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CoinW Review 2024: Exploring Its Features, Terms & Fees
Rating: 80%
Register on CoinW Now!
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Spot Fees:
Taker
0.2%
Maker
0.2%
Future Fees:
Taker
0.06%
Maker
0.04%
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Table of Contents
Among plenty of crypto exchange reviews, you probably find the comprehensive ones about leading crypto platforms. But there are a lot of crypto exchanges that hold quite a tiny market percentage, and still worth your attention.
One of them is CoinW, which has approximately 2% of the crypto exchange market, but offers quite good opportunities, broad capabilities and high security level.
So here you will get a comprehensive CoinW exchange review, and discover its offerings, features, and fees.
Key Information About CoinW
CoinW, founded in 2017 and based in Dubai, positions itself as a secure and convenient crypto exchange, with a simple user-friendly interface as well as relatively low taxes, making it attractive to those new to crypto trading. However, the same makes it attractive to professional investors, with even lower taxes with high trading volume, offering not only spot and futures trading but also OTCs and ETFs.
Overall, it offers a wide range of assets, namely 1000+ trading pairs, and among the available currencies for deposit, it offers U.S. dollars, Korean won, Chinese yuan, Vietnamese dong, and Japanese yen and accepts Visa, MasterCard, Bank Transfer, Apple Pay, Google Pay (depending on the provider you choose).
It operates in Singapore, Turkey, South Korea, Japan, the Philippines, Malaysia, Australia, Vietnam, India, Nigeria, Canada, and Poland and claims to hold an American MSB financial license, the MAS license of Singapore, and the SVGFSA license of Saint Vincent and the Grenadines.
|
Founded |
2017 |
|
Legal Name |
LCT Holding UAB LLC and CoinW Polish Limited Liability Company |
|
Location |
Dubai, UAE |
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Additional Local Jurisdictions and Regulations |
Singapore, Turkey, South Korea, Japan, the Philippines, Malaysia, Australia, Vietnam, India, Nigeria, Canada, and Poland |
|
Semi-restricted & Fully Restricted Jurisdictions |
Sanctioned areas as Crimea and Iran |
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Licenses |
American MSB financial license, the MAS license of Singapore, and the SVGFSA license of Saint Vincent and the Grenadines |
|
KYC Requirement |
Yes |
|
Supported Coins |
400+ including BTC, ETH, BGB, XRP, PEPE, DOGE, SHIB, BNB, LTC, APT |
|
24H Trading Volume |
$1.02B |
|
Minimum Deposit |
0.001 BTC |
|
Withdrawal Methods |
Crypto Only |
|
Withdrawal Fees |
0.0005 BTC |
|
Main Features |
Spot, Futures, Copy, and Bot Trading + OTC and ETF |
|
Other Features |
Launchpad, Staking, Listing, CoinW Credit Card |
|
Proof of Reserves |
Yes |
|
Security Measures |
Google Authenticator, Twilio or U2F security key, WAF, DDOS, BOT Guard protection |
|
Security Solutions & Integrations |
MPC with HaperLab |
|
Bug Bounty Program |
Yes |
CoinW Registration and KYC Procedures
Like most crypto exchanges, CoinW allows spot and futures trading without KYC but imposes some amount limits, as well as restricting access to certain of its products like CoinW P2P Trading, CoinW Credit Card, etc.
CoinW offers 3 levels of KYC with the following withdrawal limits:
- Users without identity verification (С0): 2 BTC/day (or equal amount).
- Basic identity verification (С0): 5 BTC/day (or equal amount).
- Primary identity verification users (С2): 10 BTC/day (or equal amount).
- Advanced identity verification users (С3): 100 BTC/day (or equal amount).
How to Register on CoinW?
If this is not the first crypto exchange you are registering with, nothing will surprise you here and you need a mobile number or email address as usual.
If you want to use the CoinW website, then click on the Register in the top right corner.
Next, enter your mobile number/email address, then enter the code from the sms/email you received and get access to your new account.
