Coins-E Celebrates its Birthday With 0-Fee Trading All Week

Journalist:
Neil Sardesai @@neilsardesai
May 23, 2014
Starting today, Coins-E is offering 0-fee trading for one week to celebrate its one-year anniversary.

Coins-E is a fairly young cryptocurrency exchange that just turned one year old today on 23 May 2014. To celebrate its one-year anniversary, the exchange has decided to offer 0-fee trading for the next week for all supported currencies.

Hi,
We cannot believe its been an year. Coins-E started as a small service exactly 1 year ago. Today, we have grown into one of the important exchanges in the cryptocurrency space.We take this oppurtunity to thank you for standing by us in times of difficulty.It has not been easy to run the service on top an ever evolving technology.
We have done our best and we promise to keep improving our service.As a token of thanks we are offering 0 fee on trading across all coin pairs for one whole week starting today (23rd May).

Come visit us and trade.

Good times are coming
Coins-E

[divider]CCN[/divider]

Security

[dropcap size=small]C[/dropcap]oins-E has been around for a year without getting hacked, something that can’t be said for all exchanges. I’ve personally used Coins-E, and it seems like they have pretty good security. The exchange allows users to use two-factor authentication and emails users of any and all account activity. For instance, the site even emails you when you (or someone else) log in to your account.

Coins-E emails users about any and all account activity.

Furthermore, the site claims to store 80% of deposits offline with only 20% in a hot wallet to protect users’ funds.

Ease-of-Use

Now this is where Coins-E takes a hit. Deposits can take more confirmations than the number required, and the overall UI isn’t particularly intuitive.

This page could definitely be cleaned up a bit…
Calling this page “cluttered” is an understatement.

Using Coins-E could prove a challenge to anyone just getting started with trading cryptocurrencies. However, more experienced users should still be able to manage.

Scam Accusations and Software Bugs

Many of the exchange’s users have complained on Bitcointalk and reddit that Coins-E is slow to provide customer support, and some have denounced the exchange as a scam. Most of these users were Dogecoin traders who were affected by a bug in the exchange’s software. For example, one user opened a support ticket asking why his Dogecoin deposit wasn’t crediting. He received a response five days later:

Hi lyon42,

We deeply apologize for the delay on the dogecoin deposits. There was a software bug with dogecoin and we were forced to re-issue deposit addresses to all our users. We are now recovering all the coins sent to the old deposit addresses and this is a time consuming process. We hope you understand.
We have now resolved the issue. Your funds have been credited to your account. Please check your wallet. If you still may have issues, contact us with your transaction id.
Thank you.

However, not all users have been reimbursed:

“I have 2 tickets from a month ago , 0 answers, 50K NET missing, fuck this shit”

-tekke on Bitcointalk 8 April 2014

I actually bought a couple thousand Dogecoins using Coins-E and didn’t experience these issues, so maybe I was lucky? If you’re looking to trade some coins this week, I would recommend taking advantage of Coins-E’s 0-fee trading. However, due to the issues many users have experienced, don’t deposit more than you can afford to lose.

Last modified (UTC): May 23, 2014 11:01

Neil Sardesai @@neilsardesai

I enjoy keeping up with the latest stuff in science and technology and have been following Bitcoin for a few years now. I also occasionally post cool stuff on twitter.