- Editor Rating
- Rated 2.5 stars
- Reviewed by:
- Published on:
- Last modified:
- TradesEditor: 55%
- FundingEditor: 57%
- ComplianceEditor: 26%
- PlatformEditor: 58%
- Help & SupportEditor: 64%
CCEDK is a cryptocurrency exchange that was founded at the start of 2014, and is officially registered in Denmark per March 20, 2014. It closed down to reopen as a financial gateway for OpenLedger in 2016.
CCEDK must be the first encountered cryptocurrency exchange that offers more fiat currencies than cryptocurrencies to trade in. There are nine fiat currencies and six cryptocurrencies, including Bitcoin, Litecoin and Peercoin. The trade fees are low at 0.20 percent, but given the low liquidity and subsequent low volumes on the exchange the bid-ask spreads cannot even be properly assessed. In most markets the order book even appears to be empty, and the history shows little to none activity. For an exchange that has been around since the start off the year this is not good enough, and does not offer much hope for the future.
As a European exchange, CCEDK can take advantage of the Single Euro Payments Area (SEPA). Transaction costs for transfers within this region are generally lower than for Wire Transfers. Wire Transfers are of course still available on the exchange. CCEDK itself charges about the same fees for both funding options, around $5 for deposits and $10 for withdrawals. The minimum deposit is $10 and the minimum withdrawal is $100. Both transaction types can also take multiple days to be processed, up to five in total. If SOFORT support is available this can be reduced to less than an hour, although more speed generally means increased costs. Third party e-wallet Payeer is the last alternative, but using third party services often comes down to even more costs plus, for example, including the costs for using credit cards.
CCEDK is registered in Denmark, with business (CVR) number 35809171. The official start date is March 20, 2014. It seems that as a cryptocurrency exchange approval from a financial authority is not required in Denmark. The exchange does claim it has chosen to implement an AML/KYC regardless, but submitting any information is at least not required by default in order to trade and to deposit or withdraw money. As the website states, a due diligence is only performed “whenever it is required to identify the customer.” This leaves it unclear how this process actually looks, even though AML/KYC in general has perfectly clear requirements.
What can be determined with certainty is that the exchange has not completed a public Proof of Reserves audit. This would be required in order to meet the current standard for cryptocurrency exchanges, and offer some financial transparency. Overall, the regulatory environment sets a low bar for CCEDK, and the exchange does not prove that it at least tries to raise that bar for itself. Along with the little experience that this exchange has, it puts a heavy weight on the exchange’s rating.
If there would be an award for creating the most crowded interface, CCEDK would certainly be a good contender for it. The exchange has managed to fit the trade screen, account balance, market overview, personal and general order history, announcements and general news into a single screen. Apparently there was no more room for an order book, although the best bid and ask are mentioned. The website is not responsive either, so tough luck if your screen cannot handle it all. Navigating between cryptocurrency pairs is not an easy task either, despite the exchange offering a good amount of pairs to trade in, unless CCEDK has managed to hide a search field somewhere on the screen. If so, it was not found for this review. Fortunately, two-factor authentication could be found without too much effort.
Help & Support
In terms of support, CCEDK can be contacted via email or via telephone. The latter option is a rare one and always a nice one to have. Phone calls will be answered in either English or Russian. These are also the languages in which the FAQ is available. This FAQ seems to include most of the relevant questions one can have, although answers are sometimes a bit brief and/or vague or even wrong. Consider the answer to the question what cryptocurrencies are: “Crypto coins or crypto currencies are defined as all available digital currencies on the market.” There is a lot more to be said on cryptocurrencies and they are a sub-type of digital currencies, not the other way around. The exchange does extensively cover the risks of trading in cryptocurrencies, which is something more exchanges could highlight.