If you are looking for a right exchange for you, maybe this Trade Satoshi review will be useful. It’s very important to be well informed before signing up for a wallet or exchange.
UPDATE July 2021: This exchange closed down on 1 March 2020. We don’t take this exchange into consideration anymore.
Trade Satoshi Review – Exchange Overview
Trade Satoshi is a crypto-to-crypto exchange that supports a staggering number of digital currencies. The trading platform was launched in 2015 and it is headquartered in London, UK. One of its founders, Francesco Alibrandi, is a well-known Bitcoin entrepreneur of Australian origin.
Trade Satoshi’s interface supports the basic trading functions in addition to 2-factor authentication to ensure account protection. Users are also able to claim free coins through the “Faucet” feature which is available on their platform.
Trade Satoshi offers support to a wide list of cryptos, counting over 200 coins and tokens, including:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Litecoin (LTC)
- Dogecoin (DOGE)
- Verge (XVG)
- Zclassic (ZCL)
- Dash (DASH)
- Monero (XMR)
- Reddcoin (RDD)
- Zcash (ZEC)
- Zcoin (XZC)
- Komodo (KMD)
- Bitcoin Gold (BTG)
- Bytom (BTM)
- Stratis (STRAT)
- Hcash (HSR)
Trade Satoshi’s trading services are available to users from all geographical regions. But just to be sure, you can directly ask the exchange so that you will know that the service is available in your country of residence.
Accepted payment methods
Trade Satoshi does not accept deposits with fiat currencies of any kind, which means that traders are only able to fund their account with cryptocurrencies. This can be rather inconvenient, as you first have to exchange your fiat currency into cryptos in order to be able to make a deposit.
Trade Satoshi Exchange Fees
No fees are incurred when depositing funds into your account, but there are some trading and withdrawal fees which you must take into consideration.
- A 0.2% fee is charged on the transaction when the users place a buy or sell order.
- The withdrawal fees vary depending on the transferred coin.
Users have a daily withdrawal limit which depends on the account’s level of verification:
- 2000 USD for level 1 verified members
- 5,000 USD for level 2 verified members.
There are apparently no limits when it comes to making deposits, though. This means that you can fund your account with as many coins as you want.
Trade Satoshi Security
After registration, your newly-created account has to go through a verification process before it can be activated. In order to be verified, the user must provide a valid email address, his or her full name, and the date of birth. After the provided information has been verified, the user will receive an email with a confirmation link. After you have clicked on the link, you can then log-in to your account and begin trading.
Trade Satoshi also supports 2-factor authentication to ensure that user’s accounts are protected. The platform also employs other security features such as cold storage of user funds, DDoS mitigation for its servers and live backups to ensure quick fund recovery in case of an emergency.
How to Use Trade Satoshi?
After you have registered and activated your account, you will be asked to enable the 2FA security feature. While this feature is not compulsory, it is highly recommended that you do so. After the 2FA feature has been activated, you will be able to make deposits to your exchange wallet.
To deposit funds to your account, search for the coin you want from the available list and then select it by clicking on it. Then hit the “Create Address” button to create a new address in which the deposit will be made. After the address has been generated, click on “Deposit.” Copy the address or scan the QR code above it which will appear on your screen.
To withdrawal your funds, you have to click on your wallet, and then hit the “Withdraw” button. Put in the sum you want to withdraw and the address that the funds will be sent to. An email confirming the transaction has been finalized will be sent to you afterward.
Users that have questions or issues related to their accounts or transactions can contact the support team by submitting an online request. The support team of Trade Satoshi can also be contacted via media channels including Discord, Slack, Facebook, and Twitter.
Trade Satoshi states that they offer support 24/7, but there have been several complaints made by users regarding slow response times from their customer service staff. There were also some complaints regarding long delays on deposits and withdrawals.
Trade Satoshi is a legit trading platform which features a wide range of cryptos. Its interface features rather basic trading tools, which might not be too appealing for professional traders. And even though there have been a few complaints about delays, there have been no security issues so far or any signs that it is a scam. This was our Trade Satoshi review, we hope that this information was useful. You can also check our other crypto exchange reviews.