Every trading exchange out there claims to be the best Bitcoin trading exchange. Does CoinTiger satisfy what a user seeks from one such exchange? That’s what this CoinTiger review will be all about.
The exchange at first impression appears neither too extravagant nor quite plain. It’s just what the industry offers in general. Although we did find a couple aspects which could be improved and some which impressed us.
Anyway, the questions we’ve mapped out for our reviews are the same as always and have been mentioned below:
- Does CoinTiger need KYC verifications?
- What are the deposit/withdrawal modes on CoinTiger?
- How secure is CoinTiger?
- What are the limits and fees on CoinTiger?
- What is CoinTiger fixed income?
- Which coins and trading pairs does CoinTiger support?
- How to contact CoinTiger support?
Dive right in then?
Let’s get you an idea of the primary pillars that CoinTiger is built upon? Well for starters, the company claims its 24X7 trading volume to be 27,469.3291 BTC which is pretty impressive. Here are its primary features:
- Primary URL: https://www.cointiger.com/
- KYC: Optional
- Trading pairs: 60+
- Deposits: Crypto-only
- Fee: 0.08%-0.15%.
- Security: Fund Password/ 2-FA/ Email verification
- Mobile trading: Yes (Android/iOS).
Does CoinTiger need KYC verifications?
No, it’s not mandatory. This is one of the most impressive and appealing aspects of this CoinTiger review. Rarely do we find the best Bitcoin trading exchanges offering such anonymity and privacy.
KYC verification on CoinTiger sure exists, but it’s optional. Optional as in truly optional, it’s not randomly asked for by the team without valid reasons.
The KYC is primarily equired in two cases:
- If you wish to extend your withdrawal limits.
- If there’s suspicious account activity.
The first case is identical to the KYC-policy we discussed in our Binance review. It’s totally and 100% possible to deposit/trade and withdraw funds on CoinTiger without KYC verifications. However getting verified increases your withdrawal limits from 2 BTC to 50 BTC/day.
The second case of KYC being required may mean IP addresses from foreign locations, ridiculously large amounts of transactions, unnatural deposit/withdrawal frequencies and so on.
There sure are a number of advanced features which require mandatory KYC. For e.g. in order to deposit fiat currencies you must be a verified user. It’s also required if you wish to use the CoinTiger bank and make money on your investments. But if you do not use these features, the exchange will be completely KYC-free for you.
Another anonymity-boosting aspect is its registration form. Have a look:
So again, no real names, addresses or anything of that sort demanded .Simply enter an e-mail ID and password and you’re all set. Sure you can use your mobile number to register as well, but that’s completely optional.
What are the deposit/withdrawal modes on CoinTiger?
The deposit and withdrawal modes on CoinTiger are a bit different than the other exchanges we generally see.
So for starters and primarily, it’s a Crypto-only trading exchange. In other words, you can’t buy Cryptocurrencies using fiat modes directly on the platform.
But then there are two exceptions. It supports CNY deposits directly. So if you’re a Chinese national, you can buy Cryptocurrencies directly using fiat (requires KYC).
Secondly, there’s a weirder, non-traditional mode of using fiat to buy Cryptocurrencies on the platform using Telegram. Their support staff gave us the telegram channel for a person. The person supposedly accepts fiat payments in exchange of Cryptocurrency funds for CoinTiger.
It sure is legit as the company support-reps shared the Telegram channel to begin with. But it’s just not very common for exchanges to use third-party individuals for fiat deposits.
*We aren’t sharing the Telegram username of the trader for security reasons. It may not be a trustworthy source by the time you read this CoinTiger review, or the username might change. We suggest you get in touch with the support staff and confirm if the feature still exists whenever you wish to use it.
So in a nutshell, technically it’s a Crypto-only exchange, but it is possible to trade using fiat currencies on CoinTiger.
How Secure is CoinTiger?
So far, we know the exchange doesn’t require KYC, and it does allow deposits via fiats. The one other question which begs an answer is that of security. Are your funds and accounts secure? That’s what we’ll discuss in this CoinTiger review section.
