CoinW

CoinW Review Introduction – What is CoinW?

CoinW is a small to medium sized exchange with optional KYC, decent volume, and just over 400 altcoins. This trading platform was launched back in 2017, and currently sports over 8 million users, according to their homepage. The exchange lets you trade spot and futures, but also has additional features such as copytrading, trading bots, staking, and more.

If you stick with us throughout our CoinW review, you’ll learn more about deposit and withdrawal methods, fees, features, and safety concerns.

Pros and Cons

Fiat Deposits & Withdrawals

CoinW is not the greatest exchange for beginners. The platform supports fiat deposits, but only through 3rd party payment gateways. CoinW itself does not charge any extra fees, but the 3rd party gateways do. By purchasing cryptocurrency through these 3rd party services, you will generally pay close to or even over 5% fees.

On more popular fiat entry points such as Binance, Bybit or CEX.io, you can typically buy crypto using local currency with 0% fees through their direct deposit methods.

In case you still choose CoinW’s gateways for buying crypto, you can select from over 100 local currencies. Payment methods include popular bank transfers (ACH, SEPA, SWIFT), Google Pay or Apple Pay, credit or debit cards, but also dozens of additional payment methods depending on your country.

You can also attempt to use CoinW’s P2P marketplace. On the peer to peer market, you can buy crypto directly from individuals. However, in our tests we found only a few dozen active sellers and very few payment methods available compared to P2P markets on other top exchanges.

For fiat withdrawals, the same 3rd party gateways will be available. However, fewer payment methods will be available to you, which will also depend on your country.

For a more detailed overview of payment options scroll back to our CoinW fees section above. Clicking on each gateway will expand a list of payment methods and fees.

Trading

On CoinW, you can trade regular Spot, but also Futures markets. You can also trade leveraged tokens to magnify gains but without the risk of liquidation inherent to futures trading. Additionally, copytrading feature also lets beginners copy positions from more experienced traders in an attempt to make profits. Plus, you can use trading bots for automated signal trading.

Currently, CoinW does not have Margin, Options, or any traditional markets trading such as stocks or forex.

Spot Trading

Spot trading enables anyone to own their first Bitcoin, or invest in over 400 altcoins. All the mainstream assets are available, including Ethereum, Solana, XRP, and many others. Fees are set to 0.2% per transaction no matter the order type. By using Cexfinder’s signup link, you can reduce these fees by 10% at no downside or cost to you, which can lead to noticeable savings in the long run.

There are no fee discounts available for high volume traders. However, experienced traders can obtain additional substantial spot fee discounts by holding a certain amount of native tokens:

Level	Price	Validity Period	Taker Fee	Maker Fee
VIP1	0 CWT	30 days	0.2%	0.2%
VIP2	680 CWT	30 days	0.15%	0.15%
VIP3	2680 CWT	30 days	0.12%	0.12%
VIP4	12800 CWT	30 days	0.09%	0.09%
VIP5	38600 CWT	30 days	0.06%	0.06%
VIP6	86800 CWT	30 days	0.01%	0.01%

Compared to other exchanges, these VIP discounts come at a very small cost. You can view the live price of CWT, CoinW’s native token below:

In case you intend to do high-volume spot trading, CoinW can be one of the cheapest exchanges. For a fairly small cost you can drop fees all the way down to 0.01%, which is incredibly low!

To buy cryptocurrency on Spot, you can place regular Limit or Market orders. Additionally, conditional orders are available, including advanced limit, trailing stop, stop limit/OCO, and Iceberg. For vast majority of users, these will be more then enough to successfully execute any trades.

Leveraged Tokens

Leveraged tokens (or ETF trading) are available for Bitcoin, but also several other popular assets: Ethereum, Dogecoin, Shiba Inu, and XRP. You can buy 3X or 6X leveraged tokens, depending on asset. Trading leveraged tokens is not without its risks, but they do essentially ensure there is no risk of liquidation, as opposed to trading with leverage on Futures market.

Futures Trading

The bread and butter of crypto traders everywhere are perpetual futures. CoinW doesn’t list all 400 altcoins in the Futures market; instead, just over 100 assets are available. But for those coins that can be traded, liquidity and order book depth is more than sufficient even for high-volume traders.

Trading fees on futures start at 0.01% (maker), and go up to 0.06% (taker). When compared to other exchanges, these fees are industry average for taker, and below average for maker. By using our signup link or code 2649845 during account registration, you can slash Futures fees by an extra 20%, so we definitely recommend taking advantage of it.

Surprisingly, CoinW does not have VIP level discounts for Futures traders. On most exchanges, high volume traders or native token holders can often reduce fees through VIP levels. On CoinW, neither of these methods are available for Futures trading. Discounts are only available on Spot trading, and require holding a specific amount of CWT native token as outlined above.

Copy Trading

You can copytrade on both Futures or Spot, according to your preferences. The platform has over 200 expert traders on Futures, and nearly 100 on Spot. The interface will let you view their ROI (return on investment), drawdown, assets under management, win rate, trade frequency, plus a lot of other information. All this information can be crucial for finding a profitable lead trader.

