Is CoinFalcon Safe? This information is detailed in our CoinFalcon Review
CoinFalcon Detailed Review
The exchange launched in August 2017 and is run by Jordan Steves, CEO. It is difficult to find information about the platform.
At the time this review was written, the platform's trading volume was $41,680, according to coinmarketcap.com, which is quite low, but acceptable. In the past, the platform has argued against the problem of false volume reporting on some other cryptocurrency exchange services.
If you're wondering if you can use CoinFalcon in the US, the answer is no! The exchange is available to users from any country in the world, except for residents of the United States.
Currently, 15 cryptocurrencies are supported on the platform, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Eos, TetherUs (USDT), Ripple (XRP), Iota (IOT), Cardano ( ADA), Tron (TRX), GreenPower (GRN), Dogecoin (Doge), Data TX Token (XD), and Electra (ECA).
As a global platform, the exchange also supports multiple fiat currencies. The complete list can be seen at the bottom of their home page.
On the exchange, deposits can be made via cryptocurrencies, bank transfers, and credit/debit cards.
- Very user-friendly user interface
- If you refer a friend, you will receive a $10 referral fee.
- The FAQ section contains detailed articles that answer all user questions
- Few cryptocurrencies are supported on the platform
- US citizens are denied access to the platform
- Low liquidity
- Only one stablecoin supported
In terms of fees, they are calculated internally and vary depending on the method used.
For a credit/debit card, fees vary depending on the type of card and the country in which it was received.
As far as cryptocurrencies are concerned, there are no fees for CoinFalcon deposits. The full list of CoinFalcon withdrawal fees can be seen below. When it comes to advanced API submission and fees, CoinFalcon says they depend on your current volume.
There is also a discount on commissions based on the number of trades made by the user. The discount is calculated for every trade the user makes and is applied instantly each time the user makes a trade.
The platform also collects fees from buyers and manufacturers (taker-maker scheme). However, the fee depends on the user's 30-day BTC volume.
The platform API can be accessed through the API Access section, where you need to add a new key to be able to build applications using the API.
How Do I Use CoinFalcon?
- To register, visit the platform's official website at coinfalcon.com and click on the "start" icon.
- Proceed to enter your personal information, including your name and setting a strong password, and click on the "Create an account" button.
- Go to your inbox and confirm your address by clicking on the link sent.
- In the upper right corner, click "My Account" and select "Verify Account". This will allow you to deposit and withdraw funds from the platform by linking a bank account or credit/debit card.
- To verify your identity, choose between ID, passport and driver's license, and upload the front and back of the document with a clear image. Then, complete the process by submitting a photo of your face.
- Now that your account is verified, it's time to make your first trade. Click on the "Trade" tab where you will see the various crypto coins that are on offer.
- To make a purchase, you need to deposit funds into your account using a credit/debit card that allows instant deposits.
The CoinFalcon exchange has a support section where various articles are posted that provide answers to some of the most frequently asked questions about withdrawals, deposits, user account issues, buy and sell requests, and other general questions.
If you cannot find help in this section, you can contact the exchange via email or live chat.
How to deal with day-to-day problems while using the exchange?
The platform has divided the FAQ section into five categories with articles that answer questions about withdrawals, deposits, shared account, and buying and selling.
To give you an idea of the types of frequently asked questions, in the withdrawal section, users mainly ask about withdrawal limits at which the exchange says it has no limits.
Is CoinFalcon Safe to Use?
This CoinFalcon review would be incomplete if we didn't have an answer to the question of whether the exchange is safe or not.
When we did our research, we found that the reviews about the exchange were mixed.
Some people seem to be very happy with the platform, while others believe that it still has room for some improvement to compete with the leading exchanges.
And since the exchange charges a commission every time a transaction occurs, many transactions were made until its balance dropped to zero, and only CoinFalcon won.The support team was not very helpful.
Based on our assessment, whoever wants to try CoinFalcon should be very careful given that several past users have claimed to have lost funds on the platform.
The CoinFalcon exchange offers several perks, including an easy-to-use interface and the ability for people around the world outside of the US to be able to trade cryptocurrencies.
However, the limited number of cryptocurrencies is worrying. In addition, the unexplained loss of user funds raises suspicions of fraud and any user who is considering using this platform should be careful.