The ICO Alert team sat down with one of the most respected crypto exchanges in Europe and got some insight into how they are able to deliver next level solutions for their users.
What is CoinDeal?
CoinDeal is one of the fastest-growing crypto-fiat exchanges. It was launched by three Poles: Adam Bicz, Kajetan Maćkowiak and Filip Dzierżak in March 2019. If you didn’t hear about us, let me introduce the company. Very high level of security and an open approach to users’ needs helped us gain trust and popularity among new and experienced traders.
— Alex Strześniewski, COO, CoinDeal
- CoinDeal has over 320k users
- The company launched in March 2018
- Free CDL Token giveaway
- Open to U.S. traders
- 90% of funds are stored in a cold wallet
- OTC services available
- 24/7 live customer support in 5 languages
- CoinDeal is the official global partner of the Premier League Wolves — Wolverhampton Wanderers FC
Q&A with Alex Strześniewski, COO, CoinDeal
- For those who are not familiar with CoinDeal, can you explain what it is, and what the team aims to accomplish? How does CDL token function on your platform?
Besides being famous for a large number of crypto pairs and keeping high-security standards, we are also known for being a global partner of the Premier League Team – Wolverhampton Wanderers FC. The case of such sponsorship by cryptocurrency exchange platform is also the first in the history in the blockchain industry.
CoinDeal Token (CDL) was created for the benefit of users. The CoinDeal token will allow users to access additional functionalities within the trading ecosystem and will also be used for the decreasing of various fees. CDL will also allow for higher liquidity within CoinDeal and for far more pairings with cryptocurrencies and fiat currencies. The CoinDeal Token will allow for decreased trading and withdrawal fees.
When margin trading and leveraged trading will be introduced on the platform, parts of the fees will be able to be paid in CDL. Staking a certain amount of CDL will allow users to further decrease their trading and withdrawal fees even further, the exact amount needed for staking and the percentage decrease in fees will be announced at a later date.
- What are some of the problems you see with exchanges today and how are you fixing them?
The exchanges now focus on attractiveness of prices and as many crypto pairs as possible. It is forgotten how important the security of users and funds is. This is what we have to take care of now. Listening to our clients is also an important element, which is why we conduct voting, surveys and competitions. It is the user who should be the most important.
- How is CoinDeal different from other exchanges? What are the advantages that it holds over the competitors?
We take care of the user. Everyone is important to us. Besides, we are a very good team. We all care about the development, each of us is busy with crypto. This makes us a trustworthy company. Besides, we have nothing to hide, we are completely transparent.
- What are your plans in regards to adding more tokens to your exchange? What is a process for new tokens to be listed?
You can “get” to our exchange in a few ways. It is best to contact the relevant departments in our company directly. Some of the coins are added by voting, so the users choose which currency they currently need. Some of them catch our eye and we talk to them ourselves. Some will simply write an email and turn out to be a hit. After the initial verification, business talks begin. Sometimes the Coin Agents will come by, talk to us, have a coffee, and we have a deal. That was the case with Bitcanna, for example.
- One of the big value propositions for traders is an abundance of liquidity. How is CoinDeal planning to cultivate sufficient liquidity for large traders?
One of the activities that provide CoinDeal’s liquidity is OTC-trading. OTC services allow users to execute large trades with one simple click.
You would like to buy or sell large blocks with a fixed price and there is no better place to do this. Our leading technology gives you access to dozens of liquidity pools in one place. RFQ allows you to receive a single price on screen in just milliseconds before you decide to execute the trade.
- Regulations of crypto exchanges are big news these days. How does CoinDeal plan on supporting traders from countries with strict regulations on crypto trading? Will U.S. traders be able to use your platform?
Yes, of course. The United States is our top priority at the moment. They can already register on our stock exchange and in a moment they can also trade. We are launching in 13 states: Idaho, Illinois, Indiana, Kansas, Montana, New Hampshire, New Jersey, Pennsylvania, Tennessee, Texas, Virginia, Wisconsin, and Wyoming.
