TradeCoins Review
- Transaction fees for deposits and for trades are low.
- Transaction fees for deposits and for trades are low.
- The trading platform features a well-constructed and interactive charting package, more advanced than any binary options platform in the market today.
- Fast withdrawals with Bitcoin.
- Bitcoin is the only method by which traders can deposit funds on TradeCoins, and they are forced to purchase this from the company.
- There is no live chat service.
- The penalties for non-trading and account dormancy are outrageous. Many other brokerages actually pay an interest to the trader for untraded funds held in accounts.
- The product presentation is a bit deceptive. The broker does not mention that what they offer is binary options trading on cryptos, but alludes to cryptocurrency exchange services as their product offering.
- Security for the platform is weak by industry standards.
- TradeCoins is an unregulated brokerage.
TradeCoins is a prediction options broker that offers traders the opportunity to trade binary options strictly on cryptocurrencies. At first glance, the company seems to be a cryptocurrency exchange but in fact, it is not. A true cryptocurrency exchange allows traders to buy and sell actual cryptocurrency tokens/coins. TradeCoins does not present the actual tokens for trading. Rather, traders can place Up/Down bets on whether selected cryptocurrency asset prices will rise or fall.
TradeCoins is owned by Titan Marketers Ltd, a Seychelles-based company. The company is unregulated, as are most companies involved in cryptocurrency trading of some sort.
Countries Accepted/Not Accepted
TradeCoins does not accept traders from the following countries:
Afghanistan, Democratic Republic of the Congo,Iran, Iraq, Sudan, North Korea, Libya and Syria. This is due to fears of terrorist financing creeping into their network.
TradeCoins also does not accept US traders because of regulatory restrictions.
All other countries of the world are accepted on the TradeCoins platform.
Cryptocurrencies Traded
What cryptocurrencies can be traded on TradeCoins on the basis of Up/Down prediction options? The following crypto assets can be found on tis broker’s proprietary platform:
- Bitcoin
- Ethereum
- Litecoin
- Dash
- Monero
These assets are all listed as a pairing between the cryptocurrencies and the US Dollar. However, it must be noted that being a prediction options broker, TradeCoins also offers other asset classes for trading. These assets are found in the currency, commodity and index asset classes.
Exchange Platform
TradeCoins offers its traders a proprietary platform, designed to enable easy selection of assets and trade types.
Deposit & Withdrawal Options
When it comes to transactions on cryptocurrency platforms, things can get a little complicated. This is because many financial institutions across the world are no longer supporting fiat currency payments to the accounts of cryptocurrency exchanges. To get around this problem, many exchanges and brokers have resorted to using cryptocurrencies as the means of payment on their networks. The commonly used cryptos are Bitcoin and Ethereum. Deposits and withdrawals on TradeCoins is done strictly by the use of Bitcoin.
This means that anyone who trades with TradeCoins must have a way to source for Bitcoin. TradeCoin hosts a service where traders can purchase Bitcoin from the broker’s financial division. This is done in the following way:
- Go to the Deposit page on TradeCoins.com.
- Fill a form for the amount of Bitcoin you want to buy. The fiat currency equivalent will be shown.
- Using a wire transfer service, send the fiat equivalent to the account number you will be provided.
- Once your money is received, your Bitcoin is deposited into your trading account.
TradeCoins Fees & Charges
TradeCoins charges the following fees:
- Fees on deposit/withdrawal transactions
- Trading fees
- Penalties on account dormancy
Deposit/withdrawal fees
- These fees are charged as transaction costs on Bitcoin transactions (for confirmation of transfers from trader to TradeCoin).
Trading fees
- These are fees charged as commissions on trades. These commissions are built into the payout percentage.
Penalties on account dormancy
- TradeCoins will charge a 10% penalty on the account balance if trading is not done in a time frame of 2 months from the last transaction’s closure. TradeCoins also has a clause in its contract which allows to collect all trader’s funds in a dormant account if no trade has occurred in 6 months and the trader does not provide written notice of account closure and withdrawal.
Privacy and Security
TradeCoins has limited security measures in place for traders. TradeCoins maintains a central wallet for all Bitcoin holdings of clients. This has advantages as well as safety risks. A hack of this wallet can produce severe consequences for clients of TradeCoins.
Some of the safety features include:
- KYC verification of all traders.
- SSL certificate with encryption of user data.
- Password support for complex passwords with special characters.
Support
Customer support is available in several languages and can be accessed in three ways:
- Online support ticket
- General inquiries and support issues via email: [email protected]
- Phone support is also provided. You can contact the support desk of TradeCoins using two contact numbers: (1 (786) 350 3395 for their US contact point, and +49 30 318 79671 for their Germany contact point).
Conclusion
Traders who prefer to trade prediction options on cryptocurrencies using TradeCoins have to be aware that they are basically trading binary options on cryptocurrencies and are not buying or selling the actual cryptocurrency tokens. Therefore, traders must be very careful when trading. Binary options trading with companies based in Seychelles has generally not been a very good experience for many traders, as the lack of regulatory coverage has not provided much protection.
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