Coinstore Review 2024

Autor

Revisor

Last update: 6 months ago

Our veredict

Coinstore, a relatively new cryptocurrency exchange established in 2020 and based in Singapore, presents a dynamic option for crypto traders. With a focus on spot and futures markets, it supports a solid selection of cryptocurrencies, making it a viable choice for both seasoned traders and those new to the cryptocurrency market. The exchange offers comprehensive mobile functionality, catering to users who prefer trading on the go, and maintains rigorous security measures, including the storage of a significant portion of assets in cold storage for enhanced safety.

However, Coinstore also comes with certain drawbacks. Notably, it lacks support for fiat currency, limiting some of its usability for those looking to convert directly between fiat and crypto. Additionally, while the exchange supports basic trading functions, it does not offer a wide array of advanced trading tools or educational resources, which can be a significant disadvantage for traders looking to deepen their trading strategies or new users needing more guidance. Customer support is also an area with room for improvement, particularly in terms of direct phone support, which is absent. Despite these issues, Coinstore has managed to grow its user base and provides a user-friendly platform that is adequate for basic trading needs.

Pros

Cons

Threenvest Score

Fees

0.20%

U.S Legal

Yes

With the confidence of Threenvest

Strong Security Measures: Coinstore implements robust security protocols to protect user assets. The exchange stores 70% of its funds in cold storage, uses AES-256 encryption for wallets and private keys, and requires multi-step verification for account access.

Reputation and Industry Recognition: Coinstore has received accolades within the industry, being named the best exchange in Asia by Crypto 306 and the best rising star by Crypto Expo. Such recognitions highlight the exchange’s commitment to excellence and innovation.

High Volume and User Base: Coinstore has a significant trading volume and user base. The exchange reports a 24-hour trading volume of around $144 million and supports over 1.1 million registered users across 175 countries, indicating its popularity and trustworthiness among traders.

Comprehensive Risk Control: The platform uses bank-level security measures, including real-time reconciliation and a comprehensive risk control system, to ensure the safety of user assets. This further enhances the reliability and trustworthiness of Coinstore.

Regulatory Compliance: As a Singapore-based company, Coinstore complies with the country’s stringent regulatory guidelines. This ensures that the exchange adheres to high standards of security and operational transparency.

Best Crypto Exchanges

Why can you trust Threenvest?

At Threenvest, we are unwaveringly committed to providing you with unbiased ratings and information. Our editorial team operates independently, free from any advertising influence. We use meticulous, data-driven methodologies to evaluate financial products and companies, ensuring that all assessments are conducted on a level playing field.

To better understand our editorial guidelines and the investment methodology that supports our ratings, you can explore the information in our editorial policy.

About Coinstore

What is Coinstore?

Coinstore is a Singapore-based cryptocurrency exchange that offers both spot and futures trading for a variety of crypto assets. Founded in 2020, the exchange aims to provide accessible and secure cryptocurrency trading services, primarily targeting the Southeast Asia market but also welcoming users globally. Coinstore supports a range of cryptocurrencies and offers leverage trading, catering to both novice and experienced traders.

Background and History

Coinstore was established in 2020 with the goal of addressing underserved markets in the cryptocurrency industry. The exchange officially launched its trading operations in April 2021. Despite being relatively new, Coinstore has rapidly expanded its user base and now boasts over 100,000 registered users. The platform is known for its high security standards, claiming to store 70% of user assets in cold storage to prevent hacks and breaches.

Founders

Coinstore was founded by a team of fintech professionals with extensive experience in leading cryptocurrency exchanges. The team is led by Jennifer Lu, who plays a significant role in promoting the platform, particularly focusing on enhancing female participation in the blockchain industry. Jennifer Lu is an active voice in the crypto community, frequently sharing her insights in various industry publications and events.

Fun Facts and Headlines

Rapid Growth: Coinstore has quickly grown to support over 100,000 users within its first few years of operation.
Security Focus: The exchange prides itself on its robust security measures, with no significant hacks reported since its inception.
Female Leadership: Coinstore is notable for being led by Jennifer Lu, a prominent female figure in the male-dominated crypto industry.
Recognition: Coinstore has received industry accolades, including being named the best exchange in Asia by Crypto 306 and the best rising star at Crypto Expo.

Overall, Coinstore combines a focus on security and user experience, making it a notable player in the cryptocurrency exchange market, especially within Southeast Asia.

Why Choose Coinstore?

Firstly, Coinstore offers robust security measures, including storing 70% of user assets in cold storage, implementing AES-256 encryption, and requiring multi-step verification processes. These high-security standards ensure that your investments are well-protected against potential threats and breaches, giving you peace of mind when trading on the platform.

Secondly, the exchange supports a diverse range of cryptocurrencies, with over 50 different coins and multiple trading pairs available. This variety allows traders to explore and invest in both well-established and emerging digital assets. Additionally, Coinstore provides leverage trading of up to 100x on certain products, catering to those looking for high-risk, high-reward opportunities.

Lastly, Coinstore’s user-friendly interface and mobile app make trading accessible and convenient. Whether you’re a beginner or a seasoned trader, the platform’s intuitive design and functionality ensure a smooth trading experience. The availability of both spot and futures markets further enhances the flexibility and depth of trading options available to users.

Where it falls short

Lack of Fiat Currency Support: Coinstore does not support fiat currency deposits or withdrawals, which limits its accessibility to users who are new to cryptocurrencies and do not already own digital assets. This absence makes it challenging for users to enter the crypto market directly through Coinstore . Improvement: To enhance its appeal and accessibility, Coinstore should integrate fiat currency support. This can be achieved by establishing partnerships with payment processors and banks to facilitate fiat deposits and withdrawals. Additionally, providing clear guidelines and user support for fiat transactions would help onboard new users seamlessly.

Limited Customer Support Options: Coinstore’s customer service is primarily limited to FAQs, a help center, and a chatbot, without direct phone support. Users often find chatbots ineffective and prefer direct, immediate assistance, especially when dealing with financial matters . Improvement: Coinstore should enhance its customer support by introducing direct communication channels such as phone support and live chat with human agents. Implementing a more robust customer support system that includes multilingual support and 24/7 availability would significantly improve user satisfaction and trust. Providing quicker and more personalized responses to user queries can help in building a more loyal customer base.

Features	Explanation
Minimum Trade	Minimum trade amount details not specified but low barrier to entry.
Trading and Transaction Fees	0.2% fee for spot trading, and 0.025%-0.06% for futures .
Number of Cryptocurrencies	Supports 96 tokens and 94 trading pairs .
Crypto-to-Crypto Trading Pairs	94 trading pairs available .
Website Transparency	Lacks detailed information on some aspects, like withdrawal fees .
Credit/Debit Card	Coinstore does not provide an exchange card for in-store purchases.
Storage Offering	70% of assets stored in cold storage, AES-256 encryption used .
Staking and Rewards	No dedicated staking program mentioned .
Mobile App and Desktop	Full-featured mobile app for Android and iOS available .
Customer Service	Provides 24-hour chat service but lacks direct phone support .
Deposit and Withdraw	Only supports crypto deposits and withdrawals, no fiat support .

Xavier Tarrasó

EIP and Cryptocurrency Investor

As an expert on our website, I can confidently say that Coinstore is a solid choice for both new and experienced cryptocurrency traders. Its strong security measures, including cold storage and AES-256 encryption, ensure that your assets are well-protected. With a user-friendly interface and a comprehensive mobile app, Coinstore makes trading accessible and convenient. However, keep in mind that it doesn’t support fiat currency transactions and has limited customer service options. If these aspects aren’t deal-breakers for you, Coinstore is a reliable platform worth considering for your crypto trading needs.

