Coinut offers access to 6 cryptocurrencies with support for 9 fiat currencies, including CAD, USD, and SGD. The minimum trade size on the exchange is $10. It charges no commissions for crypto swaps.
Coinut; An Introduction to The Exchange
Coinut, short for "Coins U Trust", is a Singaporean cryptocurrency exchange with locations in Singapore, Canada, and Switzerland.
The company was founded in 2013 by Xinxi Wang (Litecoin Core developer) and Tao Huang. Coinut is backed by Boost VC from Silicon Valley, Bitmain from Beijing, and the National University of Singapore Enterprise from Singapore. Key features of Coinut:
- Regulated by Canada FINTRAC as a Money Services Business
- Regulated by VQF in Switzerland
- Applied for licenses from the Monetary Authority of Singapore (MAS) and the Ontario Securities Commission
- Support for SGD,USD, and 7 more fiat currencies
Coinut Exchange Table of Specifications
The crypto exchange supports only six cryptocurrencies and two fiat currencies. Let’s take a quick look at Coinut offerings.
Exchange | Coinut |
Launch Date | 2013 |
Levels | 5 Levels |
Trading Fees | Variable based on the user level |
Restricted Countries | United States, Iran, North Korea, Syria, Cuba, Hong Kong, Afghanistan, Croatia, Taiwan, Albania, Macedonia, Costa Rica, Haiti |
Supported Coins | 6 |
Futures Trading | No |
Minimum Deposit | $10 |
Deposit Methods | Apple Pay, Google Pay, VISA, MasterCard, Crypto |
Withdrawal Methods | Bank Transfer, Crypto |
Maximum Leverage | 1:1 |
Minimum Trade Size | $10 |
Security Factors | 2FA, Coinbase Custody, Semi-manual process of significant withdrawals |
Services | Spot Market, Crypto Swap, Referral, Wrapped Litecoin (WLTC) Services |
Customer Support Ways | Email, Ticket |
Customer Support Hours | N/A |
Fiat Deposit | Yes |
Affiliate Program | Yes |
Orders Execution | Market |
Native Token | No |
User Levels
The exchange features a tiered fee structure with five user levels based on 30-day trading volume.
User Level | 30 Days Trading Volume (USD) |
Normal | < 10,000 |
VIP 1 | > 10,000 |
VIP 2 | > 100,000 |
VIP 3 | > 500,000 |
VIP 4 | > 2,000,000 |
Coinut Fees Explained
The exchange prides itself on offering competitive fees across various trading activities. In BTC and LTC markets, Makers pay no charges, and Takers pay a 0.1% commission.
The platform also supports Wrapped Litecoin (WLTC) with fees of 0.3% for minting and 0.3% for redeeming. CoinutFees for Crypto/USDT and Crypto/XSGD trading pairs:
User Level | Maker Fee | Taker Fee |
Normal | 0.45% | 0.50% |
VIP 1 | 0.40% | 0.45% |
VIP 2 | 0.35% | 0.40% |
VIP 3 | 0.30% | 0.35% |
VIP 4 | Free | 0.30% |
Note that Coinut charges no fees on crypto swap transactions.
Listed Digital Assets on Coinut Exchange
The exchange supports six crypto assets for swapping and only four assets on its Spot platform, with four markets, including BTC,LTC, USDT, and XSGD. Available cryptocurrencies on Coinut:
- BTC
- ETC
- ETH
- USDT
- XSGD
- LTC
Does Coinut Offer Leverage Options?
At the time of writing this Coinut review, the platform does not offer leverage trading options. The exchange focuses on spot trading, providing users with a straightforward and less risky trading environment. This approach aligns with Coinut's commitment to security and regulatory compliance.
Registration and Verification
Only users who are 18+ years old can sign up on the platform. Here's a step-by-step guide to Coinut account opening:
- Visit the exchange's official website;
- Click “Sign Up”;
- Provide an email address and set a strong password;
- Click the verification link sent to your email;
- Enter your phone number;
- Complete ID verification (Receive up to 0.202 LTC);
- Provide address information and proof of residence.
Coinut Safety and Security
In addition to a strong regulatory framework, the exchange holds certificates from two global organizations: Straits Interactive (Data Protection) and TÜV SÜD. Coinut security measures:
- Partnership with Coinbase Custody
- Real-time internal audit
- Semi-manual process of significant withdrawals
- Two-factor authentication (2FA)
Deposit and Withdrawal Options
In addition to Crypto deposits and withdrawals, the platform supports payments in 9 fiat currencies, including AUD, USD, EUR, CAD, CNH, SGD, MYR, HKD, and JPY. Coinut payment methods:
- VISA
- MasterCard
- Apple Pay
- Google Pay
Note that the availability of methods may differ based on your location.
Coinut Trust Scores
At the time of writing this Coinut review, the exchange is ranked #565 on CoinMarketCap. There are only nine comments on the Coinut Trustpilot profile, resulting in an average score of 3.5 out of 5.
Does Coinut Offer Investment Plans?
While the platform doesn’t offer any copy trading or staking services, it features a comprehensive referral program with the following features:
- Referrer: 0.062 LTC + 30% of all trading commissions for the first 2 years
- Referred Friend: 0.203 LTC
- Requirements: Completing KYC and trading $3,000 or more within 180 days
Writer's Opinion and Conclusion
Coinut provides access to 11 trading pairs in 4 markets, including LTC, BTC, USDT, and XSGD. While the maker fees in LTC and BTC markets are $0, USDT and XSGD markets incur a maker fee ranging from 0% to 0.45%. The exchange has an average trust score of 3.5 out of 5 on Trustpilot.