A crypto guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of MyCoinStory consists of four parts: general info, fees, deposit methods and security.
MyCoinStory (abbreviated MCS) is an exchange from they Seychelles that launched in 2020. They market themselves as a "cryptocurrency derivatives trading platform where everybody has an equal opportunity for growth".
What does it mean that an exchange is a "derivatives exchange"? Well, it means that they focus on derivatives trading. What is a derivative, then? A derivative is an instrument priced based on the value of another asset (normally stocks, bonds, commodities etc). In the cryptocurrency world, derivatives accordingly derive its values from the prices of specific cryptocurrencies. On the date of last updating this review (15 January 2021), you could engage in derivatives trading connected to the following cryptos here: BTC, ETH, XRP, LTC, DOT, BCH, ADA, LINK, XLM, NEO, LUNA, KLAY.
As particular advantages with its platform, MyCoinStory declares that their matching engine will not risk being overloaded, that they have top-class security, that they offer fast APIs and that no KYC is required.
MyCoinStory also offers leveraged trading on its platform. This means that you can receive a higher exposure towards a certain crypto’s price increase or decrease, without having the assets necessary. You do this by “leveraging” your trade, which in simple terms means that you borrow from the exchange to bet more. You can get as much as 100x leverage on this platform.
For instance, let’s say that you have 10,000 USD on your trading account and bet 100 USD on BTC going long (i.e., going up in value). You do so with 100x leverage. If BTC then increases in value with 10%, if you had only bet 100 USD, you would have earned 10 USD. As you bet 100 USD with 100x leverage, you have instead earned an extra 1,000 USD (990 USD more than if you had not leveraged your deal). On the other hand, if BTC goes down in value with 10%, you have lost 1,000 USD (990 USD more than if you had not leveraged your deal). So, as you might imagine, the balance between risk and reward in leveraged deals is quite fine-tuned (there are no risk free profits).
This platform is not only available from your desktop, you can now also access it via your mobile. Most traders in the crypto world today carry out their trades via desktop (around 70% or so). However, there are naturally people out there that want to do it from their smart phone as well. If you’re one of those people, then this platform can still be for you.
MyCoinStory 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 crypto 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 see that it feels right to you. This is the trading view at MyCoinStory:
MyCoinStory Trading fees
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. We call makers for “makers” as their orders make the liquidity in a market. Takers are the ones who “take” this liquidity by matching makers’ orders with their own.
At MyCoinStory, takers are charged 0.075% per order. This is difficult to compare to the global industry average taker fees for regular centralized exchanges, as the instruments traded at the different exchanges are also different from each other. In any event, 0.075% is a fair fee.
When it comes to the makers, their fee is -0.025%. This essentially means that each maker get paid to trade. To clarify, let’s say that you are the maker in an order where you purchase a derivatives instrument for USD 1,000. This means that instead of paying USD 1,000, you will only have to pay USD 997.50. This is a very competitive trait indeed.
MyCoinStory Withdrawal fees
When withdrawing BTC from the MyCoinStory trading platform, you will have to pay 0.0005 BTC. To our knowledge, the only empirical withdrawal fee study that has been made was the one we at Cryptowisser.com made some time back. That study showed that the industry average BTC-withdrawal fee was 0.000812 BTC per BTC-withdrawal. MyCoinStory's withdrawal fees are 40% lower than that global industry average BTC withdrawal fee.
To summarize, both the trading fees and withdrawal fees charged by this platform are very competitive.
Deposit Methods and US-investors
MyCoinStory does not accept any deposits of fiat currency. This means that new investors (i.e., investors without any previous crypto holdings) can’t trade here. In order to purchase your first cryptos, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Filters!
According to information from the exchange, US-investors are not permitted to trade here. The exchange ensures that no US-investors are on-boarded by screening for US IP-addresses. If you're from the US and want to find an exchange where you can trade, just use our Exchange Filters and we'll help you.