CoinTiger Review – Fees, Supported Coins & Countires, Deposit & Withdrawal Methods
Cointiger may not be popular worldwide, but it is a popular crypto exchange in SouthEast Asia. Even though it ranks well below the top 100 according to trade volume, it still commands a 24-hour trade volume of $6.8 Billion, impressive enough to suggest it is the trading hub of a sizable number of people.
This article will review what the exchange is, the features it entails, its advantages and disadvantages, and other facts that’ll help you see why it could work for you or not. Without further ado, let’s start with an overview.
Cointiger was created in December 2017 by Frank Ling. The exchange is partnered with John Wick Security Lab. It operates as a centralized exchange with headquarters in Singapore. Below are some of the remarkable features of the exchange:
- It allows users to purchase a limited number of cryptocurrencies with fiat directly.
- It has mobile applications that work with both Android and iOS operating systems.
- It has a native token, Tiger Cash(TCH), which operates according to the Erc-20 token standard.
- It incorporates several ways for users to generate passive income.
- It has many fiat deposit/withdrawal methods
- It is not regulated by any governing body
- You can still transact on the platform without performing KYC. However, KYC is needed for more advanced functions.
- It is a global body that incorporates users from all over the world.
SERVICES AND FEATURES
There are three types of exchange functions on the website. They are:
👉 Basic: This, as the name implies, is a basic spot exchange function with features like an order page involving limit, market, and stop-limit orders. It also has an order book, a chart page, and a chat book.
👉 Advanced: The advanced exchange feature is similar to the basic feature. It improves on it with a more detailed chart and graph system and a deeper order book.
👉 Convert: This feature is an innovative one unique to Cointiger, where you can swap between USDT and sUSDT. sUSDT stands for Satoshi USDT and is a stablecoin that can be used for micropayments on the Cointiger exchange platform. It is a micro version of USDT with one sUSDT costing 0.001 USDT. Therefore, sUSDT can be used to purchase tokens that have many decimal points.
This feature is divided into USDT-margined and COIN-margined futures. On the USDT-margined futures page, you can trade 83 coin/USDT trading pairs with a maximum of 125x leverage on the BTC/USDT pair. Other trading pairs can be traded with less leverage
You can also choose between cross and isolated margin modes. The same is applicable to COIN-margined futures. However, there are only six coins listed under it, namely BTC, ETH, LINK, DOT, LTC, and DOGE.
Also known as the Cointiger pool, this feature allows you to stake various coins and expect returns. There are two types of staking products on Cointiger. They are the Monthly Yield Growth (MYG) products which offer increasing returns and the Fixed-Rate products which offer guaranteed returns and fixed lock-up periods. Some of the coins that can be staked are Dogecoin, SCY, ATR, FAFI, SHIELD, etc.
Cointiger Rocket is the launchpad platform of Cointiger through which Cointiger users can gain access to newly-launched coins. Cointiger had initiated Initial Exchange Offerings (IEOs) on February 12, 2018, and had successfully launched four tokens through this platform, namely, Animation Vision Cash(AVH), Tycoon Global(TCT), Dengba Planet(DBT), and Silk Chain(SILK).
However, the IEO platform rebranded to ‘Rocket’ in December 2019 with the launch of Leeemall(LEEE), a token that aims to introduce blockchain finance to e-commerce shopping. It is still the latest-launched token on the platform to date.
This feature is an NFT-based feature launched by Cointiger in September 2021 which allows users to purchase mystery boxes that contain NFTs and other tokens when opened. The first mystery box series was known as Variety Cointiger and sold out within the first few hours of its launch.
Other series have been launched in collaboration with various token teams like Metamusk, Megatoken, Babydoug, PolyP, among others.
COINTIGER SUPPORTED COINS
When this article was written, Cointiger supported a wide range of 389 coins in 477 different markets. USDT is the main base against which most of those coins are paired. Other pair bases are BTC, ETH, BitCNY, BUSD, USDC, TCH, sUSDT, and XRP. They are also divided into models to make navigation easier. Some of those models are NFT zones, Layer-2 zones, DeFi zones, Content Rights, De-storage zones, and Polkadot Zones.
Some of the listed coins include Gold Coin Reserve(GCR), ABBC coin, GreenZoneX(GZX), XRP, ETH, BTC, TRX, TCH, LINK, DOT, DOGE, among others. Cointiger has a feature where users of the platform can suggest cryptocurrencies to be listed by sending a mail to firstname.lastname@example.org. The coins are then voted for or against by the users of the platform and by board members of Cointiger.
