Getting all crypto trading services on one platform is a dream for most crypto traders, and other services like staking and lending are added advantages. Coinsbit is an all-in-one platform that caters to the crypto trading needs of its users effortlessly. In this Coinsbit review, all the important factors that will help traders to understand the platform well are discussed in detail.
|Supported Fiat Currencies
|USD, EUR, TRY, UAH, RUB, KZT
|Most of All
|Depends on Currency
|Free for Crypto, Takes 0.8% Fee for USD
|Depends on Currency
|24/7 via Email, FAQ Section, & Live Chat Support
What Is Coinsbit?
Coinsbit is a cryptocurrency exchange platform launched in August 2018 and registered in Estonia. The platform has established itself in the crypto market and is now thriving in over 73 active crypto markets with millions of active users.
Besides supporting major coins like Bitcoin, Litecoin, and Ethereum, Coinsbit also supports leading stablecoins like Tether, Paxos Standard, etc. It is among the few cryptocurrency exchange platforms that offer two variants (classic and pro), each with different features depending on the crypto trading experiences of the traders.
The Pro variant contains only basic charts and volume data, while the classic variant provides all the advanced technical and analytical tools meant for more advanced traders. It also includes a large number of trade indicators available across various trading time frames, along with a market depth that summarises trades executed across the Coinsbit cryptocurrency exchange.
The platform offers an active OTC market for smaller and lesser-known coins, an IEO (Initial Exchange Offering) platform for new cryptocurrency issuances, a peer-to-peer lending platform, and a robust platform for forming varied staking pools.
Coinsbit features a web platform and a robust mobile app compatible with Android and iOS platforms. The exchange is also supported on Cloud, Web browsers, and Tablets. The platform is more focused on advanced users, featuring an order book, customizable windows with advanced charting, and analytical tools that can be complicated for first-time users who are not familiar with cryptocurrency trading.
How Does Coinsbit Work?
Like most other cryptocurrency exchanges, Coinsbit provides a trading platform where the buyers and sellers meet to buy/sell or exchange their crypto coins either with other digital currencies or fiat currencies. The exchange charges a trading fee as soon as a trade is executed on the Coinsbit platform.
Features of Coinsbit
Coinsbit offers the following core features to its clients:-
Coinsbit employs EXRT services that spike up the trading processing speed to 10,000 trades every second and up to 1,000,000 TCP connections. Such a high processing speed distinguishes the exchange from its competitors and adds credibility to the platform.
Coinsbit employs strong safety measures to protect its clients’ funds and data. The platform stores more than 95% of the client assets in offline cold assets, thereby making it difficult for hackers to hack the system. It also employs a protective screen of a web application called WAF or the Web Application Firewall that can detect and block hacking attacks.
Support for Main Coins
Coinsbit supports almost all main coins like Bitcoin, Litecoin, Ethereum, and leading fiat currencies like USD that help traders select their preferred crypto pairs from an extensive list of supported currencies.
Global Crypto Marketplace
Coinsbit allows users to buy products from all over the world using any of the supported stablecoins like USDT, PLC, USDN, Tether, Platincoin, Neutrino, and its in-house currency, the CNB token. There is a separate store called the Coinsbit website store that offers various tech products like cameras, cellphones, and flat-screen TV’s.
Products and Services Offered by Coinsbit
Coinsbit offers the following products and services for its users:-
Coinsbit launched an OTC desk on May 18, 20200, to help its clients execute larger trades with instant settlement. According to a Coinsbit review, the OTC desk is built on the B2P principle, which allows an accredited partner in each country to exchange cryptocurrencies (for fiat currencies) of that country. Users can also make deposits in their local currencies via various instant payment systems and withdraw money via local bank cards. The OTC desk also allows users to deposit or withdraw cash using Coinsbit’s partner outlets collaborating with the OTC platform.
