|Date of foundation|
Estonia, Tallin, Ravala 5
|Types of support|
Email: [email protected]
Feedback form on the site
|Support by phone|
English, Latvian, Estonian, Russian
|The owner of the company|
Beldev Consulting OÜ
Beldev Consulting OÜ
From 18 years
|Number of cryptocurrencies|
|Free Demo Account|
|Types of cryptocurrencies|
Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple
No mobile apps
|A way to store cryptocurrencies|
|Stop Loss and Take Profit Function|
|Exchangeability for fiat currencies|
|Extended AML verification|
RegistrationUp to 55% of profits from each transaction of your referrals for life
Simple and straightforward site
Ability to buy cryptocurrency for cash
No exchange to fiat currencies
No bonus or affiliate program
Unfavorable terms of the agreement
Legal name: Beldev Consulting OÜ
Legal address: Estonia, Tallin, Ravala 5
|Date of update|
TransCoin is it a scam? Reviews and description
- 1. Why TransCoin
- 2. How to buy cryptocurrency on the transcoin.me platform
- 3. Verification on the TransCoin platform
- 4. Terms of buying cryptocurrency
- 5. TransCoin bonuses
- 6. Complaints about TransCoin
- 7. Regulation Beldev Consulting OÜ
- 8. Is TransCoin a scam?
- 9. Conclusion
- 10. Reviews
TransCoin - it's a young exchangerwhich opened in 2018 and is still only gaining popularity. Vitaly Kostyuchenko, a little-known figure, is listed in the license as the manager.
Is it worth resorting to the services of a "dark horse"? TransCoin - is it a scam or an honest resource where you can get a good "rise" by managing the rates cryptocurrencies? Let's find out.
Transcoin is not cluttered with useless articles with basic information about what bitcoin is and why it's needed (you can find them in abundance online) - everything here is laconic and simple: exchanger, contacts, licenses and policies.
The company gives its customers the opportunity to buy cryptocurrency not only online, through the website transcoin.meThe company has already opened offices in Estonia, Latvia, and Lithuania. They have already been opened in Estonia and Latvia, and soon there are plans to launch ground offices in Lithuania as well.
For a young project, the number of supported currencies is quite decent: 5 cryptocurrencies and two fiat currencies (dollar, euro). From the pluses:
- Estonian Financial Intelligence Unit license.
- Fast (automatic) processing.
- Return of confirmed payments (before the exchange transaction) with a small penalty in 5%.
Support is provided by phone, email (letter directly or via the feedback form on the transcoin.me), via the online consultant on the site or the Telegram chat-bot. A number of questions are addressed in the FAQ section.
In general, the standard platform without any frills and special variety. Perhaps, the owners of the exchanger are planning its development in the future, but at the moment it is just a good option for those who want to try something new for comparison.
How to buy cryptocurrency on the transcoin.me platform
Next, confirm the email address by entering the four-digit code from the automatic Transcoin email.
The next step is to provide a mobile number.
Then you need to verify your profile. If you did everything correctly, you will get full access to your personal account and the exchanger. Further everything is simple: open the form, choose the method of replenishment, the type of fiat/crypto to exchange, the number of units, assess the conditions (commission, reserve, the amount received) and click "Exchange". The request is sent to processing (as promised by the owners of the service, it takes from 5 to 30 minutes, in some cases - up to 5 working days). All transactions with a status mark are displayed in a personal cabinet.
Verification on the TransCoin platform
Verification on the Transcoin platform is carried out in accordance with the international AML policy and at the first stage includes identity verification. You specify your full name, country of residence, choose the type of document (passport, driver's license, residence permit) and upload a scan of your ID card to the special form during registration.
It is also necessary to confirm the address of residence (bank statement, utility/internet/cable/telephone bill, tax return/statement or certificate not more than 3 months old).
And take selfies with your ID card in your hand.
At the end of the procedure, you can either edit any of the fields or immediately confirm and send all the information to the security service for review.
Verification, the provider says, takes 1 to 3 minutes. You cannot take any actions until it is completed. If the document does not meet the requirements, you will be asked to upload it again.
Terms of buying cryptocurrency
Any legally capable adult can register on the service. However, there are territorial restrictions: residents of Afghanistan, Algeria, Bahrain, Brazil, Bangladesh, Bolivia, Bosnia and Herzegovina, Crimea, Cuba, Ethiopia, Iran, Iraq, Iceland and almost 20 other regions/countries (they are listed in the user agreement) are not allowed to create an account in TransCoin. Deposits/withdrawals are made in the following ways:
- Bank cards: Mastercard, VISA.
- Payment systems: Neteller, Skrill, AdvCash.
- International (like SEPA) and domestic bank transfers.
The time of crediting depends on the selected payment method and in some cases (for example, a bank transfer) can be up to 7 working days.
Deposit and withdrawal limits
Limit tables on the site transcoin.me No, you will see specific numbers only when you try to deposit/exchange your account:
- Replenishment: in the range of 50 - 10,000 euros / dollars.
- Conclusion: up to 100,000 euros/dollars.
The commission, as well as the limit, is displayed in the calculator when selecting the payment method. It consists of three parts:
- Deposit/withdrawal fee - 3.5% for deposit with bank card1.76% for Skrill, 3.52% for Neteller, 0% for SEPA and AdvCash.
- Fee for the use of the platform itself (exchange commission) - 5% for a bank card, 4.95% for AdvCash, 3.5% for Skrill, 2.95% for SEPA, 2.9% for Neteller.
- The fee for network support - fixed 0.00005 c.u.
That is, the most expensive transactions are using VISA and MasterCard: the total amount of interest paid to the provider here will be more than 8.55%.
TransCoin does not offer any bonuses at the moment. Taking into account that the rest of the resource looks "raw" (a minimum of information, a small choice of currencies, a short user agreement and even a FAQ of 5 points), we assume that the owners have everything in their plans.
As part of the referral program, you can receive up to 55% of profit from each transaction of your referrals for life.
Complaints about TransCoin
There are many negative reviews about Transcoin on the official platforms (reviewers). The following justifications for the complaints are given:
- Problems with verification. The system asks several times for confirmation documents and does not accept them.
- Loss of funds. After the transaction the units disappeared, and support cannot help, citing third-party scammers, for whose actions is not responsible, as it is only an operational service.
- Unprofitable rate, at which the client receives a smaller amount than expected (sometimes changes occur just before sending the application).
As a result, there are far more dissatisfied with the platform than supporters.
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Regulation Beldev Consulting OÜ
The regulation of cryptocurrency services is not always possible due to imperfect legislative frameworks in most countries. Nevertheless, many companies engaged in relevant activities obtain licenses/certificates from regulatory authorities in order to increase the level of users' trust. Let's see if Transcoin owners can be considered as such.
Beldev Consulting OÜ, the company that owns the service, operates under two licenses obtained from one of the most trusted regulators in the industry, Estonian Financial Intelligence Unit. The company is registered under number 14441788, the license designations are FRK000131 and FRK000130. The active status of the documents is confirmed by extracts from official European registers.
Transcoin.me User Agreement
Transcoin's user agreement is very short and consists of nine succinct sections. For the most part, it is designed to absolve the service of any responsibility. For example, item 4 says that the administration of the exchanger is not responsible for losses caused by delays and failures of telecommunication equipment, software, payment systems, and other external circumstances.
As for losses caused by not receiving funds to/from the account (all claims are directed to the payment service).
It is also noted there: if the amount of profit received from the transaction exceeds 20% of the amount, the administration can unilaterally reject the client's order. In other words, you will not earn big money. At a difference of a rate at the moment of the beginning of transaction and its end the rate is fixed at the moment of reception of the user's means.
The guarantee of the order is 48 hours (point 5). If you fail to meet this deadline, you have the right to request a refund.
Only for some reason the user agreement omits 2 nuances reflected in the returns policy:
- For cryptocurrency purchase transactions, no refunds are possible.
- For fiat purchase transactions, a 5% commission is deducted from the user upon return.
So you lose out in any case. Changes and additions to the agreement are made unilaterally (clause 8).
Is TransCoin a scam?
TransCoin is largely misleading for the user:
- The commissions, which he calls low, are in fact above average.
- The quick check (1-3 minutes) does not match the reality, because the required documents often seem unsatisfactory to the system, and you have to resend everything several times, again and again waiting for the results of processing.
- Communication with the helpdesk, judging by the reviews on the network on verified sites, not always set up as it should.
At the same time, the site looks unworked, hastily made (minimum information, lack of bonus and affiliate programs, a small number of currency units). And the user agreement is made in such a way that the client could not present anything to the company as a claim (even the non-receipt of funds is considered the responsibility of payment services). Of course, we can't assert for sure that TransCoin is a fraud (especially taking into consideration that the service provider cooperates with rating platforms where it responds to comments and opinions), but it looks very suspicious.
TransCoin at the moment does not reach the level of a serious service. Despite the possibility of buying cryptocurrency for cash, which the company presents as its advantage, many of the conditions offered here are not profitable for the consumer. Perhaps, in the future, the resource will be improved (especially, it needs to expand its functionality). However, for now, the exchanger does not look competitive
- From recent reviews of the platform, we... 24 March 2021 at 11:42