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CoinHub Review - is it scam or safe?

CoinHub Review - Is coinhub.io scam or safe cryptocurrency exchange?

RATING: 3 / 4 REVIEWS ForexBrokerz CoinHub

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

Account type
Leverage Maker Fee Taker Fee Fiat deposit fee
Standard 1:1 0.25% 0.25% 0.125% + $8


CoinHub is a rather new cryptocurrency exchange which leaves mixed feelings. The company is operating out of Singapore and Dubai and attempts to be among the global leaders in the space. They accept fiat currency payments, making them an “entry-level” exchange, but their offer features a full trading platform instead of a simple interface. Read on for all the details.


CoinHub Advantages


2FA supported – one is prompted to set up a two factor verification after creating an account at CoinHub. Even if you are not willing to connect an additional device (like a smartphone, through the Google Authenticator App), e-mail confirmations will be required. This is a solid security measure


Decent trading fees – CoinHub charges each trader, regardless if he is a “maker” or a “taker” with what is considered the industry average of 0.25%. While some exchanges have even lower fees, this is pretty much an acceptable level.


Nice trading platform
– the way you access the markets is one of the most crucial elements of an exchange, form an active trader’s perspective. CoinHub offers charting by TradingView, which is one of the leading third party providers. It is a preferred choice of technical traders, as there are a lot of customization options. The rest of the layout is placed very intuitively around the main focus point. Here is a screenshot:



The web-based platform at CoinHub (click to zoom in)


Bank Transfers and Credit Cards accepted
– this makes CoinHub one of the few exchanges which supports both of the most popular fiat payment systems. Bank Transfers are only done via the SWIFT system (as opposed to some others venues, which support SEPA).


>>Where else can you buy Bitcoin with a credit card?<<


Some altcoins on offer
– this exchange provides an acceptable number of alternatives, considering it is an entry-level company. The full list of assets includes: BTC, ETH, LTC, DASH, DOGE, DRG, REP, BBI, YUP and EARTH. They are traded against USD, BTC and ETH. That being said, the volumes on some of the pairs and the depth of the order books aren’t that impressive.


CoinHub Disadvantages


Limited information about them – one of our biggest concerns with CoinHub is the fact they don’t provide much background on the project. This may be more of an oversight (i.e. the team not being experienced with presenting a project) than anything else, but it doesn’t inspire much credibility.


New company
– we are simply stating this to highlight the fact CoinHub is not a proven solution, like some of the other exchanges.


Does not accept US citizens – given the regulatory situation within the States this isn’t surprising. It’s actually a positive that this exchange mentions it in the account creation process.


Deposit and withdrawal fees– the fat currency payment fees aren’t that high, but some exchanges have lower ones (or even operate without charging anything for deposits). The $8 minimum will be a deterrent for small traders. Here is a preview of all the fees at the time of writing:



Multiple fiat currencies supported, trading only vs USD – as you can see from the screenshot above, a lot of currencies are listed as supported. After making an account we were surprised to have a EUR, USD and SGD account. Does this mean we can trade the fiat currencies against one another, or have to exchange them to USD before entering the crypto offering? It’s not that big of an issue, but simply feels unclear.


No margin trading – CoinHub does not offer leverage, which is what we expected. Still, we must mention it for those of you who are willing to trade more aggressively, or even short the market.


>>Where can you short Bitcoin?<<


Some forex brokers have started offering cryptocurrency CFDs (contracts for difference). This is financial derivative, which only follows the price movements of a given asset, without granting you actual ownership of it. By facilitating this system, one can short Bitcoin, with leverage. For more information click here.


Conclusion


CoinHub is Singapore based entry level cryptocurrency exchange (with an additional office in Dubai). The company accepts bank transfers and credit cards, which is a solid advantage. Still they have yet to stand the test of time, don’t provide much background information and aren’t that popular on the forums, despite having decent volumes.


Trading with this, or any cryptocurrency exchange comes at your own risk. This is due to the lack of regulation and the history of hacks, which have occurred at even the most reputable companies for their time (Mt.Gox rings a bell). In case you are only looking for a safe way to speculate on this volatile market, the well regulated forex brokers, who offer cryptocurrencies are an option.


>>Regulated bitcoin trading<<


The pros and cons of CoinHub:

Pros Cons
2FA supported Limited information about them
Decent trading fees New company
Nice trading platform Does not accept US citizens
Bank Transfers and Credit Cards accepted Deposit and withdrawal fees
Some altcoins on offer Multiple fiat currencies supported, trading only vs USD
  No margin trading

 

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Traders` reviews for CoinHub

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Whatnot sales

They should go out of business for scamming people.I can think of a few more that need gone! You spend a lot of time and money and watch their videos and you are excited when you think you have the right coin and it turns out it not.You have to buy memberships,Pay for shipping,Pay to get coin graded and then they tell you that your coihas been touched by finger prints and that the value has dropped from $1500.00 to $700.00 and you have to pay 3 percent of the value at sale.Plus a cost to restore your coin .So that leaves you a grand total of $000 Scam people everywhere you look.

David Lower 07/19/2019

Account suspended

This company can't be trusted. After I registered and invested $563imade withdrawal of $2550 and since 24th June it's been o pending I follow up on this and was told that I must pay $2000 taxes of Bitcoin to a different account I refused and that is when they suspended the account now I can't login anymore

El 07/03/2019

Terrible exchange

Terrible exchange, terrible support, low volume,wash trading, just look at the order book to know the kind of exchange that is, compare the order book with the Vol.24/h registered in CMC, it is unreal.

Juan 03/29/2019
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