de | cn | ru

Tradesatoshi Review - is it scam or safe?

Tradesatoshi Review - is tradesatoshi.com scam or good cryptocurrency exchange?

RATING: 1.3 / 4 REVIEWS ForexBrokerz Tradesatoshi
Tradesatoshi is not regulated. We cannot guarantee your money is safe.

RECOMMENDED BITCOIN BROKERS


Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1 0.30%

 

Tradesatoshi is a UK cryptocurrency exchange that launched in 2015. It offers spot trading in over 100 cryptocurrencies, both major and some really obscure ones. Most alt-coins can be traded against the Bitcoin, Litecoin, Dogecoin, Bitcoin Cash only.

 

Others – Bitcoin, Litecoin, Dogecoin, Dash, Digibyte, Neverdie and Zcash – can also be traded against the USD. According to an announcement in Tradesatoshi’s platform, however, the USD markets are closing on December 1 and the exchange will not be offering this service anymore.

 

Tradesatoshi Advantages

 

- Lots of Coins. Tradesatoshi has a very extensive selection of cryptocurrencies for trading, some of them really rare. There is the option for users to propose and upvote new coins on the platform.

 

- Anonymity. Tradesatoshi requires a name, date of birth and e-mail for registration, but does not verify them, at least initially. This means one can register with whatever name and date of birth they like. Only the e-mail has to be real, as the registration needs to be confirmed.

 

- Security. Tradesatoshi offers the standard for the industry two-factor authentication, live backups, encrypted wallets, plus offline cold storage for funds and passwords, which makes it quite secure.

 

- Simple Platform. Tradesatoshi’s platform is similar to that of many other cryptocurrency exchanges and offers only basic trading features. It is easy and straightforward to use, even for novice traders. Since the platform does not offer leveraged trading, there is hardly much need for any other features.

 

 

- Fees. Apparently Tradesatoshi did not deem necessary to provide clear information about the trading fees (or any others, for that matter) that it charges. It seems, though, that there is no commission and the profit for the platform is calculated in the price, similarly to many forex brokers who do not charge commission, but make profit through the spread (among many other things).

 

 

Tradesatoshi Disadvantages

 

- No Leverage. Tradesatoshi does not offer leveraged trading in the cryptocurrencies on offer. This is fairly common among the exchanges, but there are some – more of an exception to the general rule – like Kraken, Quoinex and CexIo, for example. There are also many forex brokers who have developed CFDs on some of the most popular cryptocurrencies for trading on margin.

 

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

 

- USD market. At the time of writing this review, it was still available for some alt-coins, but is going to be stopped on December 1, 2017.

 

- No info on Payments. We could not neither find information, nor figure out how payments are made and which methods are accepted. There is no information about transfer fees either. Most exchanges make sure they display this information clearly.

 

>> See crypto exchanges accepting credit cards <<

 

- Failed Communication. We have come across comments that Tradesatoshi’s team fails to communicate clearly to its clients eventual bugs and problems. A period of over 24 hours when the exchange was down, for example, made client suspect it was a scam and the owners have made off with their funds. On the other hand, the company promises 24/7 live support.

 

- No Regulation. Tradesatoshi is not regulated, similarly to the majority of cryptocurrency exchanges. There is no specific requirement for regulation neither at national (UK) level, nor on EU level. At least not yet. The exchanges offering trading in fiat currencies are sometimes required to abide by some rules on the KYC and AML procedures, but we are of the impression that some of them still accept anonymous clients, with certain limitations.

 

- No Ether. Somewhat surprisingly, Tradesatoshi does not offer trading in the second-largest (by market cap) cryptocurrency Ether. Considering the offering of other really obscure coins, we are not sure what to make of this.

 

- Low Volume. It seems that trading on the platform is not very lively, at least at the time of writing this review. Most trading is done in the Bitcoin pairs with Bitcoin Cash and Bitcoin Gold, as well as with Litecoin. But generally, the activity is not very lively and there are coins that have not been traded in months.

 

According to Coinmarketcap, in the last 24 hours, the most traded pair was YOC/BTC and the total volume amounted to 12.77 BTC.

 

- Site. The website of Tradesatoshi is not properly optimized for a mobile device. The start page loads OK, but the trading section is cumbersome and does not look good – the lefthand section with the instrument list, for example, is too narrow and not comfortable to use.