Fees

Coinstore has a competitive fee structure designed to accommodate various types of traders. For spot trading, Coinstore charges a 0.2% fee for both makers and takers. This rate is in line with industry standards and makes it an attractive option for traders looking for cost-effective trading solutions. When it comes to futures trading, the fees are slightly different. Makers are charged a 0.025% fee, while takers are charged a 0.06% fee. This fee structure incentivizes liquidity provision in the futures market, benefiting active traders who can take advantage of lower maker fees. While Coinstore does not support fiat currency deposits or withdrawals, it facilitates crypto-to-crypto transactions efficiently. Users should be aware that withdrawal fees can vary depending on the specific cryptocurrency being withdrawn, although detailed fee information is not prominently displayed on the website. Overall, Coinstore’s fee structure is straightforward and competitive, particularly for those engaged in frequent trading. The lack of fiat support and transparency in some fee details are areas where potential users should exercise caution and seek further information if needed.

Pros

Competitive Spot Trading Fees: Coinstore charges a flat 0.2% fee for both makers and takers on its spot markets, which is straightforward and competitive within the industry.
Low Futures Trading Fees: For futures trading, Coinstore charges 0.025% for makers and 0.06% for takers, making it attractive for futures traders.
Simplified Fee Structure: The flat fee structure simplifies trading costs, making it easier for users to understand and predict their expenses without complex calculations.

Cons

Coinstore Commissions Overview

Coinstore implements a competitive and straightforward fee structure, which includes both spot and futures trading. For spot trading, Coinstore charges a flat fee of 0.2% for both makers and takers, making it easy for users to understand and predict their trading costs. This flat rate is designed to be competitive with other exchanges in the industry . For futures trading, Coinstore offers even lower fees to incentivize market participation. Makers are charged a fee of 0.025%, while takers incur a fee of 0.06%. These rates are quite attractive for traders looking to engage in futures contracts, providing an opportunity to trade with minimal costs . However, Coinstore does not support fiat currency transactions, meaning users cannot deposit or withdraw traditional money. This limits its usability for those who are new to cryptocurrencies and want to use fiat currency to buy crypto. Furthermore, while trading fees are transparent and competitive, the withdrawal fees are less clear, as specific rates are not prominently disclosed on the website. This lack of transparency can be a drawback for users who prefer to know all associated costs upfront .

Trading Commissions

Coinstore has a clear fee structure for both spot and futures trading:

Spot Trading: 0.2% for both makers and takers
Futures Trading: 0.025% for makers, 0.06% for takers

This straightforward approach simplifies fee calculation for users and ensures competitive rates across different trading activities .

Withdrawal Fees

One area of concern is the withdrawal fees. Coinstore does not provide detailed information about these fees on its website, making it difficult for users to know the exact costs associated with withdrawing their assets. This lack of transparency can lead to uncertainty and potentially higher costs than expected .

Hidden Fees

Coinstore appears to have a minimal approach to hidden fees. The primary costs are related to trading and withdrawals, with no mention of additional hidden charges. However, the opacity surrounding withdrawal fees can be seen as a hidden cost, as users are not fully informed of these charges before committing to a transaction .

Conclusion

Coinstore’s commission structure is designed to be user-friendly and competitive. The flat fee rates for spot and futures trading are attractive, especially for frequent traders. However, the exchange could improve by providing clearer information on withdrawal fees and potentially integrating fiat currency support to broaden its appeal. Overall, Coinstore offers a fair and straightforward fee system that benefits most cryptocurrency traders, provided they are aware of the potential uncertainties surrounding withdrawal costs.

Product selection

Coinstore provides a comprehensive suite of services and products designed to cater to both novice and experienced cryptocurrency traders. The exchange offers spot trading for 96 different cryptocurrencies, allowing users to buy, sell, and trade a diverse range of assets. Additionally, Coinstore features a robust futures trading platform with leverage up to 100x, enabling traders to maximize their potential gains. The platform’s mobile app is a standout feature, offering full functionality and a user-friendly interface for trading on the go. Coinstore also emphasizes security, employing AES-256 encryption and storing 70% of assets in cold storage to ensure the safety of user funds. Despite its strengths, Coinstore has some limitations. The exchange does not support fiat currency deposits or withdrawals, which could be a drawback for users who prefer a seamless transition between traditional and digital currencies. Moreover, while Coinstore offers comprehensive security measures, it lacks regulatory licensing from major financial authorities, which may concern some users. Nonetheless, Coinstore’s diverse trading options, high security standards, and user-friendly mobile experience make it a compelling choice for many cryptocurrency enthusiasts.

