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Coinsbit Review – Is Coinsbit Scam or Legit?

Coinsbit Exchange Rating
Account Types9.3
Trading Speed8.9
Customer Service9.2
Safety8.8
9.1
Conclusion
Read our Coinsbit review and learn why we recommend this exchange for online trading and why it is not a scam, learn all you need to know in this Coinsbit review before you sign up with the exchange.

Coinsbit Review

Coinsbit logo

This Coinsbit Exchange Review focuses on an Estonian-registered exchange platform that began operations in August 2018. Estonia is poised to become one of the top European destinations for Bitcoin businesses. Coinsbit provides several unique characteristics. It emphasizes three of them: a high-performance trading engine, excellent security, and support for major cryptocurrencies. BTC and ETH are accepted on all exchanges. The benefit of the trading system and the security element are both excellent qualities of this platform.

As earlier mentioned, Coinsbit is a crypto exchangethat was founded in 2018. It trades major coins like BTC, ETH, LTC, and other cryptocurrencies listed on the exchange platform, much like other exchanges. The Coinsbit exchange platform provides a lot of liquidity, which makes it appealing to investors from all around the globe. Given the platform’s two-year existence, one can only speculate on how such a startup managed to reach the top 30 cryptocurrency exchanges in such a short amount of time, despite stiff competition. It demonstrates how quickly the project has progressed.

Since the inception of the Coinsbit exchange platform, there has never been a security breach; this is owing to the platform’s top-notch security features preventing hacks. The exchange’s user interface is appealing, straightforward, and simple to navigate. As a result, users will have no trouble trading and doing other operations on the site. There is always information regarding the platform’s operation. Any concerns with delayed withdrawals and bad customer support, which are critical to the platform’s growth and development, are properly addressed and resolved.

Coinsbit website
Exchange platformCoinsbit
Websitecoinsbit.io
Variety crypto  70
Account neededYes
VerificationMandatory
Verification levels2
Trading PlatformWeb-based
Payment MethodBank account, Coinsbit USD wallet, Debit/Credit card, ACH transfer, Crypto Conversion
Customer SupportEmail, Twitter, Phone

What is Coinsbit?

Coinsbit, located in Estonia, is a crypto-asset trading platform that was founded in 2018. The firm was identified on the Coinsbit website, with Yarovenko identified as the only beneficial owner. At Blockchain Life 2019 Asia, the exchange platform was recognized as the best trading platform launched in 2018. With about 70 active markets, the exchange performs rather well for itself, ranking 29th in 24-hour trading volume, among the top-rated exchanges. Bitcoin, Ethereum, and Litecoin seem to be the most popular cryptocurrencies available for trade on Coinsbit. But, it offers a diverse range of stