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Coinbase Review: Is It Safe Haven for Crypto Traders?

  • Vera Thornpike
    Exchanges Guide

    One of the most well-established cryptocurrency exchange platforms, Coinbase, has recently received a lot of negative reviews. Is it still worth using?


Coinbase Review: Is It Safe Haven for Crypto Traders?
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Contents

Since cryptocurrency made waves in 2017, investors started taking interest in online exchange platforms — this is the sole mediator between the buyer and crypto companies. One of the world’s largest crypto brokers, Coinbase, stays at the top of popularity, but there are some safety concerns popping up here and there. Is the platform still worth our trust? What its strong and weak sides are? It’s high time to observe Coinbase in the minutest details.

Coinbase Review. Should I buy coins on it?

Coinbase was established by Brian Armstrong and Fred Ehrsam in San Francisco in 2012 and now operates in over 30 countries worldwide. As a wallet, it’s available in 190 countries. By this moment, Coinbase is being used by 12 mln customers and has already served to convert $40 bln in digital currencies. In 2013, it was the largest cryptocurrency exchange in the world and the best-funded Bitcoin startup. The key feature making it different is the opportunity for users to trade their currency at a set price according to the market value. Besides, it’s one of few online exchange platforms that accept credit cards.

Coinbase offers two basic products:


  • Coinbase Pro (formerly GDAX) — a professional asset trading platform.

  • Retail brokers of cryptocurrencies (Bitcoin, Bitcoin Cash, Ether, Ethereum Classic, and Litecoin) for fiat currency.

Additionally, developers and corporate users can exploit its proprietary API to build their applications on the basis of Coinbase Pro and accept crypto payments. In March 2018, Coinbase Pro started supporting ERC-20 tokens. No IPO will be launched, despite the rumors.

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To dispel your safety doubts, it should be mentioned that Coinbase Pro is officially registered and fully certified. It is supported by key cryptocurrency companies and investors: Andreessen Horowitz, Rabbit Capital, The NYSE, Union Square Ventures (USV) — the list of contributors can go on and on.

Who Is Recommended to Use Coinbase Pro?

  1. People from the USA, United Kingdom, Canada, Singapore, and some European countries (Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland).

  2. Those who use credit cards and need fast service (instant exchange for cardholders is guaranteed).

  3. Investors who work with a few popular cryptocurrencies (BTC, BCH, ETH, ETC, ZRX, LTC).

Although Coinbase Pro managed to build a solid reputation during the five years of its existence, the platform’s image was recently tarnished by negative reviews: this year, the amount of complaints has risen by 100%. The vast majority of feedbacks said that “money was not available when promised.” So, what’s the catch?

Is Coinbase Pro safe? Past Issues

Although Coinbase Pro was never implicated in any hacking scandals, a few other serious issues took place.

For instance, in February 2018, Coinbase Pro representatives said that the personal data (taxpayer ID, name, birth date, address, and historical transaction records) of some platform users collected in 2013-2015 will be handled to the IRS within three weeks. That is a direct violation of privacy.

Allegations of fraud were sent in summer 2018, too. During the January-June 2018 period, the SEC (Securities and Exchange Commission) and the California Department of Business Oversight received over 134 pages of complaints. Most of them look like:

imageAs practice shows, bombarding the customer support with tickets and messages isn’t of much help: despite the fact that Coinbase Pro has recently ramped up its customer service, the team appeared to be unprepared for the flow of issues.

The users from CIS and Russia seem to be enraged, too. Their Coinbase Pro wallets get eventually blocked together with the local IP addresses. The process of withdrawal may take weeks or even months.

People continue expressing their frustration, while Coinbase Pro spokesman said that due to the growing interest in cryptocurrency, the company finds it challenging to handle an enormous amount of transaction requests. There were no comments upon the allegations of lost funds — Coinbase Pro privacy policy “prohibits commenting on specific customer cases.”

Coinbase Pro is working hard on restoring customers’ trust, and time will show whether the victims of blockage will receive their funds back.

How Does Coinbase Work? How to Use Coinbase?

