Sep 17 17:02:45, 2022
CoinField. Virtual number registration
CoinField is a cryptocurrency exchange platform that allows users to buy and sell popular cryptocurrencies. It also offers digital crypto wallets and helps convert crypto to fiat for withdrawals and trading. It has users in 193 countries around the world.
Like many other exchanges, the platform uses Ripple (XRP) as its base currency rather than Bitcoin (BTC). It supports a crypto project called Sologenic (SOLO) based on tokenizing assets with Ripple. Ripple is also the most traded asset on the stock exchange.
Users must complete a full background check before trading fiat money or cryptocurrencies and accessing airdrops and rewards. This lengthy verification process may involve submitting identification documents, selfies, or video interviews.
Advantages of trading with CoinField:
- CoinField is legit, safe, and meets the regulatory requirements to exchange fiat for cryptocurrency;
- major cryptocurrencies and six fiat currencies are available for trading;
- OTC trading, cryptocurrency exchange, currency converter, etc., are available;
- has a low minimum deposit (₿0.004 or equivalent), no restrictions on trading strategies;
- handy mobile applications for iOS and Android;
- the platform provides an advanced cryptocurrency trading database;
- a profitable referral program with fixed payments to SOLO plus a percentage of the affiliate's commissions;
- a SOLO card to pay in stores with cryptocurrency;
- a highly protected multi-currency wallet;
- an API, a dedicated affiliate program, and a ready-made solution for building your white-label cryptocurrency exchange.
Disadvantages of CoinField:
- no practical solutions for investors;
- CoinField USA is now unavailable;
- the need for more investment opportunities;
- unsuitable for passive income in priority;
- no demo accounts.
Otherwise, it is rated highly by experts.
How to Register on CoinField?
To get started with the platform, users first need to register an account.
- Provide your name, email address, password, and personal phone number. Customers receive a confirmation email to the address they provided.
- Provide your ID, phone number, and email address.
- Deposit money into a CoinField account to start trading.
- Fund your accounts with six different supported fiat currencies and several supported cryptocurrencies such as BTC (Bitcoin), ETH (Ethereum), XRP (Ripple), LTC (Litecoin), etc.
Once the account is ready, you can use the login and start trading with the CoinField exchange.
You should check the trading fees on any exchange you are interested in. Each trade occurs between two parties: a maker whose order exists in the order book before the trade and a taker who places the corresponding order. Makers create liquidity in the market, and takers take that liquidity by matching the makers' orders with their own.
CoinField Trading fees
Platform trading fees start at 0.25% for takers and 0.15% for makers. This is quite in line with the latest global industry averages, which were 0.217% for buyers and 0.164% for manufacturers, according to a report published in January 2021. Additional discounts are available with a certain number of SOLO tokens.
The platform offers competitive trading fees as low as 0.25%, which is lower than many other major exchanges. Credit/debit card deposit fees are 2.95% and are lower than many other exchanges.
However, fees for depositing and withdrawing funds via Interac e-Transfer, EFT, and bank transfers are very high compared to other exchanges.
CoinField Withdrawal Fee
CoinField charges a withdrawal fee of 0.0015 BTC when you withdraw BTC. This is higher than the industry average of 0.0006 BTC per BTC withdrawal.
Cryptocurrency withdrawal fees are also above average. For example, they charge a flat rate of 0.001 BTC for withdrawing bitcoins, which is about 1.5 times more than other exchanges.
CoinField has reasonable trading fees, but their withdrawal fees are high.
CoinField Minimum Trade
There are CoinField minimum amounts for both parties for fiat deposits and withdrawals, and it charges fees for both deposits and withdrawals, with only SEPA, Faster Payments, and US bank transfers being free for deposits. There are no free withdrawals.
Cryptocurrency deposits are free with no minimum amount. However, the withdrawal fees and minimum withdrawal amount can be relatively high compared to the competition. For example, withdrawing funds to the platform costs 0.075 ETH, while it costs only 0.005 ETH to Crypto.com. BTC withdrawals are 0.0015 BTC on CoinField and 0.0005 BTC on Crypto.com. This is a significant difference.
The fees are high for anything other than the crypto deposit or crypto trading.
There are several ways to reduce them, including increasing trading volume, discounts from the Union of Traders, and buying a SOLO token.
Trading tokens offers several other benefits, including purchasing a plastic card with a link to your account for payment in offline stores.
At CoinField, you can deposit using a bank transfer (SEPA) or credit card. This is useful for new crypto investors. This also makes the platform an entry-level exchange.
VISA and MasterCard deposits carry a 2.95% fee, which is respectable compared to other exchanges that offer credit or debit card deposits.
CoinField accepts six fiat currencies:
- US dollars;
- Canadian dollars;
- Japanese yen;
- UAE dirhams.
As of October 21, 2020, GBP Fast Payments is also available for UK customers.
CoinField supports over 20 crypto assets, and many are available for trading any of the six fiat currencies. Some of the supported crypto assets are:
- Ripple (XRP);
- Bitcoin (BTC);
- Litecoin (LTC);
- Ethereum (ETH);
- Tron (TRX);
- Stellar (XLM);
- Bitcoin Cash (BCH);
- Tether USD (USDT);
- Soloists (SOLO);
- Bitcoin Gold (BTG);
The company offers a partnership for active bloggers, authoring software, and a White-label exchange to create exchanges. Advanced API is available.
Register an Account Using a Virtual Phone Number
To register on CoinField, you need to enter your mobile phone number. If you do not want a personal number, you can use the Onlinesim.io Service and buy a virtual SIM card.
The company offers the ability to send SMS with a registration code to the cards of 93 countries and rent numbers in 29 countries.
The site is easy to use. Visitors can use a free virtual SIM card to receive messages.
One-time Services prices start at $0.02. SIM card rentals start at $0.52 per day. This option is attractive because it is online, and you can receive unlimited SMS. This is an acceptable solution for long-term use.
You can receive messages, verify accounts and get required codes. The company has a database and supports messaging by phone.
Here are the basic steps to get these options:
- Register an account (social networksoption available);
- Fund your account using any of the available methods;
- Choose a country for free and enter it to receive a phone message.
Onlinesim.io guarantees users complete anonymity and protection of personal data and banking transactions.