UPDATE 17 March 2020: This exchange seems to be down. When trying to access its website, we only receive error messages. Accordingly, we have marked it as “dead” in our database.
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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 CoolCoin consists of four parts: general information, fees, deposit methods and security.
CoolCoin is an Australian cryptocurrency exchange.
US-investors may not trade on this exchange. Neither may residents of Hong Kong, Iran, North Korea, Syria, Sudan, Bangladesh, Bolivia, Ecuador, Kyrgyzstan or Guam, Northern Mariana Islands, and US Virgin Islands (Saint Croix, Saint John and Saint Thomas). So if you are an investor from any of the foregoing countries and want to trade at CoolCoin, you’ll have to reconsider your choice of trading venue and choose one of the other top crypto exchanges. Use our Exchange Finder to find an exchange that is open to you.
CoolCoin also has a referral program. The platform states on its website that you can receive super commission by participating in the referral program and inviting new users. This is simply not true. You can receive 30% of the referred customers’ trading fees, but only for 6 months from their registration date. 30% is a quite common revenue share ratio, but the time limit of 6 months really lowers the overall attractiveness of this referral program. Most exchanges with referral program have no time limit on the affiliate rewards.
CoolCoin 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 CoolCoin:
CoolCoin Trading fees
Trading fees are very important when picking an exchange. Here, they don’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. The exchange offers a flat trading fee of 0.10%. This is lower than the industry average (global industry average is arguably around 0.25%).
CoolCoin Withdrawal fees
This trading platform charges a withdrawal fee amounting to 0.001 BTC when you withdraw BTC. This is in line with industry average.
CoolCoin does not accept any other deposit method than cryptocurrencies, so new crypto investors can’t trade 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 this exchange.
Examples of successful hacks on cryptocurrency exchanges are countless. The most famous is probably the Mt.Gox-hack that left thousands of users without a penny (worth $450 million at that time and many times more today). But many other exchanges have faced similar outcomes. This is why it’s important to check the security of each exchange.
CoolCoin’s security score is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.
We hope you have enjoyed reading the above review. We also recommend checking out the following cryptocurrency exchanges. They are well established in the industry and have also received excellent ratings from the visitors on our site: