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CoinsMarkets Review - is it scam or safe?

CoinsMarkets Review - is coinsmarkets.com scam or good cryptocurrency exchange?

RATING: 1.2 / 6 REVIEWS ForexBrokerz CoinsMarkets
CoinsMarkets is not regulated. We cannot guarantee your money is safe.

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Trading Accounts & Conditions

 

Account type Min. Deposit Leverage Trading fee Withdrawal fee
Standard N/A o 0.25% 0.002 BTC

 

CoinsMarkets is a crypto-exchang that currently offers only coin-to-coin trading. Nonetheless, its users are able to trade in wide range of altcoins, not only the most popular ones. In fact, it seems that CoinsMarkets specializes in small market cap coins, which most other exchanges haven’t listed. Another unique feature of this exchange is that it provides daily Proof-of-stake (PoS) rewards.


As is usually the case with most exchanges, CoinsMarkets offers a single account type with no option for margin trading and charges some trading and withdrawal fees, while deposits are free.

 

CoinsMarkets Advantages

 

Competitive Trading Fees

Trading fees on CoinsMarkets are flat, amounting to 0.25%, regardless whether you are a market “taker” or “maker”. Such fees are not high, yet, many exchanges charge only users who place orders at the market price that get filled immediately (market takers).

 

Numerous alternative coins offered

Apart from Bitcoin, Litecoin, at Doge at the CoinsMarkets exchange one can trade in a large number of altcoins, some of which are listed solely on this exchange. Strangely, Ethereum is not available for trade here.

 

Focus on staking coins

CoinsMarkets places a special focus on staking coins offers a decent amount of altcoins and actually these are the most popular instruments on this exchange. Currently, the most traded pairs on CoinsMarketsare B3/BTC and MUT/BTC.

 

Both Mutual Coin (MUT) and B3Coin (B3) are specific coins that reward you for just for holding them. Also known as Proof of Stake (POS) or staking coins, they allow users who hold them to get daily rewards for staking the coins in their wallets.

 

Relatively nice platform

The web platform provided by CoinsMarkets leaves a good overall impression, although it is nothing special in the crypto world. It seems like a perfectly functional coin trading place, with an order book, trading history, chatbox, news and a list of newly-listed digital assets. Instruments are groupes in 4 categories: BTC. LTC, DOG, XGOX, and ETH (the latter currently being empty).

 

Unsurprisingly, charts are not advanced like the ones on the popular forex trading platform MetaTrader 4. Here is a screenshot of the platform:

 

 

CoinsMarkets's platform. Click on the image to zoom-in.

 

CoinsMarkets Disadvantages

 

Unknown company background

We could not find any information on the company owning and operating the CoinsMarkets exchange on its website. We even don’t know its headquarters.

 

Not suitable for beginners

First, we consider CoinsMarkets is not beginner-friendly, because it does not support fiat currencies; second, Bitcoin and altcoins are handled with 9 decimal spaces instead of 8, so one can easily make a mistake; third, we bet that inexperienced users have not heard of at least half of the coins listed on CoinsMarkets.

 

Of course, as US dollars and other traditional currencies are accepted users of this exchange cannot use their bank accounts or credit cards in order to start trading at CoinsMarkets.

 

>>Buy Bitcoin with a credit card<<

 

 

Low trading volumes on many instruments

It seems that trading volumes on many pairs at CoinsMarkets are rather poor.

 

High withdrawal fees

Cryptocyrrency deposits at CoinsMarkets are free, however users have to pay pretty salty withdrawal fees. For example, if you transfer your Bitcoins out of the exchange, you are charged with 0.002 BTC. For litecoins, the fee is 0.001 LTC.

 

No leverage available

As we have mentioned above, trading with leverage is not available at CoinsMarkets. In case you are willing to trade cryptocurrency CFDs with a forex broker instead, they always provide margin trading.

 

>>Bitcoin Margintrading with forex brokers <<

 

We must mention that trading in cryptocurrency CFDs is quite different from dealing with a crypto-exchange. You can find more detailed information about it here.