Pros

Wide Range of Trading Options: Coinstore supports spot and futures trading, offering over 96 cryptocurrencies and 94 trading pairs, providing traders with a diverse selection of assets .
User-Friendly Mobile App: The Coinstore mobile app is available for both Android and iOS, providing comprehensive functionality and a user-friendly interface for trading on the go .
Strong Security Measures: Coinstore implements robust security protocols, including cold storage for 70% of assets and AES-256 encryption, ensuring the safety of user funds .

Cons

Read more about product selection in Coinstore

Coinstore Services and Products Overview

Coinstore provides a comprehensive range of services and products designed to meet the diverse needs of cryptocurrency traders. Below is an extensive description of everything Coinstore offers:

Spot Trading

Coinstore’s spot trading platform allows users to buy and sell over 96 different cryptocurrencies. This includes major coins like Bitcoin (BTC) and Ethereum (ETH), as well as a variety of altcoins. Users can trade these assets against USDT, BTC, and other pairs, providing flexibility in trading options.

Futures Trading

For more experienced traders, Coinstore offers futures trading with leverage up to 100x on certain contracts. This feature allows users to speculate on the price movements of cryptocurrencies with higher potential returns, although it also comes with increased risk.

Mobile App

The Coinstore mobile app is available on both Android and iOS platforms, offering full trading functionality. The app’s user-friendly interface makes it easy for traders to manage their accounts, execute trades, and monitor market movements on the go.

Security Measures

Coinstore employs strong security protocols to protect user assets. These include storing 70% of funds in cold storage, utilizing AES-256 encryption, and supporting two-factor authentication (2FA) to secure user accounts.

Earn Options

Coinstore’s “Earn” feature allows users to lock their savings in specific cryptocurrencies, such as NUVA and USDT, to earn interest. Users can earn up to 150% APR on NUVA and 11% APR on USDT, providing a way to grow their holdings passively.

NFT Marketplace

Coinstore features an NFT marketplace where users can buy, sell, and trade digital collectibles, including artwork, music, and videos. This marketplace expands the trading opportunities on the platform beyond traditional cryptocurrencies.

Crypto Launchpad

The Crypto Launchpad supports new token projects by providing them with a platform to gain visibility and funding. This feature connects emerging crypto projects with the Coinstore user base, giving users early access to new investment opportunities.

Staking and Mining Programs

While Coinstore does not have a dedicated staking program, it offers hybrid mining and staking programs where users can participate in cryptocurrency mining and earn rewards. These programs cater to users looking for alternative ways to grow their assets.

Referral Program

Coinstore’s referral program allows users to earn rewards by inviting others to join the platform. Users can receive commissions based on the trading activity of their referrals, providing an additional income stream.

Customer Support

Coinstore offers 24/7 customer support through a chat service, although it lacks direct phone support. The support team is available to help with account issues, trading queries, and technical difficulties.

Summary

Coinstore is a versatile cryptocurrency exchange with a wide array of services and products. From spot and futures trading to a comprehensive mobile app and robust security measures, it caters to both novice and experienced traders. Additional features like the NFT marketplace, Earn options, and the Crypto Launchpad enhance its appeal by offering diverse investment opportunities. Despite some limitations, such as the lack of fiat support and advanced trading features, Coinstore remains a strong contender in the cryptocurrency exchange market.

Account opening

Opening an account on Coinstore is straightforward and user-friendly, designed to accommodate both beginners and experienced traders. To get started, users need to visit the Coinstore website or download the mobile app and click on the “Sign Up” button. You will be required to provide an email address, create a secure password, and agree to the terms of service. Once the initial registration is complete, a verification email will be sent to your provided address. Clicking the verification link in this email will activate your account. For enhanced security and access to more features, Coinstore encourages users to complete the KYC (Know Your Customer) process. This involves submitting a government-issued ID and a selfie for identity verification. Completing the KYC process allows for higher withdrawal limits and unlocks additional trading functionalities. The entire process is designed to be intuitive, ensuring that even those new to cryptocurrency trading can set up their accounts with ease and start trading promptly.

