Cancoin is a relatively new Canadian peer-to-peer cryptocurrency exchange platform that is currently available for clients in Canada and the USA. According to the exchange’s site, the service will be launched in Australia and the UK “soon”.
Clients of Cancoin can exchange bitcoins for USD and vice versa among themselves.
Obviously Cancoin is similar to other P2P cryptocurrency platforms like LocalBitcoins, Remitano, BitQuick and Paxful. It says it serves only as an intermediary and does not hold cash deposits or control bitcoins, except holding bitcoins in multi-signature escrow wallet while the buyer sends their payment. Escrow funds are 100% verifiable on the bitcoin blockchain and secured by the client’s private key.
Additionally, Cancoin offers a real-time, market based price script. The more advanced and technically-minded users can create a multi-line script directly in their browser that allows a level of control over their listing’s buy or sell price. The price can be updated every 10 seconds, based on the latest market data.
Also, Cancoin offers a multi-signature e-wallet for bitcoins, where users can store or transfer their cryptocurrencies. There is also a service called “Voyager” – an open source web application for loading, searching and exploring the bitcoin blockchain.
– Location. Cancoin is a Canadian company that accepts clients from Canada and the USA, with plans to expand further into UK and Australia.
– Fees. Cancoin’s fees are relatively low, compared to other P2P exchanges where trading can become quite pricey.
– Anonymity. Due to the nature of the service Cancoin provides, users can actually remain anonymous, if they so choose. This possibility is increasingly rare, as most exchanges, particularly the ones that offer trading in cryptocurrencies for fiat, usually have in place AMP and KYC procedures. Some of them require client identification before placing the first order, while others have limits on orders and deposits for anonymous accounts.
– Price alerts. Cancoin offers free price alerts for its clients.
– Escrow. Cancoin’s escrow service is multisignature and is based on the blockchain, i.e. is public. Each escrow wallet for each transaction has three keys. One key is held by the buyer, one by the seller, and one by Cancoin. The buyer and seller can both sign the transaction, and Cancoin effectively acts as an escrow agent. The exchange can sign a transaction if a dispute arises. Additionally, sellers can set a payment timer to enable automatic Bitcoin escrow refunding if a buyer does not pay within the set time.
– Alerts. In addition to the free price alerts, Cancoin offers its clients the possibility to set several other types of alerts, including order, listing and wallet activity, as well as custom alerts. They can be sent via SMS, on the desktop and by e-mail.
– Trading. Trading in Cancoin is done in more or less the usual for P2P platforms way. There are a few goodies, though. One is the market-based script that can be used by more technically advanced traders to update their prices every 10 seconds or use algorithmic trading. There is also a price history graph and instant price updates.
– Payments. On its site Cancoin mentions it accepts multiple payment methods. In fact, it is not the exchange itself, but the sellers who list their preferred method of payment.
– Security. Cancoin does not store client funds, so the risk of getting hacked and robbed does not exist. The exchange itself employs the standard two-factor authentication, as well as hardware secure transaction signing with two keys – one held by the exchange and one by the user, a 12-word mnemonic, a user-controlled private key and encrypted communication between the buyer and the seller. In case of a dispute, the buyer and the seller can decrypt their conversations for Cancoin.
– Wallet. Cancoin offers its clients a wallet for bitcoin storage and transfers. It is also multi-signature and has the aforementioned security features.
– Leverage. Cancoin does not offer leveraged trading, but this is fairly common among the crypto exchanges. For the P2P platforms like Cancoin, leveraged trading is actually quite impossible, as trading is done between private individuals. There, however, are quite a few forex brokers who are offering CFDs on cryptocurrencies for leveraged trading.
– Regulation. Cancoin is not regulated and actually does not need to. However, there are some Canadian exchanges, like AllCoin, Morrex and QuickBT, who do have a FINTRAC registration.
– Location. We have mentioned the location as an advantage, but at the same time it is a pity that Cancoin is not available in more countries.
– Coins. It would be nice if Cancoin offered more cryptocurrencies for trading. It is true that Bitcoin is still the most popular, but recently some others (think Ripple) have also started gaining traction and attract investors’ interest.
Cancoin is a relatively new P2P exchange that at first sight offers services similar to those offered by LocalBitcoins and Paxful. It, however, has some advantages, such as better security and escrow and the option for more advanced traders to write scripts and dabble in algorithmic trading. We particularly like the escrow service, which is quite well protected and has a timing option.
Frankly, we did not find many disadvantages of Cancoin worth mentioning and are overall positively impressed with the service the exchange offers.
Cancoin Review Conclusion
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