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Koinim Review - is it scam or safe?

Koinim Review - Is koinim.com scam or safe cryptocurrency exchange?

RATING: 2 / 1 REVIEWS ForexBrokerz Koinim
Koinim is not regulated. We cannot guarantee your money is safe.

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

Monthly volume Leverage Maker fee Taker Fee Deposit fee
<TRY 30,000 1:1 0.40% 0.40% Crypto and Bank Transfer: free
>TRY 30,000 1:1 0.30% 0.30% Crypto and Bank Transfer: free

 

Koinim is a Turkish cryptocurrency exchange, which accepts Lira bank transfers. After reviewing several similar companies, we have to say this one leaves the most mixed feelings. We have to mention, we are taking a bit of an outsider’s perspective, as we are not based in the country. We will try to evaluate if this is a decent place to trade, even if you are not Turkish.

 

Koinim Advantages

 

Company info provided – the mere fact this exchange openly gives its address and name of the legal entity behind it gives some credibility. While this is a very low bar, some players in the cryptocurrency space don’t even pass it.

 

Running since 2013 – this may not sound as impressive as the advertisement of a Swiss wristwatch, but the world of crypto is very young. Bitcoin was created in 2009, so a company staring in 2013 is a relatively early adopter.

 

TRY Bank transfers accepted  – the most obvious attraction of this exchange is that they are what we call an “entry level” company. The only supported currency is the Turkish Lira. Nowadays a lot of people use instant payment methods, such as Credit Cards. Check the link below for more info

 

>>Buying Bitcoin with Credit Cards<<

 

No deposit fee  – this goes for both cryptocurrency transfers and bank ones. Keep in mind, this does not mean your payment will be completely free – it only means Koinim will not charge you anything extra. The mining fee (for blockchain transfers) and bank charges are a different story.

 

 

Koinim Disadvantages

 

A lot of emphasis on Turkey – some exchanges target only their domestic market, while others aim to be global players. This one is definitely among the former group – the website is in Turkish, and the local cuurrency is the only one supported.

 

 

Only BTC/TRY and LTC/TRY  – this has two implication. First of all, the Lira will probably not attract traders form other countries. On the other hand, the fact the two altocins are not traded against each other means that if you wish to quickly transfer your Bitcoin into Litecoin, you will have to make two trades (going through the TRY).

 

High trading fees –  with an initial fee of 0.40%, this exchange isn’t that competitive. The current industry averages are around 0.20%-0.25%, so  Koinim basically charges double.

 

 

Full verification required  –  Koinim does not allow you to even see the trading interface before being fully verified. We like to take a look at the trading platform and compare it to ones at other exchanges, but this will not be possible for this one.

 

Leverage is not provided – this was expected, as only a few exchanges bother to implement this functionality. Given the volatility in the cryptocurrency space, trading with too much leverage is not that recommended, although some forex brokers provide this service.

 

>>Bitcoin forex brokers<<

 

We must mention they provide a trading style, which isn’t the same as going through an exchange – through CFDs. They are basically only suited for short term trading, but allow you to use leverage and even go short. Check the full story here.

 

Relatively high withdrawal fees  –  this isn’t that surprising, but what is are the actual levels. The Bitcoin one is BTC 0.001, which is a bit high.

 

 

Few, but negative user reviews – we didn’t manage to find many comments on Koinim, but the ones we did expressed concern regarding their credibility. Feel free to share your experience with them below this review.

 

 

Conclusion

 

Koinim is a Turkish cryptocurrency exchange, which allows the locals to buy Bitcoin and Litecoin. This exchange is not friendly towards foreigners and the trading fees are higher than the ones offered by others. This leaves us a bit suspicious on the raising volumes. 

 

Even the most reputable cryptocurrency exchanges pose some unavoidable risks for investors. They could be hacked and the coins stolen, or the people behind the project could simply decide to take all the coins and run (what is sometimes called an “exit scheme”). If you are looking for a safer place to trade Bitcoin, check the regulated forex brokers.

 

>>Trusted Bitcoin forex brokers<< 

 

The strong and weak sides of Koinim:

Pros Cons
Company info provided A lot of emphasis on Turkey
Running since 2013 Only BTC/TRY and LTC/TRY
TRY Bank transfers accepted High trading fees
No deposit fee Full verification required
  Leverage is not provided
  Relatively high withdrawal fees
  Few, but negative user reviews

 

 

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Traders` reviews for Koinim

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