If you are looking to use a cryptocurrency exchange its always important to look into it and do some research first. CoinEgg is no exception. Is CoinEgg a scam? Is it safe? Is it easy to use? All of these are important questions to ask yourself beforehand.
In this short review I’ll be going over what exactly CoinEgg is, what it provides, its safety, complaints and more.
What is CoinEgg?
CoinEgg (at CoinEgg.com) is a cryptocurrency exchange that is based out of the UK. They are your pretty typical exchange where they give users the ability to trade between all types of different cryptocurrencies. They don’t give you a way to actually buy Bitcoin or other crypto’s with fiat money, but once you have cryptocurrencies already you can use the platform to trade back and forth.
Overall what I see with CoinEgg is decent but they have a ways to go if they want to be ranked up there with the top exchanges like Binance, Bittrex, etc.
The Trading Platform
The trading platform is okay but nothing great. They provide you with a very basic chart but you can also click on the professional chart where you are able to really analyze whats going on. The basic chart is decent if you just want to get a general overview of how the market is looking but if you want to dig deep and really try to find good buy/sell points then the professional chart is what you need to be looking at.
Below you can see a screenshot of what the basic trading chart looks like along with the professional one below that…
One problem I have with this exchange is the order book. It is poorly laid out and very difficult to tell what is going on. The visual representation needs improvement for sure. So if you are a big fan of using the order book to find good places to buy/sell then you might have a problem with this. If not or if you don’t know what this is then don’t worry about it.
This part is pretty simple and straightforward. You pick a coin you want to buy/sell, you enter in how much you want to buy/sell and at what price, you type in your trading password and then you are good to go.
The fact that you have to enter in your trading password when you go to trade can get very annoying. If you are a day trader that is making a bunch of trades throughout the day then you are going to need some headache medication on standby. I don’t know if there is anyway around this but I don’t think so.
From a traders point of view this site is a bit less visually appealing, harder to navigate, and the overall process of making a trade takes longer than what I’m used to. These are just minor problems that I have with it.
A Look at The Fees
Compared to other exchanges, the fees that CoinEgg takes from transactions are pretty low which is nice to see.
You could split the fees into 2 categories: trading and withdrawals.
The trading fees are only 0.1%. This is extremely low. The way it works is that they will take this fee whether you are buying or selling. They will collect the fee based on whatever cryptocurrency you are buying/selling at the time.
The withdrawal fee will vary a good bit depending on what currency you are withdrawing. This is normal to see this because it depends on the particular cryptocurrency’s blockchain network.
When trading they can charge whatever fee they want because the transactions consist basically of numbers moving around from different accounts but when it comes to withdrawing funds the transaction goes on the blockchain.
You can read about their fees on the website here.
You will be able to refer others to join CoinEgg and be rewarded for doing such.
There are a lot of different referral bonus structures out there. For example Coinbase gives people $10 to refer others, COSS reduces trading fees when you refer others, and then Binance gives you a percentage of the trading fees from the people you refer.
CoinEgg’s bonus structure works like Binanace’s. You get paid commissions from the fees that the people you refer generate. Right now they have the commission set at 30% which is pretty nice. They keep this at 30% for 6 months for each person you refer and then after that it is lowered.
I couldn’t really find any info on how much they lower the commissions after that. All they say is “it will be adjusted accordingly”.
CoinEgg requires users to submit official government documents that prove they are who they say they are. This is becoming more and more standard as different governments continue to crack down on cyptocurrency and as regulations increase.
As far as I know you can do anything on the exchange without verifying your ID except for withdrawing funds. Of course every use is going to want to withdrawal at some point so this is a very necessary step.
The problem with ID verification is that CoinEgg doesn’t allow users from every country. They will show you a list of countries when you are signing up that are not allowed. However, I have read stories on forums where people have successfully been verified by from countries that are banned.
On post I read was from a US citizen that claims all he did to get verified was chose that he was from the UK and submitted his drivers license for verification. Obviously the drivers license would be from the US so I don’t know how exactly this works. But anyways… the point is that he was able to become verified so if you are from a banned country you might want to try something like this.
How Safe is CoinEgg?
Password, Security Questions, & 2 Factor Authentication
CoinEgg takes all the standard security measures when it comes to keeping your account secure. You of course are going to be able to set a password and you will have to create some security questions to keep out unwanted guests (hackers). The security question part is actually nice to see. There are a lot of exchanges out there that aren’t doing this which I see as an easy and effective added security level.
Besides the account password you will also create a trading password, which I mentioned above, that you have to enter before making any trades. Usually exchanges only require you to go through an additional process of verification when withdrawing from your account but this place takes it to another level here.
The 2-factor authentication that you are able to set up is very important in my opinion. You don’t actually have to set this up to use the exchange but I highly suggest it. What you would do here is download the Google Authenticator app on your phone and then syncronize it with CoinEgg. Then when you go to login you will have to enter the code that the app gives you in addition to entering your password. So this means that if someone were to hack your account they would also have to be able to get the code from your phone somehow, which would be much more difficult to do.
Like every other exchange out there, CoinEgg stores your provides wallets for every coin that is trade-able on the exchange and stores your private keys for you. Your private keys are hidden from view and attached to your CoinEgg account.
What this means is that you have full access to your coins and can withdrawal them from any of your wallets just from logging into your account. This is the standard and how all the exchanges work. Its great when it comes to ease of use and moving funds around. It makes things much more simple. However, it also makes things much less safe.
If your account gets hacked then you could lose all your funds as well as if the exchanges itself gets hacked. I’m not putting CoinEgg down here, this goes for every exchanges which is why its best to keep funds that you don’t need on the exchange in cold storage.
What I think about the safety here: Overall I think they do a good job. Of course much of what goes on behind the scenes is unknown but from the outside it seems like any other exchange for the most part.
What I Like
There are three things that I must say I really like about this exchange.
#1 The Low Fees of Course
Obviously the low fees are something that I like to see. This saves you money and is nothing but good for the users.
#2 The Referral Program
You have to love earning money from referring others there.
CoinEgg surprisingly provides live chat support. This is awesome and something that you usually don’t see. I hope other exchanges follow their lead on this as it is extremely helpful.
I’ve seen a fair number of complaints while browsing the internet about having problems withdrawing funds. Now of course you can’t believe every anonymous complaint you read, but the fact that there was quite a few people claiming the same thing on various different review platforms is a bit worrisome.
However, this is something I would take with a grain of salt. You will find this same complaint with every exchange out there. Many of these people probably complain too early and then are able to withdrawal later but at that point the complaint was already posted.
Other than that there isn’t much to say other than little minor problems.
CoinEgg is definitely not a scam. I don’t know why there are some people claiming it is. Maybe they work for another exchange, maybe they are just having a bad day, maybe they are impatient… who knows.
The exchange is a decent one and I would say use it if you want to. The decision is yours. Binance and Bittrex are still my 2 favorite exchanges but CoinEgg isn’t bad.
If you have any comments, questions, or concerns just leave them below and I’ll get back to you soon 🙂