CoinEgg is an unregulated cryptocurrency exchange based in the UK – the brainchild of one Dr. Peter Chan. Reportedly a Ph.D.graduate from the University of Surrey and an expert in artificial intelligence, among other things. While they do not give an extensive list of products on their website, CoinEgg does offer a number of trading options against 2 of the big bullies in the crypto market – Bitcoin and Ethereum.
On the first look, CoinEgg is quite unfriendly to unfamiliar eyes. A series of lists, figures, and graphs. And the list of countries that won’t allow CoinEgg access offers a few suggestions as to the site’s legitimacy.
6.5
Score6.5
Score Android
Score iPhone
LocationLondon, England
Currencies
LanguagesEN, CN, TW,
Buy withBTC
Fees0.1%
AltcoinsYes
Margin tradingNo (Exchange does not support margin trading)
Trust scoreB
Stability3. Much (Exchange is stable, but it has a downtime in the high stakes)
FiatNo (The Exchange does not support Fiat currency like USD, EUR, etc ...)
APIYes (API is available for public to use)
Rest APIYes (The Exchange has Rest API support)
WebsocketNo (The Exchange does not have Websocket)
Credit cardNo (Exchange does not support credit cards)
ReferralNo (Exchange does not offer an affiliate program)
LendingNo (Exchange does not support lending)
Stop limitNo (Exchange does not support stop limit)
US licenceNo (Exchange don't have US licence for Money transmitter)
PGP supportNo (Exchange does not have PGP encryption)CoinEgg Advantages
- A lot of altcoins – at the time of writing of this review, 42 different assets are included on CoinEgg. While the usual suspects, such as Ethereum, Bitcoin Cash and Litecoin are present, some of the rest appear to be more exotic. You must check the details to get the full picture, but it’s safe to say these are not the top coins, in terms of market capitalisation.
While 42 may be a lot for some people, if you are looking for a specific coin/token, you should first do your research on the venues, where it is traded. Bittrex, Binance and EtherDelta are very likely to have it.
- Low trading fees - the 0.10% fee on all trades makes CoinEgg a very competitive exchange. While other parts of their service may not be so pleasant, you must keep in mind a lot of exchanges charge something around 0.25%, with Kraken offering 0.26%, but a more trader-friendly environment.
- Has not been hacked – CoinEgg has been around since 2013 and we didn’t find any information on a successful attack around this exchange. This is not a guarantee for the future, but is always a good sign.
CoinEgg Disadvantages
- Trading only against BTC – as we hinted in the beginning CoinEgg does not offer any type of fiat currency integration. Even the slightly controversial Tether tokens (USDT – a cryptocurrency backed by US dollars) are not listed.
- Low liquidity on some instruments – this is to be expected given the nature of CoinEgg – fiat currency deposits are not supported and some of the tokens seem bizarre (at least to us).
- Withdrawal fees up to 1% - this exchange charges withdrawal fees, which can go as high as 1% for the more exotic coins. The rates for the more popular coins are rather acceptable, with 0.001 BTC, 0.001 LTC and 0.01 ETH, respectively.
- No leverage offered – CoinEgg does not allow traders to borrow money in order to speculate more aggressively. If this is what you are looking for, a forex broker may be a suitable alternative for you.
Security rating of CoinEgg
CoinEgg’s security is reportedly good. Admittedly, it is difficult to pass, even when signing up for the basic account, before you’ve even verified your email address. They have the usual captchas, which really test your eyes in order to pass them successfully – some of them are quite difficult to read.
Plus, there are two sets of passwords you need to create – one for entry to the site, another specifically for trading. They also have an optional two-factor identification required to protect your assets. As an exchange, CoinEgg boasts that they haven’t been hacked in all the time they have been in business, since 2013. Though, never say “never.”If the history of Bitcoin is any indication, then it’s a smart bet never to keep your money on an exchange, regardless of how secure they claim to be. Get yourself a paper wallet or some variety of storage device and keep your assets safely offline.
Review of CoinEgg
CoinEgg is a UK-based digital assets exchange. The company does not accept or send any form of fiat currencies, which puts them in the category of trading venues which are not regulated (as no legislation for them exists). This will definitely not be everybody’s cup of tea, but when it comes to exotic assets, CoinEgg offers a few of them. With such low fees, it’s not hard to see this exchange attract even more volume in the future.
Coming back to the regulatory aspect, we will reiterate what you probably know – dealing with cryptocurrencies still carries a significant level of risk. Even some of the top-tier exchanges have been hacked in the past. This is one of the topics on which the forex, brokers offering cryptocurrency trading have an edge. That being said, scammers do pop-up in the field of traditional finance