Pros

User-Friendly Registration: The sign-up process on Coinstore is straightforward and easy to navigate, making it accessible for beginners.
Quick Verification: Verification of personal information and documents is typically fast, allowing users to start trading without long delays.
Comprehensive KYC: The Know Your Customer (KYC) process is thorough, enhancing the security and trustworthiness of the platform.

Cons

Read more about account opening in Coinstore

Detailed Account Opening Process for Coinstore

How to Sign Up on Coinstore

Visit the Website: Go to the Coinstore website and click on the “Sign Up” button located in the upper right corner of the homepage .
Enter Your Details: Fill in your email address and create a strong password. Agree to the Terms of Service and Privacy Policy, then click “Create Account” .
Email Verification: Check your email for a verification link from Coinstore. Click on the link to verify your email address .
Personal Information: After verifying your email, log in to your Coinstore account and complete your profile by providing your full name, date of birth, and address .
KYC Verification: To comply with regulatory requirements, Coinstore requires you to complete a Know Your Customer (KYC) process. This involves submitting a government-issued ID (e.g., passport or driver’s license) and a selfie for identity verification .
Finalize Account Setup: After submitting your documents, Coinstore will review and approve them. Once approved, your account will be fully activated, allowing you to start trading .

How to Buy Your First Cryptocurrency on Coinstore

Deposit Funds: Since Coinstore does not support fiat currency deposits, you will need to deposit cryptocurrency from another wallet or exchange into your Coinstore wallet .
Navigate to Trading Section: Go to the trading section of the platform and choose the cryptocurrency you want to purchase .
Place an Order: You can place either a market order (buying at the current market price) or a limit order (buying at a specified price). Enter the amount of cryptocurrency you want to buy and confirm the order .
Complete Transaction: Once your order is matched with a seller, the transaction will be completed, and the purchased cryptocurrency will be credited to your Coinstore wallet .

Account Types and Features

Standard Account

Coinstore offers a standard account type for all users. This account includes access to both spot and futures trading markets, a comprehensive mobile app, and robust security features such as two-factor authentication (2FA) and cold storage for funds .

How to Use Coinstore

Dashboard: The dashboard provides an overview of your portfolio, recent transactions, and market trends .
Trading: Use the trading interface to buy and sell cryptocurrencies. You can switch between spot and futures trading based on your preferences .
Wallet: Manage your crypto assets within the wallet section, where you can deposit, withdraw, and transfer funds .
Earn Options: Utilize Coinstore’s “Earn” feature to lock in savings and earn interest on specific cryptocurrencies .
Support and Resources: Access customer support and educational resources available on the platform to enhance your trading knowledge .

Registration and KYC

To ensure a secure trading environment, Coinstore mandates KYC verification for all users. This involves:

Uploading a Government-Issued ID: Submit a clear image of your ID (passport, driver’s license, etc.) .
Selfie Verification: Take a selfie holding the ID to verify your identity .
Address Verification: Provide proof of address if required, such as a utility bill or bank statement .

Once your documents are verified, you will have full access to all Coinstore features, including higher deposit and withdrawal limits .

Final Note

The account opening process on Coinstore is designed to be user-friendly and secure, ensuring users can quickly start trading while complying with regulatory standards .

Security

Security is a top priority at Coinstore, where multiple layers of protection are implemented to ensure the safety of users’ assets and personal information. The platform employs AES-256 encryption for securing wallets and private keys, which is a highly regarded encryption standard used by major financial institutions and even government bodies. Additionally, Coinstore stores 70% of user assets in cold storage, meaning these assets are kept offline and are thus insulated from potential online hacking attempts. This method significantly reduces the risk of asset theft. Coinstore also requires users to complete multi-step verification processes, including two-factor authentication (2FA), which adds an extra layer of security by requiring a secondary code from an authenticator app or SMS. While the exchange is not yet regulated by major financial authorities, its robust security infrastructure and proactive measures to safeguard assets and data provide a strong level of protection. Overall, Coinstore’s commitment to security makes it a reliable platform for trading cryptocurrencies, though users should always practice good security hygiene and remain vigilant about potential threats.

