In this post, I did a full review of Coindirect; a cryptocurrency exchange for over 42 cryptocurrencies.
Coindirect is a cryptocurrency exchange where anyone can buy and sell over 42 cryptocurrencies either by P2P using fiat or by swap i.e exchanging one crypto for another. But that not all, Coindirect has a lot more to offer.
In this review, I will discuss Coindirect, the currencies it supports, method of payment, as well as its transaction fees, legitimacy and more.
CoinDirect Review Summary
Coindirect offers a wide cryptocurrency marketplace where any crypto enthusiast can purchase Trade.
In this post, I am going to show you how the Coindirect platform works, its pros and cons (as is in the product rating at the end of the post).
I have used this platform for over a year now. Thus, this review presents all the nitty-gritty about Coindirect in a concise and easy to understand format.
Here is an overview of what I will be discussing in this review.
- Company Overview.
- Coindirect Services.
- Account Types.
- Digital Currencies and Payment Methods.
- Transaction Fees and Limits.
- Available Countries.
- Customer Support.
- Frequently Asked Questions.
Are you ready? Leggo!
1. Company Overview
Coindirect was launched in 2017. It is registered in the Isle of Man and complies with all its Laws with regards to Anti-Money Laundering, CFT, and KYC requirements.
This compliance is to ensure responsible business practices. It offers users the opportunity to easily buy and sell over 42 different Cryptocurrencies with ease using their local currencies such as (EUR, NGN, ZAR, KES, GBP, and AUD) as well as convert one cryptocurrency form to another.
Coindirect has evolved to be one of the leading cryptocurrency exchanges in Africa. It has taken considerable steps to ensure that its users trade a wide range of Altcoins safely through an escrow service.
2. Coindirect Services
Coindirect offers a wide range of services, the level of service you can have access to depends on your account type. However, there are services common to both account types. The major service common to this account types are;
· Buy and Sell BTC
This is the section where users can easily purchase their desired cryptocurrency. Such cryptocurrencies include; Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, Cardano, EOS, etc.
Users can purchase Cryptos either at the P2P market place or directly using their Visa/Master Card.
Also read: 10 best exchanges to buy Bitcoin
· Wallet Services
Coindirect also provides wallet services for all the cryptocurrency it supports. With these wallets, users can easily send, receive, and store different digital currencies on one secured platform.
This is the section where users can quickly convert from one cryptocurrency to another. To use this feature, you will have to specify the cryptocurrency you want to convert from and the one they want to transfer to. This feature is also offered by the P2P exchange Remitano.
Also read: Remitano Review: What makes it outstanding.
Now, let’s check out the account types and services peculiar to them.
3. Account Types
There are 2 account types offered to users in Coindirect. These account types include; Business account and Personal account.
The Business account is mainly a way for businesses to integrate cryptocurrency into their businesses. Its features include;
- Accept global cryptocurrency payments from customers.
- Instant global pay-outs using cryptocurrency.
- Accept Bitcoin payments for game purchases and virtual goods.
- Support bookings from anywhere in the world with no chargebacks.
The Personal account simple allows you to use the services stated above, its benefits include;
- 24/7 Trading.
- Accepts multiple payment methods using bank transfer, swift, Sepa, credit card or mobile money.
- Offers Trades of up to $1m and more supported.
- Supports payment in fiat currency such as ZAR, EUR, GBP, NGN, KSH, etc.
4. Digital Currencies and Payment Methods
The following digital currencies are supported on Coindirect.
- Bitcoin (BTC)
- Ethereum Ether (ETH)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- EOS (EOS)
- Cardano (ADA)
- Stellar Lumen (XLM)
- TRON (TRX)
- Others include; Bitcoin Gold (BTG), Ethereum Classic (ETC), Neo (NEO), Dogecoin (DOGE), Tether (USDT), IOTA (IOTA), STEEM, DAI, QTUM, NEM (XEM), Lisk (LSK), Vechain (VET), OmiseGO (OMG), Siacoin (SC), Stratis (STRAT), ARK, Digibyte (DGB), Golem (GNT), SALT, NXT, ReddCoin, Breakout Stake, Civic Coin, Icon, STORJ, Walton, Waves, Zencash, Zclassic.
- Euro (EUR)
- British Pound (GBP)
- Australian Dollar (AUD)
- Nigerian Naira (NGN)
- South African Rand (ZAR)
- Kenyan Shilling (KES)
Methods of Payment
- Bank Transfer
- Credit/Debit Card
- Online Payments (PayPal)
- Mobile Transfer (M-Pesa and SEPA)
You should note that in Coindirect M-Pesa is available to Kenyan only, while SEPA is available to only European countries.
5. Transaction Fees and Limits
There are no hidden fees in Coindirect, so what you see is what you pay. For example,
- Conversion Fees is 0.25%
- Marketplace Fees for customers is 0.00%, while that of vendors is 1.00%
- Credit card Fees for Nigerians is 1.99%, while the rest of the world is 3.99%.
