What is Coinumm?
Coinumm is a crypto platform registered in Estonia that has been around since 23 September 2019. This platform's offering is easy to describe: you can buy and sell BTC, ETH, USDT, DOGE, TRX, BCH, XLM, ETC and LTC here. This means that the platform never holds the users' crypto assets. When you have bought your crypto, the platform sends it directly to your wallet address.
As advantages with the platform, Coinumm states on its website that they offer competitive pricing, that the transactions are fast, the verification is normally completed within 48 hours and that they offer 24/7 support. These are all very helpful things.
Coinumm 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.
Coinumm's purchase interface gives you the option to insert the exact amount of fiat currency (USD, EUR or RUB) that you wish to spend or the amount of crypto you wish to buy. This purchase interface makes it very easy to understand if you’re new to crypto, yet it might not offer all the advanced buy/sell features more experienced traders look for. Here’s how it looks:
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
Coinumm does not allow US-investors on its exchange. So if you’re from the US and would like to engage in crypto trading, you will have to look elsewhere. Luckily for you, if you go to the Exchange List and use our exchange filters, you can sort the exchanges based on whether or not they accept US-investors.
Coinumm has an affiliate program. For each user you refer under this program, you will receive 0.08% of the fees the referred users generate. This affiliate program is easy enough to understand, and could potentially generate a sizeable income in the long run.
You can sign up to the affiliate program here.
Coinumm Trading fees
This particular platform is more a cryptocurrency store than a cryptocurrency exchange. They sell cryptocurrency from their own inventory, and do not facilitate transfers from one Coinumm-user to another. Accordingly, it is difficult to compare the fees charged by Coinumm with the industry average trading fee at a regular centralized exchange (being 0.221% for takers and 0.177% for makers, according to this report).
Coinumm charges the following fees when you buy cryptocurrency. We have chosen to include the Coinumm fee when buying crypto with debit card as the trading fee in our database.
Coinumm Withdrawal fees
Coinumm charges a withdrawal fee of 0.0006 BTC per BTC-withdrawal. This fee is quite in line with the global industry average. The current global industry average is 0.00057 BTC per BTC-withdrawal according to this report.
Coinumm lets you deposit assets to the exchange in many different ways, through wire transfer, debit card, SEPA transfer and more. Seeing as fiat currency deposits are possible at this trading platform, the platform qualifies as an “entry-level exchange”, making it possible for new cryptocurrency investors to take their first steps into the cryptocurrency world here. Any user should however observe that there are different fees charged for the different deposit methods used (please see above under Coinumm Trading fees).