Exclusive Referral Program
Coinsbit offers an exclusive referral program backed by its utility token CNB, the price of which is somewhere around 0.1 USD. The participants of the referral program receive between 2000 to 5000 CNB, that is worth around $200 to $500. This is something that has never been experienced before in any crypto market. The powerful referral program was launched on October 15 with 3 tiers and 2 types of bonuses:-
Bonus Type 1
1000 CNB worth $ 100 is paid for tier-one referrals, 500 CNB is paid for tier-two referrals, and 250 CNB is paid for tier-three referrals.
Bonus Type 2
25% of the trading commission is paid for tier-one referrals, 15% of the trading commission is paid for tier-two referrals, and 5% of the trading commission is paid for tier-three referrals.
This exclusive referral system with bonuses from trades works continuously. Once a referral is applied, the users will start earning a guaranteed income for as long as they execute trades on the platform.
Coinsbit Review: Pros and Cons
|Supports more than 100 coins with new coins being updated regularly.
|Withdrawal fees are a bit on the higher side.
|All-in-one platform for crypto trading, staking pools, P2P loans, and IEO projects.
|Features an amazing in-app store, thereby allowing users to purchase real-world products with cryptocurrencies.
Start Trading With Coinsbit
Executing a trade on the Coinsbit platform is very simple and can be completed with the following few steps:-
To create an account on the Coinsbit exchange, users first need to visit the official website and register on the platform by filling out a form that has some mandatory fields like email address, phone number, and password. After successful registration, an account activation link will be sent to the users’ registered email id. They need to click on this link to activate their trading account on Coinsbit.
KYC (Know Your Customer) verification is mandatory for complying with the AML (Anti-Money Laundering) regulations. A valid current identity document like an international passport, driver’s license, or national identity card is enough. Users must provide any utility bill, bank account statement, or government-issued document as proof of residence.
In this step, users are required to fund their accounts, only after which they will be allowed to buy or sell cryptocurrencies on the Coinsbit exchange.
For buying or selling cryptos, users need to visit the main “Trade” page and select the preferred cryptocurrencies they want to buy or sell from the “Market” window. There are 2 separate forms for the purchase or sale of cryptocurrencies and users need to fill them out accordingly. Finally, they need to click on the order confirmation box and click on either the “buy” or “sell” button.
Buying Cryptos at Coinsbit
Buying cryptocurrencies is made easier with the following advanced features hosted by Coinsbit:-
Pro Spot Trading
Coinsbit allows traders to buy or sell cryptocurrencies on leading cryptocurrency markets as well as fiat currency markets.
Traders just need to add MetaMask to any DEX (decentralized exchange) and start trading on the platform.
Classic Spot Trading
The simple and easy-to-trade interface of Coinsbit allows traders to execute spot trading seamlessly.
Users can execute crypto trading on the platform with just a few clicks on their smartphones.
Fees are an important factor when it comes to choosing the best crypto exchange. A crypto trading platform typically charges two types of fees -trading and withdrawal. A trading fee is a percentage of the value of the trade order placed. The withdrawal fee is the fee charged for withdrawing funds from the exchange.
Coinsbit Trading Fees
Coinsbit does not discriminate between trading fees for takers and makers, rather it charges a flat fee of 0.20% for all order values placed. As per cryptocurrency exchange reviews, 0.20% is in line with the global industry average, which is 0.25% or rather slightly below.
Coinsbit Withdrawal Fees
Coinsbit charges a withdrawal fee of 0.0005 BTC BTC for withdrawing BTC. The withdrawal fees charged by Coinsbit are slightly above the global industry average, which is 0.000812 BTC per bitcoin withdrawal. For more info about its fees visit its official site.
Coinsbit Accepted Payment Method
This exchange accepts a wide variety of payment methods, allowing users to make deposits via both wire transfers and credit cards( both VISA and Mastercard). The availability of multiple payment methods qualifies the platform as an “entry-level exchange” that allows new cryptocurrency traders to start their cryptocurrency trading careers on this platform. Coinsbit allows fiat-to-crypto trading apart from crypto-to-crypto trading. Although fiat currency deposits can only be made in USD and EUR, the company wishes to explore the Asian market in the future. It has already started scaling the Chinese market in 2020 by supporting trades with the Chinese Yuan.
