With this Singaporean-based exchange, it’s quite easy to get tricked. Firstly, the website is mainly presented in Asian languages. For instance, legal documents are completely written in a foreign language.
Yet, they offer their services to other countries as well. But that’s not the worst thing about this company. Many more details point out the problems that you can expect. If you want to avoid them, read this Tokencan review carefully.
| Regulated By: | No Regulations |
| Is This Company Safe? | No |
| Known Websites: | |
| Have Warnings From: | N/A |
| Registered In: | Singapore |
| Operating Since: | 2017 |
| Trading Platforms: | WebTrader, Proprietary apps |
| Maximum Leverage: | N/A |
| Minimum Deposit: | N/A |
| Deposit Bonus: | Not available |
| Trading Assets: | Cryptocurrencies |
| Free Demo Account: | Not Available |
| How To Withdraw From This Company? | Withdrawing funds from this highly suspicious and unregulated company can be quite complicated. If you experience any issues along the way, our refund experts are available for consultation. |
Legal Info: Is Tokencan Legit Or A Scam?
Singapore is known as a huge economic center. Therefore, it’s not surprising we see numerous crypto exchanges registered there. However, to maintain control over everything, MAS (Singapore) started regulating digital asset service providers. And if you check for the license of this firm, you won’t find any.
This is especially disturbing since they also offer services to traders in the US and the UK. To do that without a license from FCA or CFTC, it’s quite a bald move.
Who Are Tokencan’s Victims?
Unregulated exchanges practically don’t have any geo-restrictions. Even though they have legal ones, they don’t bother about it. Therefore, if you are coming from the following countries, you should be extremely careful:
- United States
- South Korea
- China
- United Kingdom
All in all, this company, like the Crypto Trade Club, doesn’t have a good reputation. Even though the company has operated since 2017, ultimately, registering with them can lead to huge losses and possibly getting into debt.
We suggest you withdraw funds on time and find a regulated company instead. But if you experience trouble along the way, contact us for consultation before making any unexpected moves.
Traders Reviews
Quite surprisingly, for these 6 years of operations, the company only collected a few Tokencan reviews. Most likely on some Asian platforms, you could find more. If we only understood it. Nevertheless, the ones we see are quite average and don’t sound quite enthusiastic about the firm.
All in all, when you compare them to Tier 1 licensed crypto exchanges, there’s nothing to look for with them. Therefore, withdraw your money and start trading with trusted ones.
Leverage, Commissions, Spreads, Fees and Taxes
On the positive side, Tokencan exchange doesn’t offer any kind of leveraged trading. Instead, you can do spot trading and OTC trading. These features will include fixed maker and taker fees of 0.2% and also 0.0005BTC withdrawal fees. But keep in mind that industry average fees are a bit lower than that.
Bonuses
Usually, with crypto exchanges, you won’t see some extraordinary bonus offers. Sometimes, when new tokens are promoted, traders might be offered a small bonus to get them to invest in that token. Whether you find it positive or not, the Tokencan crypto exchange doesn’t offer any bonuses.
Tokencan Trading Features
Everything with this company runs around Tokencan tokens. It’s a standard principle with unregulated companies. They will hypothetically or literally generate their own token and motivate traders to invest in it. But very quickly, traders realize they won’t see any money back if they invest in it.
Trading Platforms Available
One reason to avoid using Tokencan services is their web-based exchange platform. Simply, it’s only backed up with TradingView charting and zero advanced trading options. Only indicators and customization options coming with TradingView can be useful. Everything else is related to placing orders.
Available Trading Assets
One of the rarely positive things about this firm is the wide range of instruments offered. But fairly, without a license, does it matter at all? Absolutely not. Especially if you know that some top-tier licensed companies offer exactly the same. Such as:
- BTC
- ETH
- EOS
- LTC
- DOT and many more
Account Types
Important to mention is that some crypto exchanges offer better conditions for loyal clients. Primarily the ones with higher trading volume. Ultimately, that brings profits to both sides. However, with useless T&Cs the company offers, it’s hard to determine if there are any special offers. But if you get some Premium or VIP deals, read the conditions first.
Mobile Trading App
Indeed, mobile apps for iOS and Android devices exist. Thus, the company’s download options lead to direct download instead of trusted stores. However, we searched PlayStore for the Tokencan app, which was listed there with only 5k downloads. Sadly, AppStore didn’t bring any results.
Demo Account
Even though the platform access is free, a demo account option is not available. But to be fair, there’s not even a need for it. There are only a few options available, and the platform is quite intuitive. If you are still unsure if you should invest real money, find licensed firms with demo accounts and try it out first.
Education
Important to realize is that this firm doesn’t offer any educational programs. But when you think about it, that’s exactly the point. If you knew how crypto works, you wouldn’t be investing in it.
Tokencan Withdrawal
Another big issue with this company is the Tokencan withdrawal. With only crypto payment options available, there’s a high chance you won’t see any of your withdrawals. Especially since the withdrawal policy and processing time have not been revealed. But even their withdrawal fees are questionable without a license.
Customer Support
If you think that’s enough when it comes to the cons of this firm, hold on. There is more. As can be seen, this firm offers only one contact option for direct communication. That’s encrypted and popular among swindlers on the Telegram platform. Other options are social networks, but those are not the only support options.
Key Information To Consider About Tokencan
The first issue is a lack of regulations but also questionable Tokencan deposit options. Without maximum transparency, it’s hard to trust any firm. Especially the ones without a license. Not to mention the company has been operating since 2017 and its credibility is just getting lower and lower.
Therefore, if you have funds stuck there, you know what to do. Contact our refund specialists today for step-by-step refund guidance. Most importantly, the first consultation is free, and the last call is yours. It’s up to you whether you forget about money with this company or get it back.
FAQ Section
What is Tokencan?
Tokencan is a crypto exchange allegedly based in Singapore that has been offering services since 2017 mainly in countries where they are not authorized – US, UK, South Korea, and China.
Is Tokencan Legit?
Tokencan scam company is far from legitimate. Without adequate licenses and maximum transparency, this company can’t be considered legitimate.
What is CipherTrace?
The CipherTrace tool allows our experts track crypto transfers and help scammed victims with refunds. For more details, don’t hesitate to contact us.
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