 

No two-factor authentication

There is no 2FA at CoinsMarkets, only whitelisting IPs and pin code as forms of security, which is definitely as disadvantage. 2FA significantly reduces the change of your email or phone being hacked.

 

Conclusion

 

CoinsMarkets is a relatively small cryptocurrency exchange (in terms of trading volume), however it has a rather large staking pool. Proof of Stake (a.k.a. staking) coins don't require any mining equipment, just a wallet that is open 24/7 for staking, and if you are lucky, you get some profits as rewards. So if you are into staking, CoinsMarkets may be a good choice for you.

 

Another thing we like about this exchange is that it offers wide range of altcoins, and its trading fees are in line with the average for the crypto-market.

 

However, there are a lot of things we don’t like about CoinsMarkets. First of all, the high withdrawal fees; Second, it does not support fiat currencies and some popular coins like Ethereum, Ripple, Neo; Third, the website of this exchange provides no information whatsoever about the company behind it, its headquarters, etc.

 

While most crypto-exchanges worldwide operate without any license, almost all share with the public who are the people behind it and provide some general information about the company that operates them. Furthermore, CoinsMarkets mentions nothing about keeping clients’ coins in cold storage and it does not use 2FA.

 

Judging from some user reviews in popular Bitcoin forums, we also get the impression that the deposit/withdrawal process is oftentimes slow.

 

We remind you that you can always find a well-regulated and reliable forex broker, with whom to trade in Bitcoin.

 

>>Trade Bitcoin with a well-regulated forex broker<<

 

 

Pros

Cons

Competitive trading fees

No info about the company that owns the exchange

Relatively good trading platform

Fiat currencies not accepted, some popular assets (ETC, Ripple, etc,) unavailable

Deposits free of charge

Not suitable for beginners

Many altcoins offered

High withdrawal fees apply

Daily Proof-of-stake (PoS) rewards on staking coins

No Margin trading

 

 

 

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Traders` reviews for CoinsMarkets

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Slippage

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Price feed

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Does anyone know

ive heard good things about this site and staking and coins other exchanges don't have
its been down for over a month apparently and they say they are ready right so why is it not fixed yet
is anybody aware if the staking is still happening just because we cant login

cairio 02/07/2018

Rip off

Terrible site with zero customer service. I cant even get an email to them for them to respond. I bought EMB coin on here and cant get them out. Every time I try to login they have some new issue they are working on. DONT USE THEM!!!

Duncan Andrew Stclair 02/03/2018

website down for 3 weeks

Have deposited some doge coins back in December to another coins. Since 3 January cant log in to website and cannot get back my coins, the website contact s doesn't respond. Total scammers!!!!!! They stole coins!!!!! Stay away from these scammers!!!!

Inv 01/24/2018

Proceed with caution

I would strongly suggest anyone not use this site. I KNOW my password and I KNOW my pin it is the same for two other exchanges that I use.
However, when I use it on CoinMarkets site, the site does not let me log in. When I use it forgot password feature, it never sends me my password. There for I will never get my coins.

Tim 01/24/2018

no emails sent

Haven’t had a chance to trade on this exchange. Won’t let me login. Says an email was sent and that I should click on but never received an email, ever (20-30 attempts over several days). I really need to acces bitcoin in my wallet and purchase tokens that only this exchange offers but can’t. Very bad taste

Nelson 01/15/2018

Log in issues for days

One of my least favorite sites. I cant even log in. I am not recieving any recovery emails either. I would stay away from this site very fishy.

B.T 01/11/2018

Obviously a scam

next Mtgox? Still offline for 9 days, they didn't answering to any mail... you should never go to this "exchange"... be warned

Robert 01/09/2018

O site esta apresentando erro

Estou tendo problemas para acessar meu login, apresenta erro, não responde meus email...

Translated by Google:

I'm having trouble accessing my login, it displays error, it does not respond to my email ...

Ademir Posso 01/06/2018

it's a scam website

I recently purchased from them. I couldn't withdraw. they banned from chat just because I wanted to tell other chatters about what they did. they stole my money, they are scammers, stay away from this exchange

yahman 01/03/2018

No support

I have been trying to get support help for 3 days with no replys.

Chris 12/21/2017
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