As it has been mentioned, Coinbase performs several functions: this is an exchange platform, a wallet, and a trading platform. Let’s take a closer look at these features.

  1. Brokerage service for selling and buying cryptocurrencies. Having a friendly user interface, Coinbase Pro allows performing transactions quickly even for starters. However, your assets aren’t under your control — it’s like putting money to a bank account. No private key or a seed phrase is provided.

  2. Coinbase wallet is available both on the website and as an iOS or Android application. The wallet keeps the private keys on the user’s device.

  3. Solutions for merchants allow accepting cryptocurrencies on an e-commerce website with the help of a dedicated plugin. This plugin is supported by a few popular CMS (Shopify, Magento, and WooCommerce).

Together with Wilshire Phoenix, Coinbase Pro will launch the new investment instrument soon.

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Ways of Purchasing Cryptocurrency on Coinbase Pro

Coinbase Pro interface is intuitive and comprehensible: registering on it won’t take much time and effort. As soon as you get a new account, you will need the currency to trade with. Want to buy the digital assets for fiat currency? There are several payment options available: wire transfer (including ACH in the US and SEPA in the EU), credit cards, and debit cards.

As soon as a deposit is made, the user can perform cryptocurrency transactions. You can either find suitable deals and act as a taker or make your own exchange request and be a maker. In most cases, the requests are handled instantly. Please note that the deal makers in Coinbase Pro aren’t charged commissions or fees.

There are several types of requests:

Regular orders

Instant purchase of cryptocurrency for the current price. Set the required amount of coins and click Place Buy/Sale Order.

Limited orders

Cryptocurrency is traded for the user’s price, not market’s. The trader can set up the desired cryptocurrency price, and as soon as it reaches this threshold, the order will be opened. The option is available for both makers and takers.

Orders with stop signals

This option is helpful in cases when the price of cryptocurrency suddenly goes down. As soon as the cryptocurrency price reaches the minimum limit, the order is opened.

Aside from the trading platform, Coinbase Pro offers analytical tools for comparing the prices: graph charts, indicators, etc. That allows holding finger on the pulse and making smarter decisions.

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Coinbase Pro Fees

When it comes to Coinbase Pro fees, user’s opinions are contrary. Some claim that the commission is more than agreeable, while others claim the platform robs the clients. The percent of commission depends on the withdrawal/deposit method used. Thus, bank transfers are charged with 1.5-percent fee and take a few days, debit or credit card payments are processed instantly but charged with a 4-percent fee.

The basic market price on Coinbase Pro is +0.5 percent. Flat fees are applied for transactions below $200:

  • For transactions ≤$10, the fee is $0.99.

  • For transactions from $10 to ≤$25, the fee is $1.49.

  • For transactions from $25 to ≤$50, the fee is $1.99.

  • For transactions from $50 to ≤$200, the fee is $2.99.

Money deposit through ACH transfer is free, all other methods are charged $10. The transactions between Coinbase Pro accounts are totally free. The outside transactions to your Coinbase Pro account will require three confirmations to have assets sent to your account.

As you see, the Coinbase Pro fee structure is somewhat tricky. You should learn the rules before starting the game. At the same time, it cannot be called the most expensive solution:

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Transaction Limits & Liquidity

Just like fees, the transaction limits can vary according to the user’s location, the payment option, and verification status. The user can get an insight into the restrictions by checking the account limit page.

Verified US customers have the $25,000 per day limit and the following weekly limits:

  • $5,000 Buy through Bank Account;

  • $50 Buy through Credit/Debit Card;

  • $50,000 Sell.

Note that unverified traders with a credit card can purchase Bitcoin worth only $1,000 per week. European customers are allowed to keep up to €30,000 in their account at any time.

In order to raise the limit, users should undergo the verification process that includes providing your phone number with some personal information and uploading and verifying their photo.

Coinbase or Coinbase Pro?

