I have been observing CoinDeal since its launch (like many other cryptocurrency exchange platforms) and frankly speaking I don’t remember any other platform developing so dynamically and conducting such a transparent and responsible business. CoinDeal is very impressive! In this review I will try to present you all the advantages and disadvantages of this platform and give you a full picture of it so that you can determine whether you can trust CoinDeal or not.
Here’s what I’ll cover in this review:
- CoinDeal Overview
- Supported Countries
- Cryptocurrencies and fiat money
- CoinDeal Token
- Payment Methods
- Customer Support and Reviews
- CoinDeal Beginner’s Guide (preparation of documents, setting up an account, verification)
The owners of CoinDeal prepared themselves well before they launched their trading platform, both from the technological and marketing point of view. Before the creation of the crypto exchange, the projects called BuyCoinNow, through which you can buy bitcoin with credit cards, and PayCoiner, a system that helps to accept deposits and withdrawals in cryptocurrency, saw the light of day. These projects from the blockchain technology world were very helpful and, as soon as CoinDeal was launched in March 2018, it quickly became one of the largest cryptocurrency platforms in Europe after just a few months of operation.
The company, initially registered in Cyprus, moved its headquarters to the cryptocurrency-friendly island of Malta and is currently subject to the Malta Digital Innovation Authority‒the body that guarantees the highest level of security to users in the market.
According to many traders who trusted CoinDeal, the key factors of the success of this crypto exchange platform are:
- their approach to business where the user and his needs are of utmost importance
- high, above-average safety
- as many as 7 traditional currencies and a wide assortment of cryptocurrencies
- cooperation with the team playing in the Premier League‒currently the best football league in the world
CoinDeal is available worldwide, just to be sure, check if your country is on the list below:
Afghanistan, Albania, Algeria, Andorra, Antigua and Barbuda, Argentina, Armenia, Australia, Austria, Azerbaijan, Bahamas, Bahrain, Bangladesh, Barbados, Belarus, Belgium, Belize, Benin, Bhutan, Bolivia, Bosnia and Herzegovina, Botswana, Brazil, Brunei, Bulgaria, Burkina Faso, Cape Verde, Canada, Chile, China, Colombia, Comoros, Republic of the Costa Rica, Cote d’Ivoire, Croatia, Cyprus, Czechia, Denmark, Djibouti, Dominica, Dominican Republic, Ecuador, Egypt, El Salvador, Estonia, Fiji, Finland, France, Gabon, Gambia, Georgia, Germany, Ghana, Greece, Grenada, Guatemala, Guinea, Guyana, Honduras, Hungary, Iceland, India, Indonesia, Ireland, Israel, Italy, Jamaica, Japan, Jordan, Kazakhstan, Kenya, Kiribati, Kosovo, Kuwait, Kyrgyzstan, Laos, Latvia, Lesotho, Liberia, Liechtenstein, Lithuania, Luxembourg, Malawi, Malaysia, Maldives, Mali, Malta, Marshall Islands, Mauritania, Mauritius, Mexico, Micronesia, Moldova, Monaco, Mongolia, Montenegro, Morocco, Namibia, Nauru, Nepal, Netherlands, New Zealand, Nicaragua, Niger, Nigeria, North Macedonia, Norway, Oman, Palau, Palestine, Panama, Papua New Guinea, Paraguay, Peru, Philippines, Poland, Portugal, Qatar, Romania, Russia, Saint Lucia, Saint Vincent and the Grenadines, Samoa, San Marino, Sao Tome and Principe, Saudi Arabia, Senegal, Serbia, Seychelles, Singapore, Slovakia, Slovenia, Solomon Islands, South Africa, South Korea, Spain, Suriname, Sweden, Switzerland, Taiwan, Tanzania, Thailand, Timor-Leste, Togo, Tonga, Trinidad and Tobago, Turkey, Tuvalu, Uganda, Ukraine, United Arab Emirates (UAE), United Kingdom (UK), United States of America (USA), Uruguay, Vanuatu, Vatican City (Holy See), Vietnam, Zambia.
CoinDeal is constantly evolving, providing its users with new features and expanding its offer. The cryptocurrency exchange is available in many language versions: Polish, English, Russian, Korean, Chinese, German.
Cryptocurriences and fiat curriences
CoinDeal supports the following coins:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Litecoin (LTC)
- Dash (DASH)
- Ripple (XRP)
- Monero (XMR)
- Tron (TRX)
- Quantum (QTUM)
- Nano (NANO)
- Verge (XVG)
- Bytecoin (BCN)
- Lisk (LSK)
- Futurocoin (FTO)
- Dogecoin (DOGE)
- EOS (EOS)
- BitcoinToken (BTK)
- DraftCoin (DFT)
- Experience Points (XP)
- and more
The list is quite long, we can see that CoinDeal has prepared quite an interesting mix of the most famous cryptocurrencies with a few unknown newcomers on the market. All in all, we have the possibility to trade on this crypto exchange in several dozen pairs. New cryptocurrencies usually appear on the platform through the voting system, in which users decide which currency is to appear in the offer first. It is a proven form of activity that is approved of by loyal traders as it allows them to shape the offer of the crypto exchange and have a real impact on its development. Be aware that you can trade with two stablecoins TrueUSD (TUSD) and Tether (USDT). It is worth taking a peek at CoinDeal token (you will find more information about the CoinDeal token below), which could make for a great investment opportunity.