COINTIGER DEPOSITS AND WITHDRAWALS
Cointiger does not accept direct fiat deposits on its platform. Its deposit and withdrawal methods are mainly crypto-based. However, you can still purchase some cryptocurrencies with fiat on the platform.
The supported fiat currencies are United States Dollars(USD), Vietnamese Dollars(VND), Australian Dollars(AUD), Bulgarian Lev(BGL), Canadian Dollars(CAD), and Brazillian Real(BRL). However, you can only purchase USDT and BitCNY directly with fiat. You can then convert them to any crypto you want using the trade function.
The payment method for fiat-crypto conversions is through wire or bank transfers and requires that you fill in certain information before your transaction is processed. For successful processing of your payment, you need to provide the currency you want to deposit in, the country or region you’re depositing from, payment method, the beneficiary’s name, account number, bank, and branch address; the beneficiary’s home address, and the SWIFT code.
For cryptocurrency deposits and withdrawals, you follow the usual method of pasting addresses or scanning QR codes. However, there are two main methods of depositing crypto on Cointiger. The first involves sending it through blocks and paying deposit fees, as is common in the crypto world. The second involves sending it through Bixin Pay, a crypto wallet. This method is fast and free but requires you first deposit those assets on Bixin wallet.
COINTIGER TRADING FEES
Cointiger charges a flat 0.15% taker and 0.08% maker trading fee for all spot trades. For futures trades, the flat trading fee is 0.025% for makers and 0.07% for takers. However, it launched a VIP system in July 2021 which offers tiered discounts to crypto traders according to their trade volume over a stipulated period. The table below outlines the VIP levels as well as their discounted rates:
|LEVEL||7-DAY AVERAGE ASSETS||30-DAY TRADE VOLUME||SPOT MAKER FEE||SPOT TAKER FEE||FUTURES MAKER FEE||FUTURES TAKER FEE|
Another benefit of the VIP program is that you get two airdrops per month if you are on VIP level one and higher.
CoinTiger chages withdrawal fees which vary from coin to coin.
DOES COINTIGER HAVE MANDATORY KYC?
It is not compulsory to complete KYC verification on Cointiger before using the cryptocurrency exchanges. You can still transact freely up to a trading volume of 2 BTC per day without having to reveal information about yourself. However, if you wish to increase your withdrawal limits to 50 BTC per day, deposit fiat currencies, use the Cointiger bank, or if there has been some suspicious activity on your account, then the exchange will ask for KYC verification.
To perform KYC verification on your account, click on ‘Authentication’ on your dashboard, select your country of residence, fill in your full name in the box provided, and upload your identity document which can be either International Passport or Driver’s License. Your upload quantity should not be more than 5 MB worth of data. If it exceeds that, you may have to compress it before uploading. Once you’re done uploading, click ‘submit’ and wait for a reply from the team.
COINTIGER SUPPORTED COUNTRIES
Cointiger supports users from countries all over the world. The only restrictions seem to be for Citizens of Ontario(Canada), Malaysia, and the United States of America, as stated in their terms and conditions on the website
DOES COINTIGER HAVE A FIAT DEPOSIT?
Cointiger does not allow users of the platform to directly deposit fiat currencies on the platform. However, you can buy cryptocurrencies with any of the six fiat currencies supported on the platform. The supported fiat currencies are United States Dollars(USD), Vietnamese Dollars(VND), Australian Dollars(AUD), Bulgarian Lev(BGL), Canadian Dollars(CAD), and Brazillian Real(BRL). These currencies can only be used to purchase either USDT or BitCNY(when this article was written)
Also, Cointiger enables fiat trading, a P2P service where you can purchase crypto directly from other users of the platform. Once orders are placed with this method, the merchant’s tokens are locked until you confirm payment.
There is also a provision for an appeal if you feel you have been scammed by the merchant. The merchant determines how they want to be paid. The payment methods include WeChat, Alipay, wire transfers from banks, online banking methods, and other methods agreeable to the parties involved.
DOES COINTIGER HAVE A NATIVE TOKEN?
