Tradecoins.com is a peculiar sort of trading destination. At first glance, it looks like a crypto-currency exchange, where indeed, crypto currencies can be traded (by buying and selling them, obviously), but at a closer look, it becomes obvious that that is not the case. What we’re looking at instead, is a rather run-of-the-mill binary option trading destination, with the twist that deposits are made in BTC and the actual investing is done in BTCs as well. Despite that, when trading at this site, you are NOT trading BTC in the classic sense (buying it low and selling it high further down the line, for a profit).
So What’s TradeCoins?
What is also obvious is that Tradecoins.com presents itself as an actual crypto currency exchange – which it is not. Why it does this is anyone’s guess. It could have something to do with the fact that the company behind the operation is based in the US, where binary options are illegal. The reason why Tradecoins.com can exist at all, in its current shape and form, is probably that US financial authorities do not consider Bitcoin an actual currency, which means that the trading at the site does not involve any money. That would also explain why there is no other currency accepted for deposits.
Those who intend to trade at Tradecoins.com, can buy BTC directly from the operator. Cash-outs are done in BTC as well. Obviously, in order to do all this, one needs to have access to a BTC wallet.
Deposits are only accepted in BTC and BTC can be bought straight from the operator.
The trading interface is smooth and quite self-explanatory. All traders have to do is to choose the traded asset, set the expiry time and the investment amount and to choose the direction of the trade. According to the Tradecoins website, the maximum payout rate on trades which end up ITM, is 81% (which is not particularly impressive).
Bitcointalk.org and reddit do not mention the operation in any shape or form, and that could also be due to the fact that – as said above – the trading platform is not actually virtual-currency trading-focused. While there are indeed several virtual/fiat currency pairs available in the tradable assets section, there are other – more traditional – underlying assets available too, like various fiat currency pairs, indices and commodities like Gold, Oil, Platinum and Silver.
Who is Behind TradeCoins?
The corporate entity behind Tradecoins.com is Titan Marketers Ltd. The address given at the website is 7950 NW 53rd Street, Suite 337, Miami, Florida, 33166.
Contact-wise, there’s a dedicated support email address available: [email protected], as well as a couple of phone numbers: +17 863 503 395, +49 3031879671.
The site does not feature a proper “About Us” section, so there is not much background-information available. There are a few not-exactly-trust-inspiring user testimonials featured on the homepage, but they are accompanied by a few quotes from articles published about Tradecoins.com by The Independent and Coindesk.
The domain was reserved way back in 2001, and the identity of the registrant is not available.
Tradecoins.com was not a very popular website and at the time of posting this had an Alexa global rank of 928,407. Most of the visitors of the site are people from the US, Austria, French Polynesia, Poland, Germany and Iran among other countries.
According to SimilarWeb, almost 40% of all visits to Tradecoins.com arrive via referrals.
TradeCoins Review Conclusion
Tradecoins.com is essentially a binary option trading site, which seems to pose as a virtual currency exchange. Now, we don’t have any evidence that TradeCoins is involved in scamming people, however we do know that binary options trading is risky and there are many fraudulent brokers offering this type of OTC trading platform.
Update (November 21, 2017): We just received evidence that TradeCoins may be a scam! Here’s an email we received from one of our followers:
I am on TradeCoins-CryptoRobo on 17.11.2017 (tradecoins.com). I deposited 1.4985 BTC. I realized that this website was scams when this amount increased very quickly to 2.6937 BTC. I can not get BTC or even less back on what I deposit. I understand later this site is a scams.
For now, we have no other option than to blacklist this site.