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Tokentrade Review - is it scam or safe?

Tokentrade Review - is tokentrade.co scam or good cryptocurrency exchange?

RATING: 2.2 / 0 REVIEWS Tokentrade

RECOMMENDED BITCOIN BROKERS


TokenTrade no longer offers crypto trading. It is now focused on vouchers, game or app credits.

 

Trading accounts and conditions

 

 

Account type Leverage Fees
Standard 1:1

1%

 

 

Tokentrade is a new distributed crypto exchange that launched in the beginning of 2018. It allows clients to trade cryptocurrencies locally with other users, via a payment method chosen by the user. Generally, the service is similar to that of LocalBitcoins, for example.

 

Tokentrade advantages

 

- Location. One of the biggest advantages of Tokentrade is the possibility to conduct local transactions, without having to rely on banks and payment systems. As long as the other party wishes, of course.

 

- Local Currencies accepted. Tokentrade says one can buy coins in their local fiat currency, without having to convert and it may be so, as long as the seller accepts it. Our experience shows that most sellers (at least on our local market) list their prices in EUR or USD.

 

- Low Fees. The person who places the ad, no matter for sell or buy, pays a 1% fee.

 

- Low Withdrawal fees. Clients withdrawing cryptocurrencies pay 0.0005 of whatever coin they are withdrawing, no matter the size of the transaction.

 

- Convenient Payments. Tokentrade says it supports paymients in cash, via a local bank transfer or bank deposit, with more options coming soon. But actually the payment methods depends on the other party in the deal. For example, we have found out that in our local markets some of the sellers accept PayPal payments.

 

>> See crypto exchanges accepting credit cards <<

 

- Has Escrow. Tokentrade provides an escrow service and dispute resolution. The escrow means that whenever a person buys coins, they are held by the platform in escrow, until the seller confirms the payment has arrived.

 

- Dispute resolution. In case of a dispute between two clients, the Tokentrade support can step in and release the coins held in escrow, even if the seller does not want to. This is in case the buyer provides a proof that they paid, that is.

 

- Some Coins. Most such P2P exchanges provide trading in Bitcoin only. However, Tokentrade also lists Ether, Bitcoin Cash, Litecoin, Dash and Zcash, which is a fairly decent selection.

 

- Simple Platform. Tokentrade’s platform is extremely easy to use and does not require any prior knowledge on how to carry out such transactions. There is also a chat option where the buyer and the seller can get in touch to figure out the details.

 

- Own Wallet. Tokentrade offers the option to set up wallets within the platform. The purse for each different coin should be activated separately. Tokentrade says it make sure the wallet are safe, but also advises not to store a lot of coins for a long period of time in the wallets, but rather to move them to a hardware wallet.

 

- Anonymity. Clients of Tokentrade can remain completely anonymous, if they so wish. The platform does not require any personal information. Bit clients can verify their identity, if they want.

 

- Facebook and Google login. Clients can also log in with their Facebook or Google profile, instead of signing up with an e-mail.

 

- Good Security. Tokentrade says it stores most of its assets in cold storage, which means that in case the platform gets hacked, it would be able to repay its clients.

 

 

Tokentrade disadvantages

 

- Low Liquidity. Liquidity, particularly on some coins, can be quite limited, as our experience shows. This is actually the biggest problem of the smaller P2P crypto exchanges like Tokentrade.

 

- Trading Limits. Each new client on Tokentrade starts with a per trade limit of the equivalent of USD 200. It increases with the number of trades and the reputation of the user. In the case of negative feedback from other users, of if the user loses a dispute, the limit decreases.

 

- No Leverage. Like the other P2P crypto exchanges, Tokentrade does not offer leveraged trading, either. But there are numerous regulated forex brokers whose clients can trade cryptocurrency CFDs on margin.

 

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

 

 

Conclusion

 

Tokentrade does not offer anything innovative, really, but we like the simple and clean interface and platform and the hassle-free sign up process. The simple explanation of the escrow and dispute resolution process is also much to our liking.

 

The major problem right now is the lack of liquidity on the exchange.

 

 

 

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Traders` reviews for Tokentrade

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