coinscan Exchange

Top 10 Review 2023: An Expert's Comprehensive Analysis









Customer service

Requirements & Accessibility



Key Takeaways

  • Offers Advanced Trading, Futures, and NFTs

  • Massive variety of cryptos

  • Offers credit cards, it's own chain (CRO), and many other benefits



Established in 2016, has grown rapidly to become one of the top crypto exchanges in the world, providing access to an extensive list of crypto assets and other related products.

Users can do all of the good typical stuff like buying and selling assets at competitive fees, but is also among the few exchanges which provides a standalone crypto wallet, credit cards, a non-fungible token (NFT) marketplace, and a decentralized exchange platform.

All this and a (slightly suspicious) reported number of more than 70 million active users in 2022, you would think it is the perfect exchange.

But is it? Join CoinScan as we dive deep and find out more. 


Launched as Monaco Technologies GmbH in June 2016 by Polish entrepreneur Kris Marszalek (who still acts as CEO), the company changed to its less tongue-twisting name in 2018. is operated by Singapore-based company Foris DAX Asia and has its headquarters located in Hong Kong. Shortly after its launch in early 2018, the exchange launched it native token – called MCO.

The launch was a resounding success, raising $26.7 million from its ICO sale of around 12 million tokens from its 31M+ supply. In July 2018 after its rebrand, the exchange started offering Visa cards, and revealed the release of its own chain ecosystem, alongside a new native token: Cronos (CRO). 

The exchange really started to ramp things up in late 2019, scaling its marketing to reach bigger audiences in the crypto industry.

To entice new users (and keep old ones) also started to provide a number of extra services, including: Crypto Earn, Crypto Credit, and Pay. Around the same time the exchange released its DeFi Swap and non-custodial DeFi Wallet services. 

To say they got busy is an understatement

Around this time, the MCO tokens were completely scrapped, and holders could instead swap them for Cronos (CRO) tokens. The company also opened up a number of options to entice its users to interact with the new token, including staking, which allowed holders to earn passive token reflections, while still owning the underlying asset.

Despite its meteoric growth in a relatively short time, the company has experienced some teething issues, such as a notably embarrassing scandal with a refund (more on that later), and some unfortunate staffing affordability issues – which saw more than 2,000 total employee layoffs since May of 2022.

The extended bear season has also caused approximately $1 billion losses of the exchange’s token, but here is just one of many victims of the turbulent market. 

User Experience

Ease of Use and Design

As mentioned above, is a great platform for users who are new to crypto trading because of its numerous features, coins, and perks.

The exchange pays a lot of attention to the education of its users too, going so far as to include the University feature, which provides all the info they need to interact with all of its services. Holders of the Cronos token also benefit on the platform, gaining access to lower trading fees. It has a simple and clean design, and is easy to use for both beginners and DeFi veterans alike. 

Other pioneering features of include having a prepaid visa card that acts like a debit card, and makes it easy for users to use their crypto to pay for items and services worldwide, anywhere Visa is accepted.

Downsides of the site are its continuing lack of access to its main exchange site, which persists even after its relaunch /rebrand in 2021, leaving only the app as a method of access for millions of potential users.

That said, the app itself is pretty comprehensive. It still provides users classic features such as buying, selling and trading, as well as the ability to exchange Fiat money, access Crypto Credit and Crypto Earn, manage their Visa cards, and (as of November 2021) access leveraged trading.

Users can get the app on both Android and iOS devices, therefore it covers pretty much everyone on the planet, so not having access to the main site isn’t too much of a hardship. However, we would be remiss if we didn’t discuss the main exchange for those who can access it, so let’s dive in:

Aimed at helping mostly advanced traders, the exchange was built for crypto-to-crypto transactions. For experienced users the website allows full access to multiple features, including trading pairs, up to 50x and 3x leverage in both Derivatives, and Margin trading respectively, limit and market orders, and even advanced stop-limit/stop-loss orders.

The exchange has also proven to be one of the best in rewarding users and its website creates a means for users to join Trading Arena competitions, earn high yield by depositing CRO into Superchargers Liquidity pools, access Lending and purchase newly-listed coins at a discount with The Syndicates.