Coindirect limits users who have not fully verified their account profile. For instance
- In Nigeria, users with unverified accounts can only buy BTC worth 200,000 Naira, while verified accounts can purchase 1,250,000 Naira worth of BTC daily.
- In South Africa, users with unverified accounts can only purchase 15,oo0 ZAR, while those with verified accounts can buy 500,000 ZAR daily.
To verify your profile, users will have to;
- Login to your Coindirect account
- Go to ‘Edit Profile’
- Upload a clear selfie holding your ID, Passport or other Government-issued document.
- Also, upload the same identity document.
- Provide proof of residency, like (Utility bill, Bank statement, Driver’s license, Insurance document, Tax bill, etc.)
6. Available Countries
Coindirect is currently available in 24 countries. These countries include; South Africa, Kenya, Nigeria, United Kingdom, Australia, Belgium, Canada, Finland, France, Germany, India, Ireland, Italy, Malaysia, Namibia, Netherlands, New Zealand, Pakistan, Saudi Arabia, Singapore, South Korea, Spain, Thailand, and United Arab Emirates.
7. Customer Support
8. Frequently Asked Questions (FAQ)
Coindirect offers customers with helpful tutorials and a comprehensive FAQ section. Here are a few FAQs we can see on Coindirect’s platform.
There are two ways to buy bitcoin on Coindirect; at the P2P market place and Through credit card at the wallet section.
At the market place:-
After creating an account on Coindirect
Click on Buy Coins on its dashboard
Scroll down to the coin you want to purchase an click on Buy
Select the trader you want to buy from and,
Enter the amount of cryptocurrency you want to buy,
Choose a payment method and click on Process Order
Make payment to the account given and click on I’ve Paid.
Always make sure you click on I’ve Paid once you have made the payment. If you forget to do so within 90mins, you will not receive your coins. Similarly, if you click on I’ve Paid without actually making the payment, your account will be blocked.
Through the Debit Credit Card:-
Go to the wallet section and click on buy
choose your card type and the amount of bitcoin you want to buy
enter your card info to complete the purchase.
Once payment is successful, the money will appear in your bitcoin wallet.
Also read: How to buy bitcoin with a credit or debit card.
Coindirect operates on a fully secured platform. It provides 2 security measures to help users secure their accounts. These security measures include; Escrow and 2FA.
Coindirect connects buyers and sellers to trade and moderates this process through an escrow. Once a buyer initiates a trade, the escrow locks the coin of the seller so that he/she no longer have access to the coin.
The seller has the power to only release the coin once the buyer makes a payment into his bank account. However, if the buyer does not make a payment within the given time, the seller will then be given full access to his coin.
Two-Factor Authentication (2FA):
Coindirect protects customer’s account from unauthorized access. It does this by providing a two-step verification process. To make use of this security feature, you will have to first download the Google Authenticator app on your mobile phone and then link it to your Coindirect account.
The app generates a code every 30sec and you will have to enter this code to access your Coindirect account. In order words, before anyone can gain access to your Coindirect account, he/she must have your username, password, and also your phone.
These safety measures improve online security and prevent cybercriminals…..I bet you know that.
Coindirect customers can make a living out of cryptocurrency by becoming a full-time trade vendor at the Coindirect exchange platform. The major advantage of being a Coindirect trade vendor is that you be able to create your own ‘sell’ offers at your desired price and have buyers purchase directly from you. In other words, you’re simply your boss.
To do this:
– First, make sure that you fully verify your Coindirect profile with the required documents.
– After verifying your account profile, deposit bitcoins into your Coindirect wallet or buy from any Coindirect vendor.
Now you can then create your sell offers from your dashboard.
As simple as that!
Being a Coindirect partner/trade vendor requires a high commitment of time especially if you receive too many orders from buyers and sellers.
Coindirect vendors are advised to be active full time. This is to ensure that they regularly check pending orders, review proofs of purchase, release coins, communicate with buyers via chat and so on.
Coindirect is registered with Isle of Man Financial Supervision Commission which ensures that its services comply with global standards. This shows that Coindirect is legally permitted to operate and can be sued for damages if customers’ rights are violated.
Its goal is to expand into more countries and include more altcoins on its platform. It has taken considerable steps to ensure that customers trade securely on its exchange. Thus so far, we can say that Coindirect is a trustworthy and reliable peer-to-peer exchange.
This brings us to the end of this review, in summary, we have learned about Coindirect and;
- The cryptocurrencies it supports,
- The available payment methods,
- Its transaction fees, limits and so on.
Now I’d like to hear from you in the comment section below,
What interests you about Coindirect?
Are there ways to improve this exchange?
What other altcoins do you feel it should add on its platform?
If you have a question for me, let me know in the comment section.
Finally, if you enjoyed reading this review and want to encourage me to keep pushing out content like this, then give this post a share using the social buttons below. Thank you