Complete Coinhub Exchange Review
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With a high number of cryptocurrency exchanges receiving lots of negative reviews online, there is a high demand for exchanges that value users. Think of Binance’s rise to become the world’s largest exchange in seven months.
Binance was just an idea before June 2017. By December the same year, the exchange was making money than some banks. Many crypto traders joined the exchange because it offered lower fees, better experiences, and supportive customer services.
There are a few more cryptocurrency exchanges with high adoptions rates. However, poor security, hidden fees and lack of support for altcoins drive traders to experiment with upcoming trading platforms.
CoinHub is one of the rising cryptocurrency exchanges drawing fast adoption thanks to management that value their users. While the trading site is not new, it was not until recently that CoinHub began to attract traders’ attention. Read our CoinHub exchange review below to find out whether it’s worth trying out.
What is CoinHub?
CoinHub is a cryptocurrency trading website where users can purchase Bitcoin, Ethereum, and Litecoin using cash. The exchange also offers crypto to crypto trading for 12 digital assets. It was founded in 2017 in Singapore and is run by Coinhub Technologies Pte Ltd.
Since its launch, CoinHub was designed to offer fiat to crypto trading using credit cards and bank transfers. The exchange also accepts cryptocurrency deposits and offers a wide variety of options to withdraw funds.
US citizens are not allowed to join CoinHub. However, interested traders from the rest of the world can sign up and trade on the site.
Trading on CoinHub
There are no minimum limits for depositing or withdrawing cryptocurrencies on CoinHub. All deposits for cryptocurrencies are also free. Traders could deposit Bitcoin or any altcoin from as low as $1. However, there are selling limits.
CoinHub trading platform does not allow withdrawals of more than $10,000 coin equivalent per week for Tier 1 traders. Tier 2 traders can only withdraw a maximum of $50,000. Tier 3 customers are not faced with any maximum withdrawal limits.
Fiat buying and selling amount limits do not vary with those of cryptocurrencies as well. All traders can only buy coins with fiat after verifying their accounts at Tier 2. There are no minimum limits, but the exchange’s trading fees are at least $10.
After successfully verifying their accounts, traders at Tier 2 are allowed to buy coins worth a maximum of $10,000 a day or $50,000 weekly. The withdrawal limits for Fiat are also the same, $10,000 daily and $50,000 weekly. The deposit and withdrawal limit for Tier 3 traders are determined on a case by case basis.
CoinHub has a varying fee structure that favors Singapore-based traders. In general, the fees are the industry’s standard, especially the trading and withdrawal fees.
|USD/Other FIAT Currencies||0.125% + $8|
|FIAT Withdrawal Fees|
|USD/Other Currencies||0.125% + $20|
The exchange’s withdrawal fees for cryptocurrencies are slightly higher than the industry standard.
CoinHub fees for regular trading are competitive. Market makers are charged 0.1% per transaction while market takers are charged 0.25% per transaction. Most cryptocurrency exchanges used to charge 0.25% a few years ago, but now the average trading fee is 0.1% for both makers and takers.
Still, on fees, CoinHub users can receive their funds using Skrill payment method for a fee of at least 0.29 EUR.
Everyone who joins Coin Hub must provide KYC documents for verification if they want to trade coins using FIAT. Crypto only traders are not required to provide KYC documents. However, they must provide their full name and use a genuine email address.
For KYC verification, a utility bill, passport ID and a selfie photo of you holding your passport ID are required. The utility bill could be a bank statement, water or electricity bills. The verification is done manually, and as such you must wait to be approved before you can make a deposit.
CoinHub provides a unique account login authentication code you must use every time you want to log in. The code provides extra security on top of a user password and 2-Factor Authentication. In essence, you provide three security details to access your CoinHub account.
The Skrill withdrawal option is also a special feature almost no other crypto exchange offers. Skrill payments are processed instantly and the fees paid are low.
Is CoinHub Safe?
There are no CoinHub scam accusations, but there are numbered complaints about the platform’s services. So, is CoinHub legit? The exchange is legitimate, registered in Singapore and popular in the Middle East and Asian countries. Some key pointers to CoinHub’s safety and legitimacy include:
Users have mixed reviews about the trading platform. To start with, there used to be a crypto exchange with the same name based in the UK. The exchange had great reviews, and the reviews are still found online.
