Tokencan

Tokencan Overview

Tokencan is a cryptocurrency exchange that places a strong emphasis on innovative technology, offering spot and OTC trading options for a variety of cryptocurrencies. While the platform stands out with its use of IPFS for data storage, there have been concerns about its overall security measures. Some users appreciate its educational resources and mobile app, but others are cautious due to transparency regarding fee structures.

Pros & Cons

Pros Revealed

• Support OTC Trading

Tokencan offers Over-The-Counter (OTC) trading for USDT, GENY, SV, BCNY, and AIKRW, enabling users to conduct large and customized transactions outside traditional exchange order books.

• Educational Resources Provided

Tokencan provides an informative blog with articles on essential digital asset knowledge and platform features, empowering both novices and experienced traders with insights to make informed decisions in the dynamic cryptocurrency landscape.

• Mobile App for On-the-Go Trading

Tokencan's mobile app extends trading capabilities beyond desktops, allowing users to trade anytime, anywhere. The mobile accessibility ensures that traders can seize market opportunities swiftly and manage their portfolios effectively.

• Cold Wallet Availability

Tokencan offers cold wallet, an offline storage solution that protects a portion of funds from online vulnerabilities.

• Multiple customer support channels

Tokencans offers diverse customer support channels, including live chat, email (Tokencan.korea@tokencan.com), telephone (010-7604-4056), social media (Telegram, Instagram, Twitter and Facebook).

Con Revealed

• Exceeded FinCEN Regulatory License

Tokencan reportedly faced regulatory concerns related to its licenses with the Financial Crimes Enforcement Network (FinCEN) which is exceeded. Such concerns could potentially impact its ability to operate in certain jurisdictions and might raise questions about its compliance with regulatory standards.

• Lack of Transparency in Fee Structure and Funding Methods

Tokencan's transparency falls short in providing comprehensive information about crucial aspects such as transaction fees, withdrawal fees and funding methods.

• Insufficient Security Measures

Except for IPFS technology and cold wallet, CoinBene's security measures could be further enhanced by offering industry-level 2FA and multi-verification.

Regulatory Compliance

WikiBit obtains regulatory information through various channels, including official regulatory websites, public records, and direct communication. The platform's team verifies the authenticity of regulatory licenses and certifications by cross-referencing the information from multiple reputable sources.

WikiBit aims to offer reliable and accurate regulatory information to help traders make informed decisions when choosing exchange/token/project.

As of August 2023, Tokencan reportedly holds an exceeded MSB License from the Financial Crimes Enforcement Network (FinCEN) with the license no. 31000179259672.

Is Tokencan Safe？

Tokencan has implemented several security measures to enhance the safety of its platform and user funds.

• IPFS technology applied

Tokencan employs the IPFS (InterPlanetary File System) technology, a decentralized distributed storage system that enhances security by storing data across globally distributed nodes, reducing reliance on vulnerable centralized systems, and ensuring data integrity, download speed, and resistance to damage or loss.

• Cold storage

Tokencan employs cold storage. This method involves storing the majority of cryptocurrencies offline, disconnected from the internet and isolating your assets from potential hacking attempts.

While Tokencan has taken proactive steps to enhance security and user protection, no exchange or platform is entirely immune to risks. Cryptocurrency trading inherently carries certain risks, and users should take additional precautions to safeguard their assets.

Some recommended practices include using strong passwords, enabling 2FA, being cautious of phishing attempts, and storing a significant portion of your funds in secure hardware wallets rather than on the exchange.

Cryptocurrencies Available

Tokencan provides a comprehensive trading platform that facilitates both spot trading and OTC (Over-the-count) trading for various cryptocurrencies.

Users can engage in spot trading between USDT and a wide range of 40 other cryptocurrencies, which includes not only the top 10 most popular cryptocurrencies globally but also a diverse selection of other digital assets. The top ten are:

Bitcoin (BTC)

Ethereum (ETH)

Filecoin (FIL)

Binance Coin (BNB)

Litecoin (LTC)

Bitcoin Cash (BCH)

Polkadot (DOT)

Highstreet Coin (HSC)

Ethereum Classic (ETC)

Tether (USDT)

Additionally, Tokencan supports OTC trading for specific cryptocurrencies, such as USDT, GENY, SV, BCNY, and AIKRW. The dual approach allows users to seamlessly trade different cryptocurrencies using both spot and OTC methods, catering to their individual preferences and trading needs.

