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Sistemkoin Review - is it scam or safe?

Sistemkoin Review - Is sistemkoin.com scam or safe cryptocurrency exchange?

RATING: 2 / 2 REVIEWS ForexBrokerz Sistemkoin

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

Account type Leverage Maker Fee Taker Fee Deposit Fee
Standard 1:1 0.15% 0.15% Crypto and Bank Transfer: free


Sistemkoin is Turkish entry-level cryptocurrency exchange, meaning the company accepts fiat currency payments. While some portions of their website are not fully translated, they are apparently opened to foreigners.


Sistemkoin Advantages


Some info on the company –  while minimum there is some information on the actual company behind this exchange – their name and address. Turkey isn’t one of the few companies which regulate cryptocurrency trading, so one couldn’t expect much more. This is still better than the total lack of transparency at other venues in the world of crypto.


Two-factor authentication (2FA)
– when it comes to security measures, Sistemkoin offers this popular one. The system forces you to confirm you are actually logging in by either e-mail or a smartphone app. This prevents somebody who only knows your credentials at the exchange from accessing your account.


Bank transfers accepted
– every trader at this exchange is able to have a EUR, USD or TRY. Bank transfers can be made to each of them, with a TRY 100. This is nice, though it still lacks the instant effect of sending a payment via Credit Card.


>>Where to buy Bitcoin with a credit card<<


No deposit fees
– Sistemkoin does not charge fiat, nor crypto payments send to them. Keep in mid some transaction costs will always be present – either blockchain fees or banking ones. Their size will depend on your choice of bank or digital currencies.


Low trading fees – every trade within the Sistemkoin exchange is charged 0.15%, This is lower than the offer at most exchanges. While they can vary wildly, the average is probably 0.25%.


OK trading platform – the interface at Sistemkoin is neither too good nor too bad. The charting package is slightly worse than what can be found at other venues. On the other hand the overall design is rather nice. Here is a screenshot:



Sistemkoin’s platform (click to zoom in)


Variety of altcoins – the number of coins supported at this exchange is not that impressive, but for an entry-level company, this is still decent. All the coins include: BTC, ETH, XRP, LTC, DOGE, BCH, BTG, ZEC, DGB, XLM, TRX, BEN, FRST and WRC. Trading is done against Bitcoin, Etherum and the fiat currencies, although the higher volumes are mostly in the TRY markets.


Sistemkoin Disadvantages


Some forces on Turkey – while Sistemkoin is open to all clients, and supports multiple foreign fiat currencies, this is still a company, mostly oriented towards the domestic market. The situation is not close to what we have seen at other exchanges, but some portions of the website aren’t fully translated. We haven’t tested the customer support, but more complicated questions asked in English may take a slightly longer time for a proper reponse.


Volumes mostly in TRY trading – this is possibly a bigger issue than the previous one. The trading activity on this exchange is picking up in recent times, but it is almost entirely in the Lira markets. This makes it slightly inconvenient for foreigners.


Margin isn’t provided
– entry-level exchanges rarely provide leverage (except for the Japanese ones). Experienced traders ion the more traditional financial markets, may preffer trading with a forex broker.


>>Trade Bitcoin with leverage<<


To clarify, these brokerages don’t offer actual Bitcoin trading, but only CFDs, based on cryptocurrencies. This is a very different type of trading, which is suitable for short term speculation, but may not be for long term investing. You can find a full comparison here.


Fees on withdrawals (and minimums) – this is becoming more of a standard practice nowadays, but we still have to mention it. The levels at Sistemkoin are rather low, with the Bitcoin ones being a 0,0004 BTC fee, with a minimum transaction size of 0.002 BTC. When it comes to fiat currencies, there is a TRY 4 charge, which is pretty negligible (around $0.25, at the time of writing).


Conclusion


Sistemkoin is a Turkish cryptocurrency exchange, which accepts bank transfers. The company appears to be decent, but we didn’t manage to find many user reviews to back that up. Still, they are primarily focused on the Turkish market, so if you are based in another country, you may find a better service elsewhere.


Keep in mind, all the risks present in the cryptocurrency space are still present at this exchange. If you are only looking to trade some of the major coins and require a higher level of security, forex brokers present an interesting offer. This is only true for the highly regulated ones, as there are a lot of scammers in that field (as well as in the world of crypto):


>>Regulated brokers, offering Bitcoin<<


The strong and weak sides of Sistemkoin again:

Pros Cons
Some info on the company Some forces on Turkey
Two-factor authentication (2FA) Volumes mostly in TRY trading
Bank transfers accepted Margin isn’t provided
No deposit fees Fees on withdrawals (and minimums)
Low trading fees  
OK trading platform  
Variety of altcoins  

 

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Traders` reviews for Sistemkoin

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they just take coins, no real support

luckely i never trusted sistemkoin, so i had little coins... i had 15 abbc coin left, a valid coin... but could not withdraw or trade for months, asked several times... they said wait for the announcements...

now they redone their site... my coins are gone... and they will do nothing about it... stay away from this exchange!!

Jos 06/25/2019

Many victims on Sistemkoin

Look at how many victims are complaining & see if Sistemkoin dares to respond to anyone
checkout:
https://twitter.com/vendettaBTR

Sistemkoin will steal your coins if you send in larger amount It fakes the volume to attract victims to trade there. It is a SCAM site. Don't send your investor there

vendetta 05/13/2019

They rob my withdrawal

I have btc withdrawal that been pending for 7hours and when I contact the livechat support they said they will inform the software department to solve my transaction. After 1hours I see the transaction history SUCCESS and when I click the TXID the blockchain shows the wallet address is incorrect and I have the copy of the confirmation of withdrawal my input correct address and they said to different address. When I complain again and provide the screenshot copy of the confirmation from the email that they send and the txid they provide in history page they block me in livechat, they do not answer in the admin and support email.
TOTALLY SCAM AND ROB YOUR FUNDS. FYI it is 1.3BTC and they go in silence. No response, even clearly the problem is in their end.

STAY AWAY ON THIS EXCHANGES YOU WILL LOST YOUR COINS.

bhdazy 04/05/2019

Fake Volume

I tried to trade in SISTEMKOIN and only experience fake volume. They are manipulation the volume just to make their coins have a daily activity. Be careful in this exchange.

Airyel 03/11/2019

They are a scam

Sistemkoin is a scam

Chris serna 01/19/2019
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