Coindirect Review
A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Coindirect consists of four parts: general information, fees, deposit methods and security.
General Information
Coindirect is a cryptocurrency exchange from Isle of Man. Surprisingly enough, Coindirect is not the only cryptocurrency exchange registered at Isle of Man (which has a population of a mere 83,737 people). Wherever there’s people, there’s cryptocurrency exchanges…
If you’re from the US, this exchange is out of reach for you. US-investors may not trade here. Don’t cry, however, there are many other venues that offer the type of trading this exchange does. Use our Exchange Finder to find out which alternatives you have.
Coindirect offers trading in a decent number of cryptocurrencies. Not only the biggest, but not all of the smaller ones either. The exchange seems somewhat directed towards South African residents as the ZAR (the South African Rand) is the most clearly presented fiat currency to trade with. Other fiat currencies include, inter alia, EUR, NGN, GBP and AUD.
Coindirect Trading chart
This is a print screen of the trading chart at this exchange.
We don’t know about you guys but we really think this trading chart is kind on the eyes. Also, the navy blue background color is more comfortable than the standard black background color. The color of the trading chart background should of course not be the decisive factor when picking the right exchange to trade at, but it could nevertheless be one of many factors.
Coindirect Fees
Coindirect Trading fees
This is a picture of Coindirect’s fees.
As you can see, for crypto-to-crypto trades, the exchange charges takers 0.10%. This is below the global industry average (arguably around 0.25%). Furthermore, Coindirect doesn’t charge makers in the crypto-to-crypto trades anything. This is a very strong competitive advantage for this exchange.
Fees for fiat-to-crypto trades are a bit different and most likely depends upon higher costs in relation to bank payment processes and more. Still 0 fees for makers though!
Coindirect Withdrawal fees
Also, Coindirect does not charge any withdrawal fees at all for withdrawing BTC, except for the network fee. The network fee is not charged by the exchange per se, so Coindirect is not in any way enriched by this fee. It should be noted though that there are exchanges that – as a favour to its customers – themselves assume the network fee so that the withdrawal for the customers in fact is 0.
To conclude, the withdrawal fees and trading fees that this exchange charges are very competitive.
Deposit Methods
Coindirect offers wire transfer as a deposit method, but you can’t deposit via credit card. Yet. The exchange states on its website that “credit card payments are coming soon”.
Coindirect Security
Coindirect’s security score is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below the industry average when it comes to top crypto exchanges. It is not mind-blowingly bad though, F is actually the most common grade among the cryptocurrency exchanges in our Cryptocurrency Exchange List.
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The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):
