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 Coinplace consists of four parts: general information, fees, deposit methods and security.
Coinplace is an exchange registered in the United Arab Emirates that launched in October 2017. The information on the website is very scarce, which is a bit troubling. Also, a big red flag is that the exchange previously listed a well-known investment company as the owner of the platform. We included this information in our previous review of this exchange. Then, on 10 July 2019, that investment company contacted us and said that:
“Our company [name omitted] has never been an operator and has never own, bought, sold or exchanged cryptocurrencies on the web portal: Coinplace. All references to our company are untrue. Please remove this information.”
If this is not a red flag, we don’t know what is.
There aren’t that many other cryptocurrency exchanges from this area, but you have a few. If a cryptocurrency exchange is at all from the middle-East, then the nation they’re from is most likely the UAE. RightBTC is also from the United Arab Emirates.
The 24 hour trading volume on the date of this review, being 17 April 2019, was USD 0.39 million. This placed Coinplace on place no. 157 on the list of the exchanges with the highest 24 hour trading volumes. On the date of last updating this review (16 March 2020, right in the middle of the crisis with COVID-19), neither Coinmarketcap nor CoinGecko had any data on the trading volume here. This is another big red flag…
Coinplace does not list USA as a “prohibited country” or anything similar. So our belief is that US-investors may trade at this exchange. In any event, US-investors should always do themselves the favour of forming their own opinion on any issues arising from their residency or citizenship.
Coinplace 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. At this exchange, there is only order boxes and a small price chart window, as set out below. This makes it easily understandable for new crypto investors, while it might lack some features that more experienced traders look for. The below is a picture of the trading view at Coinplace:
Coinplace 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: 0.20% of the order value.
0.20% is in line with the global 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.
This is the information on fees on the website:
Although the fees are perfectly fine, the way they are presented doesn’t give us a serious impression. What do you think?
Coinplace Withdrawal fees
Coinplace charges a withdrawal fee amounting to 0.0007 BTC when you withdraw BTC. This is also in line with the industry average, as the industry average is 0.000812 BTC per BTC-withdrawal.
All in all, the fees at Coinplace are quite on point with industry average, not higher, not lower.
This exchange offers a wide variety of deposit methods. You can deposit in essentially whatever way you prefer. Wire transfer, credit cards, other cryptos, you name it. Coinplace is consequently what we call an “entry-level exchange”.
Finally, we run all the exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is one of many indicators of the exchange’s security. Coinplace received an F-score in this test. When looking at all the exchanges in our Exchange List, the majority of all exchanges actually receive an F-score. So it shouldn’t lead you to believe that the exchange necessarily has poor security.
Finally, as mentioned above, this exchange supports credit card deposits (alone or through the use of any of its associated payment service providers). Other cryptocurrency exchanges that also have this option include: