Coindirect Exchange Review
Coindirect – Is It Good?
Launched in late 2017, Coindirect is a fairly new, decentralized, peer-to-peer crypto exchange platform.
It was made mainly to work for people in African countries, like Kenya, South Africa, and Nigeria, giving them an easy and straightforward start into the cryptocurrency world. The platform helps them exchange their local fiat, like Kenyan shillings and Naira, for a variety of altcoins, and, of course, Bitcoin itself. Coindirect however, does not currently serve people from the United States.
Since its launch, it has seen a gigantic growth, thanks in part to the simplicity of use of the platform, as well as its wide arrangements of fiat exchange options. Users can buy crypto through bank transfers, the mobile payment M-pesa, and even through PayPal.
So how good is Coindirect? Is Coindirect a scam? What can you get out of trading with it? And, most importantly, how does it stack up against other platforms?
What Does Coindirect provide?
Based on Isle of Man, Coindirect offers a peer-to-peer service, where sellers set their own prices to trade directly with buyers. The fees for using the platform are already included in the payment, and the platform can be used 24/7.
Supported Countries
Coindirect currently accepts users from 24 different countries.
These countries are the United Kingdom, Spain, Finland, France, Germany, Ireland, Italy Belgium, Netherlands, Canada, in Europe and America.
In Africa, they service South Africa, Kenya, Nigeria, and Namibia.
In Asia, they service India, Malaysia, Pakistan, Saudi Arabia, Singapore, South Korea, Thailand, and the United Arab Emirates.
Finally, they also accept users from Australia and New Zealand.
Coindirect Rates and Buying Limits
Coindirect charges no fee for buying coins. It also avoids any hidden fees when sending or receiving coins too.
Coindirect fee: 1% (to sellers)
You may get network fees by the blockchain itself when moving crypto from one wallet to another, but these fees aren’t charged by Coindirect and they’re also usually pretty low. Coindirect also charges a 0.25% conversion fee, and a credit card fee of 1.99% for Nigerians, which is below the international average of 3%.
Coindirect’s buying limits depend on the user’s verification level and country of origin. For example, Nigerian users with unverified accounts are only allowed to buy 200,000 Naira worth of Bitcoin per day, while verified Nigerian users can purchase up to 1,250,000 Naira worth of Bitcoin.
Verification process
Coindirect doesn’t allow anonymous trading. Before selling through the platform, you’ll need to go through their verification process.
To verify your account, you’ll need to provide the scan of an ID and proof of address, and a selfie holding your ID, which can be quite bothersome to get.
However, you can use Coindirect without verifying your account to buy coins without verification, although you can’t buy much without verification.
Security
Coindirect has a pretty robust security system. It includes bank-grade systems, escrow protection and two-factor authentication.
Coindirect is also registered with the Isle of Man Financial Supervision Commission, so its services comply with international financial standards.
Coindirect Pros
- Two-Factor Authentication (2FA): Besides a pretty robust security, Coindirect allows 2FA through the Google Authenticator app.
- No hidden purchasing fees: Fees are already factored in the price, what you see is exactly what you’ll be paying.
- Mobile app available: You can download the Coindirect app for both iPhones and Android phones.
- Nice trading view: The trading view is very simple and easy to understand, which is perfect for beginners and more experienced users.
- Low fees: Coindirect’s trading fees are below the international average, with no purchasing fees.
- Easy to use: Coindirect’s main feature is how simple and intuitive the platform is, making a P2P system very approachable.
Coindirect Cons
- No live support: Coindirect doesn’t have live chat but, you can still contact them via email, Facebook and Twitter.
- Bad Reviews: Although most platforms get a lot of bad reviews due to users only reviewing after a bad experience, Coindirect has more bad reviews than several other options for a platform this size.
- Not for the USA: Although Coindirect does service some countries from Europe and America, it’s yet to service the USA.
Go to Coindirect
Is Coindirect Good For Bitcoin?
Coindirect is a P2P platform that is in constant growth. It increases the countries it serves and provides more alt-coin options constantly.
Coindirect is registered with Isle of Man Financial Supervision Commission, so it is a fully legal crypto P2P platform and not a scam exchange.
We were quite surprised by how easy it is to use and how low the platform rates are. If you live in Africa and want to use a decentralized P2P cryptocurrency exchange, Coindirect is definitely one of the best options available for you.
