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EasyCoin Review - is it scam or safe?

EasyCoin Review - Is easycoin.pl scam or safe cryptocurrency exchange?

RATING: 3.5 / 0 REVIEWS EasyCoin

RECOMMENDED BITCOIN BROKERS


Trading Accounts

Account type Leverage Trading Fee Deposit Fee
Standard N/A Max 0.16% Max USD 40, mostly 1PLN*

*The payment options vary a lot, based on multiple factors. More details available below.

 

EasyCoin (easycoin.pl) is one of Poland’s most popular cryptocurrency exchanges. It serves as a gateway company and while liquidity and trading volumes are not consistent, occasionally relatively big deals pass.

 

EasyCoin Advantages

 

Competitive fees –   both trading and deposit fees at EasyCoin are very competitive with the current state of the crypto-space. Trading fees start at 0.16% and can only go lower, with bigger transaction volumes. As a comparison, Bitstamp (a popular exchange, which also accepts fiat currencies) charges 0.25%. 

 

When it comes to the banking fees, they are dependent on having a Bank account with one of the partnered banks. Here is a snapshot of all the details (click to zoom-in):

 

 

 

Bank transfers accepted – Bank transfers are accepted at EasyCoin. As you can see above, multiple currencies are supported. This is a pretty decent offering, given the fact this is more of a country-specific exchange.

 

>> Buying Bitcoin with a credit card<<

 

Sadly, no instant payment methods are available with this exchange. A lot of people use credit cards when making online payments nowadays and there are places where you can even buy Bitcoin this way. Check the link above for more information.

 

 

Mostly positive feedback – Not surprisingly the user reviews for this exchange are mostly in Polish. A quick glance shows mostly positive ones.

 

Partnership with Megavaluta – EasyCoin has a partnership with Megavaluta.pl, an online currency exchange service. Transferring funds from one company to the other is free.

 

Ok trading platform – The platform provided by EasyCoin is web-based and nothing special. That being said, we have seen much worse trading software at other cryptocurrency exchanges. While charting is not impressive (and illustrates the low trading activity) the rest of the platform looks very clean. The fact, the “bid” and “ask” columns have been swapped will annoy experienced traders. Here is a preview:

 

Charting seems basic

 

A relatively nice order book

 

EasyCoin Disadvantages

 

 

Focus on Poland – This is a theme which reapers with a lot of exchanges. The company is based in Poland and is tailored to the local market. There is nothing inherently wrong with that, other than the fact, you may not be satisfied with a lot of small details if you are not Polish.

 

 

Liquid trading only against PLN –  While trading is done around all of the supported currencies, the bulk of the action (liquidity and volume) at EasyCoin is concentrated in trading against PLN.

 

Only Bitcoin supported – EasyCoin does currently not support altcoins. Then again, this is more of an entry service, so this is acceptable. If you are looking for more exotic assets, check out Bittrex or Cryptopia

 

No leveraged trading  – Most of you have probably guessed it at this point, margin trading is not available at EasyCoin. This is understandable, as most other exchanges don’t.  This also means taking short positions is not possible. In case you think Bitcoin is over-extended and want to benefit from its inevitable price decline, some forex broker, like FXTM offer an alternative.

 

>>Where can you short Bitcoin?<< 

 

It’s worth mentioning trading at these brokers is done via CFDs. This means, you will not actually own the coins in question – you will trade a synthetic financial instrument, which follows their price movements. Read more about this style of trading here.

 

Conclusion

 

EasyCoin is Poland’s premier cryptocurrency exchange. They offer an acces to the world of Bitcoin to the “uninitiated”, by providing a fiat currency banking service. Trading is done on an actual platform, with wallets provided by this exchange. While this may sound obvious to some of you, keep in mind there are companies who only offer to send you Bitcoin to your desired address, instead. Overall, our opinion of EasyCoin is rather high. 

 

On the other hand, one must remember there always is some form of counterparty risk involved with crypto-exchanges. In case you are willing to invest in Bitcoin (or ant other coin for the long term, having a private wallet or even a hardware wallet may be beneficial. Alternatively, the forex brokers, offering crpto-trading are an interesting solution, for those of you looking to trade in the short term – they are often highly regulated.

 

>>Regulated forex brokers, oferring Bitcoin<<

 

Here is our summary of this exchange:

 

Pros Cons
Competitive fees Focus on Poland
Bank transfers accepted Liquid trading only against PLN
Mostly positive feedback Only Bitcoin supported
Partnership with Megavaluta No leveraged trading
Ok trading platform  

 

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Traders` reviews for EasyCoin

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