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- Coinsuper has rocketed to almost overnight success as a coin exchange, now having trading volumes comparable to Binance and Coinbase Pro
- The rapid growth of Coinsuper is due to the July roll-out of the Coinsuper exchange token CEN
- Coinsuper uses transaction mining of CEN coins to abolish regular trading fees while also rewarding traders with CEN tokens
Coinsuper – The Next Best Trading Platform or Something Else?
Coinsuper is a new digital currency exchange, based in Hong Kong, which is fast taking the cryptocurrency world by storm.
Before July 2018, Coinsuper was an outsider in the exchange and ICO trading circuit. However, on July 16, 2018, Coinsuper launched the CEN coin, which stands for ‘Coinsuper Ecosystem Network’.
The CEN token promises to make trading on Coinsuper nearly fee-free for its users.
This is thanks to the fact that CEN coins will be mined as trading transactions take place. Users of the new digital currency exchange will then be rewarded with up to 500 CEN coins per transaction. Read on for more details of how this works.
Coinsuper at a Glance
Here is their official introductory video:
Verified Coinsuper accounts can be funded in U.S. dollars or a variety of cryptocurrencies.
However, Coinsuper is also limited to a certain extent:
- Coinsuper does not serve residents of the United States or foreign nationals who possess a United States passport
- Coinsuper also does not serve residents of Cuba, Iran, Syria, Crimea, or North Korea
- While Coinsuper does allow verified accounts to be funded using U.S. Dollars, funds can’t be added directly. Instead, funds need to be wired to a third-party beneficiary bank account and will take 2-3 days to clear
Due to geographic restrictions on who can use Coinsuper, the exchange mostly targets traders in Europe, Australasia, Asia, and South America.
All users are required to verify their identity via a know-your-customer (KYC) verification process similar to that of exchanges like Coinbase.
The CEN Token
In genereal, the CEN coin seems to be what the BNB coin is to Binance or what KuCoin Shares (KCS) is to the KuCoin exchange, however there are some important distinction to be aware of.
Coinsuper has implemented something called transactional mining using the CEN token. What is transactional mining? It is a reward system to encourage people to trade. Users may be rewarded with free CEN coins and/or will receive CEN tokens for making trades on Coinsuper.
Coinsuper provides some information in this announcement, but details are still somewhat unclear.
Additional perks and benefits are provided to CEN holders, as detailed in this announcement.
The CEN token is not yet officially listed Coinmarketcap.com.
Coinsuper’s transaction fees are 0.2% for both makers and takers. However, as mentioned above, holding CEN tokens provides users with a discount or even zero-fee transactions.
There are no fees to deposit though there are minimum amounts when depositing cryptocurrencies. There are also withdrawal fees and minimum and maximum withdrawal amounts. All of these are detailed here.
For basic assistance, Coinsuper has an FAQ section that will answer most users general questions regarding deposits, withdrawals and trading.
For personal help you can contact the Coinsuper customer assistance here: firstname.lastname@example.org
A second contact email for Coinsuper is: email@example.com.
How to Sign Up, Verify Identity and Deposit Funds
To get started with Coinsuper is quite simple and like any other cryptocoin exchange. You register and create a username and password.
You then proceed through their KYC identity verification process. Once completed, you can deposit via bank wire or cryptocurrency deposit.
For screenshots and a detailed guide on registering, account verification and depositing, see Coinsuper’s guide on how to do these.
Mobile Trading With the Coinsuper App
For desktop traders, Coinsuper provides a very familiar UI to digital currency exchanges like Binance and Bittrex.
Is Coinsuper Safe?
The short answer is that we don’t really know yet. Coinsuper is only a few months old and their security practices are not well-known. That being said, if you use them to trade cryptocurrencies and promptly remove your coins off the exchange and into a wallet, then there is little risk.
We strongly recommend you do not store your coins on the exchange itself.
Coinsuper does support two-factor authentication, which is always a wise idea when dealing with cryptocurrency and money.
Despite not serving residents of the United States, Coinsuper does offer several advantages to traders. Thanks to the creation of the Coinsuper Ecosystem Network, coinexchange users and ICO traders can trade 100% fee-free. As a bonus, CEN coin rewards issued to traders could increase substantially in value as Coinsuper attracts more users.
Coinsuper’s fees of 0.2% are rather low and the exchange does provide access to 30+ altcoins.
At face value, Coinsuper presents itself as a very capable exchange. However, some are questioning whether transaction mining and CEN coin rewards are just being used to inflate Coinsuper daily trading volumes artificially.
Also, not catering to U.S. users may see Coinsuper struggle to conjure favor among UK and EU users in the immediate future.
Security could also be a risk as Coinsuper is a young and relatively untested exchange.
For those who wish to trade with leverage, leveraged trading is currently not supported on Coinsuper.
Coinsuper is a new and potentially exciting cryptocurrency trading platform that may be of interest to day traders who wish to trade often due to Coinsuper’s very low, and possibly zero, fee structure. The trading platform itself appears to provide enough technical tools and a relatively easy to use interface.
However, the exchange is still quite young and its security is not fully known. In addition, there are a lot of minimum and maximum deposit and withdrawal requirements which may prove frustrating for some traders.
That being said, the exchange may be worth exploring and is reminiscent in some ways of a young Binance. Though whether it will enjoy the success of Binance remains to be seen.
Richard has developed and ran multiple online websites and communities with tens of millions of monthly visitors. He first discovered bitcoin and blockchain in 2012 and has been helping to educate others on its potential since then. Richard is very passionate about the crypto community. Read his inspiring story into cryptocurrency here.