MyCoinStory (MCS) was never just another crypto exchange. It promised something different: a derivatives-focused platform built by finance pros, offering perpetual contracts on obscure tokens like TRON’s SUN and Klaytn’s KLAY before anyone else. Back in 2020, Bitcoin.com called it the next-generation cryptocurrency perpetual contract trading platform. But today? If you search for MyCoinStory, you’ll find silence - no trading volume, no mobile app, no updates, and no real users.
What Was MyCoinStory Supposed to Be?
MyCoinStory launched in 2020 with a clear mission: dominate the derivatives market by being faster, cheaper, and more specialized. Unlike Binance or OKX, which offered everything from spot trading to futures, MCS stuck to one thing - perpetual contracts. That meant traders could go long or short on crypto without owning the actual asset, using leverage. It was a smart niche. At the time, perpetuals were exploding. The market hit $2.1 trillion in quarterly volume by 2022.Its fee structure was aggressive. Taker fees at 0.04% and maker fees at 0.02% were below industry averages. For comparison, most exchanges charged around 0.059% for takers and 0.0215% for makers. MCS also charged just 0.0005 BTC to withdraw Bitcoin - slightly cheaper than the average 0.00053 BTC. On paper, it looked like a steal.
It even launched a market maker program in late 2020, touted by Bitcoin.com as having “the best benefits in the industry.” No one ever published the exact terms, but the idea was simple: pay traders to provide liquidity, which would make the platform more stable and attractive to others. It was a classic play - but it never took off.
Why Did MyCoinStory Fail?
The numbers tell the real story. In November 2020, Bitcoin.com reported MyCoinStory had $100 million in daily trading volume. By 2023, Cryptogeek.info showed 0 trading pairs and 0 trading volume. That’s not a slowdown - that’s a shutdown.There’s no official announcement. No tweet. No blog post. Just silence. The GitHub repo for MCS, last updated in 2021, had one repository with basic token info - nothing useful for developers or traders. The Twitter account, @MyCoinStory, hasn’t posted since December 2020. It has just over 1,200 followers. Compare that to Bybit, which has over 1.2 million.
And then there’s the mobile app problem. Almost every major exchange has iOS and Android apps. MyCoinStory had none. According to a 2022 Deloitte survey, 78% of crypto traders use mobile devices as their primary tool. No app? That’s like opening a bank with no ATMs.
Even worse - no fiat on-ramps. You couldn’t deposit USD, EUR, or any traditional currency. You had to already own crypto. That limited its audience to experienced traders, not newcomers. Most successful exchanges in 2020 were pushing easy on-ramps: credit cards, bank transfers, PayPal. MCS ignored that entirely.
Was It Even Legit?
This is where things get murky. Some sources say MyCoinStory was based in Singapore. Others say the Seychelles. Neither is a regulatory powerhouse. The Seychelles has no crypto licensing requirements. That means users had zero legal protection. If the platform vanished - and it did - there was no regulator to file a complaint with.Compare that to Coinbase Derivatives (regulated in the UK) or LedgerX (CFTC-regulated in the U.S.). Those platforms had to follow strict rules on fund custody, audits, and user protection. MyCoinStory didn’t. And when you’re trading leveraged derivatives - where you can lose more than your deposit - that’s not just a risk. It’s a red flag.
There’s also no user feedback. Cryptogeek.info says there’s one review on the entire internet. Reddit? Three mentions in three years, all vague. Trustpilot? Zero reviews. Binance has over 15,000. That’s not a quiet platform - that’s a dead one.
What About the Competition?
In 2020, the derivatives market was wide open. But by 2023, it was a war between giants. Binance, Bybit, OKX, BitMEX, and KuCoin controlled 83% of the perpetual futures volume. These platforms had billions in liquidity, deep order books, mobile apps, 24/7 support, and regulatory compliance in multiple countries.MyCoinStory had none of that. Its only edge was lower fees - but fees mean nothing if no one’s trading. You can’t have a market without buyers and sellers. And without liquidity, even the best fee structure is useless. A $100 million daily volume claim in 2020 was impressive - but if that dropped to zero by 2023, it wasn’t growth. It was collapse.
Industry analysts at Blockworks Research put it bluntly in October 2023: “Exchanges without consistent volume above $50 million daily have become virtually nonviable.” MyCoinStory didn’t just fall below that threshold - it vanished from the radar entirely.
Should You Use MyCoinStory Today?
No. Not even as a curiosity.There’s no way to access the platform. The website either redirects to a placeholder, loads slowly with errors, or shows a blank page. Even if you could log in - and you can’t - there’s no customer support. No live chat. No email replies. No help center. The Wayback Machine shows a basic knowledge base from 2020, but that’s useless now.
And if you had funds on MCS? Good luck getting them back. No regulatory body oversees it. No legal recourse exists. You’d be relying on the goodwill of a ghost.
