China Hong Kong
|5-10 years
MSB License|
Suspicious Overrun|
High potential risk
https://www.tokencan.net/
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China Hong Kong 2.36
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FinCENExceeded
MSB License
The number of this Exchange's nagitive field survey reviews has reached 1, please be aware of the risk and the potential scam!
MSB License goes beyond their business with the licenses United States FinCEN (license number: 31000179259672), please be aware of the risk!
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Yesterday Vol
7 Days
Founded | 2-5 years |
Regulation | FinCEN (Exceeded) |
Supported Cryptocurrencies | 45 |
Fees | Not disclosed |
Funding Methods | Not disclosed |
Customer Service | Phone, Email, Live chat, Social media |
Tokencan Overview
Tokencan is a cryptocurrency exchange that places a strong emphasis on innovative technology, offering spot and OTC trading options for a variety of cryptocurrencies. While the platform stands out with its use of IPFS for data storage, there have been concerns about its overall security measures. Some users appreciate its educational resources and mobile app, but others are cautious due to transparency regarding fee structures.
Pros & Cons
√ Pros | × Cons |
• Support OTC trading | • Exceeded FinCEN regulatory license |
• Educational resources provided | • Lack of transparency |
• Mobile App available for on-the-go trading | • Insufficient security measures |
• Cold wallet available | |
• Multiple customer support channels |
Pros Revealed
• Support OTC Trading
Tokencan offers Over-The-Counter (OTC) trading for USDT, GENY, SV, BCNY, and AIKRW, enabling users to conduct large and customized transactions outside traditional exchange order books.
• Educational Resources Provided
Tokencan provides an informative blog with articles on essential digital asset knowledge and platform features, empowering both novices and experienced traders with insights to make informed decisions in the dynamic cryptocurrency landscape.
• Mobile App for On-the-Go Trading
Tokencan's mobile app extends trading capabilities beyond desktops, allowing users to trade anytime, anywhere. The mobile accessibility ensures that traders can seize market opportunities swiftly and manage their portfolios effectively.
• Cold Wallet Availability
Tokencan offers cold wallet, an offline storage solution that protects a portion of funds from online vulnerabilities.
• Multiple customer support channels
Tokencans offers diverse customer support channels, including live chat, email (Tokencan.korea@tokencan.com), telephone (010-7604-4056), social media (Telegram, Instagram, Twitter and Facebook).
Con Revealed
• Exceeded FinCEN Regulatory License
Tokencan reportedly faced regulatory concerns related to its licenses with the Financial Crimes Enforcement Network (FinCEN) which is exceeded. Such concerns could potentially impact its ability to operate in certain jurisdictions and might raise questions about its compliance with regulatory standards.
• Lack of Transparency in Fee Structure and Funding Methods
Tokencan's transparency falls short in providing comprehensive information about crucial aspects such as transaction fees, withdrawal fees and funding methods.
• Insufficient Security Measures
Except for IPFS technology and cold wallet, CoinBene's security measures could be further enhanced by offering industry-level 2FA and multi-verification.
Regulatory Compliance
WikiBit obtains regulatory information through various channels, including official regulatory websites, public records, and direct communication. The platform's team verifies the authenticity of regulatory licenses and certifications by cross-referencing the information from multiple reputable sources.
WikiBit aims to offer reliable and accurate regulatory information to help traders make informed decisions when choosing exchange/token/project.
As of August 2023, Tokencan reportedly holds an exceeded MSB License from the Financial Crimes Enforcement Network (FinCEN) with the license no. 31000179259672.
Is Tokencan Safe?
Tokencan has implemented several security measures to enhance the safety of its platform and user funds.
• IPFS technology applied
Tokencan employs the IPFS (InterPlanetary File System) technology, a decentralized distributed storage system that enhances security by storing data across globally distributed nodes, reducing reliance on vulnerable centralized systems, and ensuring data integrity, download speed, and resistance to damage or loss.
• Cold storage
Tokencan employs cold storage. This method involves storing the majority of cryptocurrencies offline, disconnected from the internet and isolating your assets from potential hacking attempts.
While Tokencan has taken proactive steps to enhance security and user protection, no exchange or platform is entirely immune to risks. Cryptocurrency trading inherently carries certain risks, and users should take additional precautions to safeguard their assets.
Some recommended practices include using strong passwords, enabling 2FA, being cautious of phishing attempts, and storing a significant portion of your funds in secure hardware wallets rather than on the exchange.
Cryptocurrencies Available
Tokencan provides a comprehensive trading platform that facilitates both spot trading and OTC (Over-the-count) trading for various cryptocurrencies.
Users can engage in spot trading between USDT and a wide range of 40 other cryptocurrencies, which includes not only the top 10 most popular cryptocurrencies globally but also a diverse selection of other digital assets. The top ten are:
Bitcoin (BTC)
Ethereum (ETH)
Filecoin (FIL)
Binance Coin (BNB)
Litecoin (LTC)
Bitcoin Cash (BCH)
Polkadot (DOT)
Highstreet Coin (HSC)
Ethereum Classic (ETC)
Tether (USDT)
Additionally, Tokencan supports OTC trading for specific cryptocurrencies, such as USDT, GENY, SV, BCNY, and AIKRW. The dual approach allows users to seamlessly trade different cryptocurrencies using both spot and OTC methods, catering to their individual preferences and trading needs.
