A new digital currency has launched going by the name of CoinExchange. The main purpose of this platform is to facilitate the trading of altcoins, as they support a very limited amount of trading pairs right now. It’s nice to see some more competition in the altcoin exchange market, as there are very few decent platforms left. However, as is the case with every new exchange platform, traders have to be cautious with depositing significant amounts of money.
Also read: First Global Credit adds more commodity futures trading options
CoinExchange Beta Launch
It is important to keep in mind CoinExchange has launched, although the platform is still in beta right now. This might explain their very limited offering of different altcoins as there are only ten different trading markets available right now. The only major currencies to be supported are Litecoin and Dogecoin, together with minor altcoins and some new currencies hardly anyone has ever heard of.
As is the case with any [altcoin] exchange, there are specific trading and withdrawal fees associated with CoinExchange. For the time being, all of the supported currencies have a 0.15% buy fee, as well as an identical sell fee. This is lower than most other altcoin exchanges, though, as Bittrex and Poloniex charge a 0.2% fee. Withdrawal fees are entirely dependent upon the coin itself, but it is noteworthy BTC withdrawals are subject to a 0.0002 Bitcoin fee.
For developers looking to explore the CoinExchange API, there are some interest tools one can use. For example, there is the public API, which can obtain the value of any and all markets, as well as get the order book or a market summary. All of these requests go over the HTTPS protocol.
But what is of more interest is who the owners of CoinExchange are. Based on the information found on their About page, this platform is run by the same people who created CoinWallet back in 2013. Unfortunately, that is all of the information they are willing to provide, as there is no company address or personal information listed on either website.
In this day and age, it is important for altcoin users to be extra vigilant when dealing with new exchanges. No one is claiming CoinExchange has any malicious intent right now, but there is very little information to go on for now. Never deposit more money than you can afford to lose when using new altcoin exchanges.
Source: Reddit
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