If you want to use the CoinW mobile app for registration, then first download it (it’s best to go to the official CoinW website and scan the QR code to avoid fake apps on Google Play or AppStore). After that, go to the app and tap on Home – Login, followed by Register.
Then similarly enter your mobile number or email, and confirm them with the received code, and get access to your new account.
How to Proceed KYC on CoinW Website?
After registration, if you want to expand your limits and access all features – you need to complete the appropriate KYC level.
- To do this, click on the profile icon, select Verify Now, and go to the verification menu.
- Next, select C1 Basic Verification.
Fill the form with your actual details, attach your identity documents, and then click Submit.
Verification will take some time, after which you will receive notification, and all other KYC verification levels in the same menu will become active. Select the next one and follow the instructions to fill in the rest of the details.
How to Proceed KYC in the CoinW Mobile App?
In the case of the mobile app, the process is similar, except that there are slight differences in the interface.
To do so, tap on your profile icon again, then tap Upgrade KYC.
Next, select the appropriate KYC level and tap on Verify Now.
Similarly, fill in all the fields and attach the documents following all the instructions, then tap Submit.
Once your documents are verified, you will receive notification and then you can go through the rest of the KYC levels following the instructions for each of them.
CoinW User Interface and Design
If this isn’t your first crypto exchange, everything here should be pretty familiar to you.
At the top, you will see a Navigation Bar (1) with the main categories of features available on CoinW.
In the top right corner you can register or log in, download applications and change the language on the website (2).
In the middle you are immediately presented with information on the prices of the most popular pairs as well as the most recent promos (3).
On the right side, you are offered a quick menu to join the community, guides for new users that may be particularly useful in the beginning, or the possibility to contact support (4).
Scrolling down to the bottom of the site you can find documentation regarding the whole CoinW platform, such as official information like announcements, licenses, reserves, product descriptions and terms, API documentation, and so on.
CoinW Main Features
CoinW provides a wide range of familiar trading options to suit different user needs and preferences.
Buy Crypto
CoinW you can buy crypto directly if you are not interested in trading.
P2P
P2P trading is available to you, similar to how it happens on other crypto exchanges. However, this feature is only available after passing KYC C2.
OTC
Similarly, for traders who want to buy crypto in large volumes, you are offered the OTC feature, which can be very beneficial in such a case. But here again, you need to pass the appropriate level of KYC verification.
Quick Buy
You can also buy crypto quickly using your account balance and Visa, MasterCard credit and debit cards, and payment systems like Google Pay, Apple Pay, Bank Transfer.
Not every one of these methods is available on a particular provider or using a particular fiat currency, so here you need to choose the path most suitable for you.
To do this, click Buy Crypto on the navigation bar and select Quick Buy. Then you will reach the window where you need to select the currency you want to use and the cryptocurrency you want to buy. You will also need to choose a provider from the list below and one of the offered payment methods. After that, agree to the terms and conditions on the right and click Continue. If the transaction is successful, you will see that your Funding Account has been credited.
Markets
In the Markets menu, you can get comprehensive and up-to-date information on all crypto assets available on the platform, such as prices for pairs, trading volume, spot, futures, ETFs, etc.
On the right, you have a search bar where you can enter the asset you are interested in and sort the search by the criteria you are interested in.
Futures Trading
If you are interested in futures trading, select the appropriate menu in the Navigation bar and enter the page where you can place orders. Right in front of you is a chart with instruments to mark indicators, and at the top, you can select a pair. To the right are the order details, among which you have access to manual trading mode, and right next to it you can choose to trade with the help of a bot.
As order types for futures, you can see Market (buy at the current market price), Limit (limited buy at a certain price if such a price is reached), and Conditional (buy when certain conditions are reached).
In the case of futures, you have different leverage available depending on the selected cryptocurrency, for example for BTC it is up to x200, while for Matic it is up to x75.
Also below you get TP/SL functions, which are disabled by default, but you can use them if you want.
Spot Trading
If you are interested in direct crypto trading, go to the corresponding menu by clicking on the Trade and Spot Trading navigation bar.
Here you will also see a chart showing the performance of your chosen pair, which you can change to the one you are interested in in the menu on the left.
