What is CoinEgg?
The company is another of the newer cryptocurrency exchanges. It’s based out of the UK and has the main objective of providing services related to digital assets. They do this without giving any trading related to fiat currency. And that is why they are considered unattractive by many people in the cryptocurrency space.
What Advantages Does CoinEgg Have?
There are a lot of different altcoins that can be traded on the cryptocurrency site. Of course, you can trade common coins like BTC and Ethereum, there are also other currencies that are available like Litecoin and many others. Some of them are much more exotic than those mentioned already as well. To get the details on what they offer, you’ll have to look further into the company as many of them are not the most valued coins around.
If you’re looking for particular type of token, the best thing to do would be research into the best exchanges that trade it. There a lo of different exchanges available and some of them carry certain coins while others do not.
CoinEgg is also said to offer very low trading fees to compete with other sites. But there a lot of portions of the site that are not very pleasant. You have to keep a lot of things in mind while trading on the site or any site for that matter.
And, one important thing to mention is that site has been reported to never have been hacked.
What Disadvantaged Does CoinEgg Have?
The company only trades in BTC, and has been set back at some level because no offering of any fiat. Which means the company is basically trading against BTC only.
They have a low a low liquidity on several of their instruments. This is because there is no supporting system to use fiat to back their tokens which is very rare.
Withdrawal fees are as much as 1% and the exchange rates are typically the same for many of the exotic, uncommon coins. The rates are considered acceptable for major coins but not those that are rare.
There are a lot of other companies that have a much better method of trading. This is considered a relatively unsafe exchange for people to use. You trade what they call are the Contracts For Difference, and they don’t really seem to do much. When it comes to a cryptocurrency exchange platform, ForexBrokerz are falling behind what others are doing.
There is also a lack of proper analytics or charts that will measure what is happening. It’s a UK based digital exchange. But they don’t accept any fiat currencies, which means they are not regulated. This is not a safe bet for anyone looking to make a profit with cryptocurrency.
The low fees are what attracts people to the site for the most part. They are more often than not a diversion of the fact that the company doesn’t really have anything backing it.
From a legal aspect, the company is unsafe as can be, more so then other cryptocurrencies that also carry a level of risk. The industry is naturally risky, but trading with a company like CoinEgg is a certain way to put yourself in more trouble than could happen with a more trusted site like BitCoin or Ether.