Coindeal – Exchange Review

Snapshot

Coindeal launched in 2017 in Malta, initially attracting users with support for over 45 cryptocurrencies, seven fiat currencies, and 48 trading pairs. It also promoted a VIP program and daily volumes that once peaked at $147 million. But by January 2023, volumes had collapsed to under $3,000, and on 19 February 2023, the platform shut down following fraud allegations and a winding-down notice.

Early strengths

At its peak, Coindeal offered a competitive mix of features:

• Wide selection: 45+ cryptocurrencies and seven fiat currencies.
• Competitive fees: maker-taker fees between 0.29% and 0.39%, with VIP discounts as low as 0.05%.
• VIP perks: faster support, OTC access, and priority onboarding.
• Security basics: SSL encryption, 2FA, and 90-95% cold wallet storage.
• User support: multilingual service and a 24/7 help desk.

Decline and shutdown

The fall of Coindeal was sharp:

• Volume collapse: from $147 million daily volume to just $2,700 in January 2023.
• Exit announcement: official shutdown on 19 February 2023 with a 30-day notice.
• Fraud charges: SEC and DOJ accused Coindeal’s founders of running a $45 million fraud scheme, including fake investment promises and misleading payouts.

These events erased any credibility the exchange once had.

Fees and account structure

• Standard trading fees: 0.29%–0.39%.
• VIP model: CDL token holders or VIP members accessed ~0.05% fees, OTC trading, and private trading groups.
• Inactivity fees: $9/month charged after six months of dormancy.
• Fiat access: limited KYC-free trades for small sums; larger transactions required full verification.

Security and support

• Security: SSL, 2FA, and multi-sig cold wallets for up to 95% of funds.
• Support: once praised for responsiveness, but later criticized for withdrawal delays and frozen accounts.
• Regulatory status: marketed as licensed in Malta, but subsequent investigations suggest that compliance was surface-level at best.

User experience

• Interface: described as intuitive, with a clean dashboard and reliable mobile app.
• Trust erosion: positive feedback turned negative as withdrawals stalled, funds disappeared, and communication broke down.
• Community sentiment: forums and reviews shifted from cautious optimism to warnings of an exit scam.

What broke

Several failures compounded to end Coindeal:

• Liquidity collapse: volumes dropped by five orders of magnitude in under two years.
• Fraud allegations: regulators linked founders to a $45 million unregistered investment scheme.
• Incomplete exit: minimal user notices and suspicions of fund misuse during liquidation.

Position in the global market

Globally, Coindeal is now a defunct name. At its peak, it competed regionally in Europe, but it never rivaled top-tier exchanges. Its collapse left it as a cautionary tale rather than a contender, and fraud allegations sealed its reputation.

Pros and cons (historical)

Pros

• Wide selection of coins and fiat pairs.
• Low VIP fees and OTC access.
• Basic security standards (cold wallets, 2FA).
• Clean interface with API access.

Cons

• Collapse of liquidity and user trust.
• Fraud allegations from regulators.
• Frozen withdrawals and incomplete exit.
• Inactivity fees and opaque operations.
• Now permanently shut down.

Final verdict

Coindeal once looked like a promising European exchange with diverse assets, fiat access, and attractive VIP perks. But the collapse of liquidity, frozen funds, and regulatory fraud charges ended its run in disgrace.

As of 2025, Coindeal stands as a warning story. For traders evaluating platforms today, its fall is a reminder to demand audited reserves, regulatory proof, and transparent governance before trusting any exchange offering VIP perks or unusually low fees.