For each lead trader, you can even view their entire position history, with exact trading pair, opening and closing time and price, and profit made. The data and metrics provided are more than sufficient to choose a profitable trader. But as we always warn, be cautious when letting others manage your trades, as results can vary.

Trading Bots

CoinW has several trading bots available for automated crypto trading: Futures Grid, Futures Martingale, Futures CTA, Spot Grid, and Auto-Invest. For beginners, only the Auto-Invest bot is suitable: this lets you set up automated recurring buys for scheduled purchases, and is an excellent DCA (dollar-cost-average) investment tool.

Automated trading via bots is typically not suitable for beginners to crypto trading. However, CoinW takes this feature a step further with their fantastic Bot Marketplace. Despite the name, using bots from the marketplace has no cost aside from trading fees. Instead, the market lets you browse trading bots created by other users, and copy their exact settings.

You can find hundreds of premade trading bots in the marketplace. For example, you can use a bot which does automated trades using Bollinger bands, EMAs, MACD, or other chart indicators. If you want to dabble into automated crypto trading, CoinW’s trading bots are a great place to start.

Spot & Futures Trading Interface

The user interface will be entirely familiar to everyone who used spot trading before, at least on exchanges worth mentioning. There are three pre-set interface layouts available, and each allows you to drag and drop or resize panels to your liking.

Unfortunately, there’s a noticeable lack of additional UI customization options. For example, you can’t hide the order book or recent trades panel. This can be bothersome for users who dislike unnecessary flashing and animations, or simply want more screen real estate for the trading chart.

Trading interface is nearly identical between spot and futures. Dark color scheme is fully supported on the trading screens (not on the rest of the website, however). The UI is fast, clean, and causes fewer performance issues with multiple open tabs compared to other exchanges.

Another major UI downside is of a technical nature, but also not relevant to some traders. Long story short, the CoinW website essentially prevents right-clicking on links. This results in an immensely frustrating experience for users who like to open and trade multiple trading pairs at the same time. The rest of the website suffers from the same navigation issue. You never really know if a certain link will open in the same or new window or tab, nor can you see the target URL in your browser’s status bar.

Overall, the user interface is well-designed and functional on both web and mobile, but a few crucial usability issues definitely need to be addressed.

Highlighted Features

We talked about basic deposit and trading services, but CoinW has plenty more to offer. The platform is not as feature packed as the largest players in the trading game, but there’s still a few special features that definitely deserve a mention.

Auto-Invest

Auto-Invest feature is basically a trading bot, but also so much more. With Auto-Invest, you can set up a recurring crypto buy with your own customized plan. Simply choose a coin you wish to invest in, specify the amount (in USDT) you wish to buy on every trigger, and select the timing (daily, weekly, monthly). For instance, you can set up a monthly scheduled Bitcoin purchase after every salary.

There are no limits to the number of auto-invest plans you can create. Best of all, funds with automatically be deposited into your Earn wallet, through which you can earn consistent interest and passive income.

Simple Earn

Simple earn (commonly referred to as Savings on many exchanges) lets you earn additional interest on your crypto holdings. You can choose either Flexible or Fixed durations. By designating your spot assets for Earn, you can earn passive income, and the returns are different for each particular assets.

Compared to other crypto exchanges with staking/savings, CoinW has average returns. The APR (yearly returns) always fluctuate, but in general you’ll likely be satisfied with CoinW’s returns.

In Fixed staking, about 30 assets are available with a lock-in duration of 3, 7, 30 or 90 days. Flexible duration Earn has nearly 100 assets, but the best part is that many of these coins are not available for savings on other exchanges. If you hold lots of memecoins or other low-cap altcoins, CoinW can be a great exchange for parking your idle assets.

Signup Bonuses

A simple selection of beginner missions is available, letting you earn a small boost to your newly created account:

Task	Reward	Requirement
Complete Primary Identity Verification	10 USDT (Futures Bonus)	Verify identity (KYC)
First Deposit	5 DOGE	Deposit 10 USDT (OTC or on-chain)
First Spot Trade	5 DOGE	Make a 20 USDT spot trade
First Futures Trade	10 USDT (Futures Bonus)	Make a 1000 USDT futures trade

Additional Advanced Missions are available for users for certain spot and futures trading volume milestones. Rewards include spot crypto rewards for spot trading, and futures bonuses for futures trading.

Furthermore, all new users can claim a 10 USDT futures bonus without requirement. Additional 10-500 USDT bonus is also available, depending on trade volume.

To top it all off, every new CoinW user gets a 500 USDT futures position airdrop. This bonus can be used to trade on Futures, and you can withdraw any profits made with it. There are no special deposit or trade requirements for this position airdrop, so be sure to claim it and try trading risk-free.

In addition to new user bonuses above, using our signup link also applies a 10% spot and 20% futures trading fee discount to your account – no cost or downside.

CoinW Card

CoinW has a virtual or physical Visa card that can be used to cash out crypto at any vendor that supports regular debit or credit cards. Initial card issuance fee costs $15 (virtual) or $98 (physical), but there are no annual, monthly or renewal fees afterwards.