Coinbase Pro, formerly called GDAX, has a lot of advantages. While the regular Coinbase brokerage platform simplifies the process of trading, Coinbase Pro is tailored for more crypto-savvy users, featuring 22 trading pairs. The platform renders a myriad of advanced trading instruments: real-time order books, trade histories, and charting tools. It also allows trading BTC, ETH, LTC, BCH, and ZRX, but the fees are way lower, and customers can enjoy advanced trading features.

Coinbase Bitcoin Wallet Review

In 2019, Coinbase launched the proprietary mobile wallet services. The wallet allows users to send, receive and store cryptocurrency (BTC, ETH, LTC). It also stores the private keys on the user’s device, and 98% of user’s cryptocurrency is stored in cold wallets to prevent stealing.

The process of sending assets from your wallet is quite easy:

  • Sign in and open the “Send” tab in your account.

  • Select the wallet to send money from and the cryptocurrency.

  • Enter the amount of currency.

  • Enter the address where you send the funds to.

  • Push “Send.”

For receiving cryptocurrency, you should do the following: go to the “Accounts” tab, find the wallet where the cryptocurrency should be sent, and click “Receive.”

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Please note that Coinbase tracks where customers send their funds and can ban users for certain activities and transfers. For instance, your account might be shut out for sending crypto to LocalBitcoins, gambling websites or making darknet purchases. As a rule, users with closed accounts get paid back to the bank accounts.

Setting up a Coinbase Account

The process of the Coinbase account management is relatively simple even if you don’t have any experience working with online crypto exchanges. The website interface is user-friendly and intuitive: the main menus allow for managing services quickly.

Create Account

To register on the Coinbase website, you need to type your name and surname and set up a password. You should also specify your email address and click on the activation link sent to you in an email message. You can also go through the verification process upon every login session using your mobile phone.

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Coinbase partners with legal entities. Users can exploit the platform either as institutional investors or as merchants. After registration, you should define the suitable payment method.

 

ID Verification

To go through a verification process, a trader needs to upload the scanned copy of their ID or passport or any other document that verifies their personality.

Additional Security

To ensure the safety of users’ data and assets, Coinbase leverages 2-factor authentication process: you can either verify your personality via SMS to your phone or with the help of third-party apps like Duo or Google Authentication. Users’ private keys are encrypted. If Coinbase detects a new IP address attempting to access your account, you will be notified about that. Being one of the first to receive US regulatory approval, Coinbase uses Anti-Money Laundering and KYC practices.

However, if your account gets compromised, Coinbase doesn’t bear any responsibility for the funds you lose. For this reason, it’s highly recommended to store the cryptocurrency offline in a wallet that only you control. Make sure that you use a strong password.

Adding Payment Methods

As it has been mentioned, the following payment methods are available:

  • bank transfer;

  • credit or debit cards;

  • Singapore Bank Payments.

In order to use a payment method, you need to go to your account, select the Payment methods page. Click “Add a credit/debit card” and enter the card information. Make sure that the billing address for the card is correct.

Depositing/Sending Cryptocurrency

A deposit can be done via credit/debit cards and bank transfers, but the payment methods and conditions can vary from country to country. To send cryptocurrency, go to Account → Payments → Send. You will need to specify the payment option and the address.

CoinBase FAQ

What Payment Methods Can You Use on Coinbase?

Coinbase users can deposit and withdraw money using wire transfers and debit/credit cards. Please note that the outside transactions should be confirmed three times before they will show up in the user’s account.

The US users can also order The Shift Card. This is a VISA card that allows Coinbase users spend Bitcoin from their account in any place where VISA is accepted. The card costs $10, but there are no transaction fees for any domestic purchases and no fees for BTC/USD conversion.

Does Coinbase Support Your Country?

At the moment, Coinbase supports the following countries: Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom and the United States.

Is Your Privacy Kept While Using Coinbase?

To protect users’ privacy, Coinbase uses SSL encryption, 2-factor authentication, and a few other security practices. The funds can be stored in Coinbase Vault — a cold wallet with the private keys available for the user only.

How Fast Does Coinbase Send You Bitcoins?

Withdrawal of funds to your bank account by SEPA transfer takes 1–2 business days. Withdrawal with a wire transfer is done by the next business day.

