UPDATE 5 January 2019: Please be advised that this cryptocurrency exchange has been revealed to be a scam. It is currently also closed down.
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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 CoinsMarkets consists of four parts: general information, fees, deposit methods and security.
CoinsMarkets is a cryptocurrency exchange from Cyprus. Are there any other cryptocurrency exchanges in Cyprus? Or will we only find sun-burnt British tourists? No, there is actually one: Coindeal. Coindeal has slightly higher fees but a much wider selection of trading pairs.
CoinsMarkets does not prohibit US-investors from trading. In any event, US-investors should do their own independent assessment of any problems arising from their residency or citizenship.
CoinsMarkets Trading fees
This exchange offers a flat trading fee of 0.25%. The exchange does accordingly not distinguish between takers and makers. 0.25% is in line with the global industry average fees that are arguably around 0.25%.
CoinsMarkets Withdrawal fees
Many exchanges have competitive trading fees but then hit you on the way out with their withdrawal fees. Let’s say you have reached your investment goals and you are looking to buy house with bitcoin. In order to buy that house, you need to withdraw the funds. And when doing so, the exchange can make up for its low trading fees by charging you high withdrawal fees when you’re halfway out the door.
This exchange charges a withdrawal fee amounting to 0.002 BTC when you withdraw BTC. This is also in line with industry average.
Here, you can’t deposit any fiat currency. You can only deposit cryptocurrencies. This means that new crypto investors are restricted from trading here. If you don’t have any crypto but want to start trading here, you will first have to purchase cryptocurrencies from another exchange and then, as a second step, deposit them at CoinsMarkets.