 2 / 1 REVIEWS Kiwi Coin
Kiwi Coin is not regulated. We cannot guarantee your money is safe.

RECOMMENDED BITCOIN BROKERS


Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1 0.8% taker, 0.4% maker

Kiwi Coin is a New Zealand cryptocurrency exchange. It also takes clients from the US and elsewhere in the world, but as you are about to find out, using its services from elsewhere is quite hard.

 

Kiwi Coin offers spot exchange services between the NZD and Bitcoin and nothing else. There, however, are other New Zealand cryptocurrency exchanges who offer a bigger selection of alt-coins for trading.

 

Kiwi Coin, like most alt-coin platforms, does not offer leveraged trading, but there are some who do. Among them are Kraken,  CexIo, Lykke, Bitfinex, etc.

 

There are also forex brokers like IG, FXTM, easyMarkets and many others who have included CFDs on cryptocurrencies in their instrument portfolio and offer speculative trading on them.

 

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

 

A very interesting feature of Kiwi Coin is the free test mode where the client can try mock-up trading, before actually committing any real funds. This is an option we have not found in any other cryptocurrency exchange we have reviewed so far. A demo account is typically offered by almost all forex brokers and is very convenient, especially for inexperienced traders.

 

There, however, seems to be a problem with Kiwi Coin’s test mode, as we could not login with our account and could not set up another account. Perhaps this functionality has been disabled.

 

Another interesting feature offered by Kiwi Coin is the API for automated trading with code written by the clients. This is another feature more typical of forex brokers, particularly the ones using the MetaTrader 4 and 5 platforms who support automated trading and expert advisors.

 

Creating an account with Kiwi Coin is fast and easy, but in order to deposit fiat currency, one needs to upgrade their verification level. Withdrawal by any means is also disabled. The exchange requires ID, address and source of funds information in order to activate those options. This automatically suggests that Kiwi Coin does not support anonymous accounts at all, which can be an inconvenience for those who’d rather keep their bitcoin business their own business.

 

The Company. Security of Funds

 

Company Country Regulation
 Kiwi-Coin Limited New Zealand FSP Register

 

Kiwi Coin is a long-established New Zealand cryptocurrency exchange. It is entered in the country’s Financial Services Providers registry as a company providing foreign currency changing and is a member of the dispute resolution scheme of the Insurance & Financial Services Ombudsman Scheme.

 

This does not mean that it is explicitly regulated by New Zealand’s Financial Markets Authority (FMA) and at this point it is not required to be. However, recently the FMA came out with a statement that cryptocurrencies are deemed securities and as such they must be regulated, as well as the exchanges providing trading in them. For the time being, the exchanges must be entered in the FSP Register, must be members of a compensation scheme and must comply with the financial markets legislation.

 

Kiwi Coin does not provide information about the security measures it employs and does not seem to offer own e-wallet either.

 

Trading platform

 

Like with the vast majority of cryptocurrency exchanges, here we cannot talk of a trading platform in the true sense of the word. Kiwi Coins simply offers a stripped-down interface for buying and selling bitcoin. The only additional feature is the different types of orders that can be placed: simple, advanced and floating.

 

In the category “Stats” Kiwi Coin provides some basic price charts for Bitcoin, but no charting or analysis tools.

 

 

Methods of payment

 

Kiwi Coin works only with fiat currency deposits and withdrawals to/from New Zealand bank accounts, which automatically makes using its services globally rather inconvenient, if not impossible. The exchange does not work with card payments, which is not very convenient either.

 

We could not find information about the transfer fees, but they most likely depend on the bank processing the payment.

 

Unlike Kiwi Coin, there are some exchanges who accept payments with debit and credit cards, which could be a bit more expensive, but certainly is simpler and with less hassle.

 

>> See crypto exchanges accepting cards <<

 

Conclusion

 

Kiwi Coin is a long-established, reliable, registered and obviously well-loved New Zealand cryptocurrency exchange (judging by the customer reviews). However, as we have already pointed out, it is mainly targeting its home market, making it next to impossible to deposit and withdraw fiat currencies from abroad.

 

We are getting the impression that Kiwi Coin was created by cryptocurrency enthusiasts who are not very customer or marketing oriented and are not insisting on expanding their customer base at all costs. There are no frills and gimmicks on the site and in the platform.

 

We did not like the fact that the test mode is apparently not working, even though the option exists or has existed.

 

The extremely limited instrument portfolio is not very attractive either, especially considering that there are other New Zealand exchanges that have a larger offering.

 

Pros Cons
Listed in FSPR No cards
  Limited portfolio
  No anonymous account

 

 

 

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Traders` reviews for Kiwi Coin

Spread

Pros

Cons

 

 

Slippage

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Requotes

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Price feed

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Cons

 

 

Platform

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Deposit/Withdraw

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Customer service

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Summary

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Cons

 

 

Would not recommend

Undeclared fees,
website is down frequently.

Depositing Money has complications and $4.5 fee applies for POLI, poli is free.

Withdraw is even more difficult. Кept getting prompts that network fee has changed and to reconfirm BTC transfer. Support team said bitcoin network is responsible. But I am able transfer from other exchanges.

Another attempt later on that day, but now i am not receiving any confirmation codes via text which is required for the withdrawal confirmation process. So my money is stuck, and i just want to withdraw all my BTC and never have to deal with this site again. In addition, their network fee is 15%.

Trader 01/14/2018
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