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Coinstore Crypto Exchange Review 2023 – Is Coinstore.com Safe and Legit?

Coinstore.com crypto exchange claims to store 70% of crypto assets in cold storage, enhancing security. It also employs AES-256 encryption to secure wallets and private keys.

ShahZaib Ahmed

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Coinstore.com crypto exchange review

Introduction

Coinstore.com crypto exchange's logo

Coinstore.com, a Singapore-based cryptocurrency exchange founded in 2020, has emerged as a promising platform aiming to provide cryptocurrency trading services to markets historically underserved by the industry. This exchange primarily focuses on Southeast Asia but extends its services to users globally.

Features of Coinstore.com Crypto Exchange

  • Spot Trading on Coinstore:

Coinstore.com offers a user-friendly interface for spot trading, featuring essential order types such as market and limit orders.

  • Coinstore Crypto Futures with Leverage:

Coinstore’s futures trading caters to various cryptocurrencies. The selection of coins available for futures trading is slightly smaller than the spot market but remains diverse enough to meet the needs of most traders. 

  • Coinstore lists two types of futures contracts:

U-Margined Perpetual and All-Currency Contracts. Perpetual contracts offer flexibility, enabling traders to take long or short positions without a fixed settlement date.

Coinstore.com crypto exchange's features

Coinstore Supported Cryptocurrencies

Coinstore trading platform boasts an impressive selection of approximately 50 cryptocurrencies available for trading. This range includes prominent cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Avalanche (AVAX), Shiba Inu (SHIB), and Chainlink (LINK). Moreover, the Coinstore.com trading platform provides access to smaller market-cap coins that can be challenging to find on other exchanges.

Also Read: Hotcoin Global Exchange Review 2023 – A Detailed Review of Hotcoin.com

While most trading pairs are denominated in USDT, ensuring adequate liquidity for these lesser-known tokens is essential. However, it’s important to note that Coinstore.com crypto exchange currently does not support fiat currency transactions, which means it caters primarily to users who already hold cryptocurrencies.

Coinstore’s Fees Structure

Coinstore trading platform employs a straightforward fee structure designed to be user-friendly. Both makers and takers are subject to a 0.2% fee for spot markets. In contrast, on the futures markets, makers incur a 0.025% fee, while takers face a slightly higher fee of 0.06%.

Coinstore.com crypto exchange's interface

Trading View of Coinstore.com

Coinstore.com exchange utilizes TradingView charts, a popular and widely used charting tool among cryptocurrency traders. These charts empower users to employ an array of technical indicators and draw trading strategies directly on the charts.

Deposit and Withdrawal over Coinstore.com

One notable limitation of the Coinstore crypto exchange is its lack of support for fiat currency deposits and withdrawals. As a result, the exchange primarily serves users who already possess cryptocurrencies and does not function as an on-ramp for those new to the crypto space.

Security and Privacy of Coinstore Trading Platform

Coinstore places a strong emphasis on user security. It offers 2-factor authentication (2FA) via phone or authenticator apps such as Google Authenticator, providing additional protection beyond password security.

The exchange claims to store 70% of crypto assets in cold storage, enhancing security. It also employs AES-256 encryption to secure wallets and private keys. While there have been no reported security breaches, users must exercise caution and refrain from keeping substantial funds on any cryptocurrency exchange for extended periods.

Mobile Application of Coinstore.com Exchange

Coinstore.com exchange extends its services to mobile users through a free Android and iOS application. This mobile app replicates most of the functionality on the desktop version, making it a convenient option for users wishing to trade on the go or monitor their portfolios from their mobile devices.

Coinstore.com crypto exchange's mobile application

Customer Support Services

Coinstore’s customer support services are designed to effectively cater to user inquiries and concerns. Although there may be some grammatical errors in the English version of their website, the support team is available to address user queries promptly.

Pros and Cons

Pros

  • Diverse selection of cryptocurrencies for trading
  • Availability of spot and futures markets
  • Convenient mobile application for trading on the move
  • Functionality for users with or without identity verification

Cons

  • Doesn’t support fiat currency transactions
  • The limited set of features compared to some competitors
  • English version of the website may contain grammatical errors

Conclusion 

Coinstore.com crypto exchange presents itself as a promising cryptocurrency exchange with essential features and a robust selection of listed cryptocurrencies. Its futures contracts, with varying leverage options, cater to traders with different risk profiles.

Why Coinstore crypto exchange?

However, its inability to support fiat currency transactions restricts its utility primarily to users already well-versed in cryptocurrency. While there is room for improvement in language quality on the website and feature expansion, Coinstore serves as a viable platform for cryptocurrency trading, with a particular focus on the Southeast Asian market.

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