Coinlist Review | Worth Using For Anything But Token Launches?
Jack Moreau
Feb 2024
9 min read
Fact checked
Coinlist Review: What are the strenghts and weaknesses of Coinlist and should you use it products and services? We have researched Coinlist in detail so that we can provide you with all the important details that you need to decide if it's an exchange that you should be using!
Coinlist is one of the most innovative cryptocurrency launchpads in the market today. Founded in 2017 by Andy Bromberg and Graham Jenkin, this US-based platform has quickly become one of the most well-known exchanges, with over 10 million registered users from around the world.
Coinlist exchange
Coinlist's mission is to provide comprehensive support for various aspects of cryptocurrency investment, including token sales, distribution, trading, lending, staking, and access to decentralized finance opportunities.
One of the key features of Coinlist is its focus on new token issuance. The platform has facilitated the sale of tokens for established projects such as Filecoin, Solana, Celo, Algorand and Dapper by connecting them with an extensive network of retail investors.
Coinlist also supports over 40 different cryptocurrencies, including popular options like ETH, DOT, FIL, and others. Additionally, the platform is available in over 170 countries, making it a truly global option for cryptocurrency investors.
However, as with any exchange, there are certain restrictions to be aware of. Coinlist is not available for users in the US, Canada, or OFAC countries, and certain token sales may have additional restrictions.
Overall, Coinlist is a great option for anyone looking to invest in emerging cryptocurrency projects or access the latest decentralized finance opportunities.
Coinlist KYC Requirements
The signup process on Coinlist is fairly simple requiring only a full name and email address to access the website. However, in order to access any features on the platform, users must complete KYC verification which includes uploading ID, address, and a selfie.
Coinlist KYC Requirements
The KYC process on Coinlist is mandatory and no features are available without it. Once the user has submitted their documents for verification, the process can take up to several days to complete. However, once the user has been verified they will be able to access all of the features available on the platform.
Coinlist is a reliable platform for cryptocurrency trading and has strict KYC requirements in place to ensure the safety and security of its users. While the verification process may take some time, it is necessary to maintain the integrity of the platform and prevent fraudulent activity.
Coinlist Crypto Products
Coinlist offers a limited range of product features which is comprised of mainly spot trading, basic buy and sell of cryptocurrencies, a launchpad for new token sales and staking. Unfortunately, their user experience is not the best and can often be a frustrating experience.
Buy and sell crypto on Coinlist
In terms of daily spot trading volume, Coinlist falls behind with an average daily spot volume of less than $500,000.
This means that if you're looking for a high volume exchange, Coinlist is the last option that you should consider as it has very low liquidity. The website also often experiences connection issues which means that users have to wait to login.
Coinlist is useful as launchpad that offers investors access to exclusive token sales, allowing them to invest in promising blockchain projects at an early stage.
The platform has a rigorous selection process, and only high-quality projects are approved for token sales. Projects such as Solana, Axelar, Agoric, MINA and other well known project chose Coinlist as their launchpad.
Coinlist provides various options for purchasing cryptocurrencies, including spot trading and cryptocurrency swapping, both of which offer seamless and secure transaction experiences.
While buying crypto with a card is not currently supported on Coinlist, users can still easily swap cryptocurrencies with a transaction fee of 0.5%.
Buy and sell crypto on Coinlist
It's important to note that liquidity may sometimes be an issue with spot trading on the platform. Furthermore, for users looking to make bank deposits, it's worth noting that only USD deposits are currently supported on Coinlist.
Overall, when considering the available cryptocurrencies and the fees associated with trading, Coinlist provides a subpar experience.
Coinlist charges a maker fee of 0.25% and a taker fee of 0.45%, which is slightly higher than some of the other exchanges in the market.
For example, Phemex offers a competitive maker fee of 0.1%, while Kucoin and Binance charge a maker and taker fee of 0.10%.
On the other hand, some exchanges charge much higher fees, such as Hotbit, which charges a spot trading fee for takers between 0.2% and 0.65%, and Bitstamp, which charges a 0.40% taker fee.
Overall, Coinlist's fees are reasonable and comparable to other exchanges, but as mentioned previously, unfortunately the exchange suffers of very low liquidity which means that spreads are larger, which translates to higher prices.
Coinlist Deposit Methods
Coinlist only offers one fiat deposit option, which is USD. However, the exchange offers a convenient and hassle-free deposit process for US customers, with deposit methods including ACH or Wire Transfer.
The best part is that there are no deposit fees for USD deposits on Coinlist. Overall, while Coinlist may not support as many fiat currencies as other exchanges, it is a reliable and trustworthy platform that offers a seamless deposit process for USD deposits.
How to withdraw from Coinlist?
While Coinlist does not support fiat withdrawals, it provides crypto withdrawals with different fees depending on the blockchain.
To withdraw Bitcoin, Coinlist charges a 0.0005 BTC fee, and for Ethereum, a high 0.004 ETH withdrawal fee. Additionally, withdrawing ERC-20 USDT comes with a whopping 6 USDT fee, which is relatively high compared to other exchanges.
Is Coinlist Safe?
Coinlist prides itself on its commitment to security with no known hacks or data breaches to date.
Coinlist has taken extensive measures to ensure that their users funds are kept safe. While Coinlist does not currently offer proof of reserves, they do have a registration with FinCEN in the United States, and they partner with top custodians like BitGo and Gemini Custody to ensure that users funds are safe.
Funds held in cold storage are insured by their custodian partners' insurance policies, providing an extra layer of protection.In addition to their partnerships with top custodians.
Coinlist also uses two-factor authentication (2FA) for every account and most transactions, ensuring that only authorized users have access to their accounts. Coinlist like most exchanges based in the United States put great emphasis on security measures to protect users funds.
In conclusion, Coinlist is a versatile and innovative cryptocurrency exchange that offers a limited range of services with the main one being the launchpad.
With over 10 million registered users from around the world, Coinlist has quickly established itself as a leading launchpad in the market.
The platform supports a limited 40 different cryptocurrencies are available to buy either via their spot exchange or through swapping.
Coinlist's fees are reasonable and comparable to other exchanges even though liquidity is very low. When it comes to deposit methods, Coinlist does not support as many fiat currencies as other exchanges but does offer free USD deposits.
While Coinlist's user experience may not be the best, it offers a reliable platform for cryptocurrency trading and has strict KYC requirements in place to ensure the safety and security of its users.
Overall, Coinlist is a great option for anyone looking to invest in emerging cryptocurrency projects or access the latest decentralised finance opportunities. Its innovative features and global appeal make it a forward-thinking exchange with a bright future.
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Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