Particularly noteworthy are the fiat currencies, bitcoin and other cryptocurrencies which we can buy with as many as 7 traditional currencies, such as:
- Euro (EUR)
- American dollar (USD)
- British pound (GBP)
- Swiss franc (CHF)
- Korean won (KRW)
- Polish zloty (PLN)
- Russian rouble (RUB)
This is by far one of the biggest advantages of CoinDeal. Thanks to its wide range of Fiat currencies, the crypto exchange brings together users from all over the world: from Europe, Asia, North and South America and Africa.
CoinDeal Token Giveaway
Why does the cryptocurrency exchange need its own token? The advantage can be twofold: the exchange can gain new, loyal users who will return because nowhere else can this token be traded. Moreover, traders’ earnings (if the project works out) can turn out to be extremely high. The minds of traders are lit up by the Binance exchange, which introduced its own token in 2017 at the price of 0.10 USD. Now, after only two years, the Binance Coin cost almost 40 USD!!! Will CoinDeal be able to repeat the success of Binance? It’s hard to say, but if it continues to grow at such a crazy pace, it’s possible.
Today, just register, go through the registration process, click on the “Get Free Tokens” button and get 100 CoinDeal Tokens (CDL) for free! Owning CoinDeal tokens will also prove practical, it will allow you to reduce various types of commissions (transaction fee, withdrawal fee). In one of the next stages, it is planned to implement margin trading on the platform, so that some of the commissions can also be covered with CDL.
There will be 50,000,000 tokens in circulation generated in a ‘one time Token Generation Event’. After this, no more tokens will be generated, which means that there will never be more than 50,000,000 tokens.
CoinDeal accepts the following payment methods:
- Bank transfer
- Credit cards
- Quick payment services: Epay, Dotpay, Skrill, Mistertango, Payeer
Please note that the purchase of bitcoin (BTC) using a credit card is made through the BuyCoinNow partner platform, from which cryptocurrencies are sent directly to the Coindeal wallet (during the transaction, do not be surprised that you have been redirected to another domain and you see a completely different interface, this is how it works).
Deposits in traditional currency can be made in several ways, depending on the currency you want to deposit into our account. When making a transfer, please remember that the data of the account holder in the bank and on the crypto exchange should be the same‒otherwise the transfer may not be booked correctly. If you need to make an immediate transfer of funds, use one of the quick payment systems.
At CoinDeal we have the classic Maker/Taker approach, where Maker enjoys lower costs and Taker has to pay a higher rate. Each trade on the exchange is subject to a fee:
Consider buying a Premium account, which allows you to get access to many benefits, including reduced transaction fees: Maker 0.25% and Taker 0.35%.
All cryptocurrencies can be transferred to CoinDeal for free, the crypto exchange does not charge any fee for the deposit. The amount of the cryptocurrency withdrawal fee can be found in the price list of the exchange (the amount already includes the fee for miners).
The fact that CoinDeal has introduced a SegWit update, which allows BTC transactions to be much faster and cheaper, confirms the modern approach and care for the user. Currently, BTC withdrawals from addresses starting with “bc1” are 50% cheaper.
The fee for withdrawing funds in fiat currencies varies depending on the chosen payment method. Details on the fees and buying limits can be found on the CoinDeal pricing list.
Is CoinDeal safe?
An element that makes the CoinDeal exchange stand out is the level of security. Already during the registration process, the system forces the user to compose a multi-level verification 2FA code. For each withdrawal, apart from the 2FA code, you will also need an email confirmation. Each login to the account from a different IP address is monitored and the trader receives a warning message.
Details on the security policy of personal data, documents, incoming and outgoing payments and the storage of funds are to be found on CoinDeal website. You can clearly see that security is a priority for the company. In addition, the platform has the highest SSL security standard along with Cloudflare security functions, and 98% of bitcoins is stored on cold wallets, offline, beyond the reach of a computer system.
Customer Support and Reviews
The best places to learn the opinions of active traders about CoinDeal are online forums and comments under the so-called exchange review. Since its inception, CoinDeal has been running a fanpage on Facebook, where everyone can ask questions and get to know the opinions of other exchange users via messages or public posts. In general, CoinDeal is very active in social media, the latest information can be obtained by following the CoinDeal page on YouTube, Telegram, LinkedIn or Reddit. It is especially worth visiting the YT channel regularly, where CoinDeal publishes its exciting tutorials.
