CoinFalcon is a U.K. based cryptocurrency exchange that was launched in August 2017.
Since it is a fairly new cryptocurrency exchange, comparing it directly with industry giants such as Coinbase or Binance might not necessarily be fair to it, and may paint an inaccurate picture.
Therefore, we will focus more on what CoinFalcon offers to its customers and what it lacks in providing as an individual exchange.
We’ll be taking this approach, rather than comparing it directly with these industry behemoths in order to keep the analysis fair.
That being said, whether you call it unfortunate or pragmatic, the fact remains that CoinFalcon does have these entities as its direct competition.
Comparison with them would only be inevitable at some point and that is where we will draw attention to certain factors.
So without further ado, let us move forward with learning more about CoinFalcon, its services, and what sets it apart from the sea of cryptocurrency exchanges out there.
Preamble: CoinFalcon and U.S. Citizens
First things first, we need to clarify that while comparing CoinFalcon to Coinbase, we need to get one very important distinction out of the way. Unlike Coinbase, CoinFalcon does not provide its services to the citizens of the U.S.
Note: That was not a typo, but a fact.
So if you are a U.S. resident, we are sorry that this might not be the exchange that you were hoping to visit in your next crypto outing.
We chose to save you the trouble of reviewing the entire piece, only to realize, at the end, that you were excluded from the exchange and what it offers.
But if you are interested in the information anyway, then please keep reading!
What Does CoinFalcon Do?
Simply put, CoinFalcon is your regular cryptocurrency exchange.
By using the exchange’s services, you can buy, sell, exchange and transfer cryptocurrencies according to what the exchange has to offer through its trading portfolio.
Since it has to carve a niche for itself within the industry and prove its mettle against the current slew of cryptocurrency exchanges, CoinFalcon has to provide some really disruptive services in order to set itself apart from its established competitors.
So far, it seems that while the exchange has gotten all the basics in order, it still has a long way to go in order to be considered as a serious contender to older, more established exchanges.
What Products Does CoinFalcon Offer?
As compared to other relatively new cryptocurrency exchanges, CoinFalcon has the distinction of hosting the top 5 cryptocurrencies by market cap on its platform.
Statistics provided by CoinMarketCap
Including the aforementioned top 5, CoinFalcon currently offers the following cryptocurrencies through its trading portfolio and keeps adding new cryptocurrencies to its list of offerings (updated as of 4/13/2018).
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- RaiBlocks (XRB)
- Lamden (TAU)
- CRED (Verify)
- KIN (Kin)
- SophiaTX (SPHTX)
- Crypterium (CRPT)
- Dentacoin (DCN)
- Golem (GNT)
- Rebellious (REBL)
- Tron (TRX)
- VeChain (VEN)
- eBitcoin (EBTC)
- Viuly (VIU)
- OriginTrail (TRAC)
- SwissBorg (CHSB)
- Garlicoin (GRLC)
- Electra (ECA)
- WePower (WPR)
- XTRABYTES (XBY)
- WAX (WAX)
- DADI (DADI)
- RefToken (REF)
- Cardano (ADA)
- LydianCoin (LDN)
- Dogecoin (DOGE)
- Storiqa (STQ)
How Does Trading on CoinFalcon Work?
Much like other cryptocurrency exchanges, CoinFalcon allows trading in the aforementioned cryptocurrencies by the usage of trading pairs.
It offers the pairing of Euro with Bitcoin (BTC), which means that customers can buy BTC directly with their EUR deposits.
The exchange also provides other cryptocurrency pairings with BTC and Ether (ETH). This means that if you have one of these applicable currencies in your wallet, then you can buy, sell, and exchange more digital assets.
Since this is an industry standard as far as centralized and conventional cryptocurrency exchanges go, it does not seem to be a disruptive or innovative solution and neither does it push CoinFalcon back in its race against its competition.
While anyone can create an account and transfer their existing, applicable cryptocurrencies such as BTC or ETH to and from the given CoinFalcon address in order to start enjoying the buying and selling process of cryptocurrencies, the account needs to be verified when it comes to EUR deposits and withdrawals.
This is done to ensure that know your customer (KYC) and anti-money laundering (AML) measures are implemented properly and that the exchange is only used to carry out legitimate trading activities.
The exchange outlines a clear process for customer verification. Customers do not have to physically visit the exchange premises, they can just follow the online process to verify their identity by providing pertinent documentation.
As per CoinFalcon, the whole process only takes 10 minutes at most.
Once the account has been verified, customers can deposit EUR to their CoinFalcon account through Single Euro Payments Area (SEPA), which is a method for inter-bank transfers within Europe.
A EUR deposit transaction from customers’ account to CoinFalcon’s takes around 1-3 business days in order to be completed.
CoinFalcon currently does not support credit card or PayPal transactions to deposit or withdraw fiat or EUR.
Therefore, both EUR deposits and withdrawals are carried out through bank transfers.
Similar to deposits, EUR withdrawals can take around 1-3 business days to complete.
Speaking of turnaround times for the completion of transactions, cryptocurrency deposits and withdrawals do not take that long, and get executed as soon as the network confirmations have been concluded.
