Coinut exchange is owned by COINUT PTE. LTD. It is a Singapore based company and registered with the UEN.gov in Singapore – under the following Unique Entity Number (UEN) 201332271K. Their address is 10, ANSON ROAD, #26-04, INTERNATIONAL PLAZA, SINGAPORE 079903. Coinut is not regulated by a financial authority.
Is Coinut a Scam?
Coinut is an exchange that offers to trade with Cryptocurrencies, futures, Options and Binary Options. They are not regulated, only registered in Singapore as an exchange. What’s concerning is the complaints that you can find already in their own forum section. These are regarding withdrawals, bonus issues, and unreceived bonuses but also deposit issues such as “missing deposits”. Even worse, I see no responses therefrom Coinut support to the majority of the threads, older and newer ones likewise. Why have a forum filled with threads regarding issues that are unanswered? This indicated an unserious business to me and would most likely scare away new investors – well, considering all the complaints I suppose it’s a good thing that it does scare people away!
Editor’s Note: Why Doesn’t Coinut Suck in 50 Words?
If we consider their traffic, they seem to be doing something good considering it got almost 3 times higher during the previous months. Of course, in general, the interest for cryptocurrencies may have contributed to this by itself. Being registered in Singapore where they operate from is also a plus.
Editor’s Note: Why Does Coinut Suck in 50 Words?
Obviously, what sucks is the number of complaints and the lack of regulation. When their own forum is filled with unanswered complaints it is a bad sign. Something is not right here! Also, the majority of discussions I found online about Coinut is regarding referral bonuses… Is anyone even trading here or are people just inviting friends to make a quick buck off their referral bonuses?
Should I Open An Account With Coinut?
Coinut started operating marketing itself as “the only BitCoin Options Exchange”. Many years have passed since and there are other exchanges available with a better reputation. The Coinut platform offers BTC and LTC trading but also Futures and Binary Options. There are charts and tools but the overall platform seems a bit confusing to me. On the plus side, the platform is explained on the website itself with images and instructions.
Apparently, most discussions in their forum and also on every other forum about this broker are about their referral bonuses. Like I said before, I wonder if anyone is even trading there? Or maybe the traders are all happy and the affiliates not as much? Regardless, they claim to offer 0.001 LTC for each new client and the referred person also gets 0.001. There is also another payment for you and the client you send to them if their deposit is at least 1 LTC or 0.01 BTC and they trade at least one time. This has attracted many people to refer their friends to Coinut but it seems people are having major issues getting that money. Of course, it could also be so that the affiliates themselves are not doing everything right. Whichever the case, this has created a big mess in various forums about their reputation and Coinut needs to address this issue.
Next, I went to the ‘Terms of Services’ section and to my surprise, it says “to be added soon”… But this company has been around for several years. This is strange. There is a comment section here too but guess what, they are all filled with “where is my referral bonus money?”…
Overall, Coinut does not strike me as a good exchange. Even at the time of writing these very words, a new thread pops up in their own forum under the title: “Coinut Scam…?”. It is in Spanish but it pretty much shares the same story as the users in the existing threads.
Trading BitCoin With Coinut
On Coinut, you can trade BTC against USD, LTC against USD and BTC, ETC against USD, BTC and LTC and finally, ETH against USD, BTC and LTC. You use the platform to find the best price offered to buy from or sell to. Or you can create your own order.
When it comes to complaints, most people on Coinut are going nuts due to unpaid referral bonuses – pun intended. There are however complaints regarding deposits not showing up and withdrawals still being “processed” despite several days have gone. Surprisingly, even the cryptocurrency withdrawals are delayed which is strange considering such transactions normally get done within the hour – 3 to 4 days for a BitCoin transaction seems way too long. There are also complaints regarding lack of liquidity which stopped clients from trading.
Coinut Regulatory Announcements and Warnings
No current warnings against this company.
User Friendly 13/20
The platform itself could be somewhat difficult to understand. Especially if you don’t have any prior trading experience. There is however a well-explained section in the FAQ that describes step by step how to place an order. There are two languages, English and Chinese. The provided candlestick charts are actually good and you can easily search and find the indicators you need to apply.
No. of Underlying Assets and Expiry Time 12/20
The cryptocurrencies that can be traded are as follows: Bitcoin, Litecoin, Ethereum, and Tether. How you trade binary options here differs from regular binary options brokers and the expiries depend on how long you wish to hold your option.
Commissions, Support and Effective Return 12/20
The support seems not to be around much as their forum is full of complaints and you can barely find one representative answering any of these people. Even on comment sections and forums elsewhere, you will find similar complaints about support not answering. The fees and commissions are as follows: Spot zero to create an order and 0.1% for the taker. Futures: Maker 0, taker 0.03% and 0.03% Exercise price. Options: Maker 0, Taker 0.01 BTC per contract and 0.01 exercise. Binary Options: 0.0001 BTC per contract opened.
Deposit, Payment and Bonus 12/20
You can deposit BTC, LTC, ETH, UDST, and BCH. USDT is US dollars but on the Bitcoin blockchain – you get it from exchanges such as Bitfinex or Kraken. Withdrawals are of course made to your coin address. The bonuses are for referrals and unfortunately, most people are complaining about unreceived bonuses.
Website Extra’s 11/20
The extra here is that trading binary options here differs from regular “vanilla brokers”. This is an exchange and you can either create your own order or take one that already exists. You can also sell it when you want before the expiry, to other traders.