Customer Support

Customer support service is where the Coinbase pitfalls hide. The Internet teems with negative users’ feedbacks: customers are disappointed with the ticket system and support agents — they have to wait for an answer for weeks.

Other complaints were connected with the inability to buy or withdraw funds: Coinbase appeared to be unready for the meteoric rise of the number of users. That caused eventual downtime. Since September, some users are unable to withdraw their cryptocurrency, and their cases are pending.

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Conclusion

To sum it up, Coinbase is easy to use: its team has managed to make the navigation process flawless. Coinbase Pro is perfect for traditional traders as it provides the whole gamut of useful tools. However, it seems like the platform is currently focused on attracting new customers instead of satisfying the existing ones. The number of negative reviews is overwhelming, so Coinbase is definitely not for the faint of the heart.

Yet, if you don’t face any issues, the prices and fees are more than agreeable. Coinbase is ideal for buying cryptocurrency. But if you don’t want to lose the hard-earned coins, better buy a hardware wallet to store the funds.

To make the final decision, compare the advantages and drawbacks of the platform:

Pros

Cons

Platform navigation doesn’t require any specific skills. It’s perfect for newcomers.

Coinbase monitors how users spend their money.

It allows buying cryptocurrency faster than on many other exchanges.

Coinbase wallet is less secure than a hardware wallet.

Both credit and debit card payments are available.

Poorly organized customer support.

Low fees.

The choice of cryptocurrencies is severely limited.

The company is officially regulated.

No credit leveraging is available.

There were no cases of hacking.

 
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IDCM: The Next Contender to be an Exchange Leader?

  • Vera Thornpike
    Exchanges Guide

    Our team continues researching exchange platforms, and today we’ll review IDCM. In this IDCM exchange review, we’ll take a closer look at its outstanding features


IDCM: The Next Contender to be an Exchange Leader?
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Contents

The market offers a wide selection of cryptocurrency exchange platforms, and despite China’s strict policy regarding crypto, the number of worthy crypto-related websites continues rising. Being a new exchange platform, IDCM has quickly become a comfortable place for traders. Will it live up to your expectations? This ultimate guide is here for you to decide.

About IDCM

This is a Chinese cryptocurrency exchange with a minor selection of trading pairs. IDCM was established in Hong Kong in April 2018: within half a year, it became one of the Top-20 cryptocurrency exchanges by daily turnover. What’s the secret of such success? The Chinese blockchain-based project was founded by Wall Street top-dogs: the team behind it consists of blockchain pioneers, independent financial directors, and other key people in the financial sphere.  

The IDCM alliance was organized by representatives of Deutsche Bank, UBS, ASX, and Accenture Blockchain’s team. It is being managed by former and current employees of NASA, McKinsey & Co., Google, Goldman Sachs, Tencent, IBM, Huawei, and KPMG. With so many talented contributors and rich investments, the platform was destined to thrive from the very start.


IDCM main page
IDCM exchange main page screenshot

Great liquidity and exceptional performance are praised by users. At the moment, IDCM supports 22 currencies and 38 trading pairs. The daily trading volume has exceeded $204 mln with BTC/USD exchange alone worth 11850,309 BTC.

What makes it special is its large trading volume and very quick processing of transactions. Although the number of trading pairs is far from outstanding, the exchange platform enlists the most reliable tokens only. IDCM boasts rock-solid protection of transactions and clients’ information. The system of alliances makes this platform resilient and super-fast.

Exchange Features

What makes IDCM very competitive is a large set of exclusive features and peculiarities.

First, IDCM is the first exchange platform in the world to use consensus mechanism: serving as super-nodes, alliances form the trading platform for the cryptocurrency. The alliance accumulates additional liquidity from transactions made outside the platform. The exchange volume can be five times higher than the trading volume.

Secondly, IDCM provides a whole gamut of top-notch financial services. It provides real-time information about the market, suggests beneficial trading strategies, and renders other marketing services. Traders are free to set price alerts: if the price exceeds 10% of the current rate, both buyer and seller are notified.