Pros

Regulación y Cumplimiento Coinstore está regulado por múltiples autoridades financieras, lo que asegura que sigue estrictas normas de seguridad y cumplimiento. La regulación proporciona una capa adicional de confianza y protección para los usuarios.
Protección de Saldo Negativo Coinstore ofrece protección de saldo negativo, lo que significa que los usuarios no pueden perder más dinero del que han depositado. Esta función es esencial para proteger a los inversores en mercados volátiles.
Autenticación de Dos Factores (2FA) La plataforma utiliza la autenticación de dos factores (2FA), lo que añade una capa adicional de seguridad al proceso de inicio de sesión. Esto ayuda a prevenir accesos no autorizados a las cuentas de los usuarios.

Cons

No Tiene Licencia Bancaria Aunque Coinstore está regulado, no posee una licencia bancaria. Esto puede ser un inconveniente para algunos usuarios que buscan el máximo nivel de seguridad y garantía de depósitos.
No Está Cotizada en Bolsa Coinstore no está cotizada en una bolsa de valores, lo que significa que no tiene la misma transparencia financiera que otros competidores que deben divulgar sus estados financieros regularmente. Esto podría ser una preocupación para usuarios que valoran la transparencia total.

Is Coinstore Legit?

Is Coinstore Legit? Coinstore is a centralized cryptocurrency exchange established in Singapore in 2020. It has quickly expanded its services globally, with a focus on Southeast Asia and the Middle East. Despite its relative youth, Coinstore has garnered attention for its robust security measures and user-friendly mobile app. The exchange stores 70% of its assets in cold storage and uses AES-256 encryption to secure wallets and private keys, which are critical features for protecting users’ funds. Regulation and Licensing: Coinstore is not yet licensed by any major financial regulatory body, which may be a concern for some potential users. The lack of regulatory oversight can make it difficult to ascertain the exchange’s compliance with industry standards and its accountability in protecting user assets. This lack of regulation is a significant drawback compared to other more established exchanges that operate under stringent regulatory frameworks. Security Measures: Coinstore emphasizes its commitment to security through multiple layers of protection, including multi-step verification processes. Users are required to complete KYC (Know Your Customer) procedures for higher withdrawal limits and access to additional features. This tiered approach to security helps prevent unauthorized access and fraud, adding a layer of confidence for users trading on the platform. Security History: Since its inception, Coinstore has not reported any significant security breaches, which is a positive sign. However, given its relatively short operational history, it is essential for users to remain vigilant and follow best practices for securing their cryptocurrency holdings. As with any exchange, it is advisable not to store large amounts of cryptocurrency on the platform for extended periods.

Conclusion

While Coinstore has established itself as a promising player in the cryptocurrency exchange market with strong security measures and a user-friendly mobile app, its lack of regulatory licensing may be a concern for some users. For those who prioritize security and ease of use, Coinstore offers a viable trading platform, but it is important to be aware of the regulatory and security landscape. Always exercise caution and consider diversifying where you store and trade your assets to mitigate risks.

Customer service

Coinstore provides a range of customer service options, including 24/7 live chat, email support, and a comprehensive FAQ section on their website. The 24/7 live chat is particularly beneficial for users needing immediate assistance, ensuring that help is available at any time. Email support typically responds within 24 hours, providing a reliable channel for resolving more complex issues. The FAQ section is extensive, covering a wide array of topics from account setup to trading queries, which can be a helpful resource for both new and experienced users. Customer feedback on Coinstore’s service is generally positive, with users appreciating the prompt and helpful responses from the support team. However, some users have reported occasional delays during high traffic periods, which can be frustrating. Despite these occasional delays, the overall quality of customer service at Coinstore is commendable, making it a reliable choice for those who value responsive and accessible support.

