[ANN] CoinPlaza.it: non-custodial instant crypto exchange - Bitcoin ⚡ Enabled

[CoinPlazaIt]

Hello fellow bitcoiners!

First of all I'd like to shortly introduce myself. My name is Daniele and I'm a 28 years old developer from Italy. I first discovered Bitcoin around 2011 but like many of you I dismissed it at first. It took me several years before I understood how Bitcoin actually works and most importantly how money is created. I fell into the Bitcoin rabbit hole shortly after and I firmly believe Bitcoin will revolutionize the financial markets.

During the last bull run I became financially independent thanks to Bitcoin and I decided to dedicate full time to my passion helping the community to spread adoption doing what I was most able, making user friendly web applications.

I started building CoinPlaza in summer of 2017 and it has been quite a long journey! It's been a bumpy road, there are lots of regulation taking shape nowadays and moreover it's been very hard to get a bank account to run a crypto business. Most local banks kindly asked me to exit from their office when they simply heard the word crypto. I hope things will change in the future and the 'crypto is for criminals' propaganda will be demystified.

So what is CoinPlaza?

CoinPlaza is a non-custodial instant crypto currency exchange. At CoinPlaza you can buy, sell and exchange crypto currencies in a practical, easy and fast manner. CoinPlaza is also the safest way to buy or sell crypto currencies since we immediately convert your money and send the desired currency to your own wallet, or to your bank account.

Your funds are in our hands only for a very short time frame, strictly needed to perform the currency exchange. We don't provide any option to store your coins or fiat money on our exchange, making it impossible to lose your funds even if your CoinPlaza account gets compromised by hackers. Moreover, we firmly believe users should always own the private keys of their funds.

We are the first exchange to accept ⚡ Bitcoin Lightning ⚡ , although with low exchange limits.

How does it work?

We aimed to streamline the process of buying, selling or exchanging cryptos and keep it as simple as possible, using a unified interface for all the exchange directions. Just select the currency you want to send, the currency you want to receive, enter your desired amount and fill in your destination wallet address (or bank account).

It's really as simple as that! Once you have sent the payment to the deposit address you are given, we will immediately convert your funds to your currency of choice and send it to your own wallet or bank account.

Why should I trust you?

We built our platform with the safety of our customers funds in mind. Instead of regular exchanges where you have to deposit your funds, submit an order, wait for it to be filled and then you can finally withdraw your desired currency, at CoinPlaza we minimized the time your funds are in our hands.

Instead of using internal balances, your funds will be converted to the desired currency and sent to your own wallet straight away. Even if your CoinPlaza accounts get compromised, your funds will never be at risk.

Who are you?

CoinPlaza S.r.l. is a legal Italian company registered with the OAM (Organism of agents and mediators).

What's coming next?

There are many plans, such as

• Affiliate program
• Atomic swaps
• Merchant interface to enable purchases by cryptos
• API for automatic exchanges
• ATM developement

... and more!


I'd like to hear your feedback and please report any bug. AMA or Ask Me Anything!

https://www.coinplaza.it

[JeromeTash]

Just carried out an exchange using this service and i must say i am impressed especially by the very competitive rates. I tried to compare the rate with a few other instant exchange service and to be honest at the time of making the swap, your was the best 
Highly recommended for those looking to make small swaps.

I discovered your service through a suggestion by LoyceV

[TryNinja]

I discovered your service through a suggestion by LoyceV

Me too. Registered with his link and did my first exchange today (LTC -> BTC) which was fairly quick.

Let's give our bot some love.

Edit: since I'm already here. I want to suggest an option to create a fixed pair trade option with a single address which we can send and always convert to X coin to Y address. E.g: I create a LTC -> BTC address and every time I send LTC to this address, you convert and send BTC to my (same) address automatically.

[hugeblack]

A good start, but you need to explain a few things:

 - How is the transfer done? Do you have a large sums of cryptos, or by using the money of the invitees?
 - Legal things? Will any restrictions be imposed? Question about personal documents and others?
 - Will more currencies be listed? Especially stablecoin?
 - Are there any trading limits?

[TryNinja]

- Are there any trading limits?

After immediately creating an account, you have a €100 daily trade limit. If you verify it to Level 1, you have €1000 daily. There is also a Level 2 and 3, but I didn't find any information about its limits (so that's all I know). IMO, this sould be on the Help/FAQ page.

I also noticed something. If I go to the "Affiliate program" program, I see that you show the E-mail/Phone, Origin and Exchange of every single one of the user's referral's?

Does that mean that Loyce now has my personal email info? That sucks for privacy.

[LoyceV]

I also noticed something. If I go to the "Affiliate program" program, I see that you show the E-mail/Phone, Origin and Exchange of every single one of the user's referral's?

Does that mean that Loyce now has my personal email info?

No: I have 8 email addresses as referrals, and one phone number.

