Abucoins is a new cryptocurrency exchange based out of Poland with head offices in London and Dubai. The exchange has a strong focus on customer experience and aims to achieve excellence in this area through three things. They provide their customers with multilingual customer support that’s available 24/7, offer some of the lowest fees on the market, and put a strong emphasis on security. The exchange hopes to build a strong reputation based on these three aspects and only time will tell if they can as the exchange was only founded in 2017.
Transparent pricing, competitive fees
Trading at AbuCoins is relatively low-cost. Market makers are not charged, while market takers have to pay a certain fee per trade (0.10%), which is in line with the industry’s average.
Also, deposits are free of charge, as well as withdrawals in Polish Zloty, which is great. Withdrawals in other fiat currencies or cryptocurrencies are charged with some small fees, which are accurately specified on AbuCoins’ website.
Many coins available for trade
AbuCoins offers decent amount of altcoins for trade, including ETH, LTC, BCH, BTG, DASH, ZEC, XMR, REP, HSR, LSK, WAVES, XLM, DOGE, STRAT, CNT, BLOCK and PIVX. Currently, there are around 30 pairs available at the exchange.
Good platform with advanced charting
AbuCoins’ platform offers a basic and an advanced interface. The latter can be switched on by a slider button in the right upper corner. The advanced interfacefeatures price charts from TradingView, as well as a number of technical analysis tools. The platform also features an order book, market depth and trading historywindow.
Although this is not something out of the ordinary in the crypto-world, we have to mention that AbuCoins is not regulated. Most countries have not developed yet clear regulation and requirements regarding digital tokens and exchanges and Poland is no exception to that.
Traditional fiat currencies no longer supported
AbuCoin used to work with several “traditional” fiat currencies (PLN, USD, EUR) and supported convenient payment methods. such as bank transfer and credit card payments. However, this service is discontinued as of mid March, 2018 after the Polish Financial Supervision Authority (KNF) has issued a warnings against the exchange.
So, users of AbuCoins can no longer buy cryptocurrencies directly with cash, or cash out their coins.
No margin trading
AbuCoins works like a traditional exchange bureau and does not offer leveraged trading. As we mostly review forex brokerages, we are used to them offering margin trading. Most crypto-exchanges, however, don’t do that, probably due to the more volatile nature of digital tokens. If you need some leverage, you can check out exchanges like bitFlyer, Lykke, or Kraken. Of course, forex brokers are also an option, as many of them offer trading in Bitcoin CFDs.
No info about storage of clients’ funds
The website of AbuCoins does not provide much information about the protection levels of client assets and it is not clear whether it keeps them in cold storage.
The trading platform offered by Abucoins is their very own web-based trading platform that can be used from multiple devices from anywhere and anytime. The platform caters to both experienced and beginner traders by offering a basic and advanced trading interface. The basic interface features a small price chart from TradingView with some basic tools and features for technical analysis, as well as a simple order placement section and order history. The advanced trading interface features a full-screen charting section which utilizes TradingView and all the advanced tools and features for technical analysis. As well, traders can place more advanced order types here. Both the basic and advanced trading platforms feature a live order book, market depth, and trading history section. As a whole, the platform is really well designed and very user-friendly.
A Polish crypto-exchange with offices in Dubai and London, AbuCoins has rich digital assets portfolio and offers low-cost trading on an advanced web platform.What we dislike about this exchange is the lack of information about the fund storage. Most crypto-exchanges keep client funds in cold storage, in order to prevent hacks.
This exchange is operated by Abucoins limited liability company registered in Poland with share capital of 50,000 PLN (paid up). It is not regulated, as is the case with most similar venues globally. Nonetheless, this situation creates a potential for counter-party risk, as the majority of crypto-exchanges are centralized. We remind you that you can also trade in cryptocurrency CFDs with forex brokers, and below you can find a list of companies that are duly licensed by the respective government agencies.
Since Abucoins trading platform is web-based the platform can be used on any mobile device including smartphones and tablets powered by both Apple and Android. The website and platform are fully optimized for mobile devices and includes all the same features which are utilized in the basic desktop platform version. Due to the smaller screen interface, the advanced charting tools and features are not compatible. Mobile trading with Abucoins is very responsive and follows the same look and feel as the regular platform which is very nice as it feels familiar. There are no downloadable applications for mobile trading, but the optimized website looks and feels like a mobile app.
|Rank||Site||Margin trading||Fiat||Safety||API||Referral||Location||Languages||Buy with||User Vote||Score|
|1||A||San Francisco, USA||EN||bank transfer, card|
|3||A||No||Hong Kong||EN||EUR, USD|
|4||No||A||Europe||EN, CZ, SK||USD, EUR|
|5||A||No||San Francisco, California, United States||EN||USD, EUR, JPY, CAD|