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Cointed Review - is it scam or safe?

Cointed Review - is cointed.com scam or good forex broker?

RATING: 2.6 / 1 REVIEWS Cointed

RECOMMENDED BITCOIN BROKERS


 

Trading Accounts & Conditions

 

Account type

Min deposit

Trading Fee*

Deposit Fee**

Standard

EUR 50

0.20% - 0.50%

1% SEPA / 2% CC

 

*Fees vary depending on the user’s trading volume during the last 30 days.

**Deposit fees for those who wish to directly buy the coins listed on the exchange are a bit higher: 1.5% for bank wire and 3% for credit cards.

Cointed offers plenty of cryptocurrency services, including a network of ATMs, green mining, payment services, online shop for hardware wallets and a cryptocurrency exchange platfoirm. In this review we will focus on Cointed crypto-exchange.

 

Clients of Cointed exchange must undergo ID verification, which is a standard procedure for entry-level exchanges (supporting fiat).



Cointed Advantages

 

Works with fiat currency

Obviously, the main selling point of Cointed is the EUR support. This makes it beginner-friendly and easily accessible. All the more so, considering the convenient payment methods this exchange supports.

 

In addition, Cointed plans to work with other fiat currencies in the near future -USD , GBP, and CHF.

 

Credit cards, EU bank transfers supported

Clients of Cointed exchange can use the SEPA system, as well as credit cards, which is a solid lineup.

Most newcomers to the crypto-verse want an easy and instant way to buy digital assets and prefer simple and instant credit card transfers.

 

A decent variety of coins

The crypto offering at Cointed is also not only limited to Bitcoin, which is the case with many entry-level exchanges. It also includes Ethereum, Dash, Ethereum Classic, Monero, Litecoin, and Zcash.



Relatively good platform

The web-based interface provided by Cointed has a dashboard with multiple functions (including demo mode) and two layouts. One of them is meant for users who want to simply and directly purchase coins, while the other is intended for more advanced users. Unfortunately, none of the layouts has any charts or charting tools. a more experienced and active trader, while the other is as basic as they get. Here is screenshot of the "professional" interface:

 

 

The professional trading view (Click on the image to zoom in).

The platform also allows users to send coins from a Cointed account to a wallet (0.001BTC fee)

 

Positive user reviews

While Cointed is not as popular as major exchanges and is not even listed on CoinMarketCap, we couldn’t to find a serious complaint against it.

 

 

Cointed Disadvantages



Only suitable for Europeans

This is clearly an EU-centric exchange, as it only works with Euro. Users are currently not able to deposit in USD or any other fiat currency.



Trading only against EUR

Although Cointed has listed seven cryptocurrencies, they can’t be freely traded against one another. As we mentioned in the previous point, trading at this exchanges done only against EUR. Although this is the situation with a number of entry-level crypto-platforms, we find the fact that there is no coin-to-coin trading quite disappointing.


High trading fees

Most exchanges charge something around 0.15% - 0.25%, while trading fees at Cointed is 0.50%. Although it goes down with increased volume, one has to trade at least EUR 5,000,000 for the last 30 days to be able to use a fee of 0.20% per trade.


Withdrawal & deposit fees present

Although the transfer fees at this exchange are not very high, they can still be annoying. Especially taking into account that many similar velues do not charge deposits (even those in fiat).


Leverage unavailable

This is not a major disadvantage, as only a few exchanges offer leveraged trading in cryptocurrencies. If you wish to trade more aggressively the major coins, you may sign up with a forex broker instead. Almost all brokers that offer Bitcoin CFDs provide margin trading.

 

 

>> Forex brokers offering margin BTC trades <<

 

 

No charting

As we mentioned above, the trading interface of Cointed has no charting whatsoever, nor any advanced tools such as technical analysis indicators. This is not surprising, as this exchange obviously targets average user who does not want to bother with complicated platforms.

 

 

Conclusion

 

An EU-centric entry-level cryptocurrency exchange, Cointed has a number of strong sides: SEPA & Credit cards support, solid number of coins listed, good trading platform and positive user feedback. However, it also has some disadvantages: it is mainly suitable for residents of EU countries, there is no coin-to-coin trading option, no leverage available, and the applicable fees are comparatively high.

 

Founded in 2015 in Tyrol, Austria, Cointed GmbH is a diverse crypto services company that is now part of the international group Cointed Limited. The latter is registered in Hong Kong and is not licensed, nor regulated by any authority.

While Cointed seems like a secure exchange, this used to be the case for Mt Gox. A well-regulated forex broker is definitely a more secure alternative.

 

 

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

 



To recap our review of Cointed, here are the main strong and weak sides:

 

Pros

Cons

Works with fiat

Only suitable for Europeans

Credit cards, EU bank transfers supported

Trading only against EUR

A decent variety of coins

High trading fees

Relatively good platform

Withdrawal & deposit fees present

Positive user reviews

Leverage unavailable

 

No charting

 

 

 

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Traders` reviews for Cointed

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Beware of Cointed

Since months Cointed does not pay out. Now they closed their exchange and kept tons of customers funds. There are more complains agains Cointed, g.e. involvement in Optioment scam(100mio Euro lost), Lies and not a single point of the roadmap done in their ICO, so another 4Mio Euro investors funds lost. Tons of promises but no mining, no creditcard, their ATMs dont function and keep the cash. 0 Support! Its a scam company, nothing else. just google.

P.Kardew 06/21/2018
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