Coinstore

Coinstore.com Crypto Exchange Review

By Heath Muchena | Decentralised News | 21 Apr 2022


What is Coinstore?  

Coinstore is a cryptocurrency exchange operated by Coinstore Pte. Ltd, an entity that is incorporated in Singapore. 

Coinstore aims to be the world’s leading digital asset trading platform. It was first conceptualized in 2020 and officially launched in 2021. The exchange offers spot and derivatives market trading to users across Asia, Southeast Asia, South America and Africa. The exchange currently lists more than 50 crypto assets including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Uniswap (UNI), SushiSwap (SUSHI), Polygon (MATIC), Polkadot (DOT), and so many others. The exchange has a wide range of trading pairs including: ETH / USDT, TRX / USDT, BTC / USDT, UNI / USDT, LINK / USDT, DOGE / USDT, MATIC / USDT, SAND / USDT, DOT / USDT, BNB / USDT, AXS / USDT, KSM / USDT, FTM / USDT, DYDX / USDT, XRP / USDT, ADA / USDT, ICP / USDT, LTC / USDT, ETC / USDT, FIL / USDT, EOS / USDT, BCH / USDT, LUNA / USDT, SOL, etc.

The team behind Coinstore is said to have gained experience working at other top-rated exchanges such as CoinbaseFTXBinance and Huobi. By deploying technologies such as global server load balancing (GSLB), distributed storage, distributed server cluster, high-speed memory trade engine, multiple hot standby, and hot/cold wallets, Coinstore aims to provide users a stable, secure and smooth trading environment. The exchange is already used by more 100,000 users which demonstrates good user growth for an exchange which is fairly new to the market. 

Coinstore is available to users through web and mobile. The app is available on Google Play and App Store.

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Source: Google Play

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Source: App Store 

The app has good reviews for both Android and Apple mobile devices. This can be attributed to the app’s easy-to-use interface. Getting started on Coinstore is relatively easy. All you need to do is simply register using your email address. Once you fill in your account number on the registration page, the email verification code will be automatically sent to your email address. Alternatively, you can register using a mobile number. Simply choose your area code on the registration page, then fill in your mobile account number. Following that you can simply click ‘Send Verification Code’ and the verification code will be automatically sent to your mobile phone. Then you’ll be able to set up a password for your account and get the account registered.

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Once your account is activated you can browse the different interfaces. The intuitive front end helps you navigate the app with ease. For example, you’re able to view the trending trading pairs on the exchange.

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The app also makes it easy to navigate between the spot and futures markets.

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Benefits of Using Coinstore 

  • According to Coinstore, security of users’ funds is a top priority. To ensure safety of assets, 70% of users funds are said to be stored offline and sensitive data is split with redundancy. The exchange utilises AES-256 encryption with multiple layers, and backups copied to FIPS-140 USB drives that are stored securely.
  • Coinstore has a 3-star cybersecurity score from Cer.live. 

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Source: Cer.Live

  • Coinstore reported that it is in the process of applying for a Payment Services Act (PAS) licence with the Monetary Authority of Singapore (MAS). The exchange implements stringent AML/CFT measures which include two-tiers of KYC. This is to ensure that the exchange eliminates bad actors who may want to carry out illicit activities using the platform. Suspicious transactions are regularly flagged by conducting periodic checks and audits.
  • Users can buy and sell, convert cryptocurrencies, and they are also able to securely send and receive digital assets with external digital wallets.
  • The platform offers multi-language support. 
  • Coinstore requires reasonably low minimum deposits for users to start trading on the platform. 

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  • Coinstore has good reviews on some review sites.

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Source: Nomics

  • Coinstore offers in-app and web online support. 

Challenges

  • Coinstore is still considered a new market entrant, thus, it is still relatively unknown compared to other crypto giants such as OKXKuCoinBybitBittrex, and others. However, what’s good about Coinstore’s approach to service delivery is emphasis on user experience especially the UI and UX which is beginner friendly compared to the others.
  • New exchanges such as Coinstore do not have the depth of liquidity that competitors such as PoloniexGeminiBitfinex, and other may have. Nonetheless, exchanges like Coinstore make up for this by having more exciting token pairings and digital assets that may not yet be listed on the other exchanges.
  • Currently users can only deposit crypto on the platform and the exchange does not currently offer fiat pairs. Even though this may seem disadvantageous, Coinstore is actually a digital asset trading platform which is available to a wide users base worldwide compared to some of the regulated exchanges that handle fiat accounts.

Conclusion

All-in-all Coinstore is a legit crypto exchange that is competing in the digital asset trading services space and carving a unique niche by catering to a growing user base of crypto adopters who want a platform that is simple to use. Through great user experience delivery and a fresh approach driven by the vision of being the ‘first stop for popular crypto’, Coinstore looks to continue to grow from strength to strength. 

Find out more about Coinstore.

Join the Coinstore Community on TwitterTelegramFacebook, or Instagram.

Check  out Coinstore’s Knowledge Base with guides and support information. 

Contact [email protected] for business development and listing support.

Check out Coinstore’s YouTube channel for how-to tutorials and more.

 

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Heath Muchena
Heath Muchena

Founder, Decentralised News & Proudly Associated Author, Journalist For more about me: https://linktr.ee/heathmuchena


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