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AbuCoins Review - is it scam or safe?

AbuCoins Review - is abucoins.com scam or good crypto-exchange?

RATING: 1.3 / 1 REVIEWS AbuCoins
AbuCoins is not regulated. We cannot guarantee your money is safe.

RECOMMENDED BITCOIN BROKERS


 

In liquidation!!!  

 

Trading Accounts and Conditions

  

Account type Minimum deposit Leverage Maker fee Taker fee
Standard No 1:1 0%* 0.10% – 0.25%*

 

*Depending on the instrument traded. Withdrawal fees also apply (0.0002 BTC).

 

AbuCoins is a Polish exchange that offers crypto-to-crypto trading with competitive fees. It has set no minimum deposit requirement, however there are certain withdrawal limits, depending on user verification:

 

- Level 1 with daily withdrawal limit of 1BTC (or equivalent in another cryptocurrency);

- Level 2 with daily withdrawal limit of 6BTC (or equivalent in another cryptocurrency or FIAT currency);

- Level 3 with no withdrawal limits.

 

 

Advantages

 

Transparent pricing, competitive fees

Trading at AbuCoins is relatively low-cost. Market makers are not charged, while market takers have to pay a certain fee per trade (0.10%), which is in line with the industry’s average. 

 

Also, deposits are free of charge, as well as withdrawals in Polish Zloty, which is great. Withdrawals in other fiat currencies or cryptocurrencies are charged with some small fees, which are accurately specified on AbuCoins’ website.

 

Many coins available for trade

AbuCoins offers decent amount of altcoins for trade, including ETH, LTC, BCH, BTG, DASH, ZEC, XMR, REP, HSR, LSK, WAVES, XLM, DOGE, STRAT, CNT, BLOCK and PIVX. Currently, there are around 30 pairs available at the exchange.

 

Good platform with advanced charting

AbuCoins’ platform offers a basic and an advanced interface. The latter can be switched on by a slider button in the right upper corner. The advanced interface features price charts from TradingView, as well as a number of technical analysis tools. The platform also features an order book, market depth and trading historywindow.

 

 

AbuCoins' platform. Click on the image to zoom in.

 

Disadvantages

 

Not regulated

Although this is not something out of the ordinary in the crypto-world, we have to mention that AbuCoins is not regulated. Most countries have not developed yet clear regulation and requirements regarding digital tokens and exchanges and Poland is no exception to that.

 

Traditional fiat currencies no longer supported

AbuCoin used to work with several “traditional” fiat currencies (PLN, USD, EUR) and supported convenient payment methods. such as bank transfer and credit card payments. However, this service is discontinued as of mid March, 2018 after the Polish Financial Supervision Authority (KNF) has issued a warnings against the exchange.

 

So, users of AbuCoins can no longer buy cryptocurrencies directly with cash, or cash out their coins.

  

No margin trading

AbuCoins works like a traditional exchange bureau and does not offer leveraged trading. As we mostly review forex brokerages, we are used to them offering margin trading. Most crypto-exchanges, however, don’t do that, probably due to the more volatile nature of digital tokens. If you need some leverage, you can check out exchanges like bitFlyer, Lykke, or Kraken. Of course, forex brokers are also an option, as many of them offer trading in Bitcoin CFDs.

 

>> Brokers offering leveraged Bitcoin trading <<\

 

No info about storage of clients’ funds

The website of AbuCoins does not provide much information about the protection levels of client assets and it is not clear whether it keeps them in cold storage.

 

Conclusion

 

A Polish crypto-exchange with offices in Dubai and London, AbuCoins has rich digital assets portfolio and offers low-cost trading on an advanced web platform.What we dislike about this exchange is the lack of information about the fund storage. Most crypto-exchanges keep client funds in cold storage, in order to prevent hacks.

 

This exchange is operated by Abucoins limited liability company registered in Poland with share capital of 50,000 PLN (paid up). It is not regulated, as is the case with most similar venues globally. Nonetheless, this situation creates a potential for counter-party risk, as the majority of crypto-exchanges are centralized. We remind you that you can also trade in cryptocurrency CFDs with forex brokers, and below you can find a list of companies that are duly licensed by the respective government agencies.

 

>> Regulated forex brokers offering Bitcoin trading<<

 

Pros Cons
Wide range of altcoins offered No info about storage of clients’ funds
Competitive trading & withdrawal fees Not regulated
Platform with advanced features No margin trading
Transparent pricing  
   

 

Latest news about AbuCoins
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Traders` reviews for AbuCoins

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Scammers

I withdraw (175000 siacoins approx cost 0.4 btc) from Abucoins but my coins still not received withdrawal status shown pending last 6 hours same situation like cryptodao exchange those are also a exit scam and abucoins do the same things they stole the coins and close exchange for 1june 2018

Junaid Mustafa 05/21/2018
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