CoinEgg is a cryptocurrency exchange, based in the United Kingdom. The company only focuses on digital assets, without providing any form of fiat currency trading. While this will make them unattractive for some companies
A lot of altcoins – at the time of writing of this review, 42 different assets are included on CoinEgg. While the usual suspects, such as Ethereum, Bitcoin Cash and Litecoin are present, some of the rest appear to be more exotic. You must check the details to get the full picture, but it’s safe to say these are not the top coins, in terms of market capitalisation.
While 42 may be a lot for some people, if you are looking for a specific coin/token, you should first do your research on the venues, where it is traded. Bittrex, Binance and EtherDelta are very likely to have it.
Low trading fees – the 0.10% fee on all trades makes CoinEgg a very competitive exchange. While other parts of their service may not be so pleasant, you must keep in mind a lot of exchanges charge something around 0.25%, with Kraken offering 0.26%, but a more trader-friendly environment.
Has not been hacked – CoinEgg has been around since 2013 and we didn’t find any information on a successful attack around this exchange. This is not a guarantee for the future, but is always a good sign.
Trading only against BTC – as we hinted in the beginning CoinEgg does not offer any type of fiat currency integration. Even the slightly controversial Tether tokens (USDT – a cryptocurrency backed by US dollars) are not listed.
Low liquidity on some instruments – this is to be expected given the nature of CoinEgg – fiat currency deposits are not supported and some of the tokens seem bizarre (at least to us).
Withdrawal fees up to 1% – this exchange charges withdrawal fees, which can go as high as 1% for the more exotic coins. The rates for the more popular coins are rather acceptable, with 0.001 BTC, 0.001 LTC and 0.01 ETH, respectively.
No leverage offered – CoinEgg does not allow traders to borrow money in order to speculate more aggressively. If this is what you are looking for, a forex broker may be a suitable alternative for you.
These companies offer much better trading platforms (more on that later), but on the other hand do not grant you ownership of any coins. Instead you trade the so called Contracts For Difference (CFDs), which only mimic the price movement of the asset in question. This is how most traders speculate on things like gold and oil, but you should read the details on cryptocurrency CFDs, before trading with such instruments.
Poor charting – the platform provided by CoinEgg is relatively nice. The instrument list is placed on the left in a minimalistic fashion, while the rest of the things are aligned in an intuitive way. That being said the charting is not that helpful.
CoinEgg is a UK-based digital assets exchange. The company does not accept or send any form of fiat currencies, which puts them in the category of trading venues which are not regulated (as no legislation for them exists). This will definitely not be everybody’s cup of tea, but when it comes to exotic assets, CoinEgg offers a few of them. With such low fees, it’s not hard to see this exchange attract even more volume in the future.
Coming back to the regulatory aspect, we will reiterate what you probably know – dealing with cryptocurrencies still carries a significant level of risk. Even some of the top-tier exchanges have been hacked in the past. This is one of the topics on which the forex, brokers offering cryptocurrency trading have an edge. That being said, scammers do pop-up in the field of traditional finance.
CoinEgg Review Conclusion
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