With spot trading, you can see the order details menu below the chart, where you will also find Market, Limit, and Conditional order types amount fields for buying or selling.
ETF Trading
In the Trade menu, you have access to the ETF feature, which is one of the key offerings on CoinW. This can be a great option if you don’t want to buy cryptocurrencies directly and want to diversify your risk by relying on an entire team of experienced analysts who professionally watch the market and execute trades.
Bot Trading
In the Trade menu, you can find the Bot Trading function, with which you can amplify financial instruments or strategies to buy certain assets available on CoinW and listed below.
Among such instruments, you will find Spot Grid, Futures Grid, Spot CTA and Auto Invest.
Be careful, as trading with bots requires additional knowledge of how it works, and also requires some additional steps to properly integrate and use them on the platform. Check out an article on this topic of the best platforms for Bot Trading in 2024.
Copy Trading
Not going far from automation crypto trading, CoinW offers you several features for Copy Trading, in particular Futures Copy Trading and Spot Copy Trading where you can see the strategies of the best traders and join them by investing a certain portion of your assets.
However, remember that a successful strategy of a trader is not a guarantee of earnings, but only a chance, and you should consider whether you want to entrust trading your assets to another person, even with a good rating.
If you do decide to choose someone else’s strategy, click on that trader’s profile and you will see a menu with details and statistics, among which you will also find options of which assets to trade.
Staking
CoinW also offers you staking options, which you can find in the Finance – Simple Earn menu.
Going through, you will see that you are offered Fixed, Flexible, and StakingPools on certain assets like ETH, USDT, BTC, TON, DOGE, SHIB, XPR, and others with different percentages.
More Features
A separate, rather extensive menu is the additional CoinW products and services that you can find in the More. The key ones are:
Rewards
Here CoinW regularly publishes a list of challenges and their details, passing through which you can get some amount of bonus assets, and also in this menu, you can view the entire history of your rewards.
Launchpad
Launchpad offers participation in various young crypto projects, some of which are exclusively published on CoinW. Here you can find a catalog with a presentation of each one, their terms and conditions and other details. If you see potential, you can invest some of your assets under the condition of a high return if the project gains momentum and justifies itself.
Listings
You can also participate in listings, some of which can also be launched exclusively on CoinW and only then on other crypto exchanges, respectively with not-so-favorable conditions
CoinW Credit Card
CoinW offers its own credit card, which should make it much easier to interact with trading and also be used outside of it like a regular bank card. Among its benefits are 0% KYC and other fees, except a Recharge fee of 2%.
CoinW mentions that it’s card works in 175 countries, supports the top 50 merchants, and provides notable reliability and security.
CoinW Deposit and Withdrawal Options
CoinW’s deposit and withdrawal options are broad. But notice that you can use Crypto, Bank Cards, Apple Pay and Google pay and Bank Transfers only for the Quick Buy. If you want to deposit and withdraw from your funding account, you have crypto as the only option.
Deposit and Withdrawal Options of CoinW Website
- To do this, click on Wallets - Assets - Deposit.
- Next, you will reach the menu to choose the cryptocurrency to deposit and the network.
Remember, the network must match the one you chose on the platform from which you will send crypto. For instance, choosing ERC-20 on CoinW – you need to choose the same on your platform. Otherwise, your funds may go to the wrong address and be irretrievably lost.
- Selecting the cryptocurrency and network, you get your unique address, which you need to copy and paste into the field for sending on the platform you use for deposit.
- If you want to use CoinW withdrawal, then go through Wallets - Withdrawal - select cryptocurrency to withdraw, network, amount, and then add your platform address.
- After a while, when the transaction is approved by the network members, your funds will be deposited in your Funding Account and you will receive a notification.
- After completing all the fields and confirming via Google Authenticator or other methods you have chosen, your funds will be sent to the specified address.
Deposit and Withdrawal Options of CoinW Mobile App
Except for some differences in the interface, you will need to do the same as the previous time.
- Open CoinW, tap Assets, select a cryptocurrency, select a network, and get a generated address to send crypto to it from another platform.
