Sistemkoin is a Turkey-based cryptocurrency exchange launched in January 2018. Since the date of its release, the platform has always been working on expanding the range of its products to attract more users to the site. Though it was always accessible for international traders, the only supported fiat currency of the exchange had been Turkish Lira (TRY) for some time. At the time of writing, it also supports such popular fiat currencies as USD and EUR. Still, international traders can encounter some problems when they try to get comprehensive information about the work of the platform. Some pages are not translated to other languages and are offered on Turkish only.
In summer 2019, the platform issued a new version that helped to improve the speed of its work and general security. The higher speed of dataflow was attained thanks to optimized servers of Amazon web services. Additionally, the platform introduced such safety measures as anti-phishing codes and three-step verifications. All these changes were accompanied by a full redesign of the interface. The platform also claims that it follows KYC (Know Your Customer) policy and AML (Anti Money Laundering) regulations.
The company pays attention to security as the exchange previously experienced the support ticket vulnerability that posed a serious security threat. It may only seem that the protection of privacy in the support ticket system isn’t that important. But it can lead to disabling of two-factor-authentication or revealing private information for verification of users’ accounts by intruders. There can be different attack vectors that become available with the ability to pose as staff.
Also, there were many users’ complaints about the inability to withdraw their assets. In addition, the reputation of the platform was undermined by the legal action taken by ABBC Foundation against Sistemkoin after the hacking incident with ABBC coin. The exchange delisted ABBC coin a few months later after it added the altcoin to its listing without even informing the coin issuer.
Sistemkoin user experience
The number of trading pairs represented on Sistemcoin exchange is quite extensive. All popular crypto coins can be found on the list. The lack of possibility to trade them against popular fiat currencies such as USD or EUR was a huge drawback as TRY was the only option but now there’s no such problem. After re-design, the website also introduced the blog, but most of its articles are in Turkish therefore it is not helpful for international traders.
At the time of writing, Sistemkoin offers 140+ digital assets listed across 380+ active markets. The most active trading pairs include Turkish Lira, USD, EURO, STK, BTC, ETH, USDT. The products of the company also include the decentralized cryptocurrency coin Stk Coin (STK) based on ERC-20.
Sistemkoin mobile experience
The exchange doesn’t have a mobile version. The pop-up window that arises on the site at the time of writing says that the app is coming soon.
One can open the site in the mobile browser but it’s not very convenient to use it. The user has to scroll down much to look through the page, so it can be a solution only for tracking of the situation or in the case of an emergency when the person is on the road.
On Sistemkoin, the fees between takers and makers are not charged. The platform uses the flat fee model with the fixed rate, but the amount depends upon the selected cryptocurrency. The popular cryptocurrencies set users back 0.15%. Less popular coins will set back 0.20%.
As for the withdrawal, the fee for BTC withdrawal is 0.00075 BTC. The deposits and withdrawals are confirmed within 15 minutes though this doesn’t depend upon the platform. The exchange must be mentioning it to inform the entry-level clients. The deposit methods include wire transfer and cryptocurrency transfer. Credit cards are not accepted.
Customer support on Sistemkoin
The website seems to offer 24/7 support via live chat and phone. The platform tries to meet the demands of the customers, primarily, in the area of security. It is asserted that the support is available across different languages but the site doesn’t specify them. According to the statements of the company the multilingual support team is available round-the-clock without days off.
Additional information about Sistemkoin
With Sistemkoin, users can grow their assets by subscribing to the lending programs. Sistemkoin Lending can be used by holders of four popular cryptocurrency coins such as BTC, ETH, XRP, and USDT. The funds of users participating in the lending program are frozen for a certain period of time and when it is over, users get the principal amount along with the earned interest. The income is sent to the wallet on a monthly basis.
It is up to users to choose the duration of the lending. The expiry period can last for 1, 3, 6, or 12 months. Those who want to renew the lending program can do it with the same settings when the redemption date arrives. The exchange also offers an affiliate program where a referral commission of 20% can be received in real-time. The platform offers API to make work with the exchange more convenient for users with technical knowledge.
The company is headquartered in Izmir, Turkey. The page of the company in LinkedIn shows 11 members of the team without telling their names. The only available information on the web states that the platform was founded by the company Orenda Yazılım A.Ş. that specializes in information technologies and provides programming services.