Tradesatoshi Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this Tradesatoshi Review.
Tradesatoshi Review
Tradesatoshi is a UK cryptocurrency exchange that launched in 2015. It offers spot trading in over 100 cryptocurrencies, both major and some really obscure ones. Most alt-coins can be traded against the Bitcoin, Litecoin, Dogecoin, Bitcoin Cash only.
Others – Bitcoin, Litecoin, Dogecoin, Dash, Digibyte, Neverdie and Zcash – can also be traded against the USD. According to an announcement in Tradesatoshi’s platform, however, the USD markets are closing on December 1 and the exchange will not be offering this service anymore.
Tradesatoshi Advantages
– Coins. Tradesatoshi has a very extensive selection of cryptocurrencies for trading, some of them really rare. There is the option for users to propose and upvote new coins on the platform.
– Anonymity. Tradesatoshi requires a name, date of birth and e-mail for registration, but does not verify them, at least initially. This means one can register with whatever name and date of birth they like. Only the e-mail has to be real, as the registration needs to be confirmed.
– Security. Tradesatoshi offers the standard for the industry two-factor authentication, live backups, encrypted wallets, plus offline cold storage for funds and passwords, which makes it quite secure.
– Platform. Tradesatoshi’s platform is similar to that of many other cryptocurrency exchanges and offers only basic trading features. It is easy and straightforward to use, even for novice traders. Since the platform does not offer leveraged trading, there is hardly much need for any other features.
– Fees. Apparently Tradesatoshi did not deem necessary to provide clear information about the trading fees (or any others, for that matter) that it charges. It seems, though, that there is no commission and the profit for the platform is calculated in the price, similarly to many forex brokers who do not charge commission, but make profit through the spread (among many other things).
Tradesatoshi Disadvantages
– Leverage. Tradesatoshi does not offer leveraged trading in the cryptocurrencies on offer. This is fairly common among the exchanges, but there are some – more of an exception to the general rule – like Kraken, Quoinex and CexIo, for example. There are also many forex brokers who have developed CFDs on some of the most popular cryptocurrencies for trading on margin.
– USD market. At the time of writing this review, it was still available for some alt-coins, but is going to be stopped on December 1, 2017.
– Payments. We could not neither find information, nor figure out how payments are made and which methods are accepted. There is no information about transfer fees either. Most exchanges make sure they display this information clearly.
– Communication. We have come across comments that Tradesatoshi’s team fails to communicate clearly to its clients eventual bugs and problems. A period of over 24 hours when the exchange was down, for example, made client suspect it was a scam and the owners have made off with their funds. On the other hand, the company promises 24/7 live support.
– Regulation. Tradesatoshi is not regulated, similarly to the majority of cryptocurrency exchanges. There is no specific requirement for regulation neither at national (UK) level, nor on EU level. At least not yet. The exchanges offering trading in fiat currencies are sometimes required to abide by some rules on the KYC and AML procedures, but we are of the impression that some of them still accept anonymous clients, with certain limitations.
– Ether. Somewhat surprisingly, Tradesatoshi does not offer trading in the second-largest (by market cap) cryptocurrency Ether. Considering the offering of other really obscure coins, we are not sure what to make of this.
– Volume. It seems that trading on the platform is not very lively, at least at the time of writing this review. Most trading is done in the Bitcoin pairs with Bitcoin Cash and Bitcoin Gold, as well as with Litecoin. But generally, the activity is not very lively and there are coins that have not been traded in months.
According to Coinmarketcap, in the last 24 hours, the most traded pair was YOC/BTC and the total volume amounted to 12.77 BTC.
– Site. The website of Tradesatoshi is not properly optimized for a mobile device. The start page loads OK, but the trading section is cumbersome and does not look good – the lefthand section with the instrument list, for example, is too narrow and not comfortable to use.
Tradesatoshi is a cryptoexchange similar to others who offer trading of cryptocurrencies only and have a long instrument list, like Shapeshift, Tux Exchange, etc. Probably the most significant advantage of Tradesatoshi is the lack of trading commissions, but we are not sure of the payment fees, as we could not find information.
Another advantage is the large selection of coins and the option for clients to propose and upvote new additions. But, Tradesatoshi does not offer Ether, which strikes us as odd.
We also do not like the fact that the platform is discontinuing the option to trade some of the cryptocurrencies against the USD and the lack of information about deposit options and fees.
Tradesatoshi Review Conclusion
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