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In view of the recent failure of the long troubled MtGox exchange it is a perfect time to do an objective review of what seems to be an up and coming USD to Crypto exchange CoinMKT.
9 Crypto Traded :
- BTC – Bitcoin / USD
- QRK – Quark / USD
- LTC – Litecoin / USD
- PPC – Peercoin / USD
- FTC – Feathercoin / USD
- NMC – Namecoin / USD
- XPM – Primecoin / USD
- MEC – Megacoin / USD
- WDC – Worldcoin / USD
Fiat Deposit/Withdraw Options :
- International Wire
- USA Wire
- Money Order
The first thing people might notice when logging into coinMKT is how much it looks like a “traditional” FX exchange, there is even a button to switch from “Fake money” to “Real money” which lets new users practice and execute trades to get comfortable with the design.
Personally I’m the type of person that focuses on execution and simplicity, I would not mind if the interface looked like DOS as long as the execution was perfect, and here is where CoinMkt was slightly let down until the seeming recent updates – the pretty and simple to use interface seemed to be at the cost of some lag in changing from window to window; Chart generation and in some trade execution.
I have notice a large improvement though just in the last few days so whatever it was that you guys done , its working , Charts still take a little time to generate but to be fair this exchange is just out of BETA. * update charts have had an upgrade and are smoother.
Placing a trade is simple if for example you are placing a Buy or Sell you have two options:
- Market Order
This means you will buy or sell at the price that is the next available.
- Limit Order
This means you will buy or sell at a price that you wish to determine – if for example that is a Buy you may wish to have a price below the currency market price, in which case your order will be placed in the list of buy orders.
**Take Note – I sampled a sell limit order and sold a single QRK at much below market price, and the order executed the price I selected NOT the highest market price, this could be confusing for people that have come from the Cryptsy platform where if you sell at a target price it will fill all orders in front of that price first, this appears to not be the case with this system.
Pros and Cons
Beautiful interface, fast (and much improved) execution and its very refreshing to not see the exchange cluttered with pump and dump Crypto currencies, OKpay is a huge plus, I am a huge fan of OKPay and I personally tried it out and was able to fund USD to CoinMKT literally in seconds, unfortunately OKPay is banned in the USA, hopefully one day US citizens will be able to taste the freedom of this sort of gateway.
Making an account is super simple – to reach “level 1” certification all that is needed is to verify the email address, but I do not think at this time there is 2 factor authentication.
Deposit and Withdrawal of cryptocurrency is effectively flawless.
USD trading/ investing in a smooth and easy way with what seems to be very active management that is listening to the market.
Not too many drawbacks on CoinMKT as I said there was some lag on the system earlier on but seems to be much improving.
Charts still take some time to generate – and are switchable between Candle or Line but don’t seem to have a time option – I prefer to look at the Y1 or M1 Full year or Month Chart.
Small point I probably prefer a Sell to execute the first available trade in the market then the next in line if selling or buying into the market, but that is a small point.
Exchange is based in the USA as I understand, although this is not a huge negative; however despite what is said, it must be stated that the reality is that the USA is an uncertain geopolitical environment for cryptocurrency, with excessive regulation and a somewhat hostile political environment (see recent Senator statements just to mention a few), OKPay is banned in the US, and the Fiat banks that control the Congress and lead the nation are certainly not warm to the idea of cryptocurrency.
So I would be negligent to leave that factor out of any real analysis.
For example when the “Department of Homeland Security” or any other such STASI sounding Gestapo type agencies of this Bank run nation the USA can reach across the pacific and into the pockets of the people trading at MtGox – in Japan (a protectorate nation of the USA) any investor would have to take keen notice of where exchanges are based.
CoinMKT is clearly one of the premier up and coming exchanges, the super clean and beautiful interface is refreshing as is the fact that they have just enough Crypto choice without being cluttered with pump and dump clones, execution of trades is pretty flawless, and for an exchange that is just out of BETA definitely quite addictive.
Okpay is a huge advantage for non US citizens and I know less about EgoPay so I may need to look into that it may turn out that it is not banned in the US, for everything else there is Bank wire or Money order options.
CoinMKT clearly has the chance to take advantage of the failure that is MtGox , but as CoinMKT grows and becomes more popular (as it clearly will) we also need to take into account the environment that they exist in and keep one eye on those zany confused senators and the increasing Soviet style behavior in which the ruling class of Banker (and their agents) that run the USA nation are acting.
But lets not also forget the fact that if the political environment for Crypto turns hostile in any particular nation, it is not impossible that at a certain size and capital flow (and popularity) an exchange can indeed change physical location to a freer environment such as exists in China, Hong Kong or the Russian Federation, although it would mean some down time its not an impossible task to execute, if proper cold storage security was undertaken.
With that in mind CoinMKT is right now one of my favorite exchanges, and I will be more and more recommending it to investors of Cryptocurrency, it really is addictive with a very active management team.