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 CoinLim consists of four parts: general information, fees, deposit methods and security.
CoinLim is an exchange registered in Singapore (previously Hong Kong). It launched in April 2018 and is available in both English and simplified Chinese.
If you live in Singapore and want a cryptocurrency exchange to trade at that is based in the same country as you – you are spoiled. All of the following exchanges are registered in Singapore: Coinbene, Triple Dice Exchange, Coinut, COSS, ExcambioRex, Coinhako, Cointiger, Kryptono, DragonEX, Coinhub, Tokenomy, Bitrue, Bitbox, ABCC, CRXzone, Kyber Network and Liquid. But there are also others.
The exchange also has an OTC-function, where users can create ads and sell their shares through that medium of exchange instead.
The platform is also available as a mobile application, for the investors who prefer to do their cryptocurrency trading and monitoring while “on the go”.
CoinLim permits US-investors, but US-investors should still do their own independent assessment of any problems arising from their residency or citizenship anyway.
As the platform launched in April 2018, it still has some distance to cover in terms of trading volume. It usually takes a while before newer exchanges receive the trading volumes they strive to receive. On the date of writing this review, 17 April 2019, CoinLim’s 24 hour trading volume was USD 3.5 million, placing it just north of the top 100 exchanges in the world listed based on 24 hour trading volumes. On the date of last updating this review, 7 July 2019, the trading volume had improved significantly. It was then USD 19.7 million, placing Coinlim on place no. 72 on the same list.
CoinLim 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. This is the trading view at CoinLim:
CoinLim Trading fees
Trading fees are naturally very important. Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. At this exchange, they don’t divide between takers and makers. Each party to a transaction pay the same fee: 0.10% of the order value.
0.10% is below the industry average.
Industry average has for a long time been 0.25%, but we are currently seeing a shift towards lower fees. Many exchanges now charge e.g. 0.10% or 0.15% instead.
CoinLim Withdrawal fees
When transferring cryptocurrency from CoinLim, you only have to pay the relevant network fee. And you always pay network fees when transferring crypto anyway. Accordingly, the exchange doesn’t charge any withdrawal fees of their own and thus makes no profit on your withdrawals. This withdrawal fee model, that the exchange doesn’t charge any withdrawal fees of their own, is very consumer friendly and substantially below the global industry average of 0.000812 BTC per BTC-withdrawal.
All in all, the fees at CoinLim are very competitive.
This exchange does not accept any other deposit method than cryptocurrencies, so new crypto investors are restricted from trading here. If you are a new crypto investor and you wish to start trading at this exchange, you will have to purchase cryptos from another exchange first and then – as a second step – deposit them here. Don’t worry though, you can find a so called “entry-level exchange” simply by using our Exchange Finder tool.
The servers of decentralized exchanges are normally spread out. This is different from centralized exchanges that normally have their servers more concentrated. This spread-out of servers leads to a lower risk of server downtime and also means that decentralized exchanges are virtually immune to attacks. This is because if you take out one of the servers, it makes little to no difference for the network of servers in its entirety. However, if you manage to get into a server at a centralized exchange, you can do a lot more harm.
Also, if you make a trade at a decentralized exchange, the exchange itself never touches your assets. Accordingly, even if a hacker would somehow be able to hack the exchange (in spite of the above), the hacker can not access your assets. If you make a trade at a centralized exchange, however, you normally hold assets at that exchange until you withdraw them to your private wallet. A centralized exchange can therefore be hacked and your funds held at such exchange can be stolen.
As this exchange is a DEX, we feel that it is appropriate to award it a security score of A+ (regardless of its score in the Mozilla Observatory-test).
Finally, as mentioned above, this is a DEX. Decentralized exchanges are still a minority on the cryptocurrency exchange market, with the centralized exchanges still dominating the field (mostly due to better liquidity). In any event, if you’re looking for a DEX, you could also check out the following quite popular ones:
- Counterparty DEX
- Fcoin Exchange
- Switcheo Network