Einstein Exchange Review in Depth
Technology is evolving and moving at a pace which is unprecedented. If we are not proactive and don’t catch up, we may lose out on exciting opportunities.
A famous American scholar has quoted “Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative.”. Surely this is not a passing remark.
In this article, we will inform you on what makes a great crypto-exchange. We will give some tips on how to choose an exchange and how you can leverage it.
Following a brief background, we will review Einstein crypto-exchange and how it is faring in the year 2018. Since the fortunes of an exchange are subject to fluctuations, you must keep updated every year. Blockchain Intelligence Group and Einstein exchange recently signed an agreement for security tools and services. Such is the trajectory for the growth path of Einstein exchange.
However, Einstein exchange has faced teething issues. Several high-risk investors lodged complaints that Einstein exchange had mismanaged their trade in Bitcoin and other digital coins.
The director of Einstein Exchange expressed immense disconsolation over the issues. On the positive side, Einstein exchange has sprung back up and its reputation has increased from even supporting social causes.
To give you an idea on the scale of transactions in an exchange, it was reported that few crypto-exchanges are being more profitable than large banks. Some exchanges have introduced their digital coins.
We will guide you towards an understanding in the below sections:
- How to choose an exchange for crypto-trading
- A brief introduction on Einstein crypto-exchange
- What are some unique selling points of Einstein exchange
- Einstein exchange review
- Coin support extended by Einstein exchange
- Operating costs levied by Einstein exchange
- Security review of Einstein exchange
- Customer support provided by Einstein exchange
- Pros and Cons of Einstein exchange
- Final word, insights, and alternatives
Also read, A Complete Bittrex Review 2018
How to choose an exchange for crypto-trading
An exchange for cryptocurrencies is like a digital marketplace. You can visit the site and buy digital coins similar to how you would use eBay or Amazon for purchasing goods.
The typical expenditure incurred when using a crypto-exchange are – deposit fees(stocking of fiat currency to purchase digital coins), buying/ trading of digital coins and withdrawal of coins back to fiat currency.
Often crypto-exchanges are used as a medium to transfer cryptocurrencies to an off-exchange wallet. You can find more in-depth information on wallets in other blogs.
Since the number of crypto-exchanges has grown exponentially over the years, it is quite tedious to choose one that works best for us. Some salient points to consider before trading on an exchange are:
- Locale and geographic support: Make sure your country’s government fully supports the exchange you plan to use. You must have access to all its features.
Also, make sure that the website supports the language you are comfortable. There are exchanges which are regional and support only native language.
- Payment options: You must have a choice as to how you can deposit fiat currency. The standard options include debit/credit card, bank transfers, and third-party wallets.
Likewise, your withdrawal experience with the exchange must also be seamless.
- Ease of sign-up and use: Always choose an exchange which beliefs in ‘keep it simple’. Some general requirements for sign-up would be bank details and proof of address.
An exchange which emphasizes more personal details may not be necessarily streamlined. Likewise, your exchange should be a joy to work with, often quick and straightforward.
- Robust security: Live and breathe security. Your exchange must provide maximum security.
Features like two-factor authentication are an absolute must. Become aware of common hacking techniques and map them as to how your exchange is thwarting risks.
- Some supplements like hot and cold wallet support: While our list of ideal features would be infinite, it is practical not to find everything in every exchange. However, features like cold encrypted storage and hot off-exchange wallet would be handy.
Few exchanges also have support for mobile devices making them very scalable.
Also read, Guide To Top Cryptocurrency Exchanges
A brief introduction on Einstein crypto-exchange
Einstein is a global cryptocurrency exchange based in Canada. It lists more than a dozen popular digital coins that trade against the US dollar and supports fiat deposits.
Einstein exchange was floated in the heydays of digital coin trading and called on customers when it was still in beta phase. A few missteps followed like scarcity of infrastructure to handle a massive influx of traders.
Einstein exchange has evolved from its set of headaches to “deliver an unparalleled combination of high performance and advanced currency management”.
What are some unique selling points of Einstein exchange
There are some natural features which Einstein exchange provides making the trade on it a pleasure. They can be highlighted as:
- The simple and easy to use interface lets novice traders make simple crypto buys.
- Specifically for Canadians, transaction fees levied for low volume trading is competitive.
- Einstein exchange boasts a substantial listing of popular cryptocurrencies.
- Einstein exchange supports fiat currency trading.
- Einstein exchange is often quoted as one of the world’s largest exchanges when it comes to trading volume.
- Einstein exchange emphasizes a customer-centric service while providing the best possible environment for individuals, businesses, and institutions.
