TokenSpot Exchange Overview

Financial markets allow you to make money from changes in exchange rates. Exchanges are used to access them. These are trading platforms that match customers’ orders in an order book. They act as intermediaries between sellers and buyers of various assets. For example, the TokenSpot exchange offers tools for spot trading on the cryptocurrency market. At the same time, it supports fiat: RUB, USD and KGS (Kyrgyz som). The trading platform will be launched in January 2024.

The editorial staff is not responsible for the work of cryptocurrency exchanges. Trading on new platforms is always associated with the risk of losing money. It is safest to store money in non-custodial wallets.

Official site

TokenSpot is a new platform for trading cryptocurrency and fiat. According to the developers, it is licensed in Kyrgyzstan. The exchange has been serving users from CIS countries since January 2024. The trading service is relatively new, because of this it does not support many planned functions and features.

The crypto exchange is registered in Bishkek (Kyrgyzstan). It is managed by TokenSpot.

In September 2024, a browser is required to access the exchange. There are no mobile or desktop applications. However, the developers plan to release software for smartphones by 2025. They also want to add many digital assets and fiat currencies by this date. Support for new coins will expand the possibilities of traders.

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The website of the TokenSpot cryptocurrency exchange is convenient. Information on it is presented in Russian and English. The following sections are available on the site:

• “Home”. When going to the site, the user gets to this page. It provides information about the company’s services.
• “Trading”. This tab contains a terminal for creating orders to buy and sell assets. It supports analytical tools from the TradingView service.
• P2P. This section allows conducting transactions in the Peer-to-Peer format, i.e. between users directly. The developers added it recently.
• FAQ. This page provides information about various features of the crypto exchange. The tab also contains instructions on the available methods of making deposits and withdrawals.
• “Commissions. This section contains information about the fees that the platform charges from traders’ transactions.

The online service is constantly developing. You can follow the updates on the TokenSpot pages in social networks. For example, the developers actively maintain a Telegram channel. In it, they publish analytics on coins, talk about various blockchain projects and changes on the site.

What TokenSpot exchange offers

The service provides tools for trading on the spot. This is the main service. Such trading involves the use of underlying assets. For example, the user buys BTC, stores coins, waits for their growth, and then sells. This is called spot trading. However, in September 2024, from digital currencies, the site supports only USDT. This is a stablecoin whose rate is tied to the price of USD.

The USDT cryptocurrency was created to protect users from market volatility. One token is always worth $1.

The platform also supports fiat currencies USD, RUB and KGS. Other assets are not available to users. But the developers plan to add new digital coins, tokens, and currencies by the end of 2024.

Another product on the crypto exchange is the P2P service. Thanks to it, users can exchange assets directly. The platform does not participate in transactions. It guarantees customers that the parties will fulfill their obligations. USDT, RUB and KGS are available on the P2P platform.

The exchange charges a commission for any trading transactions. For example, for asset exchanges involving fiat on the spot, makers pay 0.15%, and takers pay 0.19%. Information about other fees on the crypto platform is presented in the table.

The exchange does not charge a commission when depositing an internal wallet in USDT. But you will have to pay 1, 2 or 5 tokens for withdrawal. The size of the commission depends on the USDT standard – ERC-20, TRC-20 or BEP-20.

To make a deposit in fiat and withdraw USD, RUB, KGS is allowed by 4 methods:

• In person at the broker’s office. You can make a deposit for a large amount in cash in Bishkek. The site office works from 10:00 to 19:00 local time. The minimum deposit amount is 100 thousand KGS, RUB or 1000 USD.
• With the help of TokenSpot-code system. Each user of the exchange receives a unique identifier. It can be used for internal transactions.
• By bank transfer. Such transactions can be made by Aiyl Bank and Eurasian Savings Bank. The minimum deposit amount for KGS is 10 thousand, for RUB – 50 thousand, for USD – 1000.
• P2P. It is enough to open the service and choose a suitable ad for asset exchange. Then you need to follow the instructions. If necessary, you are allowed to open your own applications.

To deposit funds to the account and keshout will have to pass account verification. This is a mandatory requirement of the TokenSpot exchange, as the site adheres to the AML-policy. It implies the fight against fraud and money laundering.

Customers are assisted by technical support staff. They answer questions and solve any problems that may arise. You can contact the support team via online chat on the site and email.

Registration

To trade on the TokenSpot crypto exchange, you need to create an account on the site. To do this, you will need to:

1. Click on the “Register” button in the upper right corner.
2. Specify an email address.
3. Enter a password. It will be required at each authorization. The password must contain 1 upper and 1 lowercase letter, as well as numbers. It is not recommended to use predictable character sets like birth dates, pet names, etc.
4. Agree to the platform’s rules and confirm no US citizenship.
5. Pass the robot check (captcha).
6. Complete the registration.

Next, the platform will ask the user to confirm the specified e-mail. To do this, go to the e-mail, open the letter from TokenSpot and click on the “Activate” button. The new client will remain to authorize in the account.

If necessary, the site allows you to reset the password. This will be required if the user does not remember it. It is enough to click on the inscription “Forgot your password?” during authorization.

It is allowed to refuse to confirm the mail. The user only needs to click on the “Back to authorization” button. You can confirm your e-mail later.

Personal cabinet overview

After registration, account settings become available to the user. To go to them, you need to click on the icon of the account, and then select the “Profile” tab.

The page allows you to change your password, connect two-factor authentication and link your phone number.

You can also subscribe to the platform’s notifications and go through the KYC procedure.

Verification

The TokenSpot cryptocurrency exchange is required to verify the user before they can access many of its features. The platform complies with the requirements of the FATF organization, which fights the laundering of proceeds of fraud online. More information about it is written in the section “AML/CFT rules” on the trading platform’s website.

The TokenSpot exchange verifies users by document snapshots. To pass KYC you need to:

1. Bind a phone number in the profile settings. Without this, it is impossible to start the procedure.
2. Enter the country of issuance of the ID.
3. Specify the type of document for verification. ID-card, passport, driver’s license or residence permit will do.
4. Upload a photo of the ID card with personal information. The photo should be clear, bright and without glare.
5. Take selfies.
6. Upload a photo of a bank statement, utility bill or other document confirming the address of residence.
7. Check the specified data.
8. Click on “Next Step”.

Usually the information is verified within 10 minutes. However, sometimes there are delays. After the verification is completed, a letter about it comes to your e-mail.

User reviews

At the time of writing the review, the crypto trading platform has been operating for less than 1 year. Because of this, there are still few reviews on the Internet. However, there are still comments from real users. Most of them are positive. Basically, clients note the support of the Kyrgyz som, the possibility of making a cash deposit in the company’s office and a convenient interface.

But there are also negative comments. Some users call the exchange fraudulent. However, no one provides proof of this. Also, users are not satisfied with the limited functionality and a small number of supported cryptoassets.

Conclusion

TokenSpot crypto exchange is a new trading platform launched in early 2024. For 9 months of work on it appeared opportunities for trading on the spot and P2P service. Of digital assets, the exchange still supports USDT stablecoin of various standards. Fiat currencies USD, RUB and KGS are also available. Compared to competitors, the platform offers few financial instruments. But the developers plan to add new ones by the end of 2024.

Among the unique features, TokenSpot exchange supports deposit and cash withdrawal. The service is available in the company’s office located in Bishkek. The address is Togolok Moldo Street, 3B.

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Author: Saifedean Ammous, an expert in cryptocurrency economics.