 

Conclusion

 

Tradesatoshi is a cryptoexchange similar to others who offer trading of cryptocurrencies only and have a long instrument list, like Shapeshift, Tux Exchange, etc. Probably the most significant advantage of Tradesatoshi is the lack of trading commissions, but we are not sure of the payment fees, as we could not find information.

 

Another advantage is the large selection of coins and the option for clients to propose and upvote new additions. But, Tradesatoshi does not offer Ether, which strikes us as odd.

 

We also do not like the fact that the platform is discontinuing the option to trade some of the cryptocurrencies against the USD and the lack of information about deposit options and fees.

 

 

 

 

Latest news about Tradesatoshi
No news about Tradesatoshi. Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
cTrader
$100 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

Traders` reviews for Tradesatoshi

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Scam exchange

Tradesatosh is 100% scam exchange with a lot of proven screenshots, avoid it guys.

Hazel Magazine 06/12/2019

Trade satoshi changing tikers

Trade satoshi changing tikers KUBO to KUBOC and blame the buyers 10000% scammers. Also support don't give a dam about it. Avoiding like the plague

phillip plein 05/07/2019

Scam exchange

Disgusting operation. De listing coins en masse with zero communication to their customers by email. They say its your responsibility to check their site for de-listings and they give you 2 weeks to get it out. Scams like this are the reason why regulations are so necessary - these people are scum and will steal your money!

tom peet 04/30/2019

Get out now!

Get out of TS now.

I've been there for years, with over 1,000 trades and never had any real issues apart from shit support and a demented set of trollbox rules. Loved the place: it was shitcoin heaven, with loads of cheap coins to play with.

Then they decided... something. I don't know what they're trying to do over there but the whole place has gone to hell. 75+ coins delisted in about a month, many without good reason (from discussions on a variety of channels) and some without the possibility of withdrawal (on working wallets - lost over 5 million coins on one because TS was messed up, nothing wrong with the wallet).

Then they suddenly inflict KYC randomly on people, with no possibility of adjusting your profile (and seriously, how many people have their real info in there when all it needs is a name and nothing else?) and requiring that the details on your ID match perfectly.

Their recent changes and fundamentally flawed KYC process just resulted in them keeping all my money, despite my ability to provide ID to prove who I am and everything else. Support has always been awful but they've recently taken a turn for the psychotic, refusing to help, refusing to fix stuff, refusing everything.

I always assumed people who had trouble there were just stupid or deliberately trying to scam or something. Not so. I'm totally legit (and KYC-passed on a multitude of other exchanges), have been there for years and just got fucked up the poop-chute by this thieving bunch of scum.

Get out now, while you still can.

Tiero 04/27/2019

tradesatoshi is SCAM

Its true, they ban in chat and BLOCK Your account if you say something wrong about devs or site engine, so if You get locked = You lose money! In support they don't say why is account banned,

Don't trade there! Don't send money or coins to tradesatoshi, You will lose it.

mich 01/25/2019

lost my coins

i lost a lot of coins , send support ticket to them and nothing been done, on top of that they block my account and banned from their chat

r m 02/21/2018

Avoid - broken and scammy

If you like waiting 40 minutes for your trades to go through (if at all). If you like not being able to cancel trades. If you like being banned for bringing these issues to the staff attention.

TradeSatoshi is a scam. If you aren't happy about all your money being frozen on their exchange - don't mention it to their staff, or they will ban you.

You scammers better allow me to withdraw my funds.

DO NOT USE TRADESATOSHI. SCAM ALERT! SCAM ALERT!

Donald Bradford 02/14/2018

Scam and bad site full of amateur programmer bugs which loose all your money

This site is programmed very poorly. There is zero support. Stay away from this site. It is slow, low volume, and it is crashing all the time even with only 1000 users. They lose money from wallets all the time. Chat is full of desperate calls to solve their tickets. I experienced all of this on my own skin in the end.
All they whole day is to ban you from chat for a month when you warn others about bugs. They are silencing all warnings how big of a scam they are.

dpetan 02/12/2018

scam

this exchange is scam,if you deposit your crypto here,you wont ever see it again.lost over 6000$ here.

User 01/10/2018
de | cn | ru