58COIN

Overview of 58COIN

Founded in the Marshall Islands, 58COIN has operated for 2-5 years without regulatory oversight, exposing users to potential risks. The platform offers 100+ cryptocurrencies for trading, featuring popular options like Bitcoin, Ethereum, Tether, Cardano, Binance Coin, Solana, XRP, Terra, Avalanche, and Polkadot. With an average crypto price of $100, it boasts a daily trading volume of $1 billion and a total market capitalization of $1 trillion. New coin listings occur every 1-2 weeks. The registration process involves personal info submission, email verification, identity validation, and 2FA setup. Trading fees range from 0.04% to 0.1% based on volume, with deposit fees of 3.5% for credit cards and 1% for bank transfers. Customer support is available through various channels, including social media and email. However, 58COIN's lack of regulation and security information urges caution among traders.

Pros and cons

Highlighting the positives and negatives of 58COIN, the platform boasts an extensive selection of 100+ cryptocurrencies for trading, accompanied by competitive fees (taker: 0.1% - 0.04%, maker: 0.05% - 0.01%). It accommodates diverse deposit and withdrawal methods, and provides enticing bonuses and promotions. However, a lack of regulation from reputable authorities raises concerns, and withdrawals may encounter delays. Users have reported customer support issues, and the option for anonymous trading is available.

Regulatory Authority

58COIN is not regulated by any regulatory authority. The disadvantage of being unregulated is that there is no oversight or protection for users in case of any fraudulent activities or mishandling of funds by the exchange. Traders should be cautious when using unregulated exchanges as there may be risks associated with security, transparency, and reliability. It is recommended for traders to thoroughly research and consider the regulatory status of an exchange before engaging in any transactions. It is advisable to choose regulated exchanges that are subject to regulatory frameworks and offer additional layers of security and consumer protection.

Security

There is no information available regarding the security measures implemented by 58COIN. Thus, it is not possible to comment on the level of security or specific protection measures in place. It is advisable for traders to exercise caution while using the platform and consider the potential risks associated with the lack of information on security measures.

Cryptocurrencies Available

58COIN offers a wide selection of cryptocurrencies, with over 100 coins available for trading. Some of the most popular cryptocurrencies on 58COIN include:

• Bitcoin (BTC)

• Ethereum (ETH)

• Tether (USDT)

• Cardano (ADA)

• Binance Coin (BNB)

• Solana (SOL)

• XRP (XRP)

• Terra (LUNA)

• Avalanche (AVAX)

• Polkadot (DOT)

  The average price of a cryptocurrency on 58COIN is $100, with an average daily trading volume of \$1 billion. The total market capitalization of all cryptocurrencies listed on 58COIN is $1 trillion. 58COIN lists new coins on a regular basis, with an average listing speed of 1-2 weeks.

How to open an account？

The registration process for 58COIN involves the following steps:

1. Visit the 58COIN website and click on the “Sign Up” button.

2. Fill out the registration form with your personal information, including your name, email address, and desired login credentials.

3. Verify your email address by clicking on the link sent to your registered email.

4. Complete the identity verification process by providing the required documents, such as a valid government-issued ID.

5. Set up two-factor authentication (2FA) to enhance the security of your account.

6. Once your account is verified, you can start using the 58COIN platform for cryptocurrency trading and other related services.

Fees

58COIN charges a taker fee of 0.1% to 0.04%, and a maker fee of 0.05% to 0.01%, depending on your trading volume. There is also a 0.0002% maintenance fee.

Payment Methods

The fee for deposits varies depending on the payment method used. For credit card deposits, the fee is 3.5%. For bank transfers, the fee is 1%. For cryptocurrency deposits, there is no fee.

The fee for withdrawals also varies depending on the payment method used. For credit card withdrawals, the fee is 2.5%. For bank transfers, the fee is 0.5%. For cryptocurrency withdrawals, there is no fee.

Cutsomer Support

58COIN offers customer support through various channels, including their Twitter (https://twitter.com/58_coin) and Facebook (https://www.facebook.com/coin.58COIN) accounts. They can be reached via email at Support@58btc.com, JP@58btc.com, HK@58btc.com, and NEL@58btc.com.

Compare to Other similar Brokers

In comparison to other brokers, 58COIN offers a selection of over 100 cryptocurrencies with amounts up to 10 million USDT. Its fees range from Taker: 0.1% - 0.04% and Maker: 0.05% - 0.01%. There's no account minimum, and promotions include welcome bonuses, trading competitions, and airdrops. Binance provides access to 500+ cryptocurrencies, handling amounts up to 100 million USDT, with fees of Taker: 0.04% - 0.02% and Maker: 0.02% - 0.01%. Coinbase features 100+ cryptocurrencies, accepting amounts up to 5 million USD, and charges Taker: 0.5% - 0.4% and Maker: 0.4% - 0.0%. Kraken offers 50+ cryptocurrencies with amounts up to 1 million USD and fees of Taker: 0.16% - 0.0% and Maker: 0.14% - 0.0%.

