CoinEgg Exchange – All You Need To Know
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Last year saw a major hype over cryptocurrencies as it entered the mainstream popular culture. The fluctuations in value and market volatility are still there, but there’s a lot more guidance available on how to manage it. So now, we can start seriously looking at investing our funds with a bit more confidence. For a first-time investor, this means picking an exchange – your online space to safely and securely trading your fiat currency for one of the many cryptocurrency options available in the market. This can be a pretty daunting task if you don’t know what to look for, without all the information you need. One of your options is CoinEgg. Let’s discover CoinEgg Exchange and see how it measures up against its competitors.
What Is CoinEgg?
CoinEgg is an unregulated cryptocurrency exchange based in the UK – the brainchild of one Dr. Peter Chan. Reportedly a Ph.D.graduate from the University of Surrey and an expert in artificial intelligence, among other things. While they do not give an extensive list of products on their website, CoinEgg does offer a number of trading options against 2 of the big bullies in the crypto market – Bitcoin and Ethereum.
On the first look, CoinEgg is quite unfriendly to unfamiliar eyes. A series of lists, figures, and graphs. And the list of countries that won’t allow CoinEgg access offers a few suggestions as to the site’s legitimacy.
While it includes the usual customers like Iran, North Korea, Syria, Sudan and Kyrgyzstan, who are all well-known for economic suppression, it also includes some economic giants known for promoting free markets, like Hong Kong, the United States, and associated territories. Curiously, up-and-coming economies that would only benefit from an exchange such as this, like Bolivia, Bangladesh, and Ecuador, are also in there.
CoinEgg Supported Cryptocurrencies
Unlike many of its counterparts, CoinEgg does not operate with fiat currencies or any of the other popular alternative trading options like Forex or CFD. It instead solely deals with cryptocurrency trading.
That may seem like a limiting factor to some trading enthusiasts, but one of the selling points for the CoinEgg Exchange is the number of cryptocurrencies on offer for trade. 42, in total. That may not seem like many potential options to some people, but this includes both the heavy hitters like Bitcoin Cash, Bitcoin Gold, Ripple, Litecoin and Ethereum, and some truly exotic coins that you can’t find anywhere else.
It has also added some rather interesting perks regarding buying and selling limitations that may be of interest to some but may suggest caution to others. Namely, nowhere on the site does it present the idea of a limitation towards buying and selling amounts. For many, this could be seen as a red flag.
Furthermore, paying methods for CoinEgg trading seem to be the standard exchange fare with the exception that the potential seller necessarily needs to upload a cryptocurrency to trade from a different exchange. It then goes through the standard motions of dividing up the asset (if we’re considering Bitcoin, for example) into whatever portions of another asset you wish to purchase. From there, you can upload into a CoinEgg wallet to maintain your assets.
The CoinEgg exchange offers a flat 10% trading fee, but cryptocurrency deposits themselves are free. Withdrawal rates, however, pose problems regarding fees. While the rates for the better-known coins, such as Bitcoin (0.001%), Litecoin (0.001%) and Ethereum (0.01%), are quite decent, the exchange’s standard withdrawal fee is up to 1% for the more exotic coins. This can prove problematic should your overall investment be less than the withdrawal fee, as the site will not let you withdraw your asset.
Here is a small table illustrating the CoinEgg fee system;
|Number||Coin||Trading Fee||Withdrawal Fee|
Accounts And Verification
Signing up for an account with CoinEgg requires only a name and an email address, typical of all sites of its kind, plus two passwords. Simple email verification will complete the account setup, and you can begin trading. There are no visible “levels” of membership as there are on other exchange sites.
The exchange differs from many of the other exchanges in that making a deposit does not require verification. However, you will be required to undergo a verification process when making a withdrawal. As with many of the crypto exchanges, this entails providing a copy of a government-issued ID document such as a passport or driver’s license.
Is CoinEgg Safe?
Community trust – are they reputable?
