Who is GalaxyCoin Suitable for
GalaxyCoin is suitable for individuals who are interested in exploring the world of cryptocurrency, particularly non-fungible tokens (NFTs). With over 250 different tokens available, it serves as a good starting point for beginners. However, it should be noted that the GalaxyCoin mobile application is only available for users in the United States, while the website still offers most of the platform's functionalities.
One of the attractive features of GalaxyCoin is its extensive educational materials and research analysis available on its website. It also provides market education updates. Additionally, holding the native cryptocurrency of GalaxyCoin, known as CRO, can help reduce trading fees. The platform also offers prepaid Visa cards that allow users to easily spend their crypto assets.
For users interested in storage options, the GalaxyCoin DeFi wallet is a good choice for cryptocurrency investors.
However, there are some drawbacks to consider. The GalaxyCoin trading platform (separate from the application) is only available for selected institutional investors in the United States. This means that most U.S. users are limited to the application version and cannot access many advanced features such as stop-limit orders, one-cancel-other (OCO) orders, trading via API, and over-the-counter (OTC) trading.
Furthermore, using credit or debit cards on GalaxyCoin incurs high fees, up to 4%. Although there are alternative methods like ACH transactions, not all banks can be connected to GalaxyCoin.
In terms of fees, GalaxyCoin adopts a maker-taker fee structure. As a taker, you may generally pay higher fees, but these fees can be reduced based on your trading volume and whether you stake CRO tokens. The more you trade within a 30-day period and the more CRO tokens you stake, the higher your discount.
Regarding security, GalaxyCoin is ranked as one of the top exchanges in terms of safety by CER.live. User funds are stored offline, and only company funds are kept in online wallets. For U.S. users, USD balances are held in FDIC-insured bank accounts.
To open a GalaxyCoin account, U.S. users need to download the GalaxyCoin mobile application and go through the registration process, which involves email verification, phone number confirmation, and additional verification steps that may vary by country/region.