FAQ

– What is CoinMonkey?

– CoinMonkey is a cryptocurrency exchange aggregator. By aggregating in real-time the exchange rate information from the leading exchanges, we provide you with information on how to complete with your exchange at the best rate possible. You can complete your exchange using our platform, with no registration required.

– Why should I use CoinMonkey?

– We provide you with information on the best possible rate for your exchange. The process of exchange through our platform is easy to follow, takes just a few simple steps and no registration is required. In case of any issues, you can always get in touch with our support team.

– Can the exchange rate change during the transaction?

– Yes, the exchange rate can change in either direction. The reason for that is that the actual exchange occurs only after your sending of coins has been confirmed by the exchange platform.

– What are your fees?

– Our fees vary from 0% to 0,25% depending on which exchange-platform is used for your exchange:

  • ShapeShift 0%
  • Changelly 0%
  • BitFinex 0,25%
  • Bittrex 0,25%
  • Poloniex 0,25%

– What are the two types of cryptocurrency exchange platforms?

– There are two types of cryptocurrency exchanges platforms: traditional exchanges and instant exchanges. Traditional exchanges require user registration and one needs to know how to work with the order book. Instant exchangers, on the other hand, typically do not require user registration or knowing how to work with the order book, however they often have a smaller choice of currencies and charge higher fees. CoinMonkey is integrated with both types of exchanges and in either case the exchange process is user-friendly and no registration is needed.

– Why is a certain exchange platform not being shown in the ranking?

– This may be for several reasons:

  1. The amount of currency you wish to exchange is less than the minimum limit or more than the maximum limit of the exchange platform in question.
  2. The currency you wish to sell or buy is not supported by the exchange platform in question.

– How can I contact you in case of an issue?

– Please send us an email at support@coinmonkey.io in case of any issues with your exchange. Please include information about your transaction, such as transaction ID and description of your issue. We normally respond within 12 hours.

– When should I receive my money?

– Transactions made via instant exchanges, such as ShapeShift and Changelly, are normally carried out within 15-30 minutes. Transactions made via traditional exchanges, such as Bittrex and BitFinex, may take longer as they normally require a higher amount of confirmations for funds to be deposited before an actual exchange may occur, as well as may take some time to process the sending of funds to your wallet.

– Why is my transaction taking so long?

– Blockchains may be overloaded with only so many transactions becoming confirmed in a single block with transactions being prioritized by miner fee. Also, an exchange platform might take some time to process a deposit or withdrawal. Send us an email at support@coinmonkey.io in case a transaction is taking a long time to be completed and we will see what we can do.

– What is a transaction ID?

– A transaction ID, or txID, is a unique identifier of a transaction in a blockchain. Knowledge of a transaction ID allows to see all the details of a transactions including confirmation status.

– What are network/miner fees?

– The network or miner fee is the fee necessary for your transaction to be confirmed onto the blockchain. Once your transaction is confirmed, it is deemed irreversible and the exchange may take place. Please note that using a lower than recommended miner fee may result in your transaction not being confirmed for a long time or at all.

– How do I cancel my transaction?

– Transactions in cryptocurrencies are irreversible. Therefore once sent and confirmed by the network, transactions are impossible to cancel.

– I made a typo and sent my funds to a wrong address. Can I recover my funds?

– Transactions in cryptocurrencies are irreversible. Therefore, once sent to a wrong address and confirmed, your money would be forever lost.

– Why is my wallet address recognized as invalid?

– Please make sure that you entered a wallet address for the correct currency.