Is CoinList a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether CoinList is a good crypto exchange to start trading with. In this article you will learn whether CoinList is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker CoinList
The CoinList exchange was incorporated in 2017 in San Francisco. It is licensed by U.S. financial regulators, operates under the Bank Secrecy Act (BSA), and participates in the Anti-Money Laundering (AML) compliance program. Today, over 10 million traders worldwide use the services of this broker. The exchange attracts both active digital asset traders and investors interested in passive income by storing different types of tokens. CoinList is also among the first exchanges to offer access to new blockchain-based products.
| 💰 Account currency: | USD, cryptocurrencies |
| 🚀 Minimum deposit: | From $1 |
| ⚖️ Leverage: | 1:1 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Over 80 cryptocurrency pairs and crypto and + USD pairs |
| 💹 Margin Call / Stop Out: | No |
CoinList Pros and Cons
👍 Advantages of trading with CoinList:
•licenses and cooperates with reliable custodians (i.e., third-party custodians of client assets);
•low commissions for selling and buying cryptocurrencies;
•has a wide range of trading pairs;
•opportunity to invest in new tokens, access to which may be closed on other platforms;
•no minimum deposit requirements;
•easy-to-use mobile and web platforms with a well-designed interface and TradingView charts;
•availability of referral programs and various types of bonuses;
•access to credit and loans through WBTC and EFIL.
👎 Disadvantages of CoinList:
•In some countries, exchange services are not available or their list is limited;
•all fiat currencies on the site are converted to U.S. dollars with fees deducted;
•free withdrawal is available only through ACH (Automated Clearing House).
What is a Good Crypto Exchange for Beginners?
In order to choose the right broker for a beginner, you need to consider several aspects.
Here are the main ones:
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Education. It is important for novice crypto traders to learn how to trade. An exchange can offer educational courses, video tutorials, articles, webinars, etc. The more learning opportunities there are the better.
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Availability of a demo account. You will need this account to practice. It provides an opportunity for a beginner to trade risk free and try out trading strategies.
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Availability of a simple method to buy cryptocurrencies. An exchange service or a P2P exchange would be an advantage for an exchange.
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Low fees. The level of income of the trader depends on the level of the fees. Therefore, it is important to choose a company that charges minimum fees. Crypto exchanges mostly use the Maker and Taker fee model. It is important that you study them.
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Instruments for passive investing. In addition to active trading, passive income is also important for beginners. Pay attention to availability of copy trading or staking.
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Trading platform. It is important for a novice trader to choose the simplest trading platform that will be easy-to-use for trading.
In addition to these factors, you also need to consider how customer support operates, as it will also be important. Bonuses for beginners are also a nice perk.
Trading Conditions for CoinList Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. CoinList offers traders the following conditions.
| 💻 Trading platform: | Mobile apps for iOS and Android, browser-based version (does not require installation) |
| 📊 Accounts: | CoinList.co, CoinList Pro |
| 💰 Account currency: | USD, cryptocurrencies |
| 💵 Replenishment / Withdrawal: | Cryptocurrency wallets, ACH, bank transfer |
| 🚀 Minimum deposit: | From $1 |
| ⚖️ Leverage: | 1:1 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.0001 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Over 80 cryptocurrency pairs and crypto and + USD pairs |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | n/a |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Yes |
| ⭐ Trading features: | Early access to new tokens, zero exchange commissions for large trading volume (over 100 million USD traded) |
| 🎁 Contests and bonuses: | Bonus for the first deposit, bonuses for certain actions in the trading platform |
Commissions and Fees
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of CoinList commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal fees.
Standard account holders are charged 0.5% per transaction in base currency by CoinList. The minimum fee is $0.25 or the equivalent in cryptocurrency. The commission level for CoinList Pro depends on the total trading volume in U.S. dollars over the last 30 days. Thus, a taker pays the exchange 0.05-0.45% and a maker pays 0-0.25%. There are no commissions for incoming bank transfers; $10 for payments within the U.S.; and $30 for international transfers for outgoing transfers. ACH transfers are free. Withdrawal fees are listed on the exchange's official website. Additional network fees apply to cryptocurrency withdrawals. The table below shows the average fee per trade turnover of $1,000.
| Account type | Spread (minimum value) | Withdrawal commission |
| CoinList.co | $5 | Availability and size of the commission depend on the country of residence, selected currency, and payment method |
| CoinList Pro | $3.5 | Availability and size of the commission depend on the country of residence, selected currency, and payment method |
Investment programs of CoinList
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. CoinList offers the following passive income options.
Investment Programs, Available Markets, and Products of the Crypto Exchange
CoinList allows clients to earn passive income. The exchange focuses on investing in relatively new blockchains rather than in popular cryptocurrencies with the highest liquidity. Traders can earn here even without active trading. It is enough just to keep digital coins from the exchange-approved list. Two affiliate programs are available as well.
Staking includes an interest-based income for storing crypto assets
CoinList customers can receive remuneration for staking certain cryptocurrencies. To do this, transfer coins to the internal wallet of the account, for the storage of which the exchange pays interest. At the time of this review, the list of currencies supported includes 9 tokens. The lowest rate (from 3.88% to 5%) applies to ALGO, CELO, FLOW, and XTZ. Interest is paid once a month.
Tokens with the highest reward value:
ROSE — 10.75%;
Threshold — 15.3%;
MINA — 16.32%.
CoinList doesn’t withhold deposit fees for staking currencies but it does charge a fee of 8-15% on accrued fees, depending on the coin. Staking fees are not available for cryptocurrencies held in CoinList Pro accounts. Also, citizens and residents of certain countries, such as the U.S. and Canada, cannot receive money for storing assets.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.
CoinList’s affiliate program:
Referral program for CoinList. After registering through the CoinList client link and after the referral transacts a buy/sell transaction of $100 or equivalent in cryptocurrency, both program participants receive $10 in BTC.
Affiliate program for CoinList Pro. Partner gets 50% of the trading commission value, which his referrals pay to the exchange within three months after registration. Referrals receive a 10% discount on commissions for 6 months.
Program referrals shall start trading within 90 days of registration, or within 30 days of an affiliate program.
Conclusion. Is CoinList good for beginners?
The CoinList cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, CoinList could be considered as a good cryptocurrency exchange for a start.
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FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.