Cryptocurrency exchanges have increased in popularity over the past years, keeping up with the demand that was produced by the surge in crypto market prices. As these platforms allow users to trade coins between them, it is essential that they implement the best security measures to keep their users safe from malevolent factors. But not all exchanges take every single step possible to protect their users. Taking into account the ever-rising number of successful hacks that target crypto exchanges, it is imperative nowadays that trading platforms take security with the utmost of seriousness. One example of such an exchange is CoinDeal.
What is CoinDeal?
CoinDeal is a crypto exchange platform launched in March 2018 with its operations in Cyprus, which offers trading for the top coins and tokens in the crypto world. This way, users are able to make safe and fast crypto-to-crypto and fiat-to-crypto trading. Its services apply to 20 markets and 18 coins including Bitcoin, Litecoin, Bitcoin Cash, Ether, Dash, and Quantum.
CoinDeal is under the ownership of Verified Trading Solutions Limited, which also owns another bitcoin exchange – BuyCoinNow, which has been active in the crypto space for some time and is considered to be a reputable provider.
The team behind the project consists of experienced crypto enthusiasts that have been active in the blockchain and cryptocurrency industry for years. The main core is comprised of the Adam Bicz, Filip Dzierzak, and Kjetan Mackowiak trio.
Bicz and Maćkowiak also developed together BuyCoinNow.com, a cryptocurrency exchange where users can easily purchase Bitcoin with the lowest fee and PayCoiner.com, a payment provider that accepts cryptocurrencies.
Bicz has experience in programming and has previously worked in Dubai, Mackowiak is an expert in marketing and business, and Dzierzak handles finances, and IT matters.
The team does not only know the nitty-gritty about cryptos, but they also have in-depth knowledge about the real issues that occur on cryptocurrency exchanges and trading platforms. They are very focused on security; therefore, they developed a crypto exchange that featured the highest technological standards designed for security.
CoinDeal features very appealing trading fees of 0.3% for market maker and 0.4% for market taker, which is applicable for all pairs. The deposits are accepted in all of the listed currencies, including EUR. The withdrawal fee for BTC is 0.0008 BTC, and, for the rest, 0.01 is required for each corresponding coin. The withdrawal fee for euro is 9 EUR, regardless of the amount that is withdrawn.
Deposits are free for all cryptocurrencies (BTC, BCH, ETH, LTC, DASH, QTM) as well as fiat currencies (EUR).
CoinDeal’s creators have put a significant focus on the platform’s security. Their main priority was to develop a cryptocurrency exchange platform that has only the best technologies in security, considering that hacks targeted towards crypto exchanges are increasing by the day.
To ensure that the user’s funds are secure, every account employs a Two Factor Authentication process. In addition, each cold wallet’s key is kept in Swiss banks deposits. CoinDeal keeps 90% of all funds offline in cold storage. The client funds are kept in a Danish bank.
Both the platform and the user funds are secured, the system implementing a microservices architecture. This means that unauthorized access to modules is not allowed, or in case of such, it is immediately detected.
Several Order Types
CoinDeal has available for its traders two types of orders: market and stop loss.
CoinDeal’s services are available globally, apart from citizens and residents from the US.
Easy to Use Platform
CoinDeal has a user-friendly trading platform, featuring various useful charts and monitoring tools, along with an order book and a recent orders list. Many cryptocurrency exchanges mostly offer a simple buy and sell option, without having any additional trading tools.
CoinDeal has noticed that many crypto exchangers do not offer support for fiat-to-crypto trading, so they decided to offer its users the possibility to trade from fiat with the crypto-coin of their choice.
This simplifies the trading process for those that do not have crypto holdings. They will not need to purchase or exchange bitcoin and other cryptocurrencies to perform trades on CoinDeal; they can simply deposit their Euros to purchase cryptos. Currently, the only fiat currency available on the platform is Euro, but other currencies will be added soon.
Users that invite their friends to make an account on CoinDeal will receive up to 20% of their trading fee. At first, for the first three months of CoinDeal’s running, the reward was raised to 50%. But after taking notice of the requests its users made, CoinDeal announced that the 50% rate will be available for a longer period of time.
The users can influence which cryptocurrencies will be added on the platform through a voting system. In the first voting session, the users elected other cryptocurrencies, and they were added in the following two weeks. The coins added were: Ripple, Nano, ByteCoin, Verge, and Lisk.
Later on, CoinDeal also added: Deep Onion, DraftCoin, FuturoCoin, Infinity Economics and StrongHands, which can be traded with dedicated wallets.
They offer support for the native SegWit address. CoinDeal enables deposits on Bech32 addresses. They intend on contributing to Bitcoin’s (BTC’s) Lightning network, because they strive to make transactions quicker and safer for its users.
CoinDeal aims to be fully operational 24 hours a day, 7 days a week, so their customers can benefit from 100% uptime.
CoinDeal lets users verify the balance of their exchange at any time they wish. They can check their wallet to make sure they dispose of the necessary funds for supporting withdrawals, or other transactions.
CoinDeal will offer its services to corporate users as well. For this, they have two different types of CoinDeal accounts available, including personal and business accounts.
CoinDeal has a support team which is ready to answer all of its customer’s inquiries and help them with whatever issues they may have. They will answer any questions and will offer support 24/7.
The platform aims to add two new languages for its traders, Polish and Russian.
CoinDeal says that it will be adding more crypto coins shortly (and urges users to vote on which ones they want to be made available on the platform); they will also add more fiat currencies.
A new dashboard will be launched for trading, a mobile version of their app and an API for users.
CoinDeal is a cryptocurrency exchange that puts great emphasis on security, quick transaction times, and easy trading through a user-friendly interface.