Sistemkoin Exchange Review

Update: we found this article that claims Sistemkoin is a scam. We have not yet fact-checked the article or the allegations, and are not confirming anything written there, but would suggest users to thoroughly review it and decide for themselves whether or not to trade on Sistemkoin.

Sistemkoin seems to be an entry-level crypto exchange or digital asset exchange that is based in Turkey. They seem to serve the cryptosphere via 215+ active markets, 66+ currencies and 150+ trading pairs.

A review of Sistemkoin exchange shows that they seem to accept payments or deposits in fiat currencies along with cryptocurrencies (or digital assets). The fiat currencies accepted via bank transfer seem to be the US dollar (USD), the Euro (EUR) and the Turkish lira (TRY).

The Sistemkoin website is available in about 11 languages, including English. They may want to serve a global market, but the partial translation of their website shows a strong focus on the Turkish market as far as language goes. This may be an obstacle to those on the outside that have little or no command of the Turkish language (or simply doesn’t appreciate partial translations in their native languages).

From a security point of view, Sistemkoin seems to make use of cold wallets to store digital assets offline. A Sistemkoin exchange review also reveals that they make use of a firewall as protection against hackers. In addition, they seem to offer two-factor authentication (2FA) for maximum user security.

Furthermore, Sistemkoin claims that deposits and withdrawals are confirmed within 15 minutes for “instant access”. They also seem to offer 24/7 support via live chat and phone. In addition, they seem to have an affiliate program in place where referral commission of 20% can be received in real-time.

Sistemkoin renewed their platform as of 24 June 2019, which allegedly boasts a higher and more sophisticated security system, as well as a fresher, more user-friendly website design. This renewal has also sped the system up, with the help of Amazon Web Services optimized servers, “cloud technology and other sub-technologies.” With the new interface, Sistemkoin has also introduced a blog which is still not up and running as of date. However, it is under construction and will deliver more in-depth analyses and insights on the industry on the exchange’s part. Along with the blog, the platform has allegedly focused on improving their translation on the website, with hopes of serving the average international user better. Both of these new features render the exchange quite user-friendly. 

Though there is a lack of international user comments, there have been quite a few complaints by local users of the exchange mishandling users’ accounts or problems of speed and usability. However, a huge portion of the users who wrote such complaints were contacted by the team and most have reported that the problem had been solved shortly afterward. Though this shows that the exchange supports a sophisticated system of customer support, the initial complaints do suggest a significant security concern. 

The platform has flat trading fees that vary from cryptocurrency to cryptocurrency: it changes between 0.15% and 0.20%. Both of these fees are nevertheless below the global industry average of 0.25%, allowing for a competitive edge.