A trading cryptocurrency guide must of course provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This is a review of the cryptocurrency exchange Abucoins which consists of four parts: general information, trading fees, deposit methods and security.
UPDATE 26 February 2019: Please be advised that this exchange has closed down. Accordingly, you can not open an account here.
Abucoins is an exchange based in Poland. Poland is alongside the United Kingdom one of Europe’s most prominent cryptocurrency exchange countries. In addition to this exchange, Poland is also the home country of BitMarket and Coinbe (to mention a few).
The exchange does not explicitly prohibit US-investors from trading on its exchange, but all US-investors should still try to perform their own analysis of whether their home state imposes any legal obstacles to them trading at any of the top crypto exchanges that could be the best cryptocurrency exchange site for them.
The exchange also claims to have a multilingual 24/7 support that allows Abucoins to keep in touch with customers in all time zones and regions.
Abucoins Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Abucoins:
Abucoins Trading fees
The fees at any exchange are very important to consider.
Abucoins’ trading fees for takers are 0.10%. This fee is below industry average and constitutes a competitive advantage against the majority of the other top crypto exchanges in the market and maybe even makes this exchange the best cryptocurrency exchange site for you. This exchange also offers a discount to its makers, whose trading fees are 0 (zero). This is a huge benefit for the makers trading here.
Abucoins Withdrawal fees
Abucoins charges a withdrawal fee amounting to 0.001 BTC when you withdraw BTC. This is in line with industry average.
Abucoins accepts deposits through both wire transfer and credit cards. This is of course viewed as very positive by many crypto investors.
One should generally look out for the different deposit fees charged by exchanges for deposit of fiat currencies via wire transfer or credit cards, and whereas it might be indifferent to you whether you should deposit via wire transfer or credit card, it might be very different fees. At some exchanges, a deposit fee of up to 11% is charged for credit cards deposits.
One might ask why security is even a feature that we at Cryptowisser have looked for at the different top crypto exchanges. The answer is two-fold:
- Exchanges store a massive amount of valuable personally identifiable information. This could be anything from names to addresses, to government identification details, taxpayer identification number, but also a lot more; and
- Exchanges also handle a large number of fiat currency and/or cryptocurrency deposits and withdrawals.
Abucoins has a security score of F. This is below industry average when it comes to top crypto exchanges.
However, Abucoins prides itself on storing a vast majority of digital assets “securely in offline storage”.
Finally, the exchange reviewed above has a large number of supported cryptocurrencies. If a large number of supported cryptocurrencies is an important factor for you in your choice of cryptocurrency exchange, you could also check out the following exchanges: