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CoolCoin Review - is it scam or safe?

CoolCoin Review - is coolcoin.com scam or good cryptocurrency exchange?

RATING: 2.3 / 9 REVIEWS CoolCoin

RECOMMENDED BITCOIN BROKERS


Trading Accounts and Conditions

 

Account type Minimum deposit/trading volume Withdrawal fee* Trading fee
Original Undisclosed 1.00% 0.10%
Activity Undisclosed 0.50%  

 

*Wthdrawal fees for some of the most popular cryptocurrencies are fixed (BTC, BBC, ETH, ETC, LTC). Details provided below.

 

CoolCoin is an Australian cryptocurrency exchange, which operates on a crypto-to-crypto basis. Basically, it offers trading in more than twenty altcoins against Bitcoin and its pricing is good. If you are looking to purchase some digital assets with traditional “fiat” currencies, however, CoolCoin is not the place for you.

 

This exchange offers two types of trading accounts – Original and Activity. The latter is designed for high-volume traders and has reduced trading and withdrawal fees for some instruments. We suppose that users are classified as Original or Activity account holders, based on their monthly trading volume, but actually CoolCoin’s website does not provide information about this.

 

CoolCoin is one of those exchanges that do not allow anonymous trading, although that was initially the idea of Bitcoin. It uses an Australian Government approved verification system called Green ID to verify its customers in order to apply its KYC and AML policies.

 

CoolCoin Advantages

 

Low trading fees

Like many other exchanges, CoolCoin charges trading and withdrawal fees, while crypto deposits are free of charge. The Original transaction fee is 0.1% per trade, and Activity account holders are charged with 0.05% when trading in some less popular altcoins. Such trading fees are really low, as the average in the sector is around 0.20% - 0.25%.

 

Many altcoins offered

Although it was launched in September 2017, CoolCoin already offers more than 20 altcoins for trade. These include BBC,ETH, ETC, LTC, NEO, EOS, QTUM, ACT, XAS and others.

 

Two account types

Unlike most exchanges, CoolCoin offers two account types – an Original one which is standard, as well as an Activity one with lower trading and withdrawals fees for some trading pairs.

 

CoolCoin Disadvantages

 

No fiat currencies

As we already said, CoolCoin offers trading only against BTC and does not support any type of fiat currency integration, not even the quite popular USDT (a cryptocurrency backed by US dollars). Accordingly, the only payment methods accepted by this exchange, are blockchain transfers. Those who’d rather use their credit cards to buy some Bitcoins for example, may check out our list of exchanges that offers such payment options.

 

>>Buy Bitcoin with credit card<<

 

Only Australians accepted as clients

In the CoolCoin’s Terms and conditions it is stated that its trading platform is not offered or available to any person who resides outside of Australia. Most exchanges don’t have such limitations.

 

Not regulated

Actually, on the exchange’s website is explicitly stated that the company operating the CoolCoin brand is not licensed as an Australian Financial Services Licensee and it does not offer general or personal financial advice.

 

As the legislative framework on ctyptocurrencies and crypto-exchanges in the country is still in progress, it is actually logical for venues like CoolCoin not to be regulated. You can find a brief summary of the current situation in Australia, as well as some reviews on other local exchanges below.

 

>>Australian cryptocurrency exchanges<<

 

Platform too basic, no charting

CoolCoin’s has a web-based trading platform that is simple and easy to use, but seems too basic. Here is a snapshot:

 

 

In fact, this platform lacks basic features, such as charting, market depth window, cancellation, etc. It only has an order book and a buy and sell button.

 

No margin trading

CoolCoin does not offer leverage, which is most often the case with crypto-exchanges.You can check out the options forex brokers provide in terms of leveraged Bitcoin trading.

 

>> Brokers offering leveraged Bitcoin trading <<

 

No anonymous trading

The exchange cannot be used by non-verified users, which defies the initial purpose of Bitcoin.

 

Withdrawal fees up to 1%

This exchange charges withdrawal fees, which are as high as 1% for the most coins. The rates for the more popular coins are rather acceptable, with 0.001 BTC, 0.001 LTC and 0.01 ETH, respectively.

