CoinHouse is a french cryptocurrency exchange that focuses on the EU. The exchange, which was founded in 2014 originally to cater to French clients, is headquartered at #35 rue du Caire, 75002, Paris, France. Over the years, CoinHouse has extended its services to cover clients from all over Europe.
CoinHouse is said to be controlled and operated by a company specializing in Bitcoin security, called Ledger. One of the most attractive features of the CoinHouse exchange is the fact you can buy Bitcoin with 3D secured credit/debit cards or with Neosurf cards.However, it is worth noting that the tradeoff for the ease of being able to use traditional bank cards to purchase Bitcoin is at the cost of the anonymity that cryptocurrencies offer. Thus, the exchange is bound by financial regulations and is obligated to follow the KYC policies and AML protocols.
Regarding the supported countries, CoinHouse supports all countries in Europe. While CoinHouse does not support some countries as being in “Restricted Locations,” the exchange does not explicitly name these restricted locations.
Creating an account on CoinHouse is simple and straightforward.
When you are on the website, click on the “Create your account and buy Bitcoins” button. You will be required to provide your email address and choose a password. Then you have to validate this information by clicking the “Registration” button.
During the process, you will get an email from Coinhouse with the topic “Confirmation Instructions.” Click on the link contained in the message to validate your account.
After that, you will then be able to log in to your account. Click “Verify Account.” You will be demanded to provide several documents.
Coinhouse abides by the AML and KYC requirements and requires its clients to identify themselves by providing some identification documents. Required documents include a copy of your government-issued ID document: International passport or National ID (both sides), as well as its expiry date and serial number, a selfie of you holding this ID and proof of your address.
After providing all the required documents, validate with the “Save” button.
The initial verification process takes an average of 24 hours. After the verification process is completed, you can conduct transactions up to €2,000 on a daily basis up to a maximum of €10,000 per month.
Purchasing Bitcoin on the CoinHouse is a straightforward process once your account is created successfully and your identity has been verified.
The exchange buys Bitcoins from Kraken exchange which is then resold to you for a markup known as the “convince fee.” The fee that you have to pay is determined by the volume that is being bought. The more you buy, the lower is the fee. Buying Bitcoin through CoinHouse helps you to bypass the trouble of having to change fiat currencies to BTC or Altcoins since Kraken does not allow transactions on credit cards. CoinHouse currently supports only the purchases and sales of Bitcoin (BTC) and Ethereum (ETH).
The most significant downside to buying cryptocurrencies on Coinhouse are high trading fees. The exchange uses a tiered system, and the charges differ both depending on the payment method and the traded volume. For instance, payments through bank transfers are charged with fees of between 6 and 10% – the lower the trading volume, the higher the commission.
For payments with debit or credit cards, the fees range from 8 to 10%, and it is based on volume as well. Coinhouse’s fees are ridiculously high when compared to most other exchanges.
Otherwise, Coinhouse claims it sells at Kraken prices, plus its fees and no other hidden charges on transactions.
Deposit and Withdrawal
The payment methods which are supported by CoinHouse include Neosurf cards, 3D secure credit and debit cards, and SEPA. Transactions are practically instantaneous with payments initiated without any delays. As said earlier, the fees on each transaction on the CoinHouse exchange is determined by the volume traded. The following are the relevant fees that are payable for the respective trading volume:
- 10% for €0 to €500
- 9% for €500 to €1500
- 8% for €1500 to €3000
- 7% for €3000 to €5000
- 6.5% for €5000 to €10000
- 6% above €10000
Regarding transactions with Neosurf cards, the fees incurred are even higher at a flat rate of 17%. Overall, as earlier stated, the fees charged by this exchange are relatively high.
However, the fees paid are justified by the convenience of being able to use your credit or debit card, if you are interested in small purchases of Bitcoin. But if you are thinking of buying more substantial amounts of Bitcoin, then it would be better to consider other cheaper methods.
Is CoinHouse Safe?
Regarding security, CoinHouse stores the most of its funds offline in cold storage. The exchange only keeps a small amount of the funds in its hot wallet to facilitate the withdrawal process. As for the system security, CoinHouse continually updates its software and back up its system on a daily basis. The exchange has incorporated the DDoS protection on its platform.
For its clients’ protection, CoinHouse lets its clients enable the 2FA (Two-factor authentication) system to restrict unauthorized withdrawals. Also, email notifications are sent out after each login to the CoinHouse platform.
CoinHouse undoubtedly lives up to its reputation. Transactions are executed quickly without any problems. Withdrawals are also attended to promptly. However, the exchange can still do more to improve the quality of its services like reducing the fees that it charges, as it is obviously banking on its advantages for ease of use and payment methods. It also needs to extend its support service to cover live chat.