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CoinLoft Review - is it scam or safe?

CoinLoft Review - Is coinloft.com.au scam or good cryptocurrency exchange?

RATING: 3.2 / 0 REVIEWS CoinLoft

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Trading Accounts

Account type Leverage Depoosit Fee
Standard N/A 5%
  
 

CoinLoft is an Australian “entry level service”, which allows locals to buy Bitcoin and Ethereum via a plethora of popular payment methods. This company isn’t what one would actually call an exchange, as there is no dedicated trading venue, like Kraken, for instance. On the other hand it is relatively simple. 


CoinLoft Advantages

 

A member of ADCA – the Australian Digital Commerce Association is an NGO dedicated towards the popularisation of cryptocurrencies and blockchain technology in the country. This is by no means a regulatory agency, but at least tells you CoinLoft is a serious player in the local market.

 

>>Other Australian exchanges<<

 

Easy access – there are multiple ways of purchasing Bitcoin and Ether with CoinLoft. The full list includes: Newsagent (via Blueshyft), Cash payment (at a bank branch, or via a Smart ATM), POLi payments, Flexpin and Credit Cards (which were not available at the time of writing of this review). We are not sure if support for the latter will be continued in the future.

 

Has a solid track record –  CoinLoft has not been the target of a major hack. They have been running smoothly since 2014.

 

Positive user reviews – we were surprised to see the proportion of positive comments about CoinLoft – there were basically no criticisms. This is a huge rarity in the crypto-space. That being said, user reviews must always be taken with a grain of salt.

 

Reasonable fees – the fees charged by CoinLoft are around 5%, which isn’t that much, when compared to some other services. For instance Bitstamp, charges 8% on credit card transfers, while Coinbase fees can go as high as 4%.

 

 

CoinLoft Disadvantages

 

 

Focus on Australia – as is quite often the case with such companies, with a local focus, they are not viable from other countries. That’s not a major problem, but a choice the team at CoinLoft has made.

 

Purchases are not instant –  the main flaw with such services is the fact, you don’t get direct access to any market. One simply sends money and later receives BTC (or ETH). Given the volatility in the crypto-space, you may easily be surprised at the amount of coins you receive, after the 1 hour maximum delay, proclaimed by CoinLoft.

 

No wallet offered – this company does not offer an in-house wallet or AUD balance for clients. Instead, one must provide the address to which he wishes to receive the coins. The more we think about this, the more we see it as a positive in a strange way – at least clients will have to educate themselves on the different wallet types and security features.

 

No ways of selling – CoinLoft does not allow you to send your Bitcoin back to them, in exchange for a fiat currency payment. This is definitely a negative, but then again there are a lot of other exchanges where you can do that.

 

No margin trading  – this shouldn’t come as a surprise, especially since CoinLoft isn’t technically an exchange, but more of a service provider. Some of you are definitely only interested in the speculative nature of Bitcoin. For such risk-takers a forex broker, like IG, may be a viable option

 

>>Leveraged Bitcoin trading<< 

 

We must mention these companies offer the so called Contracts For Difference (CFDs). Means you will not get the actual coins, but rather trade a derivative, which only follows their price movements. For more details, read this comparison of the two styles of crypto-trading.

 

No platform  –  The service offered by CoinLoft is a simple order box – there is no charting, no order book, nothing of that nature. Then again, this makes the service simple for newcomers.

 

 

Conclusion

 

CoinLoft is a well-established Australian cryptocurrency gateway company. They allow clients to buy Bitcoin and Eteher via many accessible payment methods. That being said, they do not offer any form of selling, a trading venue or even a wallet. This both a pro and a con, as people will have to read up on wallets and the risks involved with some of them.

 

 

While CoinLoft is a reputable company in the world of crypto and a member of ADCA, there are still a lot of dangers in the space. Very few exchanges are actually regulated by a government agencies. The Australian Securities and Investments Commission (ASIC) has not started to license such entities. On the other hand, a lot of the forex brokers, who offer cryptocurrency CFDs are overseen by some of the most stringent watchdogs. Check the list below

 

>>Regulated Bitcoin forex brokers<<

 

To summarize CoinLoft:

 
Pros Cons
A member of ADCA Focus on Australia (con for non-AU)
Easy access Purchases are not instant
Has a solid track record No wallet offered
Reasonable fees No ways of selling
  No margin trading
  No platform (no charting)
 
 

 

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Traders` reviews for CoinLoft

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