We received our beta testing code for Coinsetter today and jumped right into give it a test spin. Coinsetter is the new exchange on the block offering margin trading options. For more details on the company and its founders click here.
Upon Receiving our beta code we were registered and waiting for the transfer of our first Bitcoin deposit within 10 minutes. Registration was a 4 step process, including a know your customer (KYC) step, pin creation and funding your account. The KYC consisted of uploading our license and a utility bill. We received notification that they have approved our account within 3 hours. Currently in the US the only valid deposit and withdrawal methods are through Bitcoin though they have the means to connect to bank accounts once they flip the production switch. During the BTC deposit step we were notified they are doing human verification of all BTC deposits, again we think this is purely a beta testing item.
After completing the 4 step process we turned on the google 2 factor authentication for additional security and explored the different menu items. The GUI is easy to follow and the pages loaded quickly. The dashboards and charts had a nice layout to them as well.
As far as trading goes, the order book is rather thin at the moment so we didn’t do any buying or selling but it appears to be well put together. We are excited to have another exchange option, as more competition will only yield better trading platforms for the customer.