Review on Coindeal by Praise Olagbadun
The Fast Growing Exchange Platform Has A Challenge, Trading Fees
In the course of reviewing some exchanges, I stumbled upon one by the name Coindeal. I got interested in the exchange platform mainly due to it's fast growth, as it rose to be one of the best in Europe and in the world within about two years of its existence. On further investigation, I got discouraged and disappointed on discovering how much they charge for trading fee. But, is their services really worth this fee? Let's explore that
The Coindeal is a European exchange platform that started functioning fully in the year 2018 but not minding how young it is to the industry, it has grown rapidly to be amongst the top 20 to 30 exchanges in the world. I guess this has been mainly due to the fact that they offer their services in a special way that is, serving their users. After knowing about this exchange platform, I tried out their services on my Chrome browser (that's because I was having some mixed feelings like contemplating if I would use it or not). I got determined that if after using their services to the fullest and find it interesting, only then would I have their mobile application downloaded on my device. The first thing I spotted was their simply designed and easy to use interface. I guess they made it simple so as to serve both experts and learners in the trade. The next thing was their registration. In the course of registration, I was told that to enjoy their services, I would have to go through some stressful KYC procedures like taking a picture of myself holding my ID card and other things (so as to be able to make transactions with the Fiat they accept). I later found out that the main reason of doing this is for the security of funds and to operate transparently, although I found it somehow annoying.
It is an exchange platform that accepts both Fiats and cryptocurrencies with the fiats being about 7 in number which includes: USD, EUR, GBP and others. The cryptocurrencies are more than 50 iin number and includes cryptos like ETH, EOS, BTC, LTC and many others. Presently, they don't allow much cryptocurrencies but would do so very soon as the type of cryptocurrency added depends on the vote made by their community in a vote. Transparency is not a problem with the Coindeal exchange platform as they have the vital information about their founders publicly viewed. I see this as a way of displaying their transparency because if there is any problem, one can quickly refer to them (if it's above their support team). Less I forget, the Coindeal exchange platform also allows some stablecoins of which I've seen just two of them (I'm not sure if there are others), these two are Tether (USDT) and True USD (TUSD). The exchange platform is a constantly evolving exchange platform and has proven this by the rapid translation of their interface in different languages which includes: English, Chinese German and Korean. This alone would add it to the group of multilinual exchanges.
The Coindeal exchange platform seems to have their user funds at heart with the numerous security features they've put in place some of which are: The use of multi-signature wallet, and storing of more than 90% of funds in cold wallets. They also make use of the sophisticated level of SSL and Cloudflare security features in addition with the 2 Factor Authentication. What else would one need to have in terms of security? I think this exchange platform has if all.
Having a negative side is sure, so the Coindeal has a negative side to me. One which I consider really bad and I think they should work on it soon. This problem I have with them is their trading fee. Most exchanges I've come across charges below the industry's average of 0.25% or that value exactly. I've never come across any exchange platform that exceeds that except this one (The Coindeal exchange). I was really surprised to see that the exchange platform charges takers a fee of 0.4% and makers 0.3%. I really think the fee is high, not minding the services they offer. Although they are having plans of using their token to cut down fees, I think they should still reduce it.
Pros
- The exchange platform uses multiple security features like the use of cold wallets, 2 Factor Authentication and multi-signature to secure their users fund
- They have their mobile applications available and their services can be accessed via the web
- The company looks customer focused as they have been able to make their services available to all kinds of users
- I find their interface okay, as it is nicely decorated and easy to understand
- Its interface is in multiple languages
- The community have a say in some things as can be seen in the type of cryptocurrency added
- Accepts a bit nice range of cryptocurrencies and fiats, accepts stablecoins too
- The company is transparent as it shows the public details of the founders
Cons
- I really have a problem with their fee and I see it as a stumbling block to the company achieving greatness, I just hope they reduce the fee they charge as trading fee