Is 58COIN a Good Exchange for You？

Based on the information provided, it can be inferred that 58COIN may be suitable for the following trading groups:

1. Experienced traders: 58COIN offers a wide range of cryptocurrencies for trading, which can be attractive for experienced traders looking to diversify their portfolios. The option to make payments through bank transfers may also be preferred by those who are more comfortable with traditional banking methods.

2. Traders seeking 24/7 customer support: The exchange provides round-the-clock customer support, which can be beneficial for traders who value immediate assistance and timely resolution of their queries and concerns.

3. Risk-tolerant traders: As 58COIN is not regulated, it is important for traders to understand and be comfortable with the risks associated with using an unregulated exchange. This may appeal to risk-tolerant traders who are willing to accept the potential risks in exchange for potential trading opportunities.

Recommendations for these target groups include:

1. Conduct thorough research: It is important for experienced traders to thoroughly research and analyze the available cryptocurrencies on 58COIN before making any trading decisions. This includes evaluating market trends, liquidity, and potential risks associated with each cryptocurrency.

2. Utilize customer support: Traders seeking 24/7 customer support can take advantage of the assistance provided by 58COIN's customer support team to address any questions or concerns they may have. It is recommended to maintain communication with the support team for prompt and relevant assistance.

3. Consider risk management strategies: As 58COIN is not regulated, risk-tolerant traders should implement robust risk management strategies to protect their investments. This includes setting clear trading objectives, diversifying their portfolios, and being cautious of potential risks associated with the lack of regulatory oversight.

4. Stay informed about regulatory developments: Traders should stay updated on the regulatory environment and any developments related to 58COIN. This can help them make informed decisions and mitigate potential risks associated with using an unregulated exchange.

5. Explore additional security measures: Since there is no specific information available regarding the security measures implemented by 58COIN, traders may consider additional security measures such as using strong passwords, enabling two-factor authentication (2FA), and regularly monitoring their accounts for any unauthorized activities.

It is important for traders to carefully assess their individual needs and risk tolerance before engaging in any trading activity on 58COIN or any other cryptocurrency exchange.

Conclusion

In summary, 58COIN, based in the Marshall Islands, operates as an unregulated cryptocurrency exchange. This lack of regulatory oversight raises concerns about user protection in the event of fraudulent activities or mishandling of funds. The platform offers a diverse range of over 100 cryptocurrencies for trading, with popular options like Bitcoin, Ethereum, and Tether. However, the absence of information regarding security measures introduces uncertainty around the safety of user assets. The registration process involves providing personal information, completing identity verification, and setting up two-factor authentication. Fee structures include varying taker and maker fees based on trading volume, as well as different charges for deposit and withdrawal methods. Customer support is available through channels like Twitter, Facebook, and email. Given the unregulated nature of the exchange and the limited information on security measures, traders are advised to exercise caution and thoroughly research before engaging in transactions.

FAQs

Q: Can I trade multiple cryptocurrencies on 58COIN？

A: Yes, 58COIN offers a wide range of cryptocurrencies for trading, allowing users to have a diverse portfolio and explore various investment opportunities.

Q: Does 58COIN provide customer support？

A: Yes, 58COIN provides 24/7 customer support to address any queries or concerns that traders may have.

Q: What payment methods are accepted on 58COIN？

A: 58COIN accepts payment methods such as bank transfers and cryptocurrencies, providing traders with flexibility in their payment options.

Q: Is 58COIN a regulated exchange？

A: No, 58COIN is not regulated by any regulatory authority. It is important for traders to consider the potential risks associated with using an unregulated exchange.

Q: Are there fees for trading on 58COIN？

A: Yes, 58COIN has varied fees based on the type of transaction. Traders should be aware of the fees associated with their trading activities on the platform.

Q: What security measures are in place on 58COIN？

A: Unfortunately, there is no specific information available regarding the security measures implemented by 58COIN. Traders should exercise caution and consider any potential risks associated with the lack of information on security measures.

User Review

User 1: I've been using 58COIN for a few months now, and overall, I'm happy with my experience. The interface is clean and user-friendly, making it easy to navigate and place trades. They have a wide range of cryptocurrencies available for trading, which is great for diversifying my portfolio. Customer support is also very responsive and helpful whenever I've had any questions. However, I do have some concerns about the lack of regulation and security measures. It would give me peace of mind to know that my funds are protected and that there is some oversight in place.

User 2: I have mixed feelings about 58COIN. On one hand, the platform offers decent liquidity, and the trading fees are relatively low compared to other exchanges. The deposit and withdrawal speed has been fairly quick for me, which is important when you want to take advantage of market opportunities. However, I do have some concerns about the lack of regulation and security measures. It would be reassuring to know that there are safeguards in place to protect my personal information and funds. Overall, it's a decent exchange, but I would recommend cautious trading and thorough research before getting too involved.

Risk Warning

Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.