The email addresses are shown as "AAAAAA*******BBB", the phone number is shown as "+CC*****DDD":
AAAAAA = 5 to 7 characters (I don't know what it's based on)
BBB = 2 to 5 characters
CC = 2 digits
DDD = 3 digits

The "Origin" is "bitcointalk.org" for most of them.

[Timelord2067]

We are the first exchange to accept ⚡ Bitcoin Lightning ⚡ , although with low exchange limits.

Greetings,

Your Lightning Network seems to be offline, or not accepting trades, will it be back online soon?  Are you looking to add altcoin crypto to your stable?

[OmegaStarScream]

We are the first exchange to accept ⚡ Bitcoin Lightning ⚡ , although with low exchange limits.

Greetings,

Your Lightning Network seems to be offline, or not accepting trades, will it be back online soon?  Are you looking to add altcoin crypto to your stable?

I just wrote to them. They're just updating their lightning node and it should be up again in around 1 hour.
I just noticed that the site allow SEPA transfers... There is something I don't understand tho... this page says that you can trade up to 250eur per month, and if you want to increase the limits, you'll have to verify your identity... But it seems like even when I keep the amount below that limit and then hit "exchange" they are still asking me to add a bank account which I cant do unless I submit my documents?

[Timelord2067]

I just wrote to them. They're just updating their lightning node and it should be up again in around 1 hour.
I just noticed that the site allow SEPA transfers... There is something I don't understand tho... this page says that you can trade up to 250eur per month, and if you want to increase the limits, you'll have to verify your identity... But it seems like even when I keep the amount below that limit and then hit "exchange" they are still asking me to add a bank account which I cant do unless I submit my documents?

Thanks for touching base with them.  I submitted my ID documents a few months ago, but am guessing it's one of things that isn't very relevant at the moment.  The KN part of their site looks to be available again, I'll have a try in a little while.

[coupable]

I was looking for an instant exchange to make a fast swap when i found CoinPlaza. This was today. I can say it's a great service with a very good rate.
I want to ask what is the need for a mobile verification if the operations can be proceeded anonymously.
I used my mobile phone to proceed the swap. The website doesn't seem to be very responsive with mobile interfaces. There is no mobile version for CoinPlaza. It will be efficient if the platform lunch its app for mobile users.

[CoinPlazaIt]

Edit: since I'm already here. I want to suggest an option to create a fixed pair trade option with a single address which we can send and always convert to X coin to Y address. E.g: I create a LTC -> BTC address and every time I send LTC to this address, you convert and send BTC to my (same) address automatically.

Our platform already works this way. If you send a new deposit to an old used address, any amount sent (as long as within the min. and max. limits) will be exchanged to the desired cryptocurrency and sent to the destination address it was chosen the first time.

- How is the transfer done? Do you have a large sums of cryptos, or by using the money of the invitees?
 - Legal things? Will any restrictions be imposed? Question about personal documents and others?
 - Will more currencies be listed? Especially stablecoin?
 - Are there any trading limits?

We are a non-custodial exchanges. Your funds are in our hands for a very short time. Most of the time we have enough crypto in our reserves to process your exchange immediately. If not, we use third party exchanges to replenish our crypto reserves.
We must comply with European regulations, so KYC is mandatory for any fiat operations.
We are looking into more tokens/currencies/stablecoins to be added in the future.
Limits are based on each profile, once you verify your account the daily/monthly/yearly limit is adjusted automatically.

I also noticed something. If I go to the "Affiliate program" program, I see that you show the E-mail/Phone, Origin and Exchange of every single one of the user's referral's?

Does that mean that Loyce now has my personal email info? That sucks for privacy.

We only show partial email/phone nr and only the domain name of the origin. We do this so you can make sure yourself that the friend you referred is actually registered in your profile by our system.

I just noticed that the site allow SEPA transfers... There is something I don't understand tho... this page says that you can trade up to 250eur per month, and if you want to increase the limits, you'll have to verify your identity... But it seems like even when I keep the amount below that limit and then hit "exchange" they are still asking me to add a bank account which I cant do unless I submit my documents?

We must comply with European regulations, so KYC is mandatory for any fiat operations.

I used my mobile phone to proceed the swap. The website doesn't seem to be very responsive with mobile interfaces. There is no mobile version for CoinPlaza. It will be efficient if the platform lunch its app for mobile users.

Thanks for the feedback! Our website is acutally optimized for all sizes of screen: smartphones, tablets and desktops. May I know what part of the website was difficult to navigate on your mobile device?
An iOS/Android application will be part of future plans.

Daniele
CoinPlaza.it

[LoyceV]

Our website is acutally optimized for all sizes of screen: smartphones, tablets and desktops.

I've used your site on a tablet (Android), and it works fine. I didn't test it on a phone.