Judging by the user reviews, CoinEgg falls into the “not trustworthy” category. There are a huge number of complaints about assets being frozen, especially in the United States as the regulations against the site take hold. Naturally, customer service is unresponsive to such claims.
Other reviews suggest a non-responsive site whose key interest is ensuring that your money stays with them and doesn’t leave, regardless of their customers’ wishes and opinions. Normally, such reviews wouldn’t be worthy of a second look – disgruntled people almost always write them. However, multiple bad reviews on multiple sites suggest that there may be some serious issues with the way CoinEgg does business. Furthermore, the lack of information readily available about them as a site and as an exchange is a bad indicator. After all, what business deliberately hides important information from its customers? There are no details of any awards or testimonials they have received. If bad reviews are all that can be said for their reputation, should they really be considered a good choice for a crypto exchange?
CoinEgg’s security is reportedly good. Admittedly, it is difficult to pass, even when signing up for the basic account, before you’ve even verified your email address. They have the usual captchas, which really test your eyes in order to pass them successfully – some of them are quite difficult to read.
Plus, there are two sets of passwords you need to create – one for entry to the site, another specifically for trading. They also have an optional two-factor identification required to protect your assets. As an exchange, CoinEgg boasts that they haven’t been hacked in all the time they have been in business, since 2013. Though, never say “never.”If the history of Bitcoin is any indication, then it’s a smart bet never to keep your money on an exchange, regardless of how secure they claim to be. Get yourself a paper wallet or some variety of storage device and keep your assets safely offline.
If the reviews that exist regarding CoinEgg are anything to go by, Customer Support stands out as their main problem. There is one good review for every three bad, regarding a wide number and variety of subjects and complaints.
The customer support department’s slow-reaction times, for example, (aside from those that say customer service does not respond to queries at all). One CoinEgg reviewer said they had to speak with customer service three or four times to get a pathway towards upgrading his wallet to accept Ripple. By contrast, another offers a short one-line review, praising CoinEgg for the ease with which complaints and issues are handled.
Other negative feedback written about the CoinEgg exchange have concerned the difficulties of asset-withdrawal. Reviewers have even been offering advice to other customers about how to get around the faulty support. This has even included harassing the customer service department via their online chat every day until customers are able to make a withdrawal.
Overall from this feedback, CoinEgg appears a website rife with bugs, unexpected turns and consequences, and either corrupt or inept customer service.
How To Use Coinegg?
All complaints and negative reviews aside, the functionality of CoinEgg is quite easy to use, and even pleasant when compared to other exchanges.
- You’ll need to deposit coins. This is easily done by clicking on the deposit tab.
- To trade your assets, you’ll need to click on the finance tab, select your desired coin, and select what percentage of your BTC to convert into that coin. Reaction time is positively comparable to other exchanges.
- Withdrawing your asset involves the finance tab as well, where if you have proven your identity, you can presumably withdraw your asset to a wallet, or possibly even to another exchange.
In a Nutshell
This is not a good site for beginners. It requires far more knowledge and experience to navigate the pitfalls of an unregulated market. The CoinEgg Exchange offers only digital currency with no options for fiat currency trading, which can be a huge turn-off to some investors. This is because they can only trade one cryptocurrency for another and not necessarily cashout when needed. It means that if they want to trade in their cryptocurrency for emergency funds, then they will need to transfer it to another exchange. This then costs even more of my money for using their service.
Despite that, the amount of cryptocurrency options is definitely an advantage, including the big coins like Bitcoin Cash, Litecoin, and Ethereum. The problem is that these trade specifically against Bitcoin, and so it requires little extra research to see the real-world market value of the coin. Another CoinEgg negative is the lack of leveraging options, which means that the CoinEgg exchange does not allow its investors the freedom to borrow the money required for more serious speculation. If this is what you’re looking for, a different exchange may be more suitable.
Another problem for any serious investor is the lack of efficient and clear charts and graphs dictating the performance of the asset. The charts themselves are small and difficult to read – a customer shouldn’t need spyglasses to be able to see how their investments are shaping up.
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