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OrangeCoin Review - is it scam or safe?

OrangeCoin Review - Is orangecoin.com scam or safe cryptocurrency exchange?

RATING: 1 / 4 REVIEWS OrangeCoin
OrangeCoin is not regulated. We cannot guarantee your money is safe.

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

Account type Leverage Maker Fee Taker Fee
Deposit Fee
Standard 1:1 1.0% 1.0% SEPA and CC: Free


OrangeCoin is a company which facilitates the buying and selling off cryptocurrencies with fiat ones. They are a new player in the space and haven’t received much feedback yet.  We must mention our review takes a bit of an outsider’s perspective as the exchange requires full verification, before one can begin trading. We have yet to be approved, but hopefully, we will be soon and this review will be updated.


OrangeCoin Advantages


Accepts Credit Cards and SEPA
– the main benefit of this service is the fact they are suitable for newcomers to the cryptospace. This is what we usually call entry-level  exchange. You can find more similar companies here


>>Buy Bitcoin with a credit card<<


Clean interface – the dashboard provided by OrangeCoin is very intuitive. It reminds us of the Coinbase layout, while still being distinctly different. Here is a preview (click to zoom):



Some alternative coins supported
– the total of three coins supported at OrangeCoin doesn’t seem impressive, but for an entry level company, it’s actually quite decent. The assets available are Bitcoin (BTC), Ethereum (ETH) Litecoin (LTC).


Offers their own Credit Card
– OrangeCoin claims to offer CreditCards, which will allow you to spend your cryptocurrencies directly. This sounds ambitious and given their fee structure may turn out to be quite expensive (as you will still have to convert the coins to the fiat equivalent you want). Additionally, we are not certain if they will succeed in this endeavor as others, like TenX have had issues.


1% fees – we hesitated wether to put this in the “positives” or “negatives” section.  OrangeCoin does not charge anything extra on your incoming or outgoing transfers, but every time you exchange crypto to fiat (or vice versa), you will have to pay 1%. This may sound large, when compared to the trading venues, dedicated to active traders, but is relatively ok, when compared to other similar services.


OrangeCoin Disadvantages


Little company background – OrangeCoin does not state much about itself, other than the fact they are based in the United Kingdom. The only additional information is the disclaimer stating “Orangecoin is an agent of its Financial Institution Partner(s)”. This can mean a lot of things, but can mean this exchange is simply a partner to another one, where the actual trading is done.

 
No user reviews – OrangeCoin appears to be a very new project, as we weren’t able to find any comments regarding it. This is very unusual in the current day and age. The combination of this and the previous factor makes us rather hesitant to recommend this exchange

.
Full verification required – as we stated in the beginning, OrangeCoin requires full verification (including uploading your ID), before you can gain access to the exchange. We are yet to be confirmed as a client, so we can’t take a deeper look into their trading platform. This is not the case with most exchanges, which only require an e-mail and occasionally a two-factor authentication connection (a smartphone, with the appropriate app).


No leverage
– at this point it should be quite clear, OrangeCoin isn’t designed to be a venue for active traders. The lack of margin trading is not surprising. If you would like to play the crypto-space more aggressively, you must know, some forex brokers offer a better environment for short term speculation.


>>Forex brokers offering Bitcoin CFDs<<


We feel the need to clarify, trading with such companies is done via Contracts for Difference (CFDs). This means you will not be buying or selling Bitcoin, but a derivative asset based on it. This has positive (the ability to go short and use leverage) and negative (it may not be suitable for long-term investing) implications. Read this post for the full details.


Conclusion


OrangeCoin is a rather new entry-level cryptocurrency exchange. They facilitate a few of the major coins and have the ambitious goal of allowing you to spend your digital assets directly, with a credit card. We have some concerns regarding the fees this may imply, if you have to convert the crypto back to fiat, with every transfer (1%).


Giving a clear verdict on OrangeCoin is hard, as we aren’t still fully verified. We hesitate to recommend them, simply because they are a new company, which hasn’t proven itself.


Keep in mind, even the most stable crypto-exchanges have had issues in the past. In case you are looking for a muc safer way to trade Bitcoin or any of the major coins, the forex brokers, which offer such CFDs may be better. Always look for tightly regulated ones, as there are a lot of scammers around.


>>Regulated Bitcoin forex brokers<<


The pros and cons of OrangeCoin:

Pros Cons
Accepts Credit Cards and SEPA Little company background
Clean interface No user reviews
Some alternative coins supported Full verification required
Offers their own Credit Card No leverage
1% fees  

 

Latest news about OrangeCoin
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Traders` reviews for OrangeCoin

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Big scammer

I bought 500 eur with my card then i found after few weeks they took 750 eur by them self from my card i don't know how and my bank reject to bring my money back because when i bought first time i accept all what they ask about documents for vitrify

metro 09/26/2018

No money showed back up on my statement

I sold 171 eur just as a test to see if it will send back to my credit card,
Sold it over 5 days ago
Still nothing on my statement

Heinz zeh 05/04/2018

Big scammmmm

I bought 100 Euro of bitcoin and a week is gone still i do not see any bitcoin in my account. When i tried to send an e-mail to the support they banned my e-mail. Big scammmmm.

alex 05/04/2018

My experience with orangecoin

The wallet is really simple to use. Each and every action is described in the right sequence and it is clearly understandable how to buy the crypto currency. The first step is to verify the email, then add the phone number, fill in your personal information and send a photo of the documents (I used the driver's license). After documents verification, you will be able to purchase crypto currency.

When you are buying crypto currency, it's also very simple, you just specify the amount in dollars or euros, and the service automatically converts and shows how much crypto currency you can buy for this amount of money.

The purchase is carried out instantly. (I use a credit card.)

Yuri 04/09/2018
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