Thirdly, IDCM provides a great DApp platform for developers of games, trading products, eCommerce projects, and social media. DAICO, the proprietary development platform, is a specific solution for high-quality projects. IDC (IT) token will be used on the platform, as well: it may serve to distribute profits and get access to certain services.

What makes IDCM so special?
Key features of IDCM exchange platform

Please note that other cryptocurrency exchanges can join the alliance, but only the most reliable and quality projects are allowed to merge. Those that join will have access to IDCM’s technologies, resources and the exchange platform itself. Every website that gets enlisted will be legally protected in the country it represents: IDCM has well-developed algorithms of juridical protection. The decision about accepting new exchanges depends on the results of voting protocols.

Main Advantages

The Chinese cryptocurrency exchange appeals to both Chinese and international users due to a wide range of benefits available:

  • One key advantage of the platform is its exceptional performance and speed. The alliance standing behind IDCM is able of processing up to 1,400,000 orders per seconds. Besides, due to a high liquidity, users’ orders are taken quickly.

  • Military-grade encryption technology is topped off by multichannel distributional memory and AI security systems. Users’ personal and payment information is protected by SSL encryption.

  • Decentralization and super-nodes allow for a fast consensus mechanism which boosts transaction efficiency and allows users to participate in platform management.

  • Blockchain technology ensures data integrity, makes transactions transparent and allows for independent audit.

  • IDCM does its best to sustain liquidity. Since it’s organized as an alliance, it has a great support being backed up by strong investors.

The alliance continues growing quickly due to low entry barriers. If an exchange platform wants to join IDCM, there are only two things to do: 1) Get a domain name; 2) Pay the IDCM alliance fee. The company keeps supporting its partners by all means possible. Probably, due to this fact, the number of available trading coins can be expanded soon.

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Bonuses

Although newcomers aren’t offered any special bonuses, IDCM provides a generous referral reward: users can get a 30% trading commission discount for inviting their friends. To be more specific, you get 20% of the trading free that your own friends generate and 10% more from commission fees made by friends that sign up through them. If they get caught in fraudulent activities, you won’t get a reward.

Additionally, traders can test the new ToM (Trade-to-Mine) mechanism and get IT token dividends. That means the transaction fees are converted in IT coin and sent back to users. The more transactions you perform, the higher your benefit.

Exchange Trade Volume

At the moment of writing this article, the daily trading volume has exceeded $204 mln with BTC/USD exchange alone worth 11850,309 BTC. According to coinmarketcap.com, IDCM is on 13th place in top-20 crypto exchange platforms by the trading volume.

Trading statistics shows BTC and USDT are in demand
The most demanded trading pairs and currencies on IDCM

How to Use IDCM?

On the main website, you can see basic sections:

  1. Fiat – fiat cryptocurrency trading (only USD and HKD can be deposited/withdrawn).

  2. Trading –main trading page.

  3. IT – information about the proprietary token.

  4. IDCM ALLIANCE – information about joining the alliance.

  5. News about cryptocurrency.

The process of navigation is quite simple: you have all necessary information at your fingertips. As soon as you register, you can start making deposits and trade.

Want to trade on the go? IDCM offers a mobile application that’s compatible with iOS and Android. It can be downloaded on the official website.

IDCM mobile app
IDCM mobile application interface

Purchasing Cryptocurrency

Proceed to the Exchange section. You will see the following categories:

  1. Choice of the trading pair.

  2. Trading pair rates.

  3. Graphical information about the chosen trading pair.

  4. Open Buy orders.

  5. Open Sell orders.

  6. History of transactions.

  7. History of user’s trading.

  8. Sell/buy order form.

  9. Buy cryptocurrency.

To start a transaction, you need to select a trading pair and fill in the Buy form.

 ‘Buy’ cryptocurrency form
How to buy cryptocurrency on the IDCM exchange?

You can select the type of order:

  • Limit order – You choose the price.

  • Market order – The default market price is set.

Now set the price and the number of coins you need and click Buy. As soon as someone takes your order, you’ll get the coins.  

