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LinkCoin Review - is it scam or safe?

LinkCoin Review - Is linkcoin.pro scam or safe cryptocurrency exchange?

RATING: 3.4 / 0 REVIEWS LinkCoin

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

Account type Leverage Service Fees
Standard 1:1 0.6%*

*fees can go lower, but each counterpart chooses his markup, which isn't included


LinkCoin is an entry-level cryptocurrency exchange, connected to Bibox. We hesitate calling them the same company, as the teams behind them may be different, but this is basically the Bibox fiat currency support. 

 

LinkCoin is more reminiscent of an on-line store, like E-Bay or Amazon, than a cryptocurrency exchange. Users post different “ads”, offering a price quote for a given digital asst, which can involve both buying or selling. The company prides wallets, which both side of the transaction must have. Once a buyer likes an offer, he can simply take it, while using the fiat method of payment, chosen by the person posting the add. This may feel similar to some peer-to-peer networks, but in reality all of the coins are kept by the company, so this is a “client-to-client” C2C service.

 

LinkCoin Advantages

 

Connected to Bibox – in its rather short existence, Bibox has managed to gain a significant market presence. This is due to their highly experienced team and the low trading fees. While we aren’t certain of the exact relations between these two projects (as a comparison, a western company would have advertised they are accepting fiat) their link is obvious and gives LinkCoin the same level of credibility.

 

0.6% service fee –  posting an advertisement on LinkCoin is free, but once a counterparty is found (i.e. someone clicks on it) the person placing the ad pays 0.6%. If you use the BIX token, your fees will be off by 20%. This fee is lower than the charges made by some of the European and Australian similar “exchangers”, but keep in mind it doesn’t include the extra fees – banking, or blockchain, depending on which side of the transaction you are on.

 

Variety of payment methods – the ways to make a fiat transfer to LinkCoin are mostly oriented towards the Chinese market. They are: AliPay, WeCat, Bank Card and Interac. While we aren’t certain which Credit/Debit card companies are supported, this is a decent line-up. The more old-fashioned among you may still prefer a wire transfer.

 

>>Exchanges accepting wire transfers<<

 

7 coins supported  – the cryptocurrencies, currently available at LinkCoin are: BTC, ETH, BCH, LTC, ETC, BIX (the Bibox token), LKN (The LinkCoin token, whose purpose is still unclear). One could easily imagine the latter being used to reduce the fees at this exchange, while keeping BIX only relevant to the other platform.

 

5 fiat currencies – the currencies in which one can quote his offer on this exchange are: CNY, USD, HKD, JPY and CAD. The lack of EUR support may annoy some, but at the end of the day, this is a China-centric company and there re many places where trading vs the Single currency is done.

 

Interesting markup system – as is often the case with similar projects, there may be a certain markup from the best price currently available. In the case of LinkCoin, an index is formed for the value of every digital asset, and each trader posting has the option to add a percentage price increase to their offer. Here is a preview of how this is set-up. 

 

The add placing module, at LinkCoin (click to zoom)

 

LinkCoin Disadvantages

 

Focused on China  – as is frequently the case with such projects, they are suited to fill the needs of a specific (usually the domestic) client base. Despite supporting a lot of fiat options, we suspect fewer westerners will attempt to do business on this platform.

 

Marketplace isn’t that popular – at the time of writing LinkCoin is still new and this may explain the relatively small number of ads. Here is a preview of their list, which doesn’t feature all the current offers, but will give you a feeling for the interface:

 

How a “buyer” looks at the market (click to zoom-in)

 

Markups may be high – as we illustrated previously, everybody may choose his own charge when posting an offer at this platform. When you combine that with the relatively low popularity of this service, you will obviously get extensive markups. Our calculations with one of the offers in the screenshot above, revealed a 5% additional charge.

 

Not suitable for speculative trading – LinkCoin serves as a gateway to the world of cryptocurrencies, but isn’t an “exchange” by the definitions of some people.  

 

>>Bitcoin trading with a forex broker<< 

 

An interesting way to trade cryptocurrencies is offered by some forex brokers. They facilitate what are called contracts for difference or CFDs. This is a technology much older than cryptocurrencies, which creates a new asst, which only follows the price movements of another one. This allows traders to use much higher leverage ratios and even take short positions. All the details can be  found here.

 

Withdrawal fees apply – when executing an order at LinkCoin one doesn’t pay a blockchain transfer fee, as both parties have a wallet within the same system. In other words, this is a centralized exchange. However, if any of the coins are sent to an external venue, these, slightly above average fees apply:

 

Conclusion

 

LinkCoin is a client-to-client cryptocurrency trading platform, connected to Bibox. The platform is still new (at the time of writing), but is likely to attract new clients, as this affiliation will attract the happy customers of the more established brand (while those who are unhappy will probably not trust it). 

 

The most unique thing about LinkCoin is the fact you can link your offer directly to the market index, which means you wouldn’t have to manually follow the wild price dynamics. This feature is also likely to attract those who are willing to cash-in on their Bitcoin.

 

While we may generally like this project, as well as the company behind it, the key risks involved in the world of crypto will obviously still be present with LinkCoin. If you are only looking for short term speculation with the prices of the major coins, doing so with a regulated forex broker, will be much safer.

 

>>Regulated and respected Bitcoin forex brokers<<

 

The pros and cons of LinkCoin:

 

Pros Cons
Connected to Bibox Focused on China
0.6% service fee Marketplace isn’t that popular
Variety of payment methods Markups may be high
7 coins supported Not suitable for speculative trading
5 fiat currencies  
Interesting markup system  

 

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Traders` reviews for LinkCoin

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