- Follow the same instructions on the platform you are sending funds from using the address you received earlier in the app.
- Once the transaction is approved, you will receive a notification that the funds have been credited to your Funding Account.
- To withdraw funds via CoinW App you need to go to Assets again, select Withdrawal, and then Wallet Address.
- Select the cryptocurrency, network, address, and amount (you can also add and save a permanent address so you don't have to enter it every time later).
- Then tap Confirm and wait for the notification on the platform you sent the funds to.
Fees and Costs
The general CoinW withdrawal fees are 0.0005 BTC and for spot trading trades 0.2% for Taker & Maker. However, as with other platforms, it’s not that simple and fees may vary depending on the type and volume of trading and the level of your account.
| Level | Effective Time | Order Fee | Taker Fee | Price (CWT) |
|---|---|---|---|---|
|
V1 |
1 month |
0.20% |
0.20% |
0 |
|
V2 |
1 month |
0.15% |
0.15% |
680 |
|
V3 |
1 month |
0.12% |
0.12% |
2680 |
|
V4 |
1 month |
0.09% |
0.09% |
12800 |
|
V5 |
1 month |
0.06% |
0.06% |
38600 |
|
V6 |
1 month |
0.01% |
0.01% |
86800 |
For the futures there are separate fees, which are calculated according to the formula Transaction Fee = Position Size x Entry Price x Fee Rate and make up Taker: 0.06% Maker: 0.04%.
Security and Safety
CoinW is quite serious about security and uses besides the standard Google Authenticator, Twilio or U2F security key, also implements multi-level security features such as WAF, DDOS, BOT Guard protection, Automatic creation of backup data copies and others.
It has a partnership with HaperLab, which provides multiple security tools for blockchain ecosystems, including the use of Multi-Party Computing
Also, their platform participates in Bug Bounty on HackerOne, which means that the work of finding and fixing vulnerabilities is non-stop.
They publish detailed Proof of Reserves (PoR), but they don’t share details on who performs the reserve audits or security audits.
Customer Support
Many have commented that CoinW Customer Support is not active and helpful.
Anyway, you can reach it right from the homepage. You are offered several ways, namely to start a Live Chat or Fill Out a Ticket with a detailed description of your problem and contact address, so that they can get back to you with comprehensive information after some time.
This is usually within 24 hours, but can be much quicker depending on the workload of the platform.
Conclusion
CoinW is not the biggest and best-known platform, with a market share of about 1.5%.
However, its commitment to providing top security, and advanced features like its own credit card or relatively recently launched ETFs, but keeping it simple to use is definitely worth a look.
Especially if you are interested in Launchpad and Listings exclusives, but don’t want to go for platforms with questionable security, CoinW could be a good contender.
Meanwhile, we tried to compile something that would fit all needs, and enable you to make informed decisions, so if you are interested in other crypto exchanges with different offerings – explore our blog for the best crypto exchange review regarding each important Web3 provider.
Frequently Asked Questions
Yes, if you want to have access to features such as p2p trading, Quick Buy Crypto, CoinW Credit Card, and others, and not be restricted by withdrawal limits of 2 BTC/day. If you are only interested in spot trading and the limits suit you, you don’t need to go through KYC.
CoinW claims to be making many efforts to make its platform secure, including a variety of software solutions and a partnership with HaperLab. However, they do not share the names of the auditors or the results of these audits.
For the Quick Buy Crypto feature, you can use Visa, MasterCard, and Bank Transfer. However, as with most other platforms, you cannot hold fiat funds in your accounts or use them for crypto spot and futures trading.
Even though CoinW claims to have an American MSB financial license – US citizens there have restrictions on using the platform.
If you are not only interested in common spots and futures, you are also interested in ETFs, but want to use a convenient and secure platform – CoinW may be one of the worthy choices for you.
4.0
- Availability of ETFs
- Good passive income opportunities
- Attractive exclusives
- Good Security
- Lots of complaints about the support team
- Not the lowest fees on the market
- Not available for US citizens
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