Also read, An Indepth Bithumb Review 2018
Einstein exchange review
We can broadly review Einstein exchange based on salient features as depicted below:
- Concerning user-interface and novice-friendliness, Einstein exchange is good.
- Regarding digital coin support extended by Einstein exchange, the portal ranks good.
- Concerning trading fees, Einstein exchange is moderate.
- Regarding advanced trading options extended, Einstein exchange is good.
- Concerning crypto to crypto trades, Einstein exchange is above average.
Coin support extended by Einstein exchange
Einstein exchange furnishes support to popular digital coins. It provides access to Bitcoin, Bitcoin Cash, Dash, Ether, Flash Coin, Golem, Litecoin, Omisego, Ripple, Zcash and 0x. There is also a provision to trade Ethereum tokens like EOS; however, such tokens have migrated to their own Blockchain.
Einstein exchange supports deposits of US and Canadian dollars but operates only on US dollar basis. A slightly lengthy process is that the exchange does not support crypto to crypto exchanges.
This implies that if you need to trade Bitcoin to Ripple, you have to convert Bitcoin to dollars and then dollars to Ripple. There is a transaction fee levied for both of these steps.
Operating costs levied by Einstein exchange
Deposit of fiat currencies made via e-transfers or bank wires have no fees. Deposits can also be made in-person and such deposits are also not charged.
Customers who want to withdraw fiat currencies to their respective bank accounts are also suitably charged(it may vary, consider getting updated transaction rates). There are no fees to deposit cryptocurrency.
However, for withdrawals, Einstein exchange levies a charge based on the type of digital coin. These charges are directly debited from the user’s account and if the user does not have sufficient balance, the withdrawal will not go through.
Security review of Einstein exchange
A third-party cryptocurrency exchange becomes secure through a great mix of people, processes and platform. These parameters must work hand in hand to deliver the best security measures to customers.
Einstein exchange well aware of this paradigm works closely to adhere to governance and risk policies at all levels to conform to security policies or certifications at all levels. There have been no incidents of compromise and these factors make Einstein a trustworthy exchange.
Also read, Coinbase Review 2018 | Is it Safe?
Customer support provided by Einstein exchange
Regarding customer support, the Einstein exchange is excellent and provides diverse ways to reach out. Einstein exchange gives customers direct support through online chat and a dedicated call center.
Customers can also use a ticket-based system to lodge complaints and receive redress. To serve the customers better, Einstein exchange supports a comprehensive knowledge base and hosts its forum.
Einstein exchange is very active on social media like Facebook, Twitter, Medium and Reddit. The exchange has several reviews on Google and on the average receive 2-3 reviews per day.
Pros and Cons of Einstein exchange
Like any other crypto-exchange, Einstein is not perfect and has a balance of hits and misses. To summarize a few pros and cons:
- Einstein exchange offers support for over 12 coins and tokens.
- Einstein exchange accepts US and Canadian dollar deposits.
- Einstein exchange offers telephone and chat-based customer support.
- Einstein exchange offers advanced traders with more intuitive controls.
- Einstein exchange suffers from the fact that most of the digital coins only trades with US dollars.
- A significant drawback is that Einstein exchange does not support crypto-to-crypto trading.
- Einstein exchange does not offer a discount on high volume trades.
- A host of operational issues have been reported on Einstein exchange.
- What are some unique features of Einstein exchange that makes it attractive for trading digital coins?
Einstein exchange broadly operates on two modes – Basic and Advanced. Novice users can leverage Basic mode and professional traders can benefit from Advanced mode which allows more detailed technical analysis.
- There were reports of lags and delays in using Einstein exchange coupled with the fact that Einstein exchange was in beta phase. Has this been resolved?
Since Einstein exchange is relatively new and working on embracing a significant market share, there can be teething issues. Consider trading in low volumes and once efficiency issues are resolved, go big.
Final word, insights and alternatives
Although Einstein exchange’s reputation was tarnished when it got off to a rocky start, this should not deter the user from exploring and using the exchange. In fact, a handful of exchanges have suffered the same fate. The most common issues would be delays in deposits, exchanges and withdrawals.
An insight that can be given to you is, be enterprising, learn all the tricks of the trade. Begin exploring the various exchanges and what they have to offer. Even if some exchange works out a little pricier, but provides you with all the tools to trade well, go for it. Equip yourself with knowledge from various sources like articles and blogs.
There are several exchanges better established than Einstein like Poloniex and Binance. While we cannot promise that they are outright alternatives, you have to do a diligent survey based on your requirement.
Overall all crypto-exchanges are excellent and unique unless frivolous attacks have tarnished its image. The Einstein exchange is no exception. We would love to hear from you! Consider browsing through the article and send in your comments and suggestions with the placeholder below.