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. The exchange permits US-investors, but US-investors should do their own independent assessment of any problems arising from their residency or citizenship anyway.
Different exchanges have different trading charts. And there is no “this overview is the best”-chart. You should yourself determine which trading chart that suits you the best. What the charts 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 chart so that you can ascertain that it feels right to you. The below is a picture of the trading chart 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 flat trading fee of 0.10%. They accordingly do not distinguish between takers and makers. A flat trading fee of 0.10% is very competitive and is below the industry average. The industry average is usually said to be around 0.25%.
Coinut 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.
Coinut charges a withdrawal fee amounting to 0.0001 BTC when you withdraw BTC. This fee is very much below the industry average and thus constitutes a strong competitive advantage against the majority of other top crypto exchanges in the market.
Coinut does not accept any other deposit method than cryptocurrencies, so new crypto investors cannot immediately start trading at this exchange. 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 this exchange.
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 10 such exchanges with very impressive security scores: