coinpark review | coinpark kokemuksia

CoinPark review - earn FREE cryptocurrency by trading

This article is a CoinPark review. CoinPark is one of the latest cryptocurrency exchanges in the market. It differs significantly from the market leader Binance, because CoinPark customers are also mining free cryptocurrency while they are trading! This is called transaction mining.

CoinPark exchange opened their doors officially at 19th of June 2018. Despite the fact it's not some inexperienced startup, because the founders of the company are coming from an exchange called Bibox. This is a big exchange, which has more volume than Kraken, Bittrex and Gemini combined.

One of the Bibox founders, Aries Wang, is also the man behind CoinPark. There are also other Bibox key partners involved. The strategic co-operation can be seen from the fact that Bibox customers can also login to CoinPark with their username and password.

CoinPark registration - open a new account

It is very simple and fast to open a CoinPark account. You only need an e-mail address for registration.

Register to CoinPark exchange at coinpark.cc.

Once you have clicked the link above, go for Sign up. A registration form opens, where you should input your e-mail address and password. After this you'll receive a confirmation mail in about one minute.

You may log in after you account is confirmed. First, you'd click the My Account icon (see the image below). This will open the Account information page on your screen.

It is highly recommended to enable Google Authentication (2FA) from this page. It will protect your account from hacking attempts. For this you'll need the Google authentication app to your mobile if you don't have it already. Remember to also save the backup code or enter CoinPark to another phone's authenticator as well. This way you can login even if you lose or damage your mobile.

You can also go through the KYC process if you want. However, it's possible to withdraw up to two (2) Bitcoin per day even without verification. This is more than enough for the most small traders.

There's also an iOS and an Android mobile application available. Click the APP link in the upper menu to view the download link.

CoinPark deposit and withdrawal

CoinPark is not a fiat exchange, which means you must deposit and withdrawal cryptocurrency. The current exchange pairs are USDT, ETH and BTC. This means you'd deposit Tether, Ether or Bitcoins in order to trade. You could buy Bitcoins with dollars or euros from Coinbase and then make a transaction to CoinPark with Bitcoin.

In order to Deposit, click the same My Account icon as in the picture above. Select Total Assets from the opening menu. After this you have the following view on your screen:

If you want to deposit Bitcoin, click the Deposit button on the row where it says BTC. After that you see the address, where Bitcoins must be transferred to. The duration of the deposit depends on the traffic in the Bitcoin network. Typically this takes about 20-30 minutes. In a normal situation, Ethereum is significantly faster.

If you want to withdraw, use the same page. Just click the Withdraw button and follow the on-screen instructions.

CoinPark review - how to buy cryptocurrency

It is quite simple to buy cryptocurrencies at CoinPark. Click Token Trading link from the main menu (top of the screen). After this you have the following view on your screen:

Click the button titled CP/ETH in order to view all the cryptocurrency trading pairs. CP refers to CoinPark Token - more of this a bit later.

The Buy and Sell buttons can be found from the bottom right corner. Above those buttons you find the market prices. You can click any buying or selling price from the list. Then you just enter the desired amount.

If your order doesn't go through entirely due to poor liquidity, it shows in the Order History tab. You can leave the order on, which means it will be filled later when prices fluctuate. You can also cancel the remaining order and make a new one.

If you want to see your account history, click the My Account icon and then Orders.

CoinPark bonus system and CoinPark token

As mentioned in the opening chapter, CoinPark differs from other major exchanges like KuCoin or Binance. This is due to their unique bonus system, where transaction mining comes in. In practice, all CoinPark customers are actually miners of the CoinPark token.

CoinPark has a bonus system where this token is utilized. The idea is that trader receives all of his trading fees back as CoinPark tokens. Technically speaking, trading at CoinPark is currently free. This means that CoinPark has trading fees like every other exchange as well. But the difference is that they are returned to the users.

This system is called transaction mining, because CP tokens are mined out to existence while transactions are being executed.

CoinPark also returns 80% of the actual Bitcoins, Ethereums etc. paid as trading fees. The idea is similar to KuCoin Shares. Trading fees are returned to the token holders, which means in CoinPark's case CP token. For example: if you own 0,1% of all CP tokens, you also receive 0,1% of all the trading fees that are distributed back.

Click Mining from the upper menu and you'll find dividends you have received.

CoinPark review and experiences

CoinPark is an interesting player in the market. It has raised attention among the traders during the summer of 2018. Bibox exchange, which is behind CoinPark, has quickly gathered couple of million customers. This would suggest that there is a pretty solid background.

Transaction mining is a new business model. CoinPark is using that to stand out of the crowd. The founder of the exchange, Aries Wang, wants CoinPark to differ from the traditional operators like Binance and Coinbase. CoinPark customers become like part-owners of the exchange with the CP token. Getting back your own trading fees and a share of the trading fees paid by others is a very lucrative combination for many traders.

Is transaction mining going to be more popular in the future? It remains to be seen. CoinPark has been in the market for so little time it's difficult to make any big assumptions just yet. Ultimately it is the market who decides if this business model is viable or not.

There aren't many user review either, so we'll keep following this exchange closely when it becomes more popular. The support was very quick to answer to e-mails when I tested it. One should note the exchange is still in the beta mode, which means we'd see more trading pairs in the future.

At this moment, CoinPark is an exchange for small investors. There isn't that much liquidity yet until the customer base has grown larger.

You can explore CoinPark yourself from this link.

If you want to know more of CoinPark, check the Youtube video below. That is an interview of the CoinPark founder Aries Wang. He tells more of the exchange and bonus program while being a guest at the popular Crypto Lark Youtube channel.

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