In addition, have recently released their own Decentralized finance (DeFi) Swap – a new exchange platform that can be linked to DeFi Wallet with ease. This allows users to trade the trending DeFi tokens in a non-custodial means, (CEX’s typically remain wallet custodians, whereas DEX’s do not) which makes it possible to swap coins privately and without completing a KYC.

Both the exchange platform and mobile app can be used to access the DeFi Swap feature. Slight downsides are that users are required to pay 0.3% fees to Liquidity service providers that back the smart contract project, and all trades will be subject to non discounted gas fees, which (in the case of Ethereum without optimistic rollup alternatives) can be extremely expensive. can’t be mentioned without referring to its lauded debit cards, which have helped catapult it to one of the top 10 exchanges worldwide. Users of the mobile app can reserve a Visa card in order to use their crypto assets, and it's an extremely easy and fuss-free process, with the card arriving in most geographical locations within 3 weeks.

Although the exchange has access to different card tiers, the most prolific is the Midnight Blue card (mainly because it’s free). Other card tiers need users to stake a portion of their Cronos token in to get a composite metal card with additional benefits, with the obsidian metal card requiring a spicy $300,000 dollars of staked CRO.

Still, traders who make use of basic card tiers can still get 1% back on spending up to $200 via ATM withdrawal and currency exchange transactions monthly. More advanced card tiers give access to higher exchange and withdrawal limits and users get rewarded through Netflix, Spotify, and Amazon Prime rebates. Overall, the card is just great, and is something more exchanges should offer their customers. 

Usage and Popularity apparently has more than 70 million users worldwide, (although this number does vary in the millions and this total would make it 2.5 times larger than industry leader Binance, so take it with a pinch of salt).

Its offices are widespread with multiple brick and mortar locations; including the UK, China, Singapore, Bulgaria, India, African states, Australia, Europe, Argentina, and Canada, but its main headquarters are still in Hong Kong.

It is important to note however, that despite this extensive coverage and popularity, the desktop version of the exchange is reportedly only accessible to chosen investors within the US, with everyone else having to settle for the application. This means that more advanced features such as one-cancels-the-other order (OCO) limits, stop-loss limits, trading via bots or API, aren’t available, which is a shame.

That said the central application does still have numerous services and features, so is still a very worthwhile option. currently supports a respectable 250 cryptocurrencies and also gives its users access to a non-fungible token marketplace.

The availability of various coins makes a suitable exchange for beginners in the crypto market, but does mean it falls short for traders looking for more alternative and niche options, making them more likely to turn to sites such as KuCoin, which has almost 3 times the amount of digital assets. 

Customer Support

Customer service for is accessible through a help page, email, and live chat. Customers of cannot get phone help, which is pretty typical despite it being the 21st century.

Although there is email and chat customer service, many users complain about delayed responses and a lack of assistance with account issues.

This is one area where it seems that needs to be spending a little more time and energy to get it up to the high levels of the rest of the exchange. 

Fees and Promotions

Fees scores well here too, because of its low trading fees. Although costs vary depending on the products, it remains among the top Fiat-to-crypto gateways in the industry.

The exchange’s mobile app is still the best means to trade, receive, pay, sell, buy and send crypto, and in addition activities like crypto deposits, and crypto-to-crypto exchanges are performed for free.

Users do have to pay a fee while making withdrawals to an external wallet however, with the amount differing according to the crypto being withdrawn, and relative gas fees. 

With the app, purchases of cryptocurrencies can be made directly with debit and credit cards while a fee will be required from users who pay via the website.

However, the trading fees are calculated based on the users' monthly trading volume and a bright spot is that more discounts will be given as the trading volume increases. It gets pretty complex and detailed, so the best way to see exact fees is to check the handy comprehensive breakdown on their site here.

Users can also stake their Cronos tokens and pay their trading fees with the CRO token and staking high CRO tokens means the users will also get more trading fee discounts. But each user must pass KYC verification process and stake up to 5,000 CRO tokens to get trading fee rebates.

Lastly the DeFi Wallet can be used as a storage unit for crypto investors, although the ones who use debit and credit cards will pay up to 4% trading fees. Overall, the site is very competitive with their rates and deserves a tip of the hat for keeping them low and attractive for worldwide users.  


