Coins.co.th Review 2019 – Scam or Not?

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If you’re familiar with the crypto exchange world, then you might be familiar with Wallet exchanges wherein you are able to store your BTC and buy/sell it if you need to. Today, we will be looking into one of these websites that are based in Thailand. The website name is called Coins.co.th. We’ve read a few notes on the website and most of the comments say that it is easy to create an account with them and that’s what we plan to do today!

Join us as we explore their website, try to create an account and have it verified (if they do not have any restrictions). Do they have features that are worth mentioning?  Without further delay, let’s talk about that!

Background

The website is based in Thailand and has been providing BTC services since 2014. Their main office is located in 173/19 (Room No. 1811 Floor, Asia Center Building, South Sathorn Road, Thoongmahamek, Sathorn, Bangkok 10120.

Verification with Coins.co.th

To create an account with Coins.co.th, all you need to have is an active email and password! Once this has been provided an email will be sent to the provided address with the activation code. Copy the verification code and enter to verify. To have the account verified, you need to have an active phone number that has a local number with Thailand.

Here at Coins.co.th, they have several account tiers in which a user can increase the level to take advantage of larger daily cash-in and cash-outs. For a level 1 account, which is the one you get right after confirming the provided email does not have the capability to accept deposits and withdrawals. Level 2 accounts which need identity verification plus photo verification has a daily cash limit of THB 150,000 for deposits and withdrawals. The level 3 account which requires the address verification by submitting any of the following documents: Bank Statement, Credit Card billing statement, Utility Bill, Mobile Phone bill, Income tax return; will have a daily limit of THB 600,000 for deposits and withdrawals.

Features

The greatest feature that Coins.co.th can offer its users is the ability to go from one platform to another and keep an active view of the current BTC price and account balance. This is because aside from their browser wallet, users are also able to download the iOS and Android App version of the website. This enables their users to have mobile connectivity and connect to their accounts whenever and wherever they are! They also offer Two-Factor Authentication which is always great when it comes to websites that handle our funds.

Buying BTC with Coins.co.th

Since this is not a crypto trading website, Coins.co.th does not have the usual candlesticks and pie charts you can use to purchase BTC with the use of THB. Unlike its sister website Coins.ph (caters the Philippine market) wherein buying and selling BTC is as easy as clicking a few buttons, here at Coins.co.the, it’s a little complicated but not impossible to do. A complete step by step instruction can be read here if you want to read about it. In addition, a video showing the steps will be provided below for people that are more “visual” in learning things.

Basically, an account holder needs to log in and click “Cash In” and select the payment method they want to go with. A selection of ATM transfer, Online banking transfer, over the counter deposit, cash deposit machines, and mobile money transfer is available for you to choose from. Please be advised that any cash in option needs to have a verified account to select anything. Before planning to purchase any BTC from the website, we strongly advise going through the verification process first.

After choosing the deposit method, you just need to provide how much THB you want to spend in purchasing BTC. The system will then automatically provide you with how much BTC you will be receiving in your wallet along with the amount due. For THB 1,000 transaction the fee is THB 10.00. Once the operations team confirms the payment made on the selected payment options, you will then receive a confirmation email saying that the order has gone through and has been processed.

https://www.youtube.com/watch?v=AwRrc7wuoXc

Fees

Here at Coins.co.th, all orders are only charged 1% of the total transaction amount. This is quite steep compared to exchange websites that offer to trade with different cryptos. Please keep in mind that wallet services that provide buying/selling BTC services always have their prices pumped up, plus the fees which make them expensive.

Deposits and Withdrawals

Since the website is based in Thailand they operate on local Thai time. Their regular working hours are at Monday to Friday from 10:00 AM up to 6:00 PM. The website confirmed that even if they only operate until 6 PM, they still process orders up to 9 PM on the same day.

Orders that are made between 9 PM and 6 AM will be processed within the next day and before 12:00 PM. Click here to get more information on their processing time.

Customer Service

Customer service is fast and efficient. Even though they answered with a macro, it didn’t take that much time for them to get back to a very basic question, which is always great to experience.

They offer live chat services and a number that you are able to call if you need any assistance with your Coins.co.th at +66 2 038 5038.

They also have an active Line ID: @coins.co.th if you find more convenient to contact them through the app. Their address is mentioned above, which is awesome since it is not hidden and issues that require immediate attention can be settled there.
 
 

Pros and Cons

Pros

  • Wallet service
  • Easy account creation
  • Fiat deposit methods
  • Mobile App

Cons

  • Expensive fees
  • Operates for Thailand users only
  • Verification impossible for non-Thai

Coins.co.th Review Conclusion

The website is great if you are from Thailand and are looking for a wallet at the same time a website that offers easy access to BTC with Fiat deposit payments. Convenience is what you get if you go with Coins.co.th but don’t expect to have cheap fees because websites just like this have a higher rate compared to regular exchange websites. Please share your personal experiences with the website/App in the comments section below!

Go to coins.co.th
Share your Experiences about Coins.co.th:

One User-Review for Coins.co.th
  1. Corey Hunter, 6. April 2018

    I consider coins.co.th to be a scam.
    1. The withdrawal process: To withdraw money you have to specify the baht amount (not the bitcoin amount.) this is inconvenient because the baht value changes every 5 seconds and if you are trying to withdraw all of the bitcoin in your wallet it will always say that you have insufficient funds in your wallet to cover the transaction. More than likely you will have to leave coins in your wallet, which can be a pain in the ass if you are trying to withdraw everything from your account. Typically this is done to ensure that the user loses money on every transaction, because there is a mandatory minimum (calculated in Bitcoin, not baht) required to withdraw. An example:If you have 3,000 baht in your wallet and manage to withdraw 2,970 baht you will lose the remaining 30 baht because it does not meet the mandatory minimum. Now imagine if the 30 baht left in your wallet goes up to 3000 baht, coins.co.th will keep it
    or you have to put money in to get it out, either way they fuck you.