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Coinrate Review - is it scam or safe?

Coinrate Review - Is coinrate.net scam or safe cryptocurrency exchange?

RATING: 1 / 0 REVIEWS Coinrate
Coinrate is not regulated. We cannot guarantee your money is safe.

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

 

Account type Leverage Maker Fee Taker Fee
Deposit Fee
Standard 1:1 Undisclosed Undisclosed Undisclosed


The Coinrate Exchange is a cryptocurrency exchange, which is unique in the fact it supports a less known coin. They also provide fiat currency trading, but we hesitate to qualify them s an entry level exchange, due to their unintuitive interface. There are a lot of issues with the project and we will update this review if they are resolved.


Coinrate Advantages

 

Some info on the company – COINRATE LTD is the UK-based company, which stands behind this exchange. While we don’t know much about them, presenting an actual legal entity is more than some websites in the world of cryptocurrencies provide. That being said, Coinrate is not overseen by any specific financial watchdog, like the FCA.


Fargocoin supported – the main reason for trading at Coinrate is the fact they support Fargocoin (FRGC). This is a rather obscure altcoin which you are likely to be familiar with, if you have found this review. We can’t give an educated opinion on its viability, as we haven’t researched it in detail.


USD and EUR trading – the other trading assets at the Coinrate Exchange are BTC, USD and EUR. The two fiat currencies are not paired against one another (as is the case at Bitstamp), but both digital assets are traded against them. Sadly, the way this is handled leads us to the disadvantages section.



Coinrate Disadvantages


Very poor presentation – fist of all, the Coinrate Exchange website looks like it was made more than ten years ago. With that out of the way, we must mention all the missing information: trading fees (or the lack there of), the payment methods for fiat currencies, more details about the team behind the project. After reviewing over a hundred different exchanges, we have to say this is probably the worst presentations we have seen.

 


>>Exchanges which support banking<<

 


Account creation is slow – we applied for an account at Coinrate, but didn’t receive a confirmation e-mail for hours. Hopefully this is a temporary issue and we can update this review in the future, when we are able to create an account.


Poorly designed trading platform – much like the rest of their website, the platform provided by Coinrate feels dated. While it may look much better on a mobile device, on a wide screen PC this is barely usable – one has to scroll a lot to reach the important information. Additionally the charts are very basic. Here is a preview (click to zoom-in):

 


 


The order book and transaction history are placed below this basic chart. Here is a screenshot of the former (click to zoom-in):

 

 


Volume is inconsistent – as you can see from the chart above, not much in terms of trading activity is occurring at this exchange. This may be a temporary phenomenon, but we feel the need to point it out.


No leverage
– at this point it’s not surprising Coinrate does not provide margin trading. That being said, most exchanges don’t, so this to be expected. If aggressive trading is your cup of tea and you would also like the ability to short trade cryptocurrencies, forex brokers are an alternative.



>>Bitcoin margin trading<<



In case you are not familiar with them, they provide Contrcts For Difference or CFDs. This means you will not actually be trading Bitcoin (or any other currency), but a derivative, based on it. In essence you will only be speculating with the price and not have to deal with wallets, private keys and so on. There are positive and negative sides to this style of trading, which you can find here.


Conclusion


Coinrate Exchange is a cryptocurrency exchange, which supports the Fargocoin (FRGC) project. We don’t like a lot of things about this exchange, most notably their uninformative website. When you combine this with the inability to register an account (currently), we basically don’t have any reason to recommend them.


While Coinrate provides the name of the legal entity behind them, they still appear to be one of the more shady trading venues in the world of crypto. Keep in mind, the entire space is still rather new and there are few regulations are in place, only in specific jurisdictions. On the other hand some of the forex brokers which we mentioned previously are very secure. Check the link below for more info.


>>Regulated Bitcoin trading<<


Here is our experience with Coinrate:

Pros Cons
Some info on the company Very poor presentation
Fargocoin supported Account creation is slow
USD and EUR trading Poorly designed trading platform
  Volume is inconsistent
  No leverage

 

Latest news about Coinrate
No news about Coinrate. Check back later.
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Traders` reviews for Coinrate

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