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Last update 08.02.2022 14:30
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Problem with Coinsmarkets is not settled yet

Customers of Coinsmarkets look for other alternatives

The traders should always be aware of the situation on the market, current trends and signs of future changes. Though the notion of intuition is not scientific one, it can be very helpful for right solutions. However, running across doubtful platforms and even investing funds through them, people hope that nothing bad will happen. But then the plan is ruined. For instance, Coinsmarkets exchange has recently become the cause of such concern. Its maintenance closure occurred all of sudden and users discovered themselves with their funds locked at the platform. At first it was explained why Coinsmarkets was down, and Coinsmarkets chat functioned for some time. The announcement of server migration could put the site down for several days but not for months to come. Nothing has changed since then and it is rather disappointing.
With such Coinsmarkets news, users start choosing the services carefully to calculate all pros and cons of the platforms. They study features of services and their ranking. Lack of Coinsmarkets cap says for itself.  

Coinsmarkets was mainly selected by users for rare currency pairs offered. For instance, some traders applied to Coinsmarkets to exchange COLX (ColossusCoinXT) released on September, 2017 and is not owned by anybody. Its design is public. Colx was devised to make payments almost free. The payments are lightning fast but those who had COLX at Coinsmarkets exchange, supposedly, lost it, at least, until some new events on the platform. At the moment Coinsmarkets is offline and its former users randomly check it if it is up.

Coinsmarkets was an exchange with crypto-to-crypto exchange.  The platform offered 90 trading pairs and users liked its functionality. It had some negative reviews about work of customer support and log-in problems but in general it functioned and provided service to users. The possibility to trade a wide range of coins was its main advantage. Also, it delivered proof-of-stake rewards until it closed for maintenance. The exchange charged only trading and withdrawal fees. All deposits to the exchange were free and the site looked relatively nice.

However, its customers could foresee the problems. For instance, its unknown background was suspicious. Where was the company based? There was no any info about it. The platform was not user-friendly for novices. Only advanced users could understand how to work on it. Some trading pairs at Coinsmarkets had low trading volumes as half of the coins listed on the site were not even known to users. The exchange wasn’t safe as it lacked 2 factor authentication. It also had high withdrawal fees, but all this fades in comparison with what happened later. Taking into account that users can’t get their crypto assets back, pros and cons of defunct platform are of no importance at present. We should learn from own mistakes not to get into trouble in the future.

Pay attention to reputable platforms that provide high quality services consistently. Customers will not face the problem of this kind buying and selling there.  

  • FYB-SG is a Korean exchange with incredible quick processing.
  • GetBTC was developed with focus upon customers. A very user-friendly service.
  • Foxbit caters Brazilian users mostly. The quality of service is great.

The beginners should start trading at platforms with simple user interface. It means Tradesatoshi or Novaexchange would suit them perfectly.


Problem with Coinsmarkets is not settled yet ▽▽▽▽▽ - average rating 5 from 5 (based on 186 user reviews)