When it comes to buying Bitcoin, we have plenty of options.
But when we want to get a hold of other cryptocurrencies (altcoins) like XRP, Monero, ETH/ETC, LTC, or any other, we have limited options.
The altcoin market is booming, but due to a slow development process, we often face the challenge of buying those cryptocurrencies.
The best way to get ahold of most of the altcoins (Alternate cryptocurrencies) is by using a cryptocurrency exchange website.
Note: Since the cryptocurrency field is not so old and we have to be careful with using any such online website. I do the field testing and share about working sites. If we spot a scam site, we will let you know before you waste your money.
When it comes to exchanging cryptocurrencies, you might have heard of MyCoinChain in various forums. I have used Changelly in the past to exchange BTC into ETH and few other currencies, but a few days back I got to know about MyCoinChain.
The first few questions I had about MyCoinChain:
- Is MyCoinChain legit or is it a scam?
- Can I trust MyCoinChain with my money?
- What happens if something goes wrong. Will I get support?
I started researching & got some rave reviews about MyCoinChain.
Some users even suggested that it’s a better alternative than Changelly.
After a few hours of research, I thought of giving MyCoinChain a shot.
This review of MyCoinChain is based on my personal experience & will give you all the important information you need before you start using MyCoinChain.
Review of MyCoinChain: Can you trust this cryptocurrency exchange site?
To start with, MyCoinChain is a trustable site which you can use to exchange between various cryptocurrencies.
The interface is super clean & there are some pretty cool features that made me convinced that this is the #1 site for exchanging cryptos.
Before everything else, MyCoinChain lets you create a wallet to store your bitcoins or other cryptos for free on their platform; MyCoinChain’s wallets even offer offline cold storage on all of their wallets and interest based accounts.
Now that you & I are on the same page, let me walk you through MyCoinChain.
Features of MyCoinChain:
- Exchange Bitcoin into any other supported cryptocurrency.
- Reasonable low exchange fees at only 1%.
- Supports USD Tether (USDT) and 100+ Altcoins.
- High interest accounts for long term storage and growth
- Air gap, offline cold storage for all currencies
- Create a user’s account so that you can track your past exchanges.
Personally, I love the account history feature because the exchange rarely happens in real time.
You can log in to your account anytime and see the status of your current & past exchanged cryptocurrency.
In April 2019, MyCoinChain reached the 1,000,000 users milestone. This shows how popular this cryptocurrency exchange website is becoming in such a short span of time.
How to use MyCoinChain?
- Head over to the MyCoinChain homepage.
- Select the currency you wish to exchange.
Let’s say you want to exchange BTC for ETH:
- Enter the exchange amount
- Choose to send to your own wallet or create a wallet on their platform
- Click on Start Exchange!
Note: If it asks you would like to make an account, you definitely should do that.
In this case, we’re choosing to store ETH in MyCoinChain’s wallet.
Don’t be in hurry & review all the information one more time.
Here you will see the wallet address on which you need to deposit the cryptocurrency (in our case it’s 0.2 BTC).
Once you have deposited the funds, it could take a 1- 30 minutes to complete the exchange.
Note: I have used the site 8 times, and each time the exchange happened within 15 minutes.
Once the exchange is over, you will be able view your transaction details from the exchange tab.
You can check this receipt again at any time from your MyCoinChain dashboard.
Conclusion: Is MyCoinChain a legit website?
MyCoinChain is not only a legitimate website, but it’s also a useful service that every cryptocurrency user should be bookmarking.
They keep adding support for all the reliable cryptocurrencies, and their support system (in case there’s a problem) is also very good.
In short, MyCoinChain will save you a lot of time when you need to quickly get a hold of any popular cryptocurrency.
MyCoinChain Review (2021): Is It Safe and Legit? (Read before Using) was originally published in The Moon on Medium, where people are continuing the conversation by highlighting and responding to this story.