CoinTiger (Futures)

CoinTiger (Futures) Crypto Exchange Review

Overview and General Information

CoinTiger, established in December 2017 by CoinTiger Labs, operates as a cryptocurrency exchange headquartered in Singapore. Its development team comprises members from Singapore, South Korea, and China. While the platform offers a broad range of cryptocurrencies and trading options, it's crucial to examine its security measures and regulatory standing before engaging with the exchange.

Background and History of the Company

CoinTiger's origins trace back to December 2017, with its founding attributed to CoinTiger Labs. The exchange is based in Singapore and boasts a diverse team of developers from various Asian countries, reflecting its international reach and operational structure.

Security Measures

CoinTiger's security posture presents a mixed picture. While basic trading doesn't require Know Your Customer (KYC) verification, more advanced features, such as raising withdrawal limits or depositing fiat currency, necessitate KYC compliance. The absence of a referral system is noteworthy, potentially limiting viral growth but possibly enhancing security by reducing the incentive for fraudulent referral schemes. However, the exchange's delisting from the CCXT library due to concerns about frozen funds and unclear business practices raises significant security concerns.

Certifications and Licenses Held

A notable aspect of CoinTiger is the lack of publicly available information regarding specific certifications or licenses. Its delisting from the CCXT library, a widely used library for cryptocurrency exchange APIs, following reports of frozen funds and ambiguous business practices, is a significant red flag. This absence of transparency raises questions about the exchange's regulatory compliance and overall security posture.

Products and Services Offered by CoinTiger (Futures) Crypto Exchange

Main Products

CoinTiger provides a comprehensive suite of trading services: It supports an extensive selection of 618 cryptocurrencies and 13 fiat currencies across 705 markets. A core offering is its USDT-margined futures contracts, enabling leveraged trading in various cryptocurrency pairs and even crypto-fiat pairings. The exchange also offers COIN-margined futures, again paired with fiat currencies. This diverse product range caters to both cryptocurrency-to-cryptocurrency and cryptocurrency-to-fiat trading strategies.

Additional and Special Services

Beyond its core trading offerings, CoinTiger distinguishes itself with several additional services designed to enhance user engagement and provide alternative income streams. These include staking options for passive income generation, the opportunity to purchase corporate shares, and the introduction of its native token, TigerCash (THC), built on the Ethereum blockchain. THC holders gain access to equity investments and voting rights on token listings, thereby fostering community involvement and governance. Furthermore, CoinTiger operates as a business incubator for blockchain projects, providing crucial support in the form of cryptocurrency loans, consultation, counselling, funding assistance, listing opportunities, and resource integration.

Product Features and Conditions

Key Attributes and Requirements

CoinTiger's trading fees are competitively priced, with makers paying 0.08% and takers paying 0.15%, resulting in a total fee of 0.23%. Withdrawal fees vary depending on the cryptocurrency, with a fee of 0.0005 BTC cited as an example. Fiat currency deposits are accepted via wire transfers and credit cards, though credit card deposits incur a 4.5% fee. These details are essential for users to assess the overall cost of trading on the platform.

Contact Channels and Customer Support

Contact Methods

CoinTiger offers various contact methods, though details are limited in available sources. An email support system is in place, but specific email addresses aren't readily accessible. A basic chat function allows users to interact with other traders, fostering a community aspect. Furthermore, an API is available for those seeking greater customization and integration with their trading systems. However, the lack of readily available contact information is a potential concern.

Service Hours and Support Quality

Information regarding service hours and the quality of customer support is scarce in publicly available resources. This lack of transparency makes it difficult to assess the responsiveness and effectiveness of CoinTiger's customer service team.

Pros and Cons of CoinTiger (Futures) Crypto Exchange

Pros

• Competitive Fees: CoinTiger's trading fees are comparatively low, making it an attractive option for cost-conscious traders.
• Wide Range of Cryptocurrencies: The exchange supports a vast number of cryptocurrencies and fiat currencies, providing traders with diverse investment opportunities.
• User-Friendly Platform: The platform is generally praised for its intuitive design and ease of use, catering to both novice and experienced traders.
• Passive Earning Opportunities: Staking and corporate share purchases offer users additional avenues for generating passive income.
• Global Accessibility: Users from numerous countries can access CoinTiger's services, although KYC requirements may vary depending on location and transaction types.

Cons

• Delisting from CCXT: The delisting from CCXT due to concerns over frozen funds and unclear business practices raises serious doubts about the platform's reliability and security.
• Security Concerns: Reports of frozen funds and ambiguous business practices necessitate a cautious approach, highlighting potential risks for users.
• Limited Fiat Purchases: The limitations on direct fiat purchases for some cryptocurrencies add an extra layer of complexity for some users.

Summary of CoinTiger (Futures) Crypto Exchange Review

Who is it Best Suited For and Why

CoinTiger caters primarily to entry-level traders seeking a platform to purchase cryptocurrencies using fiat currencies and explore various trading options, including futures. Its user-friendly interface and broad range of assets make it accessible to beginners. Additionally, its business incubator program makes it attractive to blockchain project developers seeking funding, support, and listing opportunities.

Final Thoughts on Value and Choosing the Company

CoinTiger presents a compelling value proposition with its competitive fees, extensive cryptocurrency selection, and user-friendly platform. However, potential users must carefully weigh the reported security concerns and its delisting from CCXT. The lack of transparency surrounding its regulatory compliance further necessitates caution. Thorough due diligence is essential before entrusting funds to this exchange.

Frequently Asked Questions about CoinTiger (Futures) Crypto Exchange

Is CoinTiger Legit?

The legitimacy of CoinTiger is questionable. Reports of frozen funds and unclear business practices, culminating in its delisting from CCXT, raise serious concerns. The absence of readily available information on regulatory compliance and certifications further exacerbates these concerns. While it operates and allows trading, prospective users should proceed with extreme caution and conduct thorough research before using the platform.

References

[1] https://www.bitdegree.org/top-crypto-exchanges/cointiger

[2] https://github.com/ccxt/ccxt/issues/6223

[3] https://tradersunion.com/brokers/crypto/view/cointiger/

[5] https://www.daytrading.com/cointiger