Have you ever wanted to make a great source of passive income and cashflow from your cryptocurrencies? Are you aiming to improve your return on investment (ROI) by earning 6.6% annually on your stablecoins?
If you answered yes to any of these questions, this article is for you. In this Coinchange review, I’ll provide you with a comprehensive review of coinchange.io platform which is considered to be one of the most regulated crypto earning platforms by offering very competitive crypto earning rates.
What is Coinchange & a Brief History
We have heard of the big crypto platforms like Crypto.com, and Nexo. However, smaller players like Coinchange have been actively adding to their userbase and assets under management (AUM) in parallel.
Coinchange, a Canadian Fintech company, is building a safe and smart bridge to DeFi to generate a higher yield for its clients through crypto investments. This is accomplished by accessing risk-adjusted yield generators via DeFi (Decentralized Finance) ecosystem.
The company was founded by Maxim Galash in 2017 in Toronto, Canada. It currently has 2 offices with its HQ in Toronto, Canada and a second office in Wilmington, USA.
Maxim Galash is a serial entrepreneur, investor and advisor with over ten years of experience building technology companies in FinTech, Blockchain, and IT services.
He holds a BAS in Electrical and Computer Engineering from University of Toronto and Master of Business from PowerMBA. His professional background includes working as a business consultant, software developer and portfolio manager to becoming a partner at BGS Ventures.
How to Join Coinchange Platform
- Go to Coinchange Signup
- Enter your email, name, password, and confirm your email
- Enter your phone number and verify it by entering the code
- Enter your personal information and complete the KYC verification process
- Fund your trade account, move to earn account, start earning
Note: KYC verification usually takes a couple of minutes. However, if Coinchange’s partner, Jumio, fails to recognize the documents or selfies, a manual verification step will be involved which can take up to 2 business days.
After joining successfully, Coinchange login can be found here.
Coinchange Platform In a Nutshell
|Offered Products||High Yield Account, Trade Account|
|Regulation||USA (FinCEN), FINTRAC (Canada)|
|Supported Cryptos||BTC, ETH, USDC, USDT, DAI|
|Lock-In Period||None (Flexible Terms)|
|Interest Rates||Variable. 6.6% USDC | USDT | DAI , 0.8% BTC , 5.2% ETH|
|Fiat Support||Only USD (Bank or Wire Transfers)|
|Cryptos Purchase||Yes, buy or sell with USD or swap between cryptocurrencies|
|Withdrawal Fees||Variable (0.0005 BTC, 0.0055 ETH, 2 DAI | USDC | USDT)|
|Supported Chains||BTC, ERC-20|
|Insurance||$30M coverage by Fireblocks|
|Security||Infra on AWS, Uses Fireblocks’ multi-party computation, 2FA|
|Platforms||Browser web app, iPhone app, Android app (All very easy to use)|
|Customer Support||Ticket, Live chat, Call (833) 929-3334|
|Signup Bonus||$40 when for doing minimum 1 transaction and carrying a min $500 balance for 30 days|
What Are Coinchange Pros
- Very simple platform and apps to navigate through, use, and earn from
- Trustworthy, fully compliance, and regulated in Canada and USA
- No trade, spread, commission fees
- Higher stablecoins interest rates in comparison with Nexo, Crypto.com
- Live chat and phone customer support (During EST business working hours)
What Are Coinchange Cons
- Limited cryptocurrency selection support
- Only supports BTC and ERC-20 (Ethereum) blockchains
- No Canadian dollar (Interac e-Transfer) fiat support (Only supports USD)
- No government insurance (Applies to all crypto Fintech companies)
- Long hold time for bank transfers (10 days)
What Does Coinchange.io Offer (How to Make Money From Crypto)
- Flexible interest earning accounts with competitive rates
- Buy cryptocurrencies with USD
- Swap between crypto pairs without leaving Coinchange platform
- A learning academy to get updates and learn about crypto accessible to all
- Reliable, regulated, and secure platform and company
The platform offers three main products which are High Yield Account, Trade Account, and the Swap Exchange.
You can simply join by signing up with Coinchange, complete the KYC (Know Your Customer) verification, deposit USD or crypto, and start earning high interest on your deposited crypto.
One of the best features of the platform is the ease and flexibility in swapping between fiat US dollar, USDC, USDT, DAI, ETH, and BTC.
Earn Account & Coinchange Rates
Here are the current Coinchange interest rates. There is no tiers or cap which means the rates apply to all the deposited amounts.
|Crypto Asset||Interest Rate (APY)|
|USD Coin (USDC)||3.2%|
The concept of Coinchange.io Crypto High Yield account is very simple. It lets you earn up to 6.6% APY interest on your cryptocurrencies.
