Introduction
Coinstore.com, a Singapore-based cryptocurrency exchange founded in 2020, operated by COINSTORE PTE. LTD. Coinstore crypto exchange has emerged as a promising platform aiming to provide cryptocurrency trading services to markets historically underserved by the industry. Coinstore exchange primarily focuses on Southeast Asia but extends its services to users globally. As of now, Coinstore is serving over 3-10 million registered users across 175+ countries.
Features of Coinstore.com Crypto Exchange
- Spot Trading on Coinstore:
Coinstore.com offers a user-friendly interface for spot trading, featuring essential order types such as market and limit orders.
- Coinstore Crypto Futures with Leverage:
Coinstore’s futures trading caters to various cryptocurrencies. The selection of coins available for futures trading is slightly smaller than the spot market but remains diverse enough to meet the needs of most traders.
- Coinstore lists two types of futures contracts:
U-Margined Perpetual and All-Currency Contracts. Perpetual contracts offer flexibility, enabling traders to take long or short positions without a fixed settlement date.
Coinstore Supported Cryptocurrencies
Coinstore trading platform boasts an impressive selection of approximately 150+ cryptocurrencies available for trading. This range includes prominent cryptocurrencies like Bitcoin ($BTC), Ethereum ($ETH), Ripple ($XRP), Avalanche ($AVAX), Shiba Inu ($SHIB), and Chainlink ($LINK). Moreover, the Coinstore.com trading platform provides access to smaller market-cap coins that can be challenging to find on other exchanges.
While most trading pairs are denominated in $USDT, ensuring adequate liquidity for these lesser-known tokens is essential. However, it’s important to note that Coinstore.com crypto exchange currently does not support fiat currency transactions, which means it caters primarily to users who already hold cryptocurrencies.
Coinstore’s Fees Structure
Coinstore trading platform employs a straightforward fee structure designed to be user-friendly. Both makers and takers are subject to a 0.2% fee for spot markets. In contrast, on the futures markets, makers incur a 0.025% fee, while takers face a slightly higher fee of 0.06%.
Trading View of Coinstore.com
Coinstore.com exchange utilizes TradingView charts, a popular and widely used charting tool among cryptocurrency traders. These charts empower users to employ an array of technical indicators and draw trading strategies directly on the charts.
Deposit and Withdrawal over Coinstore.com
One notable limitation of the Coinstore crypto exchange is its lack of support for fiat currency deposits and withdrawals. As a result, the exchange primarily serves users who already possess cryptocurrencies and does not function as an on-ramp for those new to the crypto space.
Security and Privacy of Coinstore Trading Platform
Coinstore places a strong emphasis on user security. It offers 2-factor authentication (2FA) via phone or authenticator apps such as Google Authenticator, providing additional protection beyond password security.
The exchange claims to store 70% of crypto assets in cold storage, enhancing security. It also employs AES-256 encryption to secure wallets and private keys. While there have been no reported security breaches, users must exercise caution and refrain from keeping substantial funds on any cryptocurrency exchange for extended periods.
Mobile Application of Coinstore.com Exchange
Coinstore.com exchange extends its services to mobile users through a free Android and iOS application. This mobile app replicates most of the functionality on the desktop version, making it a convenient option for users wishing to trade on the go or monitor their portfolios from their mobile devices.
Customer Support Services
Coinstore’s customer support services are designed to effectively cater to user inquiries and concerns. Although there may be some grammatical errors in the English version of their website, the support team is available to address user queries promptly.
Pros and Cons
Pros
- Diverse selection of cryptocurrencies for trading
- Availability of spot and futures markets
- Convenient mobile application for trading on the move
- Functionality for users with or without identity verification
Cons
- Lack of support for fiat currency transactions
- The limited set of features compared to some competitors
- English version of the website may contain grammatical errors
Conclusion
Coinstore.com crypto exchange presents itself as a promising cryptocurrency exchange with essential features and a robust selection of listed cryptocurrencies. Its futures contracts, with varying leverage options, cater to traders with different risk profiles.
However, its inability to support fiat currency transactions restricts its utility primarily to users already well-versed in cryptocurrency. While there is room for improvement in language quality on the website and feature expansion, Coinstore serves as a viable platform for cryptocurrency trading, with a particular focus on the Southeast Asian market.
FAQs
What cryptocurrencies does Coinstore.com support?
Around 150+ coins/pairs, including $BTC, $ETH, $LTC, $XRP, and trending altcoins as well as memecoins via Launchpad.
What is the fee structure on Coinstore trading platform?
Coinstore exchange charges 0.1–0.2% for spot trading and 0.025%/0.06% for furtures. Deposits are free and withdrawals network-based only.
Is Coinstore exchange available in the US or Japan?
No, Coinstore crypto exchange is restricted in the US due to regulations and possibly in Japan too.
This Coinstore Crypto Exchange review is solely for the informational and educational purpose and does not constitute and financial advice. Cryptocurrencies are highly volatile and prone to higher risk when it comes to trading, so do your own research (DYOR) before opting any crypto exchange for spot or futures trading.
ShahZaib Ahmed is a seasoned Crypto Journalist passionate about cryptocurrencies, blockchain technology, and decentralized finance (DeFi). With years of experience in the industry, ShahZaib Ahmed has written extensive news articles, price analysis articles and guide articles on Cryptocurrencies, Blockchain, DeFi, NFTs, Web3, and FinTech. Known for insightful analysis and a keen understanding of market trends, he brings complex concepts to life for beginners and seasoned investors.
- ShahZaib Ahmed
- ShahZaib Ahmed
- ShahZaib Ahmed
- ShahZaib Ahmed