Pros

Multiple Support Channels: Coinstore offers several ways to get help, including email, live chat, and a detailed help center, providing flexibility for users to choose their preferred method of contact.
24/7 Live Chat: The availability of a 24/7 live chat service ensures that users can get assistance at any time, which is particularly useful for urgent issues.
Active Social Media Presence: The exchange maintains active profiles on platforms like Twitter and Telegram, where users can get updates and additional support.

Cons

Slow Response Times: Users have reported delays in getting responses from the support team, particularly through email and live chat, which can be frustrating when dealing with urgent issues.
Inconsistent Problem Resolution: Feedback indicates that the quality of support varies, with some users experiencing insufficient resolution of their problems, suggesting that the support team may need better training or resources.

Read more about customer service in Coinstore

Coinstore Customer Service Review

Customer Support: Coinstore offers multiple channels for customer support, primarily through their “Help Center” and a “Submit a Request” section where users can ask questions that are not covered in the FAQ section. Additionally, there is a chat service available on the website, though it tends to rely heavily on chatbots which can lead to frustration due to their limited ability to understand and resolve user issues. Reputation and Customer Feedback: Customer feedback on Coinstore’s support services is mixed. While some users appreciate the availability of the Help Center and the ease of submitting requests, many have expressed dissatisfaction with the absence of direct phone support and the inefficacy of the chatbot service. This often leaves users feeling that their issues are not adequately addressed. Methods of Contact: Coinstore can be contacted through several methods:

Help Center: A section dedicated to answering frequently asked questions and providing basic guidance on common issues.
Submit a Request: An online form where users can detail their issues and await a response from the support team.
Chat Service: An automated chatbot available on the website to handle inquiries, though it often falls short of solving more complex problems.

Response Time: The response times for Coinstore’s support services vary. Email responses and requests submitted through the “Submit a Request” section can take a considerable amount of time, often leading to user frustration. The chatbot provides immediate but often unhelpful responses, failing to resolve more nuanced issues that require human intervention. Additional Information: While Coinstore provides some level of support, the lack of direct communication channels like phone support and the over-reliance on chatbots significantly hinder the effectiveness of their customer service. Users looking for prompt and efficient resolutions may find these limitations particularly challenging. Improving these areas could enhance user satisfaction and trust in the platform.

Is coinstore Right for You?

You Want Access to a Range of Cryptocurrencies: Coinstore offers a decent selection of both major cryptocurrencies like Bitcoin and Ethereum, as well as smaller market cap altcoins. If you are looking to trade a variety of crypto assets, Coinstore provides a diverse portfolio to choose from, though it is not as extensive as some other major exchanges.
You Prioritize Security Measures: Coinstore implements robust security protocols, including storing 70% of user assets in cold storage and utilizing AES-256 encryption for wallets and private keys. If security is a major concern for you, Coinstore’s comprehensive security measures provide a reassuring layer of protection for your assets.
You Prefer Using a Mobile Trading App: Coinstore has a user-friendly mobile app available for both Android and iOS devices, offering most functionalities found on the desktop version. If you prefer trading on-the-go or managing your portfolio from your mobile device, the Coinstore app ensures a seamless and convenient trading experience.

Coinstore compared to other crypto exchanges

Threenvest score

Fees

0.20%

US Legal

Yes

Security

High 4,9/5

On the exhange website

Threenvest score

4,9

Fees

0,20%/0,40%

US Legal

Yes

Security

High 4,9/5

bitpanda

Threenvest score

4,8

Fees

US Legal

Security

High 4,9/5

Available cryptocurrencies and countries available

Available Cryptocurrencies and Countries on Coinstore

Coinstore supports trading for 96 different cryptocurrencies across 94 trading pairs. This includes major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), as well as a variety of smaller market cap altcoins. Despite this, some notable cryptocurrencies are not available on Coinstore, which could be a limitation for traders looking for a more comprehensive selection. Coinstore is accessible to users from 175 countries worldwide, including key markets in Southeast Asia and the Middle East. However, there are important regions where Coinstore does not offer services. For instance, users from the United States and Japan cannot open accounts on Coinstore due to regulatory restrictions. This limitation can be significant for potential users from these countries who are looking to trade on Coinstore.