First, create a free account on Tokencan by visiting their website and providing your details such as name, mobile number, email, and a strong password. If you have a referral code, you can also use it. After account creation, a confirmation link will be sent to your email to validate your account.
Tokencan supports various fiat currencies like USD, EUR, HKD, GBP, AUD, and CNY for payments. However, it initially only supports cryptocurrency transactions. If you don't have cryptocurrencies, you can register with another account that accepts fiat currency, buy cryptocurrencies there, and then transfer them to your Tokencan account.
Before you can trade, you need a crypto wallet. The Tokencan exchange wallet is important for storing your cryptocurrencies and can only be accessed using your private key. This wallet helps in holding your cryptocurrencies, validating transactions, and ensuring the safety of your keys, especially when purchasing cryptocurrencies. It's user-friendly, secure, and facilitates faster cryptocurrency conversions.
Building your portfolio is an essential step when trading cryptocurrencies on Tokencan. The process starts as soon as you fund your account. Tokencan offers a 50% discount for payments made using the Tokencan YLB token. Your portfolio assists in tracking changes in cryptocurrency prices, which is crucial for managing your trades and investments, especially for new investors.
Tokencan provides a range of services in addition to cryptocurrency trading, enhancing the user experience and offering diverse opportunities in the blockchain and digital asset sectors:
Mining Pools: Users can join mining pools to help secure the network and earn rewards. This is achieved by locking funds, which then generate interest.
Games: The platform includes “Mr. Game”, a unique exchange game center that integrates exchange customers and assets, offering a gaming experience connected with the world of cryptocurrency.
Metaverse and NFTs: Tokencan ventures into the burgeoning realms of the metaverse and Non-Fungible Tokens (NFTs), providing a platform for the trading and interaction of these digital assets.
DeFi Services: It also offers Decentralized Finance (DeFi) services, presenting alternatives to traditional financial services using blockchain technology.
Payment Services: For users in South Korea, the platform provides payment solutions through the Oripay payment platform.
Mission Project Incubator: This feature supports the launch of new projects in the blockchain space, fostering innovation and development.
Sheep Ticket: This is a blockchain-based initiative aimed at solving problems in contract farming. It facilitates direct transactions between entities and citizens via WeChat, integrating blockchain technology into practical applications.
These additional services illustrate Tokencan's commitment to expanding beyond conventional cryptocurrency exchange functions, building a comprehensive ecosystem in the digital asset and blockchain industry.
Compare to Other Cryptocurrency Exchanges
Exchange | Tokencan | Huobi | Coinbase |
Fees | Not disclosed | 0.2% | 0% - 3.99% |
Cryptos Available | 45 | 700+ | 200+ |
Website | https://www.tokencan.com/ | https://www.huobi.com/en-us/ | https://www.coinbase.com/ |
• Tokencan
For traders interested in a varied selection of cryptocurrencies, Tokencan holds promise; however, enhancing transparency and bolstering overall security measures could further enhance its appeal.
• Huobi
Ideal for users prioritizing security, compliance, and seeking opportunities to earn passive income through staking and investment products.
• Coinbase
Suited for beginners due to its user-friendly interface and simple buying options. It is also a preferred choice for users in regions with stringent regulations, as Coinbase emphasizes regulatory compliance.
Ultimately, the best crypto exchange for an individual trader will depend on their specific trading style, preferences, and needs.
Tokencan offers a unique blend of services in the cryptocurrency exchange market, with features like OTC trading, educational resources, and a mobile app enhancing its appeal for various traders. Its commitment to innovative technology, such as using IPFS for data storage, adds to its robustness. However, potential users should be cautious due to concerns over its security measures and lack of transparency, particularly in fee structures. Additionally, regulatory challenges, such as exceeding its FinCEN regulatory license, may affect its operation in some jurisdictions. Therefore, while Tokencan might be suitable for users seeking specific features like OTC trading and educational resources, it may not be ideal for those who prioritize transparency and stringent regulatory compliance. Users should weigh these factors based on their individual needs and risk tolerance when considering Tokencan as their cryptocurrency trading platform.
User review
User 1:
“Tokencan has truly impressed me with their strong focus on security and privacy. The use of IPFS technology for decentralized storage is a game-changer, ensuring data integrity and protection. Their commitment to educating users and providing an OTC trading option is a sign of a customer-centric approach. I feel confident in their ability to safeguard my assets.”
User 2:
“While Tokencan's security measures are commendable, I've found their interface to be a bit overwhelming. The variety of cryptocurrencies is great, but the lack of clarity on fees and funding methods is frustrating. I appreciate their OTC trading support, but I hope they work on making their platform more user-friendly for newcomers.”
Frequently Asked Questions (FAQs)
Q 1: | Is Tokencan regulated? |
A 1: | No. It holds an exceeded MSB License from the Financial Crimes Enforcement Network (FinCEN) with the license no. 31000179259672. |
Q 2: | Can you trade NFTs on Tokencan? |
A 2: | No. |
Q 3: | Is Tokencan a good crypto exchange for beginners? |
A 3: | No. Its currently not under any valid regulation, its FinCEN license has been exceeded and it lacks transparency on fee structures and funding methods. |
Q 4: | Does Tokencan have any trading platform? |
A 4: | Yes. It offers a mobile App available on both iOS and Android devices. |
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.
4 ratings