Having all crypto trading services on one platform is a dream for most crypto traders, and other services like staking and lending are additional benefits. Coinsbit crypto exchange is an all-in-one platform that effortlessly meets its users’ crypto trading needs. In this Coinsbit review, all the important factors that help traders to have a good understanding of the platform are discussed in detail.
What is Coinsbit crypto exchange?
Coinsbit is a cryptocurrency exchange platform launched in August 2018 and registered in Estonia. This platform has established itself in the crypto market and is now booming in more than 73 active crypto markets with millions of active users.
Besides supporting major coins like Bitcoin, Litecoin, and Ethereum, Coinsbit crypto exchange 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 crypto- traders’ trading experiences.
The Pro variant includes only basic charts and volume data, while the Classic variant offers all the advanced technical and analytical tools for advanced traders. It also includes a large number of trading indicators available across different trading timeframes along with a Depth of Market summarizing trades executed through the Coinsbit cryptocurrency exchange.
The platform offers an active OTC market for smaller and lesser-known coins, an IEO (Initial Exchange Offering) platform for issuing new cryptocurrencies, a peer-to-peer lending platform, and also a robust platform for forming various staking pools.
Coinsbit crypto exchange has a web platform and a robust mobile app compatible with both Android and iOS platforms. Sharing is also supported on the cloud, web browsers, and tablets. Focused more on advanced users, the platform offers an order book, customizable windows with advanced charts, and analysis tools that can be complicated for first-time users unfamiliar with cryptocurrency trading.
How does Coinsbit crypto exchange work?
Like most other cryptocurrency exchanges, Coinsbit crypto exchange offers a trading platform where buyers and sellers meet to buy/sell or exchange their crypto coins with either other digital currencies or fiat currencies. The exchange charges a trading fee once a trade will execute on the Coinsbit platform.
Features of Coinsbit crypto exchange
Coinsbit offers the following core features to its customers:
Coinsbit crypto exchange uses EXRT services that increase trade processing speed to 10,000 trades per second and up to 1,000,000 TCP connections. Such a high processing speed distinguishes the exchange from its competitors and gives credibility to the platform.
Coinsbit crypto exchange takes strict security measures to protect its customers’ funds and data. The platform stores more than 95% of client assets in offline cold assets, making it difficult for hackers to hack the system. It also uses a web application shield called WAF or the Web Application Firewall that can detect and block hacker attacks.
Major coin support
Coinsbit crypto exchange supports almost all major coins like Bitcoin, Litecoin, Ethereum, and leading fiat currencies like USD helping traders to choose their favorite crypto pairs from an extensive list of supported currencies.
Global Crypto Marketplace
Coinsbit crypto exchange 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 native currency, the CNB token. There is a separate store called Coinsbit Website Store that offers various tech products like cameras, mobile phones, and flat-screen TVs.
Products and services offered by Coinsbit
Coinsbit crypto exchange offers the following products and services to its users:
Coinsbit launched an OTC desk on May 18, 202000 to help its clients execute larger trades with instant settlement. According to a Coinsbit crypto exchange review, the OTC desk is based on the B2P principle, which allows an accredited partner in each country to exchange cryptocurrencies (against fiat currencies) of that country. Users can also make deposits in their local currency through various instant payment systems and withdraw funds through local bank cards. The OTC counter also allows users to deposit or withdraw cash through Coinsbit’s partner sites that work with the OTC platform.
Exclusive referral program
Coinsbit crypto exchange offers an exclusive referral program powered by its utility token CNB, which is priced at around $0.1. Referral program participants are paid between 2000 and 5000 CNB, which is about $200 to $500 in value. This is something that has never been experienced before in a crypto market. The powerful referral program was launched on October 15th with 3 tiers and 2 types of bonuses:-
Bonus type 1
1000 CNB worth $100 will be paid for level 1 referrals, 500 CNB for level 2 referrals, and 250 CNB for level 3 referrals.
Bonus type 2
25% of the trading commission is paid for level 1 referrals, 15% of the trading commission is paid for level 2 referrals and 5% of the trading commission is paid for level 3 referrals.
This exclusive referral system with bonuses from trades works continuously. Once a referral will apply, users start earning guaranteed income as long as they execute trades on the platform.
Coinsbit crypto exchange Review: Pros and Cons
- Supports 100+ coins with new coins updated regularly.
- All-in-one platform for crypto trading, staking pools, P2P lending, and IEO projects.
- Has an amazing in-app store that allows users to buy real-world products using cryptocurrencies.
- Withdrawal fees are slightly higher.
Start trading with Coinsbit
Executing a trade on the Coinsbit crypto exchange is very easy and can be completed with the following few steps:
To create an account with the Coinsbit crypto exchange, users must first visit the official website and register on the platform by filling out a form that contains a few mandatory fields such as email address, phone number, and password. Upon successful registration, an account activation link will be sent to the user’s registered email id. You need to click on this link to activate your trading account on Coinsbit.
