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With all the news about cryptocurrency scams, a lot of people are cautious when it comes to investing in Bitcoin and other cryptocurrencies. Nowadays, it is vital to find a good cryptocurrency exchange. Here we take a look at the Singaporean exchange, Coinut to see if it is a good exchange.
What is Coinut?
Coinut is a cryptocurrency exchange based in Singapore. This exchange is used to trade cryptocurrencies, options, futures and binary options. You are free to deposit any amount as the exchange has no minimum requirements.
The founder and CEO Xinxi Wang created the exchange in 2013. Currently, Coinut Pte. Ltd. owns the exchange and website. It is registered and incorporated in Singapore. You can check their registration on the Singapore government’s website by filling in Coinut’s Unique Entity Number (UEN) 201332271K on the site’s search bar.
Options offer users the right to buy and sell an asset a particular time and strike price. These can be used to evade the risk of price drops when holding Bitcoins. For example, if you have 1 BTC, you can purchase 1 put options to hedge any risk so if the price decreases, and you will receive an estimated 100% compensation with options. On the other hand, if the price increases, you still get to reap the value increase of Bitcoins.
Coinut’s futures provide users the capability of speculating Bitcoin’s price in the future time without holding any corresponding Bitcoins. A future contract represents 1 USD.
Binary options are an option where a payoff can have two results, either 0.01 BTC or nothing. You can sell an option to others before it expires.
What are the available payment methods in Coinut?
You can deposit or withdraw BTC, ETH, LTC, USDT, XMR and ETC in Coinut. The platform, however, only supports deposits of US dollars and Singapore dollars, but does not support deposits ofEuros, Chinese Yuan or any other fiat currencies. Bank wire, credit cards and electronic payments such as PayPal is not available for this crypto-exchange.
What are the verification requirements when trading on Coinut?
When creating an account, you will be asked to verify your email address. Coinut will send you a confirmation email, and you will need to click on that.
No photo ID or address is required for you to start trading. However, users are required to fill out a form called Customer Due Diligence to be able to make deposits. You are also required to provide a selfie holding your ID or passport and a proof of address (This can be a utility bill like an electricity, internet or water bill).
Are there limits and restrictions?
Coinut does not have any restrictions making it easy to create an account for people around the world. The website also has a great user interface that makes it an excellent site for beginners.
Most users like to trade in Coinut because of its low costs. Unlike other exchanges that charge both the market makers and market takers, Coinut only applies a 0.1% taker fee, while 0% for the maker fee. This amount is rather low compared to the average trading fees that are between 0.20% and 0.25%.
It should be noted that Coinut offers spot trading. On top of that, it also supports the trading of futures, options and binary options. The transaction fees are as follows:
|Trading type||Maker fees||Taker fees|
|Option||0||0.01BTC for every contract|
|Binary Option||0||0.0001BTC for every contract|
Does Coinut have any special features?
Coinut offers a plenty of referrals. For every new customer that will sign up using your referral link, Coinut will give you 0.001 LTC and your referral 0.001 LTC. Both you and your referral receive the same amount of LTC.
When your client deposits at least 0.01 BTC or 1 LTC, you receive another 0.01 LTC. In addition, Coinut will also pay you a commission fee of 10% for the first two years of your clients trading on Coinut.
Is Coinut safe?
Despite Coinut’s low fees and easy interface for beginners, some users have complained that they have not received their bonuses under the referral program while others voiced out their concerns about delayed payments. This has caused a lot of Coinut scam accusations.
A lot of users are satisfied with Coinut’s inexpensive costs, great community and user interface. Because Coinut has been trading since 2013, users see Coinut as a legit platform.
It practices cold storage where they store the cryptocurrencies of the client in an offline wallet away from potential hacks. These offline wallets are encrypted, so people cannot have physical access to it. Withdrawal requests are also checked before they are processed.
In addition, Coinut double checks unsigned transactions when they copy them from the online computer to the offline computer. Coinut implemented this security measure because online computers are vulnerable to virus attacks. When the transactions are copied to the offline computer, they are signed from there. It should be noted that Coinut does not use USB drives.
The offline computer runs on a Linux operating system. This makes it less vulnerable to virus attacks and this is why Coinut uses this computer to sign transactions.
For user account security, a two-factor authentication (2FA) is enabled on Coinut’s site. You can activate once you log-in to your account. Simply go to the Settings tab, and you will be redirected to a page where you can activate this security feature.
Coinut Customer support
Coinut’s customer service channel is only via email. They usually reply within 24 hours. However, some users have complained about not getting a response whatsoever. A lot of others are complaining about the really poor support, although they claim to improve the support team.
If you want, you can also write to them directly at email@example.com or visit them in their office at Singapore. You can also contact them via their social media accounts on Facebook and Twitter.
Coinut Handling Speed
Coinut guarantees that Deposits and withdrawal take less 12 hours to process. However, some of the complaints we noted on the Coinut forum indicate otherwise.
There are also a number of complaints about deposits missing or depositing taking too long to process. One of the biggest issues exchanges are faced with is network congestion, which often causes long delays. We are not sure whether this is the case with Coinut, but the handling speed issues are a cause for worry.
How to use Coinut?
- After you have created your account, you can now start trading. You will be redirected to the trading page. On the left side of the screen, you will see the details needed to exchange and purchase cryptocurrencies.
- Choose whichever cryptocurrency you want to trade with and its pair. For example, you want to trade LTC to USDT; you can simply choose the two when you want to start the trade.
- Once you have chosen your pair, the chart can be adjusted to show the different indicators depending on which you would need to create one trade. Each person has his own preference so go ahead and explore.
- Back to the trade panel, you will see the Market tab where you can choose Market or Limit purchase.
- If a successful order has been made, it will be transferred to the “Open Limit Orders” tab that is found in the screen’s center part below the chart.
- As a registered user, you are also able to view other seller and buyer’s posting. On the screen’s right side, you can see the menu where you can access the FAQ’s, Forum, Fees, Settings, Terms, and conditions including other tabs found on the trading page.
Coinut Review Summary
Compared to other websites and exchanges, Coinut is a registered company. It is based in Singapore. This information makes it easier for us traders to feel secure and avoid any Coinut scam possibilities.
Anyone can easily create an account on the website, and they accept both USD and BTC. It is also a plus that they offer options and futures trading. However, they need to add more cryptocurrency pairs as they currently have a limited list.
All in all, Coinut is an exchange that is worth checking out. Their website does not have any delays or lags when changing the tabs.
- Accepts USD and BTC.
- User-friendly interface.
- Low Trading Fee.
- Easy signup.
- Futures and Options trading.
- Limited cryptocurrencies supported.
- Withdrawal delays.
- Bonus Payment delays.
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