As many as 11 stores will be available at the beginning of the year:
ETH / BTC
LTC / BTC
XRP / BTC
EOS / BTC
BCH / BTC
DOGE / XRP
BCHSV / BTC
XMR / BTC
USDT / BTC (not available in Texas)
TUSD / BTC (not available in Texas)
Of course, we are planning another 12 states in the future, and perhaps even the whole country in the future. It was a long process of regulating them, but it worked.
- What is your strategy in regards to attracting different types of traders? Would you say that CoinDeal is more focused on retail traders or will there be accommodations for institutional, automated algo players as well?
There are over 50 cryptocurrency pairs on CoinDeal — including the most popular ones, mostly paired with Bitcoin (BTC), but also with Ripple (XRP) or Ethereum (ETH) and fiat currencies like Euro (EUR), Dollar (USD), Pound (GBP), Polish Zloty (PLN), Ruble (Rub), CoinSwiss Franc (CHF) or Korean Won (KRW). The number of available coins is growing very fast — new cryptocurrencies appear most often through the voting system of the involved community. Thanks to this, users have a real influence on the future shape of the exchange. The voting process can be followed here.
Deposit and withdrawal options are now available in the following currencies: Euro, Polish Zloty, Dollar, Ruble, Swiss Franc, Korean Wo, British Pound. In addition, you can use a credit card to buy BTC through a trusted partner platform — BuyCoinNow.com — and send it straight to the CoinDeal wallet. Also, you can use many options for deposits and withdrawals like Mistertango, Epay, Payeer, bank transfer, etc.
The platform offers frequent promotions and an affiliate program to its new and regular users, where you can receive 20% of their transaction fees for inviting your friends to register and trade. Users are also often surprised by promotional events on CoinDeal like fee discount on some markets or airdrops.
- Nowadays, many traders rely on mobile apps to give them the ability to trade on a go. Does CoinDeal plan to offer such solutions in the future? If so, what is the estimated release date?
We are working on the mobile app for some time as we saw that most of our users use their mobile devices to trade on CoinDeal. We want this application to be 100% professional so we are working on every detail, which is why it is not ready yet. We can’t tell when exactly it will be ready, but for sure it will be soon. Follow us on our social media channels to be up.
- Galaxy score is an interesting feature that your platform offers. Did you develop this scoring system yourself? Can you please explain different categories for scoring and how it can help traders?
Galaxy Score is a kind of application that was created by LunarCrush. We buy a subscription from them because we think it is a tool that makes trading much easier.
Galaxy Score shows at which point it is worth buying crypto data. Even if you are a mega advanced trader, you will be happy to have such facilitation. It is a very simple system that calculates all algorithms and shows you a green or red color.
- From time to time, we see breaches in security for exchanges. How is CoinDeal leading the way in providing security for their clients?
Coindeal adheres to the highest standards of security. In fact, we proudly declare that we contribute to creating security standards in the crypto world.
Our Swiss entity is regulated by the Swiss VQF (Financial Services Standards Association). Becoming licensed in Switzerland was a time-consuming process that took us two years to complete. CoinDeal is currently in the final stages of obtaining a license from the MFSA (Malta) to be at the forefront of the crypto regulation that is currently underway. Currently, CoinDeal Limited (Malta) is operating under a transitionary period that allows us to operate while in the process of obtaining the license.
Since May 2019, CoinDeal is also registered with FinCen in the U.S. under registration number 31000146609933. Starting in August of 2019, our platform is available in 13 U.S. states and we will be adding more in the very near future.
There is absolutely no way for hackers to steal money from our platform. It is not possible neither for a hacker nor an insider (such as a programmer, devops or administrator, not even for the management of the company). Here’s why.
We decided to build our system using microservices architecture. This means our system is built from many independent elements. They are maintained by separate teams and not a single person has access to all modules.
Our innovation is that each module signs (in a similar manner to that what happens on the blockchain) each request (with its private key). Other modules know its public key so they can check if the signature is correct. If some signature is missing, other modules won’t accept such a request. Therefore, even if someone breaches the system but has access to all modules but one, they cannot do anything.
Some modules require user input, like OTP or e-mail confirmation, where only the user knows the proper answer. So, for example, no one can make a payout from the user’s account without said user’s consent — not even the administrator.
The CoinDeal team