How to buy Cryptos？

• First, create a free account on Tokencan by visiting their website and providing your details such as name, mobile number, email, and a strong password. If you have a referral code, you can also use it. After account creation, a confirmation link will be sent to your email to validate your account.
• Tokencan supports various fiat currencies like USD, EUR, HKD, GBP, AUD, and CNY for payments. However, it initially only supports cryptocurrency transactions. If you don't have cryptocurrencies, you can register with another account that accepts fiat currency, buy cryptocurrencies there, and then transfer them to your Tokencan account.
• Before you can trade, you need a crypto wallet. The Tokencan exchange wallet is important for storing your cryptocurrencies and can only be accessed using your private key. This wallet helps in holding your cryptocurrencies, validating transactions, and ensuring the safety of your keys, especially when purchasing cryptocurrencies. It's user-friendly, secure, and facilitates faster cryptocurrency conversions.
• Building your portfolio is an essential step when trading cryptocurrencies on Tokencan. The process starts as soon as you fund your account. Tokencan offers a 50% discount for payments made using the Tokencan YLB token. Your portfolio assists in tracking changes in cryptocurrency prices, which is crucial for managing your trades and investments, especially for new investors.

Other Services

Tokencan provides a range of services in addition to cryptocurrency trading, enhancing the user experience and offering diverse opportunities in the blockchain and digital asset sectors:

• Mining Pools: Users can join mining pools to help secure the network and earn rewards. This is achieved by locking funds, which then generate interest.
• Games: The platform includes “Mr. Game”, a unique exchange game center that integrates exchange customers and assets, offering a gaming experience connected with the world of cryptocurrency.
• Metaverse and NFTs: Tokencan ventures into the burgeoning realms of the metaverse and Non-Fungible Tokens (NFTs), providing a platform for the trading and interaction of these digital assets.
• DeFi Services: It also offers Decentralized Finance (DeFi) services, presenting alternatives to traditional financial services using blockchain technology.
• Payment Services: For users in South Korea, the platform provides payment solutions through the Oripay payment platform.
• Mission Project Incubator: This feature supports the launch of new projects in the blockchain space, fostering innovation and development.
• Sheep Ticket: This is a blockchain-based initiative aimed at solving problems in contract farming. It facilitates direct transactions between entities and citizens via WeChat, integrating blockchain technology into practical applications.

These additional services illustrate Tokencan's commitment to expanding beyond conventional cryptocurrency exchange functions, building a comprehensive ecosystem in the digital asset and blockchain industry.

Compare to Other Cryptocurrency Exchanges

• Tokencan

For traders interested in a varied selection of cryptocurrencies, Tokencan holds promise; however, enhancing transparency and bolstering overall security measures could further enhance its appeal.

• Huobi

Ideal for users prioritizing security, compliance, and seeking opportunities to earn passive income through staking and investment products.

• Coinbase

Suited for beginners due to its user-friendly interface and simple buying options. It is also a preferred choice for users in regions with stringent regulations, as Coinbase emphasizes regulatory compliance.

Ultimately, the best crypto exchange for an individual trader will depend on their specific trading style, preferences, and needs.

Is Tokencan good for you？

Tokencan offers a unique blend of services in the cryptocurrency exchange market, with features like OTC trading, educational resources, and a mobile app enhancing its appeal for various traders. Its commitment to innovative technology, such as using IPFS for data storage, adds to its robustness. However, potential users should be cautious due to concerns over its security measures and lack of transparency, particularly in fee structures. Additionally, regulatory challenges, such as exceeding its FinCEN regulatory license, may affect its operation in some jurisdictions. Therefore, while Tokencan might be suitable for users seeking specific features like OTC trading and educational resources, it may not be ideal for those who prioritize transparency and stringent regulatory compliance. Users should weigh these factors based on their individual needs and risk tolerance when considering Tokencan as their cryptocurrency trading platform.

Frequently Asked Questions (FAQs)