Both and Coinbase are at the forefront of mainstream cryptocurrency adoption, offering user-friendly platforms that cater to a wide audience, from beginners to seasoned crypto enthusiasts.

Founded in the 2010s, each has rapidly grown, striving to provide a comprehensive suite of services. These services range from simple buying and selling of cryptocurrencies to more advanced trading options, secure storage solutions, staking, and interest-earning accounts.

Their emphasis on strong security measures, user experience, and regulatory compliance makes them trusted choices for many in the crypto community.

While they share foundational similarities, and Coinbase have distinct market strategies and product offerings.

Coinbase, based in San Francisco, is often regarded as the go-to platform for crypto newbies, particularly in the U.S. It has established itself with a straightforward interface, and its Coinbase Pro platform caters to more advanced traders.

Furthermore, its recent public listing on the NASDAQ has solidified its position as a major player in the crypto industry., on the other hand, offers a broader ecosystem of services, including its own branded debit card allowing users to spend cryptocurrency directly. Its native token, CRO, integrates deeply into its platform, offering users various benefits ranging from discounted trading fees to rewards on spending.

Moreover, while Coinbase's focus is predominantly Western, adopts a more global approach, catering to users worldwide with a myriad of additional features and promotions.

Safety Essentials

Security is not only among the best crypto exchanges in terms of low trading fees but also in the security system it employs to protect its users. As a regulated crypto exchange, complies with all the important financial and risk management rules and regulations, which is a good start.

The crypto exchange also holds all user crypto assets offline in cold storage and only holds corporate funds in online wallets. For users in the United States, things go one step further, with their portfolios in U.S. dollars being kept in a Federal Deposit Insurance Corp. (FDIC) insured bank account. The exchange also supports Multifactor authentication (MFA) processes to protect every transaction carried out on the platform.

For users themselves, to get an account with the exchange, they need to provide their full legal name, a selfie, a picture of a government-issued ID, and a recent utility bill. They can also secure their accounts by employing extra layers of security, such as user biometrics (like face scan), phone number and email address authorization, two factor authentication verification, and passwords. 

In addition, Cold Storage has insurance coverage worth $500 million, which encompasses physical damage, third-party theft, direct and indirect coverage via custodians, and other concerns. Solid marks here for the exchange. 


Although is a respected crypto exchange in the industry, the exchange had one of the most trending (and embarrassing) controversies.

In May 2021, mistakenly sent $7.2 million to a customer instead of a $68 refund because of a bad typo from the sender. How exactly someone could make such a ridiculous mistake manually is beyond us, but it caused quite the stir.

According to multiple reports, the transfer remained unnoticed by the exchange until after seven months when its December audit was conducted. Unfortunately, a large amount of the money had already been spent by the user who moved it to a separate joint account with his sister. 

Although the money could not all be sent back to, the customer's account has been frozen since February and the court in charge of the case ordered him to sell the home he spent the funds on and return the proceeds to the exchange.  

Proof of Reserves

We won’t harp on about FTX, because frankly the less said about it the better, but it does highlight the need for exchanges to be more transparent about what they do with user funds, and many are jumping at the chance to show their transparency. is one such company.

According to a new statement released by the exchange on December 9, 2022, they have released their proof of reserves to users, indicating that it has enough crypto assets to fully protect their liabilities. The statement revealed that has up to 102%, 101%, and 102% of Bitcoin, Ether, and USDT required to process withdrawals.

Note: releases Proof of Reserves on an annual basis

As a top international audit, advisory, and tax firm, Mazars Group was in charge of verifying the statement, and gave it the all clear. A big tick here for as a lot of exchanges are being reticent about providing proof of reserves, which begs the question, why


Following the rebranding of Monaco Technologies GmbH  to in 2018, the platform has continued to expand its reach in the crypto industry and stands as one of the best platforms for new and experienced users alike.

Very customer facing, the exchange makes it easy to register, trade, and interact with its myriad services. Apart from the typical crypto trading activities, has a staggering number of other beneficial services like Crypto Pay, Crypto Earn, DeFi Swap and Wallet, which really set it apart from the competition.

A slight downside is its occasional poor customer services, but overall it remains one of the very best exchanges available in the world and deserves the attention it gets.