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Coinage Review - is it scam or safe?

Coinage Review - is coinage.ph scam or good cryptocurrency exchange?

RATING: 2 / 0 REVIEWS Coinage
Coinage is not regulated. We cannot guarantee your money is safe.

RECOMMENDED BITCOIN BROKERS


 

Trading Accounts and Conditions

 

Account type Leverage Transfer fee Trading fee*
Standard 1:1 Not specified 0.65%- 1.00%

 

* Depending on the monthly trading volume.

 

Coinage claims to be the Philippines’ first enterprise-grade order book platform for bitcoin exchange. Basically, it allows its clients to trade Bitcoin (BTC) and Philippine Peso (PHP).

 

To keep its clients’ accounts secure, the company requires the use of two-factor authentication for each account. 

 

 

Coinage Advantages

 

Cash accepted (PHP), bank wire transfers supported

Exchanges that work with any kind of fiat are considered more user friendly, as they allow people to enter into the crypto world by directly depositing in “real” money. Coinage accepts Philippine Pesos and also deals with the local banking system (Bank of the Philippine Islands, Banco De Oro, China Bank, Land Bank of the Philippines, UnionBank, East West Bank, and Metrobank, with more to be added in the future.

 

Suited for a local market 

As we see it, the sole reason one would want to deal with Coinage is to convert their Philippine Pesos into Bitcoin. This is a digital trading space that serves mainly Filipinos due to the nature of their offering. Of course, the same fact may also be viewed as a disadvantage by foreigners.

 

Relatively nice platform

The web-trading interface offered by this exchange is relatively nice, especially considering the fact that it is an entry-level service.

 

 

Coinage’s trading platform is simple, mobile friendly and has some basic charting that pops up once you click the botton at the top right. This is how the charts look like:

 

 

Some corporate information

Operating since 2015 Coinage a Philippine-based Bitcoin exchange website owned and operated by Coinage Inc. That being said, not all players in the cryptocurrency space provide such information.

 

 

Coinage Disadvantages

 

Suitable mostly for Filipinos

As most exchanges that are country-specific, Coinage is not attractive, nor easily accessible to people outside the Philippines, as currently It only works with the local currency and the local banks.

 

Only Bitcoin available

A classic entry-level exchange, Coinage only offers trading in the most popular cryptocurrency, Bitcoin. This, however, is quite a limited offer, considering the number of altcoins available and the new ones that still pop up in the market.

 

High fees

Another disadvantage of this exchange is the high cost of trading. Coinage charges a trading fee of 1% of the exchange value, which is four-five times higher than the fees of most exchanges, which charge 0.20 - 0.25%. If it's any consolation, high-volume traders can get some discounts. Here are the details:

 

 

No leverage provided

As this is a company primarily oriented towards хеуъдпеяи in the crypto-язьъе, no wonder it does not provide trading on margin. Those of you who are willing to trade cryptos with some leverage can check out the offering of some major exchanges ( such as BitMex, GDAX, etc.). IN addition, some forex brokers offer Bitcoin trading in the form of CFDs and almost all of them provide leverage.

 

 

>> Trade Bitcoin on margin with forex brokers <<

 

 

Only bank wire, fees not specified

The only payment method for fiat currencies this exchange supports is bank wire. This is quite inconvenient, as the bank transfers are far from instant and usually come with hefty fees, applied by both the bank and the exchange. Another thing that leaves a bad impression with Coinage is that their transfer fees are not announced anywhere on the website.

 

 

>> Crypto exchanges accepting credit cards <<

 

 

Conclusion


 Coinage is region-based entry-level crypto service. It allows its clients to exchange clients to exchange Philippine Peso (PHP) to Bitcoin (BTC) and vice versa. This can be deemed both as a positive and as a negative, depending on the point of view. Otherwise, the platform provided by Coinage is comparatively good, but the trading fees are quite high.

 

As regards regulation, Coinage says it only complies with certain KYC/AML requirements, as crypto-exchanges do not have an official legal status in the Philippines and actually this is the case in most countries. That being said, we remind you that some of the forex brokers that offer Bitcoin trading are tightly regulated in the countries of their operation.

 

 

>> A list of licensed bitcoin forex brokers <<

 

 

Here are, once again, the strong and weak sides of Coinage:

 

 

Pros Cons
Cash accepted (PHP), bank wire transfers supported Suitable mostly for Filipinos
Suited for a local market Only Bitcoin available
Relatively nice platform High fees
Some corporate information No leverage available
  Only bank wire, fees not specified

 

Latest news about Coinage
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Traders` reviews for Coinage

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