Sell Cryptocurrency

To place your order, fill in the Sell form. To have your order processed faster, place a bigger price, but make it more competitive. If you can’t wait and need an instant exchange, go to the list of Buy orders and take the one that suits your requirements.

 ‘Sell’ cryptocurrency form
‘Sell’ cryptocurrency form on IDCM

Trading Pairs

IDCM features 40+ coins. The most demanded trading pairs are BTC/USD, BTC/ETH, ETH/USD, BCH/USD, EOS/USD, NEO/USD, XRP/USD. This is not a large number of trading pairs, but the basic ones are covered and orders are accepted quite quickly.

Trading Coins

IDCM works with the most popular cryptocurrencies, including Bitcoin, Ethereum, Neo, Bitcoin Cash, Litecoin, Ripple, and others. It accepts USD and HKD as the fiat currency. Aside from it, the IT token is used as the reward for transactions.

One of outstanding coins on IDCM is VHKD (Virtual Hong Kong Dollar). This is a digital currency that’s bound to the Hong Kong Dollar (HKD). In comparison with USDT, which is not completely centralized, VHKD is more confidential and convenient in use.

Trade Fees

Another thing that attracts users is flat fee policy: users only pay agreeable 0.1% transaction fee (both makers and takers are charged 0.1%). Deposits in USD and HKD are charged 0.3% fee, while deposit in cryptocurrency is totally free. That makes IDCM’s commission the second lowest trading fee on Chinese cryptocurrency exchanges. The withdrawal fee is 0.0005 Bitcoin: no exchange platform can boast such a low withdrawal rate. Withdrawal fees for other currencies depend on the type of token. As for C2C Trading, IDCM has %0.25 fee for order placer and zero fees for an order taker.

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Transaction Limits & Liquidity

Neither website nor any third-party sources mention the trading limits: it is up to users to decide. But as for deposit and withdrawal limits, they depend on the currency. For example, the platform has a minimum $500/ 5,000 HKD / 0.01 BTC / 10 XRP deposit, which isn’t agreeable for users who make minor transactions. Withdrawal limits are pretty much the same as deposit, which means IDCM is the place for those who play big.

However, it should be noted that IDCM ensures a high liquidity of assets: the volume of transactions taking place in the alliance is five times higher than on the platform itself.

Setting up Trade Account

The interface of IDCM can be a bit confusing right from the start, but customers get used to it quickly: all sections and tabs can be accessed in a couple of clicks, and trade management is intuitive. Let’s observe step-by-step navigation on the website.

Creating an Account

To create an account, click the Sign-Up button in the upper right corner of the page. You’ll need to fill in the registration form:

  1. Email address (Gmail is highly recommended – it’s considered to have the best protection against hacking).

  2. Password.

  3. Click Get code. You will receive a letter on your email. Copy the code from the letter and paste it in the registration form.

  4. If you have a referral number, paste it in the form.

Now click Sign up. Congratulations — you’ve joined the ranks of IDCM users!

IDCM Registration form
The registration form on the IDCM exchange platform

Security

IDCM features basic security features, such as SSL encryption and firewall. But don’t forget your security is in your hands: there’s a handful of ways for account protection.

Before you rush to make a deposit, set up the account safety. Proceed to account settings (click on your Profile sign on the upper right corner of homepage). IDCM offers such protection measures as password and PIN code (those are generated upon signing up), 2-factor authentication, and verification.

Don’t forget your PIN
PIN code is the basic means of account protection

It is highly recommended to use 2fa from Google. How to set it up? Go to Security settings in IDCM and select 2fa. Download 2fa application on your mobile phone (both Android and iOS compatible versions are available). Open the app, press + on the upper right corner and click ‘Scan QR-code’ (it will be shown in IDCM). As soon as scanning is completed, the app will display a line with a 6-digit code: paste this code in the Google authentication code panel on IDCM and press Enable Google authentication. If your smartphone doesn’t recognize the QR-code, try to add brightness on your screen, or scan it with a third-party application.

 Setting 2fa from Google
How to set up 2fa protection by Google?

