The broker Coinhouse is situated in France that provides cryptocurrency exchange services to the European Union based traders. The primary trading cryptocurrencies are Bitcoin and EUR Ether and vice verse. The broker has expanded its service territory recently. Previously it used to serve only French traders. It does not provide margin trading but accepts a high commission on exchange. However, this broker has a moderate rating but has several advantages and disadvantages as well. This Coinhouse review is a must-read before performing business with it.
To make this Coinhouse review equitable and complete we must shed light on all the possible pros and cons of it. At first, we will analyse all the possible advantages of it.
Payments at Coinhouse can be performed via several channels like credit and debit cards, a bank wire transfer is also supported that involves 3D security. All the withdrawals are processed by SEPA bank transfer. Also, Neosurf prepaid card can be used by traders residing in other continents like America, Africa and Asia. All the withdrawals and payments are hassle-free and quick. The broker does not provide its own wallet however a hardware wallet is recommended named Ledger Nano S.
On the other hand, this broker also has demerits and they are discussed here. The most disappointing factor about Coinhouse is its higher fees and commissions. The exchange is facilitated by a tiered system. Also, the fees charged depends on the mode of payments and the total volume traded. For instance, the bank transfer payment is charged between 6-10% and card payments are charged from 8 to 10%. Compared to other brokers it is ridiculously high. There is no anonymity of traders while trading with Coinbase. The broker performs AML and KYC on its clients. Traders trading out of France must be verified by Passport. As said the broker fails to provide leverage trading and it will disappoint many traders. The minimum deposit via bank transfer is capped at EUR 100 plus bank processing fees. The is also a trading limit set by Coinbase. Before initial verification, daily trade of EUR 200 to EUR 5000 per day is allowed. The trading platform provided is unknown as we are unable to open an account with it.
Is Coinhouse scam or legit?
The broker is moderate and has many demerits over merits. Only two cryptocurrencies are available to trade. Apart from this out side France based traders may face some problem. Trading platform provided us unknown. The Coinhouse may or may not be a potential scam cryptocurrency broker. However, trade with caution is suggested.