Coinhouse Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this Coinhouse Review.
Coinhouse Review
Coinhouse is a French cryptocurrency exchange that operates in the EU. It offers trading in Bitcoin and Ether for EUR and the other way around. The exchange is owned by the Paris-based company La Maison du Bitcoin. Initially the exchange was accepting only clients from France, but recently has expanded its operations and accepts clients from the EU.
Coinhouse Advantages
– Payments. Perhaps the biggest advantage of Coinhouse is the fact that it accepts payments with credit cards, similarly to another French exchange – Paymium. Coinhouse also accepts payments with debit cards, as long as they are also 3D secured and with bank transfers. Withdrawals are available through a SEPA bank transfer.
There is also the option to make payments through a Neosurf prepaid card for online shopping, which is available in some European countries, as well as some countries in Africa, Asia and South America.
– Speed. Coinhouse’s services are instant, once the client has gone through the verification and process and the payment has been transferred. This is quite convenient, considering that in recent weeks and months, due to the mass cryptocurrency hysteria, the infrastructure both of the exchanges and the blockchain often cannot handle the traffic and causes big delays in processing the orders.
– Ease of use. It seems Coinhouse is fairly easy to use and is mainly targeting the novice users.
– Coins. There are just two cryptocurrencies available for trading – Bitcoin and Ether, but it is sufficient for most buyers and sellers.
– Wallet. Coinhouse does not offer own e-wallet, but recommends the hardware wallet Ledger Nano S.
Coinhouse Disadvantages
– Fees. The biggest disadvantage of Coinhouse are high trading fees. The exchange has a tiered system and the fees vary both depending on the traded volume and the payment method. For example, payments via bank transfers are charged with commissions of between 6 and 10% – the lower the trading volume, the higher the commission. For payments with cards, the fees vary from 8 to 10%, again based on volume. When compared to most other exchanges, Coinhouse’s fees are actually ridiculously high.
Otherwise, Coinhouse says it sells at Kraken prices, plus their fees and no other hidden charges.
– Anonymity. Coinhouse abides by the AML and KYC requirements and requires its clients to identify themselves with ID (both sides), an ID selfie and proof of residence (a recent utility bill). There is another caveat, too. Coinhouse does not accept national IDs from other countries (except France), even though they are EU member states. For them only a passport is accepted. Considering that many people do not have a passport, as they can travel within the EU with their national ID card and do not need a passport, this is certainly a serious incovenience. On the other hand, at least the client onboarding procedure takes just a few hours, on a working day.
– Leverage. Like most cryptocurrency exchanges, Coinhouse does not offer leveraged trading either. A major European exchange that does offer leveraged trading is CexIo. There are also a number of major regulated forex brokers who offer cryptocurrency CFDs for trading on margin. This has its certain advantages, such as the possibility to trade with your existing account with the broker, on the familiar and feature-rich trading platforms.
– Bank transfers. We have mentioned that Coinhouse accepts bank transfer payments and this certainly is convenient, but the minimum sum that can be transferred is EUR 100. Plus, there are the bank fees.
– Limits. Coinhouse has set certain trading limits. Upon initial verification, the limit is set at EUR 200 to EUR 5000 per day, depending “on the type and quality of the documents you provide”. Whatever this may mean.
– Platform. We could not have a look at Coinhouse’s platform, as we have not verified our account and are not planning to, so we cannot say anything about it.
Coinhouse appears to be relatively easy to use and its biggest advantage is the acceptance of credit, debit and prepaid cards.
What we do not like, however, are the fees. They are really high and can be quite offputting for most clients, especially the smaller ones. Obviously Coinhouse is banking on its advantages for eas of use and payment methods, but there are other European exchanges who also accept credit cards and are just as simple to use.
Coinhouse Review Conclusion
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