Here’s what the security centre at CoinTiger looks like:
As is evident, the security features offered by the exchange include:
- Fund Password.
- SMS Verification.
- Google Authenticator Verification.
A number of settings can be activated, but they all depend on one of the above-mentioned security features.
The fund-password for starters if and when activated would be required for withdrawals. So even if your password is compromised along with your mobile/Google authenticator, your funds would still remain same. It also can be set to be required for “transactions”. Once enabled, you can only make trades with the correct fund password.
The SMS verification can be enabled for Login as well. However it can’t be set for withdrawals. It also will be a complete breach of any and all anonymity you might otherwise have.
The Google Authenticator can be used to strengthen your security without actually giving up your privacy. It can be set both for login, as well as withdrawals. You manually get to choose which of those two actions you wish to secure with the Authenticator and which to exclude.
This can also be used for resetting passwords or while making major changes to the security centre.
The security centre also displays login history, which includes the login IP address, date/time, and device. Can be used to detect unauthorized logins.
As for cold storage, it doesn’t seem to be available. This is based on what the understandable parts of the translated Chinese response from their team seemed to convey.
What Are The Limits and Fees on CoinTiger?
No trading exchange is free now, is it? CoinTiger too has its fees. Because it’s officially a Crypto-only exchange, there’s no fiat fee involved.
All cryptocurrency deposits are absolutely free. The withdrawals however are chargeable. Each Cryptocurrency has its own withdrawal fee and minimum withdrawal requirement.
For BTC, the minimum withdrawal must be equal to 0.002BTC and the fee is 0.0005BTC/withdrawal. Similarly for ETH the minimum limit and fee is 0.02ETH and 0.01ETH respectively.
The minimum limit and fee for all the coins is displayed on the withdrawal page. Note that the displayed fee is only the “minimum”. It can be manually increased if you require faster transactions.
The trading fee as is traditional in the industry, is based on a maker-taker model. It charges 0.15% for the takers and 0.08% for the makers of a trade.
What is CoinTiger Fixed Income?
It’s a feature using which you can earn an interest on your funds. You simply need to transfer funds from your “Investment account” on CoinTiger.
Once done, you’re paid a pre-determined interest for your deposited funds. However note that the funds are “locked-in” for 30 days. Hence, you can’t touch the funds before the lockdown is over.
So it’s essentially like making a fixed deposit . You make a deposit for X amount of time and make a profit on the investment after the time has passed. It differs from the staking offered on other platforms as some of the best Bitcoin exchanges do offer a lockdown-free staking feature.
Currently, only USDT and BTC investments are accepted. A 4% annual yield on BTC and 5% on USDT is offered. There also is a minimum limit, BTC deposits must equal 0.01BTC in the least, while USDT deposits need to be 100USDT.
Which Coins and Trading Pairs Does CoinTiger Support?
There’s no official list. But from the looks of it, the exchanges does support coins in the neighbourhood of 100. Note that this isn’t exact neither can it be coinsidering how coins are often enlisted/delisted based on several factors.
But in the very least, you should find around 50 trading pairs or so. Most major as well as minor coins seem to be available.
How to Contact CoinTiger Support?
Lastly for this CoinTiger review, let’s talk of the support options? So there’s a live-chat feature which is available 24X7.
You might however have a bit of trouble understanding the replies, or explaining the problem to them. Simply because the staff seems to be China-based and while they do reply in English the sentences aren’t always perfect. Well 10/10 for the efforts though. The response-time is sometimes a bit delayed, although in most cases is instant.
E-mails and social channels too can be used to get in touch.
Final Verdict – CoinTiger Review
So let’s wrap this CoinTiger review up. Top to bottom, the KYC policy is impressive, deposit modes may use some improvements, and security features seem acceptable.
The additional features such as the support and the fixed income aspects do soften the rough edges a bit.
So all in all, it may or may not be the best Bitcoin exchange in the industry but sure deserves a peek. Although hey, do drop your two cents on this CoinTiger review in the comments?