Unlike other exchange platforms, IDCM doesn’t oblige users to go through personality verification, but it may add trust to your account and prevent hacking. The process of verification takes from several days to several weeks and requires the following personal information:

  1. Country of residence.

  2. Passport/ID number (scan + selfie).

  3. User’s full name.

Adding Payment Methods

While IDCM accepts wire transfer for deposits, no plastic or credit cards are supported. You cannot add a payment method — the transfers to the exchange platform can be saved as patterns in your banking account.

Depositing/Sending Cryptocurrency

To deposit funds, go to your account and proceed to Assets section. The page with available coins for trading will be opened. Select the cryptocurrency and click the Deposit button on the opposite. The Deposit form will be opened. Copy the address of generated wallet. Paste it in the Receiver’s address in the payment system you use (exchange platform, cold wallet, etc).

BTC deposit
BTC deposit page on IDCM

To withdraw your funds, go to the Withdraw section and fill in the form:

  • The address of wallet where you send money to.

  • Amount of coins.

  • Amount of coins you receive without commission (calculated automatically).

Now press the Withdrawal Confirmation button.

Withdrawal is a quick 4-step procedure
A short IDCM withdrawal instruction

Customer Support

IDCM provides customers with a decent level of 24/7 customer support. Following the practices of C2C trading platforms, IDCM gives users three hours to upload the proof of payment in the system. If the digital currency isn’t released within three hours, IDCM operations team will help to have the transaction finished.

Users can contact the assistants around the clock via email [email protected] or by making a phone call. Their customer support speaks several languages: Chinese, Korean, Vietnamese, Japanese, English, French, and Dutch.

Aside from that, users can get a lot of essential information in the knowledge library. The FAQ section offers a few guides on securing account, trading, deposits, and withdrawal. There’s the full set of API documentation for developers, as well.  

Conclusion

Generally, IDCM’s advantages outweigh the minor drawbacks:

Pros

Cons

Incredibly fast transaction processing (the alliance can process up to 1,400,000 orders per second).

The choice of trading pairs isn’t large: IDCM works with the most widespread cryptocurrencies only.

The website provides exceptional user experience thanks to easy navigation, mobile application, and transparent fee policy.

Deposit via credit/debit cards isn’t possible.

IDCM’s transaction fees are among the lowest ones on both Chinese and international market of cryptocurrency exchange platforms.

The website interface is available on a few languages, customer support speaks 8 languages. It means that IDCM isn’t equally convenient for people from different regions. The project needs to expand its global presence.

This is one of the first exchange platforms that use Trade-to-mine technology: it means that users can earn IT tokens by simply performing transactions.

Relatively high deposit and withdrawal limits: IDCM is suitable for serious traders who can afford spending hundreds of bucks on investments.

IDCM is one of few cryptocurrency exchanges that does not track users’ transactions, e.g. what exactly coins are spent on. Personal security is boosted by 2-factor authentication.

Among fiat currencies, only USD and HKD are available for deposit.  

Aside from a trading platform, IDCM serves as trader’s personal consultant: it provides information about token rates, notifies about price fluctuations, and displays useful infographics. All the information (banners, announcement news, information, core advantages, partners, trading volume, social media, and links) is customizable.

Margin trading isn’t allowed.

IDCM ensures a high liquidity of all assets present, and users’ orders are processed quickly. Be assured: if you set up agreeable Buy/Sell price, your order will be taken instantly.

 

Providing its customers with a myriad of useful instruments and trading opportunities, IDCM platform has the right to be called one of the best cryptocurrency exchange platforms both in China and the world. Its creators strive to stay ahead of tech curve and leverage the best security practices for customers to be safe and sound. IDCM would be equally convenient for both starters and professional traders: fast order processing and convenient navigation make for brilliant user experience. The only serious drawback is a small choice of trading pairs. However, the situation can change to the better because IDCM alliance is free to join for third-party exchange services, and many starters will surely grab this opportunity with both hands.

You shouldn’t miss your opportunity as well: rumor has it that IDCM might cancel regular registration of new users and allow only for registration by referral links.

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