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 Coinut consists of four parts: general information, fees, deposit methods and security.
Coinut is a cryptocurrency exchange from Singapore. However, the exchange is also regulated as an MSB (Money Service Business) in Canada.
The platform promotes four factors as strong reasons for you to choose Coinut as your trading platform. The first reason is that it is secure. Second, it is easy and fast. Third, it allows fiat currency deposits. Fourth, it has the “lowest fees”. While security, speed and user-friendliness and fiat currency channels are all strong advantages, the fourth advantage is not true. There are several exchanges out there that charge lower than 0.10% in trading fees and that also have 0.00% or even minus numbers as maker fees. But, to Coinut’s defense, Coinut’s fees are definitely low, maybe just not the lowest.
The exchange permits US-investors, but US-investors should do their own independent assessment of any problems arising from their residency or citizenship anyway.
Coinut 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. The below is a picture of the trading view at Coinut:
Coinut Trading fees
It is very important to always check the trading fees at any exchange you are interested in trading at. Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. Coinut doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”.
Coinut offers a trading fee for makers of 0.10%. This fee is below the industry average. Furthermore, the exchange does not charge any fees from makers at all. This is very competitive indeed and substantially better than the average offering in the industry.
Coinut Withdrawal fees
Coinut's withdrawal fee is 0.0004 BTC per BTC-withdrawal. This fee is a bit below the industry average. The global industry average BTC-withdrawal fee the last time we at Cryptowisser did a full-blown empirical study of it was approx. 0.0008 BTC per BTC-withdrawal. But today, we see more and more exchanges charging 0.0005 BTC per BTC-withdrawal, so one could argue that 0.0005 BTC is starting to become the new industry average.
All in all, this exchange’s fee levels are in line with, or even a bit below, industry average.
Coinut accepts wire transfer deposits, but not credit card deposits. As wire transfer deposits are permitted, this makes Coinut an “entry-level exchange”, where new cryptocurrency investors can take their first steps into the exciting cryptocurrency world.
One might ask why security is even a feature that we at Cryptowisser have looked for at the different top crypto exchanges. Two reasons:
- Exchanges store a massive amount of valuable personally identifiable information.
- Exchanges handle a lot of cryptocurrencies and fiat currencies.
Coinut’s security score is B, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is far above average when it comes to top crypto exchanges and could also be a factor making you conclude that Coinut is the best cryptocurrency exchange site for you.
There are only a few exchanges that – like the above exchange – receive Mozilla Observatory-scores of B or higher. The following list includes a few other such exchanges with very impressive security scores: