Coins.xyz Crypto Exchange Guide 2024

Exchange Summary

Launched in 2022, Coins.xyz is a relatively new crypto exchange that offers a straightforward and intuitive interface and simple trading experience. Coins.xyz is limited to spot trading only, so isn't suitable for investors looking for more advanced trading features like futures trading, options or staking. However, the platform does off personalised OTC options known as TradeDesk for institutional trades and high-net-worth individuals.

Coins.xyz currently supports a more limited selection of cryptocurrencies compared to more established exchanges, but offers competitively low trading fees, simple platform, and responsive customer service which would be particularly valuable to newer investors. Being a new exchange does have its limitations. There are currently limited fiat payment methods and supported cryptocurrencies on the platform.

Given these attributes, it's clear Coins. XYZ is best suited for newer traders looking for a straightforward platform to kick off their investing journey.

Pros:

• User-friendly interface

• Low trading fees with rebates for high volume traders

• OTC TradeDesk for large transactions

• One-click Buy/Sell option

• Global licensing for regulatory compliance 

• Helpful customer support

Cons:

• Relatively new platform

• Limited fiat currency options

• Lack of advanced features

• Geographical restrictions for certain countries

• More restricted cryptocurrency selection

What Features Does Coins.xyz have?

Coins.xyz introduces itself as a well-rounded exchange through a feature set suitable for both beginners and experienced crypto traders:

1. Trading Interface

The trading interface offered is straightforward and easy to navigate. Users can easily navigate the platform and execute trades.

2. Spot Trading

Coins.xyz offers traditional spot trading on the platform as well as through a personalised OTC service through their trade desk. For investors who just want to buy and sell tokens quickly and easy, the platform offers a "one-click buy/sell" feature as well.

3. Order Types

Coins.xyz provides a range of practical and advanced order types through its interface:

• Market orders: ideal for quick trades in volatile markets, allowing for immediate execution at the current market price.

• Limit orders: traders are able to set a specific price at which they would like to buy/sell. This provides greater control over trade execution.

• Stop-limit orders: can be used to mitigate risk through a conditional trade in which assets are automatically sold if they reach a predetermined price.

4. Matching Engine

Coins.xyz’s powerful matching engine matches your trade in the order book, ensuring rapid order execution and access to liquidity. This ensures competitive rates and fast trades. 

5. OTC Tradedesk

A feature marketed for “high-net-worth individuals and institutional investors”. This over-the-counter (OTC) trading service, known as TradeDesk, provides:

• Institutional grade liquidity: access to large volumes of digital assets with minimal market impact

• Dedicated Account Management: personalised service through a dedicated account manager to facilitate large transactions smoothly

• No additional fees: quotes provided by the coins.xyz team are as per the final settlement amount, providing transparent pricing and no extra charges on trades with TradeDesk.

Account Opening Process

1. Home Page: Arrive the Coins.xyz home page. Proceed to clock on the ‘Sign up’ icon in the top right of the screen.

2. Sign Up: Fill in personal details to create an account and agree with the Coins Terms of Service and Privacy Policy once reviewed. Complete reCAPTCHA.

3. Verify Your Email: You will be sent a 6-digit code to complete this step.

4. 2FA: Optional 2 factor authentication for additional security*.

5. Country of Residence: Select a country from the drop-down menu*.

6. Identity Verification: Upload photos of your ID and complete a 3 second video verification. Fill out your personal information and residential address.

7. Deposit Funds: Once you have successfully passed the verification process, you can begin depositing funds and trading.

Payment Methods

Fiat Currency Support

• Coins.xyz currently accepts USD exclusively for direct deposits.

• The platform is looking to add support for additional fiat currencies, such as EUR, in the future.

• While Coins.xyz supports USD, their Philippines (Coins.PH) and Thailand (Coins.TH) platforms exclusively accept Philippine Peso and Thai Baht, respectively.

Crypto Deposits

• Coins.xyz accepts deposits in any of the cryptocurrencies available on the platform.

• Users should ensure the cryptocurrency they wish to deposit is supported to avoid potential loss of assets. 

Initial deposit process

Fiat Currency

• USD can be deposited directly into your account.

Crypto

• Any supported token can be deposited via the Portfolio tab. 

• Users can then select a supported crypto coin to deposit.

• A wallet address can be copied or scanned via QR code

Key Advantages

Coins.xyz offers several advantages to users both new and experienced in the crypto trading space.

Primary Selling Points

• User-friendly interface: intuitive and straightforward design while still boasting advanced features

• Low trading fees: competitive fee structure that improves with the user's VIP level (based on their 30D trading volume).

• Global licensing for regulatory compliance: the platform adheres to international regulations in order to ensure users with a sense of security and trust

• Responsive support team: accommodating and communicative team. A swift and personable communication team via direct email/phone provides a greater sense of security and prevents delays in beginning trading.

Unique Features

• OTC TradeDesk: tailored service permitting large volume trades and minimal market impact. A dedicated account manager ensures efficiency and transparency.

• One-click buy/sell option: avoids complex menus and allows users to execute transactions quickly through this simplified process

• Fee Tier/Vip system: unique VIP system based on your 30D trading volume, rewarding users trading more frequently or in larger volumes.

Competitive Advantages

• Deep liquidity pool: ensures users are able to execute trades without significant price slippage, especially during high-volume transactions.

• Powerful matching engine: able to facilitate quick trades in a fast-paced market

• No additional fees on OTC trades: transparent pricing structure while using TradeDesk via quotes provided by the coins.xyz team.

• Trading rebates for high-volume traders: transaction volume is rewarded via trading rebates for high-volume traders. 

Practical Benefits to Users

• Low entry barrier: trading can start with as little as 10 USD, making it easy for ne traders to enter the market.

• Direct USD deposits: allowing users to fund their account with fiat currency makes getting started a breeze.

• Variety of order types: a variety of order types provide a flexible approach to trading and managing risk.

• Affiliate program: community-driven growth model through incentivising users to share and promote the platform.

• Dedicated account management for TradeDesk: personalised support to enhance trading experience for users utilising coins.xyz’s OTC service. 

Disadvantages

While coins.xyz presents itself as a promising exchange going into the future, there are some limitations to remain conscious of:

Main Drawbacks

• New platform: a limited platform history may present fewer reviews from other traders.

• More restricted available tokens: while aiming to expand what crypto is offered, there is a small selection of tokens compared to more established exchanges.

Fee Comparisons

Trading fee structure:

• Coins.xyz uses a tiered fee structure based on 30-day trading volumes

• Fees range from 0.15% for trading fee takers and 0.10% for makers at the lowest tier (VIP 0) to 0.03% and -0.0%, respectively, at the highest tier (VIP 8).

• While competitive, these fees may not be the lowest in the industry, especially for lower-volume traders.

Missing Features

• Lack of Margin trading: a trading option on many other platforms not offered on coins.xyz.

• No futures trading (yet): though crypto-to-crypto futures trading is not yet available, the platform is working towards adding it in the future.

• Limited fiat options: currently, only USD deposits are accepted, though other currencies, such as EUR, have been mentioned as possible future additions.

• Geographical limitations: coins.xyz does not onboard residents of certain countries – it is important to check the ‘legal and privacy page’ and the global, Thailand and Philippines servers to determine if any support your country. 

Regulatory Concerns

• KYC requirements/delays: transactions may be delayed or suspended pending competition of KYC procedures.

• Account suspension: Coins.xyz reserves the right to suspend trading activity or freeze transactions if they detect suspicious activity related to an account.

• Custody of funds: While they state that 100% of customer funds are kept in Hot and/or Cold wallets, users should always be cautious about keeping large amounts on any exchange.

Available Cryptocurrencies

• BTC

• ETH

• PEPE

• SHIB

• NEIRO

• USDT

• UNI

• XRP

• DOGE

• SOL

• ARB

• TONCOIN

• CATI

• TRX

Conclusion

Coins.xyz presents itself as a versatile and well-rounded cryptocurrency exchange. It effectively balances ease of use with a number of features suitable for various trader profiles. While it does offer services such as TradeDesk for institutional and high-net-worth traders, its limited number of advanced features, such as margin trading and a coin variety, may make it a more compelling prospect for beginner and intermediate traders through its approachability. 

Nevertheless, it is still very suitable for all trader profiles. Entry-level traders will find benefits and a straightforward experience in the platform's intuitive interface and one-click Buy/Sell feature. Intermediate traders can take advantage of services such as spot trading options, various order types, and the potential to reduce fees as they increase their trading volume. Advanced and institutional traders will find value largely in the transparent and personable experience in the platform’s OTC TradeDesk.

Standout features for different user types include, though are not limited to:

• Beginners: one-click Buy/Sell options and a user-friendly interface

• Intermediate: spot trading and various order types and the potential for trading rebates

• Advanced/institutional: OTC TradeDesk with dedicated account management and a transparent and rewarding fee system

While Coins.xyz shows great promise, its position in the market as a new platform means traders should exercise their due diligence. The platform's commitment to regulatory compliance and security measures, which can be accessed via the ‘Legal and Privacy’’ page on their site, such as KYC procedures and financial registrations, ensure a sense of security towards your trading. Further, the platform's transparency on such matters, as well as its effort towards customer service (response time and effectiveness), can further provide security in the sense that you will always have support in resolving any issues that may concern users. However, the current limited fiat options and restricted token variety may be a consideration for some traders. Currently, there are some geographical limitations to a select few of the countries mentioned on their legal and privacy page. Most, if not available on their global server, can be accessed through their Thailand and Philippine servers.

As the platform evolves, it promises to advance to the status of a more comprehensive solution for a wider range of cryptocurrency traders.

Disclaimer: This information is provided by Blacksheep Operations Pty Ltd ABN 16 674 111 392 for general informational purposes only and may refer to products not available in your location. It does not constitute (i) investment advice or a recommendation to invest; (ii) an invitation or solicitation to buy, sell, or hold digital assets; or (iii) financial, legal, accounting, or tax advice. Digital assets, including stablecoins and NFTs, are highly volatile and carry significant risks. You should carefully assess your financial situation before deciding whether to trade or hold such assets. For advice specific to your circumstances, please consult your legal, tax, or investment adviser. All data and statistics are provided solely for general information. Blacksheep Operations accepts no responsibility or liability for any errors or omissions in this information, nor for any use of or reliance upon it by others.