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ЕxtStock Review - is it scam or safe?

ЕxtStock Review - is extstock.com scam or good cryptocurrency exchange?

RATING: 1.9 / 1 REVIEWS ForexBrokerz ЕxtStock
ЕxtStock is not regulated. We cannot guarantee your money is safe.

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Trading Accounts and Conditions

 

Account type Min. trade size Leverage Trading fee Transaction fees
Standard 0.0001 BTC 1:1 0.20% Not specified

 

ЕxtStock is a relatively small UK cryptocurrency exchange that offers spot trading in some of the most popular crypto currencies and also accepts real money. 

 

ЕxtStock Advantages

 

Solid number of coins

By the time of writing this review, ЕxtStock has listed Bitcoin, Ethereum, Litecoin, Dash, Bitcoin Cash, Tron, as well as some exotic coins, such as Neblio, and Xnode. This is a decent line-up for e newly launched crypto platform and is likely to expand in the future. 

 

USD and EUR accepted

More importantly, this exchanges accepts two of the most popular fiat currencies (EUR & USD) against which the above cryptocurrencies can be traded.  Sadly, ЕxtStock does not share with the public which payment methods it supports, which leads us to the disadvantages section.

 

Competitive trading fees

The costs of trading at ЕxtStock are close to the industry averages, with 0.20% being the rate for both market makers and takers. Other exchanges have lower rates for those who place orders in the book, rather than taking the best possible price instantly.

 

Good Platform 

The web trading interface of ЕxtStock is nicely designed and seems perfectly functional – it has an order book, trading history, market depth window and charts with several technical analysis indicators. Here is a preview:

 

 

Some info on the company

Exchange Cloud Limited is the UK-based company, which owns and operates ЕxtStock. While we don’t know much about them, presenting an actual legal entity on an exchange’s website is more than many exchanges provide.

 

Security

ЕxtStock claims that more than 90% of its clients’ funds are stored in vaults disconnected from the Internet. Cold storage is a popular measure crypto-exchanges apply to minimize the risk of hacks.

 

 

ЕxtStock Disadvantages

 

Fiat payment methods and fees unclear

We could not find any information on ЕxtStock’s website regarding the payment methods for fiat currencies, nor about the transaction fees. Most exchanges charge some fees at least on withdrawals, and some of them are rather salty.  

 

A new exchange

New cryptocurrency exchanges come with a certain level of risk, as is always the case with new investment projects.

 

Minimum and maximum trade sizes

ЕxtStock has set certain requirements regarding trade sizes. The minimum required for trading in Bitcoin is 0.0001 BTC, and the maximum – 100 BTC. Although this is not that unusual in the crypto world, it is a sort of restriction.

 

No margin trading

Margin trading is not available at ЕxtStock and most crypto-exchanges don’t offer this kind of service. Probably it is because the volatile nature of digital coins, to which leverage would add additional risk. Those of you who are willing to take the risk may try out trading in cryptocurrency CFDs with forex brokers, all of which provide leverage.

 

 

>> Forex brokers offering leveraged Bitcoin trading <<

 

 

Conclusion

 

ЕxtStock is a new cryptocurrency platform which facilitates both coin-to-coin and coin-to fiat trades. While the platform itself is good and the trading fees are competitive, the payment methods it uses and the transfer fees are not specified. Another thing we don’t like about ЕxtStock is the fact that there are certain minimum and maximum trading limits set.

 

While ЕxtStock provides the name of the legal entity behind them, we don’t know much about them, except being registered in the UK. That being said, they are not regulated by UK’s Financial Conduct Authority (FCA) or another authority.  Keep in mind, the entire crypto space is still rather new and there are few regulations are in place, only in specific jurisdictions (Japan, Australia, New York). On the other hand, some of the forex brokers offering margin BTC trading are duly licensed by the respective governmental agencies.

 

 

>>Regulated forex brokers offering Bitcoin trading<<

 

 

Here are, in a few words, the strong and weak sides of ЕxtStock exchange:

 

Pros

Cons

Solid number of altcoins

Fiat payment methods and fees unclear

Competitive fees

New exchange

USD and EUR accepted

Minimum and maximum trade sizes

Good Platform 

No leverage available

 Some info on the company, security

 

 

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Traders` reviews for ЕxtStock

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