Hello and welcome! This CoinMKT review aims to provide you with a complete understanding of their system–the good and the bad–to help you find what the best cryptocurrency exchange is for your needs. To begin with, CoinMKT is a cryptocurrency and fiat exchange located in Santa Monica, CA that hopes to work with developing regulation to provide a secure and stable platform for cryptocurrency trading. CoinMKT currently exchanges the following assets.
CoinMKT was recently purchased by ANX, owners of ANXBTC, an Asian cryptocurrency exchange.
All of the assets they exchange can be traded with both USD and BTC, making CoinMKT one of a very few exchanges that makes it possible to trade directly to USD from several altcoins, a very nice feature.
The CoinMKT Review Overview
- Has not been audited publicly, to the best of my knowledge!
- US-based, FINCEN-registered as a MSB, fully AML compliant.
- AML/KYC through CoinComply.
- Maker/Taker fee structure.
- Medium-sized, staff-picked selection of top altcoins shields you from scamcoins.
- Two-Factor Authentication pop-up will annoy you until you use it to secure your account.
- Solid blog that keeps you up-to-date on their latest activities and future plans.
- Functional and complete API.
- Major selling point: US-based exchange that allows USD-crypto exchanges and USD withdrawals.
CoinMKT Review: Trading
- Fee structure that intensely rewards investor patience (.35% difference is very significant!).
- Fee structure also helps provide liquidity by encouraging orders to be placed.
- Daily volume for the BTC/USD pair is generally ~50-75 BTC.
- Total site volume pushes up to ~200 BTC on a busy day.
- Volume is unevenly divided between USD and BTC; the USD pairs are (generally) more active than their BTC counterparts (due to their uniqueness, I imagine).
- When considering their volume as it relates to liquidity, consider their fee structure as well. Maker/Taker naturally leads to a much greater liquidity : volume ratio than more traditional fee structures, because traders are strongly incentivized to add liquidity rather than remove it from the market.
CoinMKT Review: Fees
- Maker/Taker system.
- Market Maker (any order placed but not immediately executed) receives a 0.05% rebate.
- Liquidity Taker (any order placed and immediately executed) pays a 0.30% fee.
- Deposits are free (third-party fees may apply).
- Withdrawals are 0.5% for USD, 0.001 BTC for BTC, and 0.1 of the altcoin for altcoins.
CoinMKT Review: Security
- Two-Factor Authentication strongly recommended. You get a pop-up on login telling you to turn it on, which I like. CoinMKT doesn’t want their customers funds compromised any more than their customers do.
- Decentralized wallet cold storage and real banking relationships help ensure customer fund safety.
- They use an encrypted everything, and generally very robust security practices.
- Far and away the ABSOLUTE BEST identity verification of any exchange. Super-fast and easy to use, mostly automated. The competition should take a look and see how to get customers in without as much hassle as you have to on many exchanges.