Coinsbit Supported Currencies and Countries
Coinsbit supports over 50 major coins, including Bitcoin, Litecoin, Ethereum, Ethereum Classic, XRP, Chainlink, Binance Coin, Bitcoin Cash, Waves, etc. Users can find the list of supported countries on the official website of the Coinsbit exchange.
Coinsbit Exchange Token (CNB) Details
CNB is the utility token of the Coinsbit exchange that is listed on Coinsbit’s crypto lending platform along with main tokens like Bitcoin and Ethereum. Users can use the CNB token to get discounts on the exchange’s services. Also, CNB token holders earn a guaranteed income of 3% per month in CNB tokens if they use the innovative product of the platform- Coinsbit Invest Box.
The CNB token also has excellent prospects for crypto listing in various exchanges. It is quoted on other leading cryptocurrency exchanges besides being available on Coinsbit. The CNB community is vast and has 300 to 500 thousand active users all over Europe.
Coinsbit Security Measures
The company claims to have employed robust security mechanisms to safeguard its clients’ funds. Users have the option to protect their assets by setting a strong password and a 2FA (2-factor authentication) set up to combat hacker attacks. The platform stores all its clients’ assets in offline cold wallets to ensure maximum protection. Moreover, there is also a robust firewall protection (WAF) employed on the website to add an extra layer of security to the users’ assets and detect hacker attacks.
Coinsbit Mobile App
It provides apps on iOS and Android platform or you can trade from your desktop using our specialised trading app for Mac or Windows for a smooth experience.
Coinsbit Customer Support
24/7 customer support is available on Coinsbit. Traders can use this to raise any trading issues via email. However, according to many Coinsbit reviews, it appears that the customer support services at Coinsbit are not up to the mark and the platform to upgrade its customer services support to win customer confidence. Many users have reported delays in delivering trade solutions, something which is not desirable for a cryptocurrency exchange like Coinsbit.
However, on a positive note, Coinsbit makes all efforts to cater to the needs of its multinational clientele; it has designed its website in such a way that it supports 13 different languages including English, Spanish, Portuguese, and Dutch. According to the various Coinsbit reviews, the platform offers 24/7 support in 7 of these varied languages. It also has social media accounts which can come handy.
There is also a dedicated FAQ section available on the exchange website that explains the various aspects and functionalities like signing up, securing funds, and using the mobile app, etc.
Coinsbit Review: Conclusion
Thus, Coinsbit appears to be a reliable platform for crypto trading for both newbies and advanced traders, although the platform is more geared towards professional crypto traders. The exchange also supports other important services like lending and staking besides the main crypto trading facilities. However, as the exchange is still in its early stages of development, there are certain drawbacks like poor customer support, high withdrawal fees, limits on withdrawals, and lack of information on the website. Therefore, these loopholes need to be looked into to add more credibility to the exchange’s performance and improve its rating.
Is Coinsbit Safe?
Yes, Coinsbit is a safe platform that stores all its assets in cold wallets.This means that there are no air gaps between them and they are safe. The platform also implements WAF to protect its website from hacking attacks.
How Much Is Coinsbit Worth?
The current Coinsbit price (CNB price) is somewhere around $0.00072090.
Is Coinsbit Fake or Real?
Coinsbit is a reliable and real cryptocurrency trading platform based in Estonia.
How Good Is Coinsbit?
According to various Coinsbit reviews, it appears to be a good trading volume platform for traders who want to deal in altcoins in particular.The platform also offers a wide range of services apart from just crypto trading.
Is Coinsbit Available in the US?
Coinsbit does not prohibit US traders from trading on the platform. But, US traders should do their own research before trading on the platform to avoid any kind of complications arising from regulatory compliances that ban crypto trading in the nation.