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 MonkeyCoin consists of four parts: general information, fees, deposit methods and security.
UPDATE 26 February 2019: This exchange’s website is no longer available. We presume this is because they have closed down its operations.
MonkeyCoin is one of two cryptocurrency exchange on our cryptocurrency list from Venezuela (the other one being SurBTC).
This exchange does not list US-investors as prohibited from trading, but US-investors should do their own independent assessment of any problems arising from their residency or citizenship.
The exchange runs its platform on draglet’s Exchange Software. This white label solution covers all aspects of Monkeycoin’s software needs, from the trading algorithms to Know-Your-Customer issues, security and management of the order book itself.
draglet’s software also has a function called Distributed Shared Orderbook (DSO). By the DSO, Monkeycoin is connected to a network of global crypto-exchanges and shares their order books. This ensures that right from the very start Monkeycoin will have a full and healthy order book with sufficient liquidity, allowing users to buy and sell against all other users on the DSO network.
The abovementioned software also ensures that MonkeyCoin has access to wallets that can manage any cryptocurrency, support software that can speak most languages and an excellent uptime (more than 99%), and more.
MonkeyCoin Trading fees
This exchange doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. The exchange charges flat fees of 0.50%. This is roughly the double to what industry average is (0.25%), but for South American cryptocurrency exchanges, it is still an average fee level. South American cryptocurrency exchanges are namely often more expensive when it comes to trading fees than their Asian or European counterparts.
MonkeyCoin Withdrawal fees
At this exchange, they charge you a withdrawal fee amounting to the network fee when you withdraw BTC. This is below the industry average and constitutes a competitive advantage against the majority of other top crypto exchanges in the market.
The exchange offers wire transfer as a deposit method, but you can’t deposit via credit card.
MonkeyCoin’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.
The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):