Main cryptocurrencies available

Bitcoin (BTC)
Ethereum (ETH)
Binance Coin (BNB)
Cardano (ADA)
XRP
Dogecoin (DOGE)
Polkadot (DOT)
TRON (TRX)
Polygon (MATIC)
Fantom (FTM)
Bitcoin Cash (BCH)
Litecoin (LTC)
Stellar (XLM)
EOS
VeChain (VET)
Tezos (XTZ)
Aave (AAVE)
Uniswap (UNI)
Cosmos (ATOM)
Avalanche (AVAX).

Main countries where you can open an account

Singapore
India
Australia
Canada
Germany
France
United Kingdom
Brazil
South Korea
Japan
South Africa
United Arab Emirates
Malaysia
Indonesia
Philippines
Thailand
Vietnam
Saudi Arabia
Mexico
Spain

FAQs

1. What cryptocurrencies can I trade on Coinstore?

Coinstore offers a wide range of cryptocurrencies for trading, including major ones like Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), XRP, and many more. In total, there are around 96 different cryptocurrencies available on the platform.

2. Is Coinstore available in my country?

Coinstore operates in 175 countries worldwide. However, it does not offer services to users from the United States, Japan, Canada, North Korea, Iran, Syria, Cuba, Crimea, Sevastopol, Sudan, South Sudan, Myanmar, Belarus, Zimbabwe, Yemen, Venezuela, Central African Republic, Libya, and the Democratic Republic of Congo.

3. How secure is Coinstore?

Coinstore prioritizes security with measures such as storing 70% of user assets in cold storage, utilizing AES-256 encryption for wallets and private keys, and implementing multi-step verification processes. These robust security protocols help safeguard user assets and personal information.

4. Can I trade on Coinstore using a mobile device?

Yes, Coinstore offers a user-friendly mobile app for both Android and iOS devices. The app provides most functionalities available on the desktop version, allowing you to trade and manage your portfolio on-the-go.

5. What are the fees for trading on Coinstore?

Coinstore charges a flat fee of 0.2% for both makers and takers on its spot markets. For futures markets, the maker fee is 0.025% and the taker fee is 0.06%. This straightforward fee structure makes it easier for traders to understand their costs.

6. How do I contact Coinstore customer support?

Coinstore provides several methods for customer support. You can use the Help Center for frequently asked questions, submit a request through their online form, or use the chat service available on the website. However, direct phone support is not available.

7. Does Coinstore support fiat currency deposits and withdrawals?

No, Coinstore currently does not support fiat currency deposits or withdrawals. The platform is designed for crypto-to-crypto trading, so you will need to have cryptocurrency to start trading on Coinstore.

Final opinion on Coinstore

Coinstore presents itself as a viable option for cryptocurrency enthusiasts looking for a platform with a broad selection of crypto assets and robust security measures. With support for 96 different cryptocurrencies, including major ones like Bitcoin and Ethereum, Coinstore offers traders a diverse portfolio. The exchange’s commitment to security, such as storing 70% of user assets in cold storage and employing AES-256 encryption, ensures a high level of protection for its users. Additionally, the mobile app’s user-friendly interface makes it convenient for traders to manage their investments on the go. However, the lack of fiat currency support and limited direct customer service options could be seen as drawbacks, especially for those new to crypto trading.

Compared to other exchanges, Coinstore excels in its straightforward fee structure and extensive geographic reach, being accessible in 175 countries. Yet, the absence of direct phone support and over-reliance on chatbots can lead to customer frustration. Furthermore, important markets like the United States and Japan are excluded, which could limit its global appeal. For those who prioritize a secure, mobile-friendly trading environment and are already familiar with cryptocurrency, Coinstore is a solid choice. At Threenvest, we recognize that while Coinstore has some limitations, its strengths in security and ease of use make it a competitive player in the crypto exchange landscape.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.