Coindirect Review – Regulated Crypto Exchange or not?

Coindirect is a cryptocurrency wallet and exchange that has been around since 2017. The founder maintains a very transparent image and the best part about them is that, the information regarding all of the key members of this firm is pinned in their About us section.

One quick Google search will reveal the user reviews about this platform and the ratings they have earned are pretty decent. Withdrawal limits are also very generous and the fees are also not that high.

All of their policies do not contain any hidden conditions and as far as legality goes, they have got all the right documents in place. In the crypto space, it is indeed hard to find the set of qualities similar to the one this platform exhibits.

Nonetheless, they have earned a fair share of negative feedback as well. Due to the mixed impressions the user feedback gives, many people might be confused about the legitimacy of this exchange.

As this firm enables people to both buy or trade cryptocurrencies, it is enticing for a lot of people. To make an informed decision about them, go through this post and take a look at the different aspects of this business.

Once you understand all of the important metrics, then you can decide for yourself whether this firm is the one for you or not.

Preliminary Checks

The goal of doing preliminary checks is to make sure that the underlying platform takes the cyber threats seriously and does it’s best to mitigate them. As a lot of sensitive information is shared with this website, they have employed a SSL layer to keep their data both private and encrypted.

Coindirect.com does not display any concerning traits. Their website is not blacklisted by any software or browsers.

We do not know who owned the domain “Coindirect.com” before 2017, but according to the Whois report, it has been active since 2001. As expected, this website has a strong domain authority and over 3,750 websites link out to them.

Backlinks they have earned over the years is more than 42,000. Needless to mention, they have definitely captured the attention of their target audience.

Coindirect Website

Coindirect’s website is neat and their minimalist designs will make a lot of people gravitate towards them. Crypto enthusiasts can use this exchange to either buy their favorite cryptocurrencies or can inject the capital and start trading.

If you are looking for leverage, then you need to step away from this platform. However, if you are a strong believer of buy and hold strategy, then this firm might be useful for you. They cater to both the individuals and corporate clients.

Arbitrage trading can be accessed via their interface. Details about the way they handle arbitrage activities are not mentioned by them and the only way to access that information is by contacting their sales team.

Keep in mind that markets do not offer free lunches and everything will carry risk. So, invest only the kind of amount that you can afford to lose. Charting software is decent, but if you are a professional, it is better to use third party services like Tradingview or MT4 platforms.

As the cryptocurrency market is still young, it is possible to take advantage of the inefficiencies, but never initiate any position without having a detailed plan. Also, talk with a licensed financial planner before you deposit funds to your trading account.

All in all, there is nothing extraordinary about this exchange and compared to the top ones like Binance, the offerings do pale in comparison.

On the bright side, 2 FA methods are present and the KYC process is quite intense. As far as security is considered, there isn’t any incident that can be categorized as catastrophic.

Coindirect Community and Reviews

Whenever we are talking about anything related to cryptocurrencies, you can be sure that there will be a community involved in most cases. This one has catered to the needs of lakhs of users and as such, they have left a long trail of user reviews and customer feedback on the internet.

Even on social media platforms, they have got more than enough mentions and for the most part, nothing about them is outrageous. A lot of people like the quality of the service and few people are not happy with them.

On Trustpilot, Coindirect has earned a rating of 2.8. The sample size is not that great compared to the kind of traffic they get. Nonetheless, most reviews do look genuine and the firm replies even to negative comments.

Few testimonials are borderline scary, but as the reports are unconfirmed, till hard evidence is found, we have to give them the benefit of the doubt. Below, we have gathered a couple of comments from both the positive and the negative side.

Take a thorough look and decide for yourself whether it is worth taking the risk or not?

I have deposit €500 (plus €30) for additional fees before my account was fully verified. Now my account is verified and I cannot see the deposit I have paid in.

I would like to withdraw my money but I cant. The support said few times they look into it and nothing happen. I have bills to be paid and need my money back.

Very good experience with coindirect would definitely recommend I’m new to the crypto world and this site is easy to navigate. Always on hand to answer questions and help.

Fee and Withdrawal Limits

This platform is transparent about the fees they charge. From the FAQ section to withdrawals page, the users can find information about the charges at all times.

Dormancy fees are present and if the account is inactive for a long time, then the users will be charged 5 EUR every month. Withdrawal limit depends upon the KYC level completed by the clients.

If you have submitted all the documents, then the upper limit is in the range of 100,000 EUR to 200,000 EUR daily which is more than adequate for most clients. Marketplace fees are applicable only to vendors and it is capped at 0.50%.

Traders that want to fund their account can do so via cryptocurrency and fiat options. The list of cryptos they support is not mentioned. For bank transfers, it might take up to 5 days for the amount to reflect on the dashboard.

Crypto withdrawals are said to be processed instantly. However, for the fiat options, it might take up to a week.

Verdict

Coindirect exchange is not a perfect solution by any means. It caters to specific types of investors and it does not support the latest things in the crypto space such as ETFs and leveraged tokens.

Fees are reasonable, terms are transparent, but the way arbitrage is done by them is unknown. Audited reports are not published and there is no way to gauge their performance without investing money.

Moreover, there is considerable negative feedback about them as well. If you are planning to use their service, then make sure to test them out first by starting with a negligible amount of capital.

Test their spreads, performance and other things. In case you like the way the system works, then scale in a gradual manner.

Remember, in trading and investing emphasis should be on the risk management and not on the end percentage figure of profit or loss.
If you are an active user of Coindirect exchange, then feel free to share your opinion with our community by leaving a comment below.