KYC (Know Your Customer) verification is mandatory to comply with AML (Anti-Money Laundering) regulations. A valid current identification document such as an international passport, driver’s license, or national identity card is sufficient. Users must provide a utility bill, bank statement, or another government-issued document as proof of residency.
In this step, users need to fund their accounts, only after that, do they allow you to buy or sell cryptocurrencies on the Coinsbit crypto exchange.
To buy or sell 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 farms for buying or selling cryptocurrencies and users need to fill them out accordingly. Finally, they need to click on the order confirmation box and click either the “Buy” or “Sell” button.
Buy cryptos at Coinsbit
Buying cryptocurrencies make easier with the following advanced features hosted by Coinsbit:
Per spot trade
Coinsbit crypto exchange 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
Coinsbit’s simple and easy-to-trade interface allows traders to perform spot trading seamlessly.
Users can perform crypto trading on the platform with just a few clicks on their smartphones.
Fees are an important factor when choosing the best crypto exchange. A crypto trading platform usually charges two types of fees – trading and withdrawal. A trading fee is a percentage of the value of the placed trade order. The withdrawal fee is the fee charged for withdrawing funds from the exchange.
Coinsbit Trading Fees
Coinsbit crypto exchange does not differentiate between taker and maker trading fees, instead of charging a flat fee of 0.20% for all order values placed. According to cryptocurrency exchange ratings, 0.20% is in line with the global industry average, which is 0.25% or slightly below.
Coinsbit Withdrawal Fees
Coinsbit crypto exchange charges a withdrawal fee of 0.0005 BTC for withdrawing BTC. Withdrawal fees charged by Coinsbit are slightly higher than the global industry average, which is 0.000812 BTC per Bitcoin withdrawal. For more information on fees, visit the official website.
Coinsbit Accepted payment method
This exchange accepts a variety of payment methods, allowing users to make deposits both via bank transfer and credit card (both VISA and Mastercard). The availability of multiple payment methods qualifies the platform as a “gateway exchange” allowing new cryptocurrency traders to start their cryptocurrency trading career on this platform. Coinsbit crypto exchange enables fiat-to-crypto trading alongside crypto-to-crypto trading. Although fiat currency deposits can only make in USD and EUR, the company wants to explore the Asian market in the future. It has already started scaling the Chinese market in 2020 by supporting Chinese yuan trading.
Currencies and countries supported by Coinsbit
Coinsbit supports 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 Coinsbit exchange official website.
Coinsbit Exchange Token (CNB) details
CNB is the Coinsbit crypto exchange utility token, listed on the Coinsbit crypto lending platform along with mainstream 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 when using the platform’s innovative product – Coinsbit Invest Box.
The CNB token also has excellent prospects for crypto listing on various exchanges. It lists other leading cryptocurrency exchanges and is not only available on the Coinsbit crypto exchange. The CNB community is huge, with 300 to 500,000 active users across Europe.
Coinsbit Security Measures
The company claims to have deployed robust security mechanisms to protect its customers’ funds. Users have the option to protect their assets by setting a strong password and setting up 2FA (2-factor authentication) to combat hacker attacks. The platform stores all of its customers’ assets in offline cold wallets to ensure maximum protection. In addition, robust firewall protection (WAF) deploy on the site to add an extra layer of security to users’ assets and detect hacking attempts.
Coinsbit mobile app
Coinsbit crypto exchange offers apps on iOS and Android platforms. You can trade from your desktop with our specialized trading app for Mac or Windows to ensure a seamless experience.
Coinsbit customer support
24/7 customer support is available on the Coinsbit crypto exchange. Traders can use this to report trading issues via email. However, according to many Coinsbit reviews, it seems that the customer support services at Coinsbit do not meet the platform’s requirements. It should improve customer service to win the trust of customers. Many users have reported delays in providing trading solutions, which is undesirable for a cryptocurrency exchange like Coinsbit.
On the bright side, however, Coinsbit makes every effort to accommodate the needs of its multinational clientele; it has designed its website to support 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 different languages. It also has social media accounts that can come in handy.
There is also a dedicated FAQ section on the exchange website that explains the various aspects and features like signing up, securing funds and using the mobile app, etc.
Coinsbit crypto exchange Review: Conclusion
Thus, the Coinsbit crypto exchange appears to be a reliable crypto trading platform for both newbie and advanced traders. Although it is the platform is more geared toward professional crypto traders. The exchange supports other important services such as lending and staking alongside the main crypto trading facilities. However, since the exchange is still in its early stages of development, there are certain downsides like poor customer support, high withdrawal fees, withdrawal limitations, and a lack of information on the website. Therefore, these loopholes need to investigate to add more credibility to the exchange’s performance and improve its rating.
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