It’s not clear whether the company that owned CoinHub in the UK founded the Singapore-based exchange with the same name, same business model but a slightly different domain name. Nevertheless, the CoinHub members who use the Singapore-based exchange don’t seem very satisfied with the services they receive.
Fortunately, the company has been taking reviews seriously. On their website, they have a webpage where they announce after fixing technical issues on the site.
The exchange has never been hacked, and that speaks volumes about its security. Their site is encrypted with SSL protection, securely hosted by remotely monitored servers and firewall applications. Data is regularly backed up while their staff members are regularly trained for security awareness.
Traders are required to use strong account passwords and deploy at least one of two 2FA methods. Email 2-F Authentication is mandatory, but authentication with Google authentication app is optional.
Unlike most exchanges, CoinHub deploys a wide list of fraud protection measures for their website, including storing most of the users’ digital assets in cold wallets.
Support is another area where users have complaints about. On CoinHub reviews, most of the complaints published come from users who experienced poor customer support.
The exchange has previously stated that they were experiencing Denial of Service attacks, which is probably why they ignore some complaints. Overall, the customer support complaints about CoinHub are minimal.
The site can be reached via email address and social media. There are no live-chat features or phone contacts
Coin Hub provides quick services all-round. From registration to KYC verification, depositing funds to trading, the exchange is designed for fast services. It takes an average of 48 hours for KYC verification, which is much faster than on most exchanges.
Their trading engine handles thousands of orders per second. For making a trade with popular coins, the trade is completed instantly. Some altcoins like DASH have low liquidity on the exchange, but their orders are completed relatively fast as well.
How to use CoinHub?
Step 1: Create an Account
Visit coinhub.io and click “Sign up” to create an account. The signup process is easy as only your email address, and a password is required. Activate your account by using the link sent to your email address.
Step 2: Login
Account login on CoinHub is slightly different compared to other exchanges. CoinHub has a compulsory email account authentication process. For every login attempt, the exchange sends an authentication code to your email address. You have to use the code to get access to your account.
Step 3: Deposit/Verify Identity
After gaining access to your account, you have two options. The first option is to fund your account using cryptos like Bitcoin and Ethereum. The second step is to verify your identity so that you are allowed to purchase coins using cash.
If your target is to buy coins using FIAT, keep in mind that it takes more than 24 hours to have your identity verified. However, you can get a CoinHub wallet immediately.
Step 4: Make a Trade
After you are successfully verified, choose a payment method and trade up to 12 cryptos using FIAT. The exchange’s prices are standard, and they don’t tend to overprice their coins as many trading platforms do.
The buy and sell trading platform are user-friendly. To access the platform, click the “Trade” icon on the upper left corner. You can set a specific buying amount as a bid or buy based on the standard market prices. FIAT USD, BTC, and ETH are used as the main trading pairs on the exchange.
Step 5: Request Withdrawal
The withdrawal icon on CoinHub is located under the “Wallet” category. The exchange lists CoinHub first and then Crypto wallets. Under both types of wallets, you can locate the Deposit/withdrawal features. Click “withdrawal,” select the digital asset and your personal wallet.
CoinHub Review Summary
CoinHub is a Singapore-based cryptocurrency exchange launched in 2017. Like the CoinHub exchange that operated in the UK in 2014 (coin-hub.co.uk), CoinHub.io provides the exchange of cryptocurrencies with FIAT currencies or exchange for crypto for other cryptos.
The trading platform accepts members from all countries around the world except for US citizens. There are 12 cryptocurrencies listed on the platform, among them is Bitcoin, Ethereum, and Litecoin
- Quick signup process.
- Multiple security features.
- Accepts traders from multiple countries.
- Provides Skrill withdrawals.
- Slightly higher fees than the industry standard.
- Needs more cryptos added.
- Low liquidity for most coins.
Who is CoinHub best for?
CoinHub is best suited for Singapore-based traders. The exchange charges no deposit or withdrawal fees for Singapore traders. However, the trading site provides services to users from around the world. They accept credit card deposits, which makes them a good site for buying cryptos fast. The exchange’s liquidity makes it more suitable for beginner traders and traders with average budgets. Bitcoin, Ethereum and Litecoin trading makes up 90% of the exchange’s daily trading volumes, making it a good place for traders who deal with the three types of digital assets.