There are no additional currency conversion fees when spending funds from your exchange wallet, but it does have a 2% top-up fee. When transacting, a 1% fee will be charged, or 2% when using currencies other than USD.

The card is also compatible with Google Pay or PayPal, which further increases the utility. Applying for the card will require KYC. Most exchanges with crypto cards only have them available in Europe, but CoinW’s card is issued by a Singapore bank and available in many more countries. For a complete list and other details, check out our article about CoinW card!

Prop Accounts

Through PropW service, CoinW also lets traders open prop accounts. These prop accounts let traders simulate trading with leverage up to 5X. Upon successful approval through the trading challenge, you can unlock accounts up to 200,000 USDT.

For example, for an upfront payment of 99 USDT, you can open a prop account with 10,000 USDT in virtual assets. By trading with these funds, you can keep up to 80% of the profits, at only a fraction of the risk. For traders with less available capital, the prop accounts can provide a substantial profit boost.

Additional features on CoinW exchange include Lucky HODL (airdrops), constant deposit bonuses and trading competitions for newly listed tokens, and more.

Safety and Security

• Regulatory licenses: As a no-KYC exchange, CoinW’s lack of regulatory approvals and licenses is expected. The exchange currently holds an MSB license in United States, digital currency exchange and wallet license in Lithuania, MSB license in Canada, and a license from St. Vincent and the Grenadines‘s Financial Services Authority.
• Asset safety: CoinW’s “About” page claims they use cold wallets with multi-signature technology for asset storage, but provides no details about ratio of assets in hot vs cold wallets or other information.
• Ownership: Exchange’s executive team is publicly known and listed on the official website, which is a basic transparency step that many no-kyc exchanges haven’t taken yet.
• Previous hacks: In October 2023, CoinW was hacked and $13 million was reportedly stolen. No customers lost funds in this hack. Before and after, no other hacks or security incidents were recorded.
• Bug bounties: Bug Bounty program is active to ensure exploits, bugs or other security issues get reported.
• Proof of Reserves: CoinW promised to publish proof of reserves, an essential asset transparency tool. Unfortunately, the reports are still not available.
• 3rd party scores: Cryptocurrency exchange safety certification platform cer.live rated CoinW with an A rating, or 84/100 total security score. CoinGecko, a coin and exchange tracking website, gave CoinW an 8 out of 10 score, and rates it as world’s #21 crypto exchange.

Account Safety Features:

• Mandatory 2FA is supported via email, phone, Google Authenticator, and Passkeys.
• Trading password can be set up to ensure unauthorized users are unable to execute trades.
• Anti-phishing codes are available to identify legitimate emails.
• Email notifications are sent upon every login. Account activity history and device management can help you review recent logins and actions, but account freeze is unavailable in case of unauthorized logins.
• Withdrawal address management page serves as a whitelist to enable quicker withdrawals.

Is CoinW Scam or Legit?

There’s no evidence that CoinW is a scam exchange. This is a legitimate trading platform operating since 2017. It’s currently headquartered in United Arab Emirates. According to the exchange, they have over 8 million users, but the number hasn’t been independently verified in any way. When it comes to trading volume, CoinW is usually in top 30 on both spot and derivatives, as tracked by CoinMarketCap and CoinGecko.

For additional confidence and trust in this platform, more regulatory approvals and additional transparency into operations and security practices would be most welcome. Currently, we know very little about how CoinW secures wallets, user deposits, or their platform. First step towards additional trust would be to implement Merkle Tree Proof of Reserves reports, allowing anyone to verify that there is no misuse of user funds. Additional security partnerships, independent audits and funds insurance would also provide extra confidence.

But again, the exchange has operated for many years, and there’s only one small blemish on their otherwise good record. On social media, the exchange has generally positive reviews and feedback, and we haven’t seen any cause for concern.

As is the case with any centralized exchange, you should always aim to keep most of your portfolio in safe custody. CoinW lets you trade futures with up to 200X leverage, meaning your exchange wallets only need a small portion of your total funds to trade with large position sizes.

Customer Support & Help Center

An AI chatbot can assist in getting quick help for most common issues with the exchange, but live customer service representatives can be contacted 24/7 in case you need additional help.

Help Center only has a few dozen basic articles about how to use the platform. Sadly, many of the articles have errors and poor translations from Chinese language, which doesn’t help the exchange’s credibility.

The exchange also has active communities on social media including Telegram and WeChat, where you can get assistance from the community but also official representatives. This can also be a quick option for easy problems, but always make sure you do not send any account credentials or private information through public channels.

Final Thoughts – Is CoinW Good?

This privacy-friendly no-KYC exchange has cheap fees, 400+ spot assets, and solid number of features that will satisfy most traders. For first-time investors, CoinW isn’t the best fit due to lack of direct (and thus cheap) fiat deposit methods. Expert traders may be disappointed by few trading pairs on Futures market, plus the user interface could use a little bit of extra polish.

Despite a few downsides, CoinW isn’t missing any crucial features. Users in need of specific features such as margin trading or loans can always find alternative exchanges. On the other hand, if you need a reliable no-KYC exchange with high trading volume and cheap fees, CoinW can be a great choice for day trading.