CoinW is a centralized cryptocurrency exchange established in 2017. Unlike many other exchanges, CoinW is focused more on altcoins rather than blue chips, providing access to many low-cap cryptocurrencies like OpenLeverage, MXC, Crust Network, etc. At this, CoinW’s mission is to find the most promising altcoins and be the first to list them, bringing high potential earnings to its users.
At the time of writing, 200+ cryptocurrencies are present on the platform, all of which are traded against USDT. The latest can be bought and sold for fiat, either on a peer-to-peer basis or automatically with a VISA debit card. The platform supports various fiat currencies, from USD and Euro to Ugandan shilling and Czech koruna.
An interesting fact is that at the time of writing, the world’s most popular trading pair BTC/USDT is only the 20th by daily volume on CoinW, with SAND, DOGE, and ADA taking the leading positions. This shows the massive interest in altcoins present at CoinW which means that the platform scrupulously follows its mission.
Starting from July 13th, 2022, CoinW decided to completely eliminate both maker and taker fees on all spot pairs. Thus, all spot trades can be executed without any fees at all. This doesn’t apply, however, to the fees paid for the use of leveraged coins, like BTC3L representing 3x long on BTC and BTC3S representing 3x short on BTC. For those, the updated fees are yet to be announced.
Apart from trading regular and leveraged coins, as well as perpetual futures, CoinW allows users to make crypto savings, provide liquidity, participate in the launchpads, and invest in crypto mining.
Both fixed and variable rate savings are available, with an APY ranging from 1% to 20% depending on the currency and, in the case of the fixed rate savings, the lockup period. The liquidity providers can also choose to either lock their coins for 42 or 21 days to get maximum profit or to avoid locking their coins, getting less profit, but more flexibility.
The launchpad is presented by two types of events. Thus, CoinW users either have to stake some cryptocurrency to get the desired crypto onto their balance, or they can just purchase it at a low price, like in a traditional ICO.
The Sharing pool available on CoinW represents quite a unique feature. Sharing pools allow users to invest in cryptocurrency mining by purchasing specific tokens. Those tokens then provide daily income in the mined cryptocurrency, representing the corresponding amount of hashrate per token. This allows everyone to profit from cryptocurrency mining without having an actual rig.
In addition, CoinW also offers a HyperPay crypto wallet, a high-throughput crypto management solution called HyperBC, a crypto-financial service provider called HyperFin, and CoinW Ventures, a VC firm supporting the up-and-coming projects. HyperPay is a suite of crypto asset storage solutions. It features an off-chain wallet integrated with CoinW exchange, an on-chain hot wallet, and a hardware wallet called HyperMate. The latter connects to the smartphone via Bluetooth and is equipped with a fingerprint scanner for easy access.
HyperBC is a business-oriented custodial crypto wallet. It allows for a high throughput necessary for crypto commerce. It can also be set up with scheduled withdrawals into the client’s wallets. HyperFin is a multi-purpose business-oriented service for large-scale OTC deals, borrowing, storing, and lending crypto. Finally, CoinW Venture is a fund dedicated to investing in the new promising assets in the area of DeFi, GameFi, and NFT. It is partnered with some big names such as Circle, IDG Capital, LD Capital, and others.
The CoinW exchange features its own native utility token CWT. It is functionally similar to many other exchange tokens as it allows reducing fees paid for the transactions on the exchange. However, the exact mechanics are slightly different. Before July 13th, 2022, when there were active fees for the spot trading one could buy a tier with lower fees for 30 days using CWT starting at 0,15% instead of 0,2% all the way down to 0,01%. Since July 13th, however, the spot trading fees are equal to zero which means that the only use for CWT tokens is the reduction of fees for the leveraged coins.
The total supply of CWT is 25 million with all tokens being issued on the Ethereum blockchain. According to the blockchain explorers, about 98% of all CWT is stored in just 3 wallets. Most likely, those belong to the CoinW exchange itself. The tokens were first distributed during an airdrop on July 24th, 2021. The users were required to follow CoinW on social media, invite Twitter friends and add CWT to their watchlist on CMC. A total number of 118,000 CWT was distributed during the airdrop.
CoinW, just like the absolute majority of the crypto exchanges, requires its users to complete KYC to deposit or withdraw fiat. However, for crypto-to-crypto transactions, there is no such requirement. Therefore, users can deposit, trade, and withdraw their crypto without any kind of identification. Also, considering that CoinW features privacy coins, it is possible to use the exchange anonymously.
CoinW team and partners
CoinW doesn’t share much information about its team. The company’s CEO is Bai Mingguo, a person with a reputation in commodity and derivative markets in the Middle East. Bai also served as a financial advisor for the royal family of Abu Dhabi, as well as the Saudi national defense technology corporation. In his post, he has changed the company’s inceptor that calls himself Sebastian.
Sebastian didn’t leave the company, though, and now leads several other businesses of CoinW.
In addition to the partners of CoinW Ventures described above, the project partners with some of the biggest names in Chinese business such as Baidu, Tencent, and Alibaba, as well as with Oracle, the American giant in the software industry.