Furthermore, CoinFalcon does not implement any withdrawal limits for users.
How Safe Are My Funds With CoinFalcon?
Thanks to the massive hacking incidents that have taken place within the cryptocurrency industry, the news of any new cryptocurrency exchange brings the fear of security with it.
Therefore, you are not the only one who has alarm bells ringing in their head when it comes to reading a review for a new exchange and thinking whether it would even be able to keep your funds safe.
Thankfully, CoinFalcon has not had any hacking incident even if it has had a relatively short period of existence so far.
CoinFalcon assures its customers that it is implementing necessary security procedures and industry best practices such as ensuring that 98 percent of all digital assets are stored in cold wallets to keep them safe.
This particular precaution ensures that the digital assets held by the exchange remain secure from any hacking attempts.
To fulfil the need of liquidation, CoinFalcon keeps transacting funds to and from these cold wallets to ensure that it does not only establish safety practices but could also meet customers’ requirements of day to day transactions.
Whereas, when it comes to user accounts, the exchange offers security measures such as two-factor authentication (2FA). 2FA basically adds another layer to the login procedure, where in addition to entering your password, you are contacted through phone or email to verify the login attempt and only then are you able to access your account.
Adding 2FA ensures that any hacking attempts go unsuccessful, because in the unfortunate event that any hacker gets hold of your password, the chances of them having access to your individual devices or accounts are pretty slim.
Furthermore, in the case of customers’ funds being erroneously sent to incorrect addresses, CoinFalcon also tries to recover them for a onetime charge of 20 EUR.
By implementing these security measures, CoinFalcon makes sure that it is placing necessary precautions to keep its customers safe in this day and age of technological thefts.
CoinFalcon Fee Structure
CoinFalcon presents some of the most affordable fee options that are currently available in the cryptocurrency exchange segment.
There is no deposit fee, and the withdrawal fee seems to be minimum. In the case of IOTA, no withdrawal fee is levied at all.
That being said, the latest fee-related information on its website only pertains to almost half of the cryptocurrencies that are currently being traded on the platform.
Therefore, if you are looking to withdraw any cryptocurrency that is not listed here, then you might need further clarification from the exchange’s support staff.
Additional Services by CoinFalcon
CoinFalcon also provides an advanced trading view to its customers to get an overview of the trading activities on the platform.
It does not only provide a visual treat and a way to connect with the trading activities as they happen across the exchange, but also provides relevant and important real time data to traders.
This real time information helps these cryptocurrency traders to make informed decisions themselves by analyzing current market trends.
CoinFalcon also provides the API for this tradingview in order for interested users to produce potential new offerings from the data and access provided.
In addition to providing its normal trading services, CoinFalcon has also launched a Referral Program for its users.
This referral program could help to the exchange to grow its user base through word of mouth (one of the best advertising mediums available in any market).
The program encourages people to refer their circle of family and friends to the CoinFalcon platform.
The benefit which the referral program provides to the existing user comes in the form of commission.
Whenever any referral signs up and starts trading on the CoinFalcon platform, the referrer would be able to earn 50 percent commission from the new user’s trading fee.
CoinFalcon mentions that the 50 percent payout from the trading fee will be credited to the referrer’s account accordingly and in the same cryptocurrency in which the referral paid the trading fee. The exchange also states that the period over which this offer would remain applicable will be adjusted overtime.
Is CoinFalcon a Good Exchange to Use?
To answer this simply, CoinFalcon is proving to be an efficient solution for the cryptocurrency exchange market especially in Europe.
Even though it does not have an app that can rival Coinbase or a reach that could compete with Binance, the exchange does provide basic trading services and products that fulfill the needs of experienced and new traders alike.
One of the most advantageous features of CoinFalcon perhaps remains to be its low transaction fee. As compared to other cryptocurrency exchanges, the transaction fee that the platform offers to its users is one of the most economical offerings currently available in the market.
When you couple that with the easy verification procedures and the support of not just a number of select digital assets but more than 30 cryptocurrencies, CoinFalcon does seem to provide a value proposition to its target market.
However, the biggest obstacle that the London based CoinFalcon currently faces is its approach to the U.S.
So far, it is still striving to make a name for itself especially within the European region under the leadership of its CEO Jordan Steeves.
These efforts seem to be working thus far, as the platform has gained quite some traction for a cryptocurrency exchange that is essentially still in its infancy. The cryptocurrency exchange is not even a year old!
However, if CoinFalcon wants to grow beyond the current playpen, then it would need to conduct a variety of operations.
CoinFalcon would need to employ next-level solutions such as developing a user-friendly mobile app to facilitate potential and existing customers.
These user-friendly applications will most likely help to encourage more customers to use the platform instead of the other readily available cryptocurrency exchanges within their target region.
In summary, as noted above, CoinFalcon has an intuitive design, a wide array of prominent offerings, transparency in fees, simple and secure storage and other features such as customer service that works in the favor of the exchange.
The exchange also offers a section where users can request a coin to be listed on the exchange and provides CoinFalcon Battles where users can compete in a trade volume competition to win prizes.
The exchange might just be able to carve out a growing community and keep growing.