We check the Cryptocurrency exchange Coindeal [Review]

Founded a year ago by three Poles, the Coindeal cryptocurrency exchange focuses on user safety, but still needs to refine the transaction platform. Interestingly, investors themselves can increase the number of cryptocurrencies that can be traded on the exchange.

As announced last week, we are starting reviews of exchanges and cryptocurrency trading platforms. At the beginning, the Polish stock exchange was founded in Malta, although for tax and regulatory reasons.

UPDATE: COINDEAL EXCHANGE ENDS OPERATION ON FEBRUARY 19, 2023

Coindeal was established in March 2018. It is a company founded by Kajetan Maćkowiak, Adam Bicz and Filip Dzierżak, who manage it all the time. It offers 40 pairs of cryptocurrencies, and its users can vote on which other currencies are to join this group. Interestingly, Coindeal sponsors the soccer team from the Premier League - Wolverhampton Wanderers.

Coindeal - safety first

The platform is distinguished by its approach to securing user accounts. You can even get the impression that even more than some forex platforms. The company boasts that it stores keys to cold wallets in Swiss bank deposits. Even the payment must be confirmed by e-mail, and when logging in from the device with a new, unknown IP number in the system, you must confirm it with the code sent to the e-mail. Verification during the payment requires the transfer of the document, as well as taking a photo, which should also be sent immediately.

The authentication of the majority of activities related to payment and withdrawal is multistage. We use passwords, QR codes, Google authentication or SMS codes.

Million turnover in cryptocurrencies

Based on the portal data CoinMarketCap, Coindeal's turnover currently amounts to approx. USD 8,5 million per day and 1/4 is responsible for trading on ... LiteCoin. You can believe (The Tie report says that with this data it is different), or try to check, because on the platform we see all transactions - their volume and the exact date and time. Previously, the company was selling Bitcoin under the brand Verified Solutions Ltd. on the BuyCoinNow.com website, and on its website it boasts a turnover due to its sales of 1,5 million USD in a month.

Charges depending on the account

Of course, fees are charged for transactions, they depend on what kind of account we have. In the case of an account "Basic" the fee is from 0,3% to 0,4%, while in option "Premium" from 0,25% to 0,35%. The lower commission is not free, however. For having an account "Premium" you have to pay a subscription - $ 19,99 every month. In addition, we also pay for all withdrawals.

Basic tools only

If you are used to the wealth of analytical tools that can be applied to the charts of the largest brokers, then you may be disappointed. Even the chart itself, which, for example, omits the popular 30-minute and four-hour candles. After the three-hour candle, we can only switch to the daily chart. Apart from candles - although their variety is quite large - there is not much else to choose from.

On the other hand, it is worth considering whether the rules of technical analysis are applicable when planning investments - or speculation, if you prefer - in the cryptocurrency market. According to most analysts, only the lines of resistance and support are significant - and only psychological -.

On the other hand, portfolio management is easy. We can switch to specific currencies or just our transactions. This will certainly be helpful especially for people who pyramid transactions. A constant element of the chart is also the highest and the lowest price in the last XNUMX hours and the volume. We also see offers posted by other users of the platform - with the size of the item and the proposed price.

Coindeal summary

The Coindeal platform is not complicated, although it is undoubtedly necessary to look closely at it, because not all functions are intuitive. Especially for people who just want to enter the cryptocurrency market and do not know exactly how it works. Some hints on some icons that may be obvious to those familiar with forex platforms, but quite mysterious to begin the adventure with crypto-currency speculation would be useful. And their fashion and media directly indicate that there is no shortage of such people on the market. Beginners may discourage this, but investors already familiar with one or two other transaction platforms will learn it very quickly.