- Deposit USD, BTC, ETH, USDC, USDT, or DAI
- Swap your USD to BTC, ETH, USDC, USDT, or DAI
- Move your funds from the trade account to high yield account
- Start earning compound interest (no lock-in but a $20 minimum)
- Get paid in-kind everyday with a cutoff time of 3 PM Eastern Time
Important Coinchange High Yield Account Considerations
- Funds won’t start generating income until moved to the yield account
- Interest is paid out in-kind daily and gets compounded automatically
Coinchange Crypto Exchange (Swap)
Investors can buy or swap their fiat USD and cryptos between the supported cryptocurrencies and stablecoins in the platform. There is no swap or spread fees. There is no minimum or maximum amount on crypto orders.
Note 1: Swap can only be done under the trade account which is the default account. To earn, the funds need to be transferred manually to your high yield account.
Note 2: There is a one day hold when funds move from the earn to the trade account.
Coinchange Fiat Deposit
Coinchange only offers USD deposits which can be done via two methods only. To find the detailed bank and memo information refer to Cash Funding.
|Transfer Method||Bank Transfer||Wire Transfer|
|Coinchange Fees||No Fees||No Fees|
|Min Daily Deposit||$50||No Min|
|Max Daily Deposit||$1000||No Max|
|Processing Time||3-5 Business Days||Same Day|
|Hold Time||10 Business Days||None|
|Country Restrictions||Only US Banks||No Restrictions|
|Other Notes||Memo Required|
Important Fiat Deposit Considerations
- There is a 3-5 business days delay plus another 10 days hold for bank transfers
- Funds won’t start generating income until released and moved to the yield account
- Wire transfer should include the personal memo or support should be contacted
Withdrawals via Wire Transfers – US & International Banks
The Wire transfer will be sent to the bank account according to the wire instructions provided. Coinchange and bank accounts ownership name should match.
There is a $10 wire withdrawal fee for domestic US transfers, and a $15 fee for international (including Canada) transfers.
What Are Coinchange Fees
- Deposits: All deposits are free of charge
- Crypto Withdrawals: 0.0005 BTC, 0.0055 ETH, 10 DAI | USDC | USDT
- Fiat (USD) Withdrawals: $10 for US wire transfers and $15 for international wires
- Crypto or Fiat Deposits: Free. However, your bank might charge fees.
- Spreads: There is no swap or spread fees
How Does Coinchange Generate its High Crypto Savings Yield
Coinchange leverages various DeFi protocols to earn yield and minimize risk by acting as a liquidity provider and ultimately rewarding its investors by converting these liquidity pool tokens to cryptos in exchange for their investments.
It also earns passive income through staking and pays out its users in yield. In addition, it generates profits by offering loans to institutions only. This institutions are either established and vetted financial institutions or reliable decentralized protocols that pay an interest rate.
Coinchange then takes a small portion of the interest earned from these sources and passes the rest to its users. To calculate the high crypto interest rates, the system performs below practices to adjust the interest rates:
- Analyses supply and demand on their available crypto assets
- Takes earnings from the previous periods into consideration for the rate adjustments
Based on these analysis, they decide on adjusting the rates if needed.
Is Coinchange Exchange Safe, Secure, and Regulated
Yes, Coinchange is one of the most regulated, safest, and secure crypto platforms in the market.
It is regulated under FinCEN within the U.S. Department of Treasury. It functions under the USA PATRIOT Act of 2001, commonly referred to as the “Bank Secrecy Act” (BSA) to provide a safety-net for financial users that is backed by regulated legislation.
It also holds a FINTRAC license in Canada which reports directly to the Minister of Finance in Canada to assist in the prevention and deterrence of any financial crime and terrorist activities.
In addition, the company is licensed under North Carolina and Delaware jurisdictions.
In reference to users’ deposits, after receiving the funds through Fireblocks wallet infrastructure, the funds will either be transferred to the user’s custodial cold storage wallet or lent to an institutional borrowers or DeFi platforms.
For security purposes, Coinchange restricts the use of hot wallets. In addition, it follows the highest regulatory and security standards. Here is a list of how the system protects its users information and assets.