It’s not a risky exchange. It’s an abandoned one. And in crypto, abandoned platforms are the most dangerous kind. They’re not just inactive - they’re potential scams waiting to be uncovered.
What Can You Learn From MyCoinStory?
MyCoinStory’s story isn’t just about one failed exchange. It’s a lesson in what doesn’t work in crypto.- Lower fees alone won’t save you. Liquidity is king.
- No mobile app? You’re cutting off 80% of your potential users.
- Operating in an unregulated jurisdiction? You’re inviting distrust.
- Claiming innovation without user growth? You’re just noise.
- Vanishing without a word? That’s not a shutdown - it’s a scam waiting to be exposed.
MyCoinStory didn’t fail because it was too ambitious. It failed because it ignored the basics: user trust, accessibility, and transparency. It chased technical specs while forgetting that crypto is a people business.
What Should You Use Instead?
If you’re looking for a reliable derivatives exchange today, stick with platforms that have:- Consistent daily volume above $100 million
- Mobile apps for iOS and Android
- Clear regulatory status (like Bybit’s Dubai license or OKX’s UAE registration)
- Publicly audited reserves
- Thousands of verified user reviews
Bybit, OKX, and Binance Futures are all solid choices. They’ve survived the market crash, regulatory crackdowns, and liquidity crunches. They’ve earned their place.
MyCoinStory? It’s a footnote now. A cautionary tale. Don’t waste your time trying to resurrect it. Just move on.
Is MyCoinStory still operating in 2026?
No, MyCoinStory is not operating. All signs point to the platform being abandoned since late 2021. There is zero trading volume, no mobile app updates, no social media activity, and no response from customer support. The website is either unreachable or displays a broken page.
Can I still withdraw my funds from MyCoinStory?
There is no way to withdraw funds from MyCoinStory. The platform has been inactive for years, and its servers are no longer accessible. If you had assets on the exchange, they are likely lost. This is a common outcome with unregulated, defunct exchanges that operated without proper fund safeguards.
Was MyCoinStory a scam?
There’s no official proof it was a scam, but its behavior matches the red flags of one. It vanished without warning, provided no updates, and left users with no recourse. It operated in the Seychelles - a jurisdiction with no crypto regulations - and offered no way to verify its reserves. While it may have started as a legitimate project, its sudden disappearance makes it functionally equivalent to a scam.
Why did MyCoinStory shut down?
MyCoinStory likely shut down because it couldn’t compete. Despite low fees and early innovation, it lacked liquidity, user trust, mobile access, and regulatory compliance. The crypto derivatives market consolidated rapidly after 2020, and only exchanges with massive funding, global reach, and strong security survived. MyCoinStory had none of those.
Are there any alternatives to MyCoinStory for derivatives trading?
Yes. Bybit, OKX, and Binance Futures are the top three alternatives. They offer lower fees than most exchanges, high liquidity, mobile apps, regulatory licenses, and active customer support. All three have daily trading volumes exceeding $1 billion and have survived multiple crypto market crashes. Avoid any exchange without a mobile app, public reviews, or clear regulatory status.
MyCoinStory was always a glorified demo. Lower fees mean nothing when your order book looks like a ghost town. I tried it back in 2021 - spent 20 minutes just waiting for a trade to execute. Then the site crashed. Never went back. If you’re trading leveraged shit, you need liquidity, not a spreadsheet with a fancy UI.
Also, no mobile app? In 2020? Bro, that’s like opening a gas station with no pumps.
Can we talk about how everyone acts like this is some deep mystery? It was a fly by night operation with a website built by a intern and a dream. No regulation no support no app no nothing. They took money from people who didn’t know better and then vanished like a bad Tinder date. I’m not mad i’m just disappointed in the whole crypto ecosystem for letting this happen.
And now everyone’s acting like they saw it coming. You didn’t. You just got lucky.
USA made the rules. China cracked down. Europe regulated. But this MyCoinStory trash operated outta some island with zero oversight? That’s not innovation that’s fraud waiting to happen. We don’t need more crypto cowboys. We need accountability. If you can’t register your exchange in the US or EU then you don’t deserve to be in business. Period.
And don’t even get me started on the ‘lower fees’ excuse. That’s how scammers lure in the suckers. Lower fees, higher risk, zero recourse. Classic.
It’s wild how many platforms disappear like this. I used to think it was just about tech or fees but now I see it’s about trust. People don’t trade on platforms - they trade on the feeling that they won’t get screwed. MCS had none of that. No reviews, no support, no transparency. Even if they had the best UI in the world, it wouldn’t have mattered.
What’s sad is how many new traders still chase these ‘hidden gems’ without checking if the company even has a physical address. I’ve seen 19-year-olds drop life savings on exchanges that don’t even have a contact page.
Maybe the real lesson isn’t what MCS did wrong - it’s that we keep rewarding the people who don’t care about us.
And yeah - mobile app? Non-negotiable. If you’re not on iOS and Android by 2021, you’re already dead.