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There are numerous crypto exchanges online, but not all of them are ideal for beginners. If you are a first-time crypto trader, you want an exchange with no complex features. Because you don’t want to spend an enormous amount of your time trying to figure out how to use the exchange.
The ideal exchange for a beginner is one that has basic trading features, a user-friendly interface, low fees, good reputation and good security.
TradeSatoshi is one such exchange. It is simple, easy to use and it does not have complex trading features or tools that require time to grasp.
So, let us review what TradeSatoshi offers in terms of features and services.
What is TradeSatoshi?
TradeSatoshi is a cryptocurrency trading platform based in London, UK. It only supports crypto-crypto exchange and doesn’t support FIAT currencies. It began operating in 2015, and one of its founders is Francesco Alibrandi, a Bitcoin entrepreneur from Australia.
TradeSatoshi is a trading platform for Bitcoin and Altcoins. There are over 100 cryptocurrencies listed on the exchange, including some obscure ones. Most of the coins can be traded against Bitcoin, Dogecoin, Litecoin, Zcash, and bitcoin cash. Surprisingly enough, tradesatoshi doesn’t support Ethereum.
TradeSatoshi offers its services worldwide.
There is a daily withdrawal limit of;
- USD 2000 for level 1 verified members
- USD 5,000 for level 2 verified members.
When you register an account with TradeSatoshi, your account has to be verified first before it can become active. For verification, you will need to provide your email address, full names, and date of birth. Once your details have been verified, you will be sent an email with a link. Click on the link to complete the verification process and then log-in to your account to start trading.
TradeSatoshi will charge you a fee for each transaction and the fee varies depending on the cryptocurrency.
- Coin voting – the exchange has a voting system where users can posit new coins and vote for the preferable coin. A new coin is only listed on the exchange by popular vote.
Is TradeSatoshi safe?
Having done some research on what people are saying about TradeSatoshi, we noticed that there are quite a number of users who claim it to be a scam. Possibly because the exchange does not provide much information about its founders, features, and services. It’s quite vague about many things, and this could be the reason why people are not very confident about it.
On the other hand, some users have made some positive comments about the site and have indicated the site is legit and safe.
Based on our findings, TradeSatoshi has yet to gain the confidence of users. There are too many complaints about their support team being slow in responding to issues. There are also complaints about some cryptocurrencies having high withdrawal fees. We also noted that some users beefed about the long delays on deposits and withdrawals.
TradeSatoshi’s servers work on DDoS mitigation. This is to prevent DDoS attacks on their servers. The exchange also provides cold storage to ensure their client’s currency is safe and secure. To accomplish this, the private keys of the users’ wallets are generated by their server and stored offline. On top of that, the exchange provides its clients with 2FA security and live backups.
To contact the exchange’s customer support, submit a ticket by visiting their Support page or contact them via Facebook, Twitter or Slack. While TradeSatoshi has advertised that their support team is quick to respond to users, based on some customer reviews, this may not be the case. There are numerous complaints about the support team’s inability to communicate clearly or provide a quick response.
TradeSatoshi prides itself on providing fast deposits and quick withdrawals. However, at times users can experience long delays (18hrs) when there is a network congestion.
How to use TradeSatoshi?
- To use TradeSatoshi, set up an account by clicking “Register” on their official website. Enter a username, your full names, date of birth, email address and password, and click Register.
- You will receive an email with a confirmation link. Click on the link to confirm your email and then log in to your account using your password and username. Once you log in, you will see a message asking you to enable the 2FA security feature to secure your account from hackers.
Once you have enabled the 2FA, you can go ahead and make a deposit. It is not a must that you enable the 2FA, but it is highly recommended.
Making a Deposit
TradeSatoshi has not indicated on their website about a limit on deposits. So it seems that you can deposit as many coins as you wish.
To make a deposit, search the coin you want to deposit from the list of cryptocoin and then click on it. Click “Create Address,” to generate an address in which you will send your deposit.
Once you have generated your new address, click on “Deposit.”A QR code will appear with the address just below it. So you can choose to copy the address or scan the code.
Making a Withdrawal
To make a withdrawal, click on your wallet, and then click on “Withdraw.” Enter an amount and the address you want to withdraw to. You will receive a confirmation of your withdrawal in your email.
One thing that is clear about TradeSatoshi is they have kept things simple. Their features are pretty basic, even a novice can figure their way around easily. They have done a good job on the security part and they offer a good range of digital currencies. However, it seems the exchange only supports crypto-to-crypto trading.
There are quite a number of complaints about the exchange, but it does not appear to be a scam. Most of the complaints are concerning their customer support and long delays on deposits and withdrawals. So we hope the exchange is striving to make improvements in these areas to gain more customer confidence.
- A good range of cryptocurrencies.
- Good security (2FA, live backups, cold storage, encrypted wallets).
- Unreliable customer support.
- Not welcoming interface.
- Low trading volume.
- Some cryptocurrencies have high withdrawal fees.
- The exchange is not licensed.
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