Positive opinions of crypto exchange users appear whenever CoinDeal organizes a contest or airdrop (free distribution of additional amount of a given coin due to its possession). It is worth mentioning here that if your knowledge about CoinDeal is incomplete or you encounter a problem you can count on the support of the technical team ‒ the exchange support is available 24/7.
Another distinguishing feature of the cryptocurrecy exchange is its exemplary activity as a sponsor. CoinDeal became really famous when the exchange became an official partner of the English football team playing in the Premier League‒Wolverhampton Wanderers FC. The CoinDeal logo adorns the jerseys of all the players, is visible on the boards, on the big screen and on the reserve bench of the prestigious English league, where Wolves meet such famous teams as Liverpool FC, Tottenham Hotspur, Chelsea, Manchester United, Manchester City, Arsenal etc. It has to be admitted that CoinDeal can be found in a jolly good company.
The CoinDeal logo was visible on TV screens around the world over 350,000,000 times ‒ so it is no wonder that the exchange extended its cooperation with Wolverhampton for the next season 2019/20.
CoinDeal Beginner’s guide ‒ from account creation to first transaction
In order to create an account and see the exchange “from the inside” we do not need to go through the process of verification of personal data, all we need to do is register. Once you have verified your identity card, you can deposit and trade on crypto pairs (only available to private individuals, company accounts for crypto trading need full verification).
Full, comprehensive verification of your data will enable you to trade and withdraw FIAT.
Why all these requirements?
The explanation is simple ‒ CoinDeal wants to conduct business in a fully responsible manner and has decided to comply with the anti-money laundering regulations (AML) and the Know Your Customer (KYC) procedures. This means that verification will require some effort from you, but in return you ensure that the platform is a safe place and that we do not unconsciously support illegal activities.
Step 1 – preparation of documents
It’s worth to prepare all the necessary materials before starting ‒ it will allow you to go through the verification process more efficiently. If you don’t have the 2FA app, start by visiting Google Play or App Store and download Google Authenticator free of charge.
You will also need:
- scans (photographs) of both sides of your ID card
- a picture of you holding your ID card in one hand
- confirmation of the address of residence
Permissible file formats are .jpg, .png and .pdf. (Remember, the screenshot of the document will not be accepted, you must provide a photo). The size of the photos must not exceed 8 MB, the photo must be of good quality, all the elements must be legible and clearly visible. A document confirming the place of residence can be a bank statement, energy bill, gas bill, rent receipt, etc.). Correspondence may not be older than 3 months.
You can prepare documents (scans) earlier, but you do not have to ‒ during the process you can use the very convenient option of taking live photos with the webcam.
Step 2 – creating an account
At CoinDeal.com you will easily find the “Create an account” button in the top right-hand corner. After clicking on the button a window will appear, please enter your email address and password. The unique password to the account must have a minimum of 8 characters, contain upper and lower case letters and a special type of character, such as ! & @ * or #.
You will receive an email with a request to confirm your address. If you haven’t received a message activating your account:
- check in the spam
- wait a few minutes.
- ensure that you have entered your email address correctly by trying to re-register.
- or select the “I haven’t received an email” option
After clicking on the confirmation link you should log in to the platform.
You will see a message as below. This is not unusual. This is one of the additional CoinDeal’s security features. The white list is an IP authorization. Every time you try to log in to an IP that is not approved by you on the white list, you will be asked to confirm your identity. A valid identification when logging in from a new IP automatically adds this IP address to the white list.
After the first login, the system will ask you for your basic data and will verify your phone number.
You will then be asked to launch Google Authenticator.
Good advice ‒ save the code (jot it down on a piece of paper) visible on the screen. You will regain access to your account even if you lose your phone. To connect your Google Authenticator to CoinDeal, open the application and then scan or enter the code. As the final step, enter the code that you see in the app in the CoinDeal platform. Your account is now additionally secured.
Step 3 – verification
Transactions on the cryptocurrency exchange can be made only by persons of legal age. Verification consists of three stages: providing additional information (address, date of birth, identity document number and its expiry date), verification of the identity document and the address of residence. In case of a company account, there are two further steps: information about the company and company documents.
Most often the process of verification of identity takes a few minutes and is carried out through an automated system. However, if the documents are illegible, manual verification may take several days, depending on the number of applications.
In order to verify the account, it will be necessary to upload previously prepared photos (or use a webcam instead).
Once you have created and verified your account, you can deposit your chosen fiat or cryptocurrency into it and start trading.
Is there anything else that makes it worthwhile to become a user of this crypto exchange?
Yes. High liquidity. The large number of traders acquired allows you to trade comfortably. The exchange is suitable for both beginners and advanced traders, and a large amount of fiat currencies combined with an interesting set of coins has made the platform take the world of cryptocurrency exchange to a whole new level.
It can’t be ignored that the CoinDeal team is currently working on a mobile application for iOS and Android which is to improve the overall quality of the platform and make using it easier.