 

Conclusion

 

CoolCoin is a newly-launched Australian crypto-to-crypto exchange where you can trade in Bitcoin, Ethereum, Litecoin, and more. What we like most about it is the fact that it offers two account types and its low-cost trading fees. On the downside, fiat currencies are not supported, and only Australians who had undergobne verification are able to use CoolCoin’s platform. Besides, we find the platform missing some basic features and with rather high withdrawal fees.

 

The exchange is operated by Coolcoin PTY LTD – and Australian company, owned by Michael SU. Like the majority of exchanges wirldwide, CoolCoin is not licensed, nor overseen by any governmental authority, as cryptoicurrency legislation in Australia is still in progress.

 

For those of you who prefer trading with a regulated entity, there is yet another option – to trade cryptocurrency CFDs with forex brokers.

 

>> A list of regulated bitcoin forex brokers <<

 

Pros Cons
Wide range of altcoins offered No fiat currencies supported, bank transfers & credit cards not accepted
Low trading fees Rather high withdrawal fees
Two trading account options Only Australians accepted as clients
Australia-based No margin trading, no anonymous trading
  Not regulated
  Platform missing basic features

 

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Traders` reviews for CoolCoin

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Summary

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Unable to withdraw funds , scam, BEWARE!!!

When entering my password for withdrawal, a "bug" lead.to five wrong password and locked the account, nowhere to unlock, no answer from the "contact us".
I will see how to take action, legal or others.

Fred 04/06/2019

Forged orders

Place my sell order and sales not listed are selling higher then my sell price my sale has been sitting the lowest for 2 days now and I can’t sell but orders are not listed and selling 30% higher then mine

Mick 02/27/2018

CoolCoin - Beware!

This is most strange market I ever seen.
When You want to sold something, it doesn't matter what price You made,
always there is a better bid than my on 1 or 2 sat.
And at now If I want to go out, Im waiting for my money, because there is status WAITING...

Im really dissapointed, I dont know how long I will wait for my money..

In my opinion it is very strange website... beware.

Muffin 02/25/2018

CoolCoin forges the history of orders

CoolCoin forges the history of orders. I place purchase orders at the most expensive price and my order is the very first, but in the history of executed orders, deals appear at a price higher than mine, which were not in the bids. They appear from nowhere on their own. The bot works and forges the history of orders. THIS IS A FRAUD !!!

Micle 02/11/2018

Complete Scam

Cool Coin is a complete scam.... DO NOT DEPOSIT!
You will not be able to contact anyone for any problem. They have no problem accepting deposits and allowing you to trade, but do not try to withdraw.

I guess it only open to certain Countries, but they will accept deposits from anywhere, because they can keep your money. Stay far away!!

Brian Karas 01/15/2018

Trying to withdraw TRX

Hi Shamir
Thanks for your review, I too have TRX on coolcoin and want to withdraw to my binance account. I can’t seem to find the option to withdraw and have contacted coolcoin for help several weeks ago and no reply! Any chance you can let me know where you managed to do this?

Rohan 12/27/2017

Ignore messages / failure to allow coin withdrawal

I have been sending several messages since December 20, 2017, in an attempt to withdraw my money at www.coolcoin.com. I experience no response to the messages and continues request for authentication. As of now, December 26, 2017, I am yet to receive a response, or able to withdraw my money.

Michael Asiedu 12/27/2017

Will Not Let Me Withdraw My Money - 6 Days

I have a very large amount of TRX on CoolCoin. On December 16 (Saturday) I initiated a withdrawal to get my funds transferred to Binance. It has been 6 days and still says confirming. I have used the contact us portion on the website over 7 times and zero reply. I have emailed the owner Michael Su at [email protected] over 5 times and no reply. I would warn anyone to NOT use this site until they release my tokens. I am fully verified on the site as well. Please be very careful. I cannot get my money out.

Shamir Patel 12/21/2017

Coolcoin not a scam. Just be patient

It took 6 days but my money was withdrawn. Just be patient. Certain Alt Coins take longer. But all in all good site and the owner even emailed me to help out.

Shamir Patel 12/21/2017
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