[Little Mouse]

Is it mandatory to have KYC in order to swap between BTC and Tether? I have never seen Tether to be available. I have tried to send BTC and receive Tether but it says not available.
I need to have this conversion on a regular basis. Can you point out me what's the reason or how can I do that through coinplaza. I'm using it for some times now and satisfied with the service.

Our website is acutally optimized for all sizes of screen: smartphones, tablets and desktops.

I've used your site on a tablet (Android), and it works fine. I didn't test it on a phone.

I have tried on both desktop and phone. It works fine on both device.

[Timelord2067]

You'll probably find they are out of stock so can't offer it for trade.

I *was* going to do a BitCoin Lightning Network to BitCoin trade the day before yesterday only to discover their TX fees have gone sky high.  To do a 0.001 trade they were wanting 0.00028xxxx as well as the fees etc.  Prior to exchange 0.001 only cost 0.001010101 total.

Don't get me wrong I'm still happy to trade with them, but the TX fees are a killer for such a small trade.

[LoyceV]

Is it mandatory to have KYC in order to swap between BTC and Tether?

No, it worked before.

You'll probably find they are out of stock so can't offer it for trade.

That would be my guess too.

To do a 0.001 trade they were wanting 0.00028xxxx as well as the fees etc.

Before this change, on-chain transaction fees paid be CoinPlaza were much higher than the fee they charged. I understand that can't be a sustainable business model.
Weirdly enough, the other way around still charges only 1% fee: 0.001 BTC on-chain gets you 99900 LN sat.
I'd be okay if CoinPlaza offers a low-fee on-chain transaction, and I don't mind waiting a long time for a confirmation, but that's probably going to be a problem if they use the change address to send to someone else again.

[Little Mouse]

You'll probably find they are out of stock so can't offer it for trade.

That would be my guess too.

Unlikely, may be they have stopped. I have checked a few days to be sure. Never got Tether available. As they above said, to get swap into fiat, they require KYC or such things. Check above.
I have tried to reach the support but did not get a reply till now. Also, they have a shitty KYC system. Asked me to send a photo or scan both part of the documents. Have done in both way but they send me an error message.

Can you suggest any other swap site which allows BTC to Tether swap without KYC, same as coinplaza?

[Timelord2067]

I'd be okay if CoinPlaza offers a low-fee on-chain transaction, and I don't mind waiting a long time for a confirmation, but that's probably going to be a problem if they use the change address to send to someone else again.

From what I've seen their change wallet is the funding wallet for the next transaction.  A way around this would be to preload wallets with a smaller amount and the change wallets then gets added to another transaction once enough confirmations have occurred, or even the change funds another transaction.

[CoinPlazaIt]

You'll probably find they are out of stock so can't offer it for trade.

That would be my guess too.

Unlikely, may be they have stopped. I have checked a few days to be sure. Never got Tether available. As they above said, to get swap into fiat, they require KYC or such things. Check above.
I have tried to reach the support but did not get a reply till now. Also, they have a shitty KYC system. Asked me to send a photo or scan both part of the documents. Have done in both way but they send me an error message.

Can you suggest any other swap site which allows BTC to Tether swap without KYC, same as coinplaza?

Was you using webcam or upload form to complete the KYC procedure? What browser are you using and which error did you get? Can you please send a screenshot to support@coinplaza.it?

We recently added network fees for exchanges TO Bitcoin and Ethereum because the on-chain transactions became too expensive for small trades. The network transaction fees are calculated on the current state of the blockchain, unlike other exchanges where they have a fixed withdrawal fee. Therefore if the mempool is empty you would get very low network fees charged by us.

Tether USD has been temporarely disabled while we move from Omni to ERC-20 Ethereum based token, it will be re-enabled in few days at most.

[Little Mouse]

Was you using webcam or upload form to complete the KYC procedure? What browser are you using and which error did you get? Can you please send a screenshot to support@coinplaza.it?

I used google chrome and tried to upload a picture which have been taken by mobile, later tried with Camscanner to take both part of the documents and tried to upload that. It says the same "Please send a photo or scan the front and rear part of your documents." Have uploaded and click on finish but says the same message.
By the way, after NID/PASSPORT submission, what else document do I need to submit? I have never filled KYC to be honest.

[CoinPlazaIt]

Was you using webcam or upload form to complete the KYC procedure? What browser are you using and which error did you get? Can you please send a screenshot to support@coinplaza.it?

I used google chrome and tried to upload a picture which have been taken by mobile, later tried with Camscanner to take both part of the documents and tried to upload that. It says the same "Please send a photo or scan the front and rear part of your documents." Have uploaded and click on finish but says the same message.
By the way, after NID/PASSPORT submission, what else document do I need to submit? I have never filled KYC to be honest.

You need to send 2 files, one for front and one for back of the document. For level 2, you only need an ID document.