- Personally identifiable information (PII) and other sensitive information are encrypted to secure them during transit and at rest
- Implementing fraud prevention, risk assessment, and algorithmic risk mitigation
- Using Fireblocks to provide its users with next-generation private key security (MPC-CMP) and hardware isolation technology (SGX)
- Using multi-layer security, which eliminates a single point of failure and insulates digital asset transfers from cyberattacks, internal collusion, and human error
- Implementing Fireblocks’ multi-party computation to transfer cryptocurrencies
- Using Coincover to provide government grade key storage and key recovery solutions
- Running on AWS, and all traffic is encrypted with SSL encryption
- Coinchange domains are protected with DNSSEC to prevent certain cyber attacks
- Two-Factor Authentication (2FA) is enforced on all users
Does Coinchange Offer Insurance
Coinchange funds are insured by Fireblocks with a coverage of up to US $30M of loss of funds in case it occurs with Fireblocks secure assets.
The company is working on providing insurance for the Earn Account in the near future.
Is Coinchange Customer Support Reliable
Yes, but it might not be an instant live support. The main customer support channel is by sending a Zendesk ticket which operates 24/7. In addition, the team members can be reached via chat, phone, Reddit, Discord, and Telegram.
Both chat and phone supports are available only during weekdays. Chat support works between 2 AM and 2 PM EST while phone support is available 9 AM to 5 PM EST.
Is There a Coinchange Referral Program
Yes. Users can invite new users to Coinchange by sharing their unique referral link. Both the (parent referrer) and new users (child referee) will be rewarded with 40 USDC each when the child referee successfully fulfils the requirements.
The requirements include completing the KYC verification and carrying a minimum balance of $500 USD for 30 days plus making at least 1 transaction.
Note: Moving funds from the trade to high yield account counts as a transaction.
If the minimum deposit is done in a volatile currency, its value can go down over the course of the 30 day holding period. Fortunately, Coinchange allows up to a 50% grace reduction in the value during this period to claim the bonus.
Does Coinchange Change Their Interest Rates Often
Interest rates are evaluated based on market demand and earnings from the previous period. While Coinchange aims to keep the interest rate stable, it is subject to change. Interest rates can be updated on the prevailing market conditions.
Does Coinchange Offer Crypto Loans to Individuals
No. Currently, it only offers loans to established institutions only.
Can Users Join Coinchange Using a Corporate Account
Yes, users can sign up for a corporate account via sign up page here. A detailed guide can be found here. There are multiple benefits of using a corporate account which includes a dedicated yield manager and a flexible deposit and withdrawal limits.
A personal account can be converted to a corporate account by contacting the support team.
Does Coinchange Support Fiat Deposits or Withdrawals
Yes, it supports USD deposits and withdrawals via bank or wire transfer. The company uses Plaid to link a US ONLY bank account. To link a US bank account, simply click on Plaid and follow below instructions:
- Search for your bank and select it
- You will be prompted to enter your Bank Account Number and Bank Account Password
- Once successful, Plaid prompts you to complete authenticate through 2FA
- Once done, your bank should be fully linked and verified
There are certain banks that Plaid does not have connections with and can’t be linked. The bank must be linked through Plaid and Coinchange cannot link any bank account manually.
If linking isn’t successful, users can transfer in funds through a crypto or wire deposit to trade and earn.
Does Coinchange Have a Mobile App
Yes. In addition to the web browser app, it offers both iOS and Android apps.
Does Coinchange Offer a Learning Portal
Indeed. Anyone can access Coinchange Blog to stay updated with the latest product updates and how-to guides.
The blog offers every crypto enthusiastic the opportunity to learn more about the crypto ecosystem by offering industry insights and educational articles freely.
Does Coinchange Offer Promotions or Giveaways
In addition to the referral bonus, it occasionally offers different promotions or giveaways. These offers usually occur when there is a new achieved milestone.
How does Coinchange keep the Earn Account safe
Coinchange has extensive experience with DeFi and blockchain technologies. This includes the security processes required to keep funds safe plus their extensive work to protect users’ funds to keep them safe from any potential risk.
Conclusions and My Coinchange Review Verdict
As demonstrated, Coinchange is one of the most regulated and reliable crypto earning and lending platforms. It offers a very sleek and user friendly interface in both its web browser and mobile apps which makes it a great choice for all passive income seekers.
As its mission is to empower users by offering great savings accounts, I personally users shouldn’t worry about the withdrawal fees basically because the goal is to keep the funds in the earn account to compound interests.
Even though it offers limited cryptos, these choices are some of the must established cryptocurrencies with a very competitive interest rate for stablecoins USDC, USDT, and DAI.
I personally feel comfortable holding my funds in Coinchange and I am sure you will feel the same after doing your due diligence and research.
Finally, if you found this review helpful and planning to join our Coinchange family, I appreciate signing up using my Coinchange referral link so we each earn $40.