Coinut Crypto Exchange Review: Is It Right for Canadian and Singaporean Traders?

What Is Coinut? A Real-World Look at a Niche Crypto Exchange

Coinut is a cryptocurrency exchange founded in 2013 by Xinxi Wang, a Litecoin Core developer, and Tao Huang. It’s one of the few crypto platforms that’s been running continuously since the early days of Bitcoin, surviving the 2014 Mt. Gox collapse and multiple market cycles. Also known as COIN Ultimate Trading, it’s based in Singapore with physical offices in Canada and Switzerland. Unlike big names like Binance or Coinbase, Coinut doesn’t try to be everything to everyone. It focuses on a specific group: retail traders in Canada and Singapore who want to trade crypto with real money - not just crypto-to-crypto.

Regulation: A Key Advantage for Certain Users

Coinut isn’t regulated by the SEC or ASIC. But it is registered with Canada’s FINTRAC as a Money Services Business and recognized by Switzerland’s VQF, a self-regulatory body for financial services. That’s unusual. Most crypto exchanges pick one jurisdiction and stick to it. Coinut operates under two, which gives it a layer of legitimacy for users in those countries.

For someone in Toronto or Singapore, this matters. If you’re depositing Canadian dollars (CAD) or Singapore dollars (SGD), you’re dealing with a platform that’s legally required to verify your identity and keep records. That’s not the same as an offshore exchange with no oversight. It’s not perfect - it doesn’t have an investor protection fund like OKX, and it’s not licensed by Singapore’s MAS yet - but it’s more regulated than most small exchanges.

What Cryptocurrencies Can You Trade?

Don’t expect 300+ coins here. Coinut supports only six: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dogecoin (DOGE), and Ripple (XRP). That’s it.

That’s a big limitation. If you’re into Solana, Cardano, or any newer altcoin, you won’t find it here. But if you only care about the big names, this is enough. The exchange pairs each of these with nine fiat currencies, including CAD, USD, SGD, CHF, EUR, and AUD. That’s rare. Most exchanges only offer USD or EUR as fiat options. For Singaporeans, the ability to deposit SGD directly is a huge plus.

Fees: Low, But Not the Lowest

Coinut claims to have "the lowest fees." That’s misleading. Taker fees are 0.10%, which is average. Maker fees are 0.00% - meaning you get paid to place limit orders. That’s good. But it’s not unique. Exchanges like Bybit offer 0.02% taker fees and even 0.01% maker rebates.

What Coinut does well is eliminate fees on crypto-to-crypto swaps. If you want to trade BTC for ETH, there’s no extra charge. That’s helpful for people who move between coins often. The minimum trade is $10, which is low enough for beginners. No hidden fees. No surprise charges. The fee structure is simple and transparent.

Security: Solid, But Not Cutting-Edge

Coinut has never been hacked. That’s a big deal. In crypto, that’s a rare track record. 95% of user funds are stored in cold wallets - offline, disconnected from the internet. That’s industry standard for serious exchanges.

Two-factor authentication (2FA) is required. No facial recognition like OKX, no biometrics. But you don’t need those if you’re using a strong password and Google Authenticator. The platform uses standard encryption and regular security audits. Traders Union gave it a 9.75/10 for security - one of the highest ratings among mid-tier exchanges.

But here’s the catch: there’s no insurance fund. If something catastrophic happens, your money isn’t protected. That’s the same as Kraken. If you’re trading large amounts, you should keep most of your crypto in a personal wallet, not on any exchange.

Trading Tools and Leverage

Coinut offers up to 10x leverage on crypto pairs. That’s higher than what many regulated exchanges in the U.S. or EU allow. For experienced traders, this is useful. You can go long on Bitcoin with $1,000 and control $10,000 worth. But leverage is dangerous. Most retail traders lose money using it.

The trading interface is clean. No cluttered charts or confusing buttons. It’s web-based and has a mobile app. You don’t need a powerful computer. It runs fine on an old laptop or a mid-range phone. The default language is Chinese, but you can switch to English with one click in the top-right corner. That’s a small thing, but it shows they’re aware of international users.

Deposits and Withdrawals: Limited, But Functional

Coinut supports bank transfers in CAD, SGD, USD, EUR, CHF, AUD, and a few others. That’s more than most. But the options are still limited. No credit cards, no PayPal, no Apple Pay. If you’re used to instant deposits on Coinbase, you’ll be disappointed.

Withdrawals take 3 to 5 business days, according to users in Singapore. That’s slow. Local banks in Singapore process transfers in 1-2 days. Coinut’s backend is clearly not optimized for speed. You can’t withdraw crypto to just any wallet - only to addresses that have been pre-approved. That’s a security feature, but it adds friction.

Customer Support: Barebones

You won’t find phone support. Or live chat on weekends. Support is email-only and through a basic web chat. Response times vary. Some users report replies within 12 hours. Others wait 2-3 days.

There’s no help center with detailed articles like Coinbase or Binance. The education section has basic video tutorials and a glossary - enough for someone new to crypto, but not enough for someone learning advanced strategies. Reddit users say they had to figure things out on their own. If you need hand-holding, this isn’t the place.

Who Is Coinut Actually For?

Let’s be clear: Coinut isn’t for everyone.

If you’re in Canada or Singapore and want to buy Bitcoin or Ethereum with your local currency - and you care about regulation, not variety - Coinut is a solid choice. It’s stable, secure, and easy to use. The fees are fair. The interface doesn’t overwhelm you.

But if you want to trade Solana, Shiba Inu, or any new token? Go elsewhere. If you need fast withdrawals or 24/7 phone support? Skip it. If you’re in the U.S., you’re on shaky ground - Coinut doesn’t have U.S. licensing, even though it lets Americans sign up.

It’s a niche platform. And that’s okay. Not every exchange needs to be a giant. Sometimes, being small and focused is better.

Final Verdict: A Quiet, Reliable Option for a Specific Group

Coinut doesn’t scream for attention. It doesn’t run ads on YouTube or sponsor crypto conferences. It just works. For users in Canada and Singapore who want to trade major cryptocurrencies with fiat, it’s one of the few regulated, stable, low-fee options available.

It’s not the cheapest. It’s not the most feature-rich. But it’s honest. It doesn’t promise the moon. It delivers a simple, secure, and regulated way to trade Bitcoin, Ethereum, and Litecoin with your local currency.

If that’s what you need - and you’re okay with slow withdrawals and limited support - then Coinut deserves a spot on your shortlist. Just don’t expect a flashy experience. This is the quiet, reliable cousin of the crypto exchange world.