Benefits and drawbacks of Koinim exchange platform
Koinim is a Turkish cryptocurrency exchange where you can exchange Turkish Lira to virtual currency. Koinim exchange enables conversion to Bitcoin and other alternative currencies such as Litecoin, Bitcoin Cash etc. Koinim Ripple market was also added to the exchange.
Koinim exchange was founded in 2013. The information about its users is not available so it is not transparent in this respect. It has taken a stable position on the Turkish market and its founders are satisfied with it not trying to conquer international consumers. Therefore, the site of Koinim is offered on one language only and supports only Turkish. Nevertheless, the number of users is growing fast. Probably, they are attracted by competitive fees that are charged on Koinim market. The number of users last year exceeded 4 million users and the biggest part of them are traders from Turkey.
There is little information for Internet users if you are not registered on the platform. You have to provide email, name of the login and password for registration on the resource. After you register, you have to pass verification procedure. At first, you should verify your data via received email letter. You just need to follow the link to complete the registration procedure. Then you should verify your data with a document. It is recommended to attach the ID document and provide your phone number. Though it does not have special app, you can also trade on Kionim using a mobile gadget. In this way, Koinim exchange is always at your disposal, even on the go. It is recommended to pass 2-factor verification for security of your account.
Follow the news using Koinim API. It is easy to start trading even for those who do not understand Turkish. The minimal amount of deposit is $1. The deposit should be done only in BTC and LTC. This is not very convenient. Besides, the transaction is charged with a rather high fee – 0.4% from the amount. You can deposit funds only after obligatory verification procedure.
When you enter the platform, you see that it works actively. Only three kinds of currencies are supported on the site: BTC, BCH and LTC. These currencies are considered the most reliable by the developers therefore they resort to them. The assets are withdrawn in Turkish Lira only. It is not allowed to exchange one crypto to another.
There are two kinds of orders. The site involves Market Execution when orders are fulfilled at market prices.
The average trade volume is 50 BTC. Koinim does not offer the service like Bitfinex margin trading. Margin trading is not supported. The amount of minimal transaction is $1. The fee for transaction is rather high – 0.4%, but it can be reduced at big amount traded (from 30,000 TRY).
There is no demo version of the trading platform and no education material. It lacks a trading bot and mobile app. For some reason, the site does not try to attract new clients though does not limit their entry. Koinim API is very convenient. The support is available in Turkish only. It does not offer support in social networks.
The option has many drawbacks therefore you can register at other exchanges:
GDAX exchange. Coinbase GDAXresource is one of the most reputable platforms that offer services of cryptocurrency conversion. GDAX Coinbasemembers can take advantage of professional tools and services.
GOC io is a simple site with several cryptocurrencies offered at exchange.
Turkish cryptocurrency exchange Koinim ◊◊◊◊◊ -
average rating 5 from 5
(based on 45 user reviews)