Cointiger’s native token is known as Tiger Cash(TCH). It is an Ethereum-based token that was launched on November 15, 2017. It has a total maximum supply of one billion tokens but currently has 700 million tokens circulating. Holders of Tigercash enjoy the following benefits:
- They get fifty percent of Cointiger’s annual profit distributed proportionally to the amount of Tigercash they hold
- If their TCH holding is greater than 1% of the total TCH supply(i.e 10 million tokens or more), they qualify to apply as shareholders in Cointiger company.
- They get voting rights on new projects
- They get periodic, and sometimes unexpected, airdrops
- TCH is also one of the coins that contributes to VIP status on the exchange.
IS COINTIGER LEGIT AND SAFE?
The exchange has some remarkable features. They include:
- FUND PASSWORD: It is the last line of defence which is required for withdrawals to be processed successfully. You need it to confirm withdrawals, and sometimes to even confirm transactions.
- SMS VERIFICATION: This is another layer of two-factor authentication to ensure you have exclusive access to your account. It can’t be enabled for withdrawals but can be enabled for login functions
- GOOGLE AUTHENTICATION: This also ensures no one accesses your account but you. It protects your privacy and can be set for both logins and withdrawals. Also, it comes into play when you’re making drastic changes to your security setup or when resetting your passwords.
The above features show that it tries its best to guard against the activity of hackers on users’ accounts. However, the exchange does not seem to store its crypto assets in cold wallets, which is the industry standard for storing crypto assets securely.
Also, even though the exchange was established in Singapore, it is not regulated by the Monetary Authority of Singapore. The MAS issued an alert against Cointiger and other related organizations, calling it a part of scam exchanges and advising citizens to steer clear of the exchange. This, coupled with scam accusations on Reddit and other social media platforms give cause for serious concern.
COINTIGER SCAM ACCUSATIONS ON REDDIT
Cointiger has received its fair share of scam accusations on Reddit. In case you do not know, Reddit is a social media platform where you meet people of like minds on various forums. On various Reddit pages, there have been accusations of Cointiger delaying withdrawals or denying them altogether. Most of the negative reviews come from people on r/KinFoundation, a Reddit page for users of the Kin token.
While this is a cause for concern, one should keep in mind that social media complaints are not necessarily valid. It’s better to do your own research and decide whether or not you’ll go for the exchange.
As with any other exchange, Cointiger has its good and bad sides. Its major merit seems to be that you can transact freely on the exchange without the need for KYC. Also, it offers some products to generate passive income including staking, airdrops to VIP members, and rewards for TCH holders
However, it is unregulated and badly reviewed among users on social media. Therefore you might want to tread carefully if you decide to invest in or trade on the exchange.
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FREQUENTLY ASKED QUESTIONS
What devices can I use Cointiger on?
You can use the web version of Cointiger on any browser. There are also mobile applications of the exchange on the Android and iOS systems.
Can I trade with leverage on Cointiger?
Yes, you can trade with leverage on Cointiger. There are two types of margined products on the exchange. The first is USDT-margined trading with 83 pairs while the second is Coin-margined trading with six coins.
The highest leverage you can trade with on the platform is Bitcoin with 125x leverage. Other coins come with lower leverage options, mostly 20x leverage. You can also choose between cross and isolated margin modes.
Does Cointiger have a wallet?
Cointiger has an in-exchange wallet where it stores the coins purchased or sent by its users. However, there is no sign that it has a cold wallet for storage of untraded coins, as is the normal security procedure with most reputable crypto exchanges.
Does Cointiger report to the IRS?
The IRS(Internal Revenue Service) is the tax-collecting and revenue-enforcing body of the United States of America. It is also the authority that all financial services in the US report to. However, since Cointiger is not available in the US, it doesn’t report to the IRS.
Also, even though it is registered in Singapore, it is not regulated by the Monetary Authority of Singapore(MAS). In fact, it is on the alert list of the MAS. That’s a sore spot.
- It allows users to purchase crypto using bank transfer and allows other payment means via fiat trading(or P2P)
- It offers sUSDT, an innovative trade product that makes it easier to trade and hold tokens with many decimals.
- It has a wide range of supported countries.
- It supports many cryptocurrencies
- It allows users to ask for unlisted coins to be listed
- You can trade freely on the exchange without registering KYC, to an extent.
- It has applications that run on Android and iOS systems
- It is not regulated by any financial authority.
- You can't deposit fiat on the platform. You can only use it to buy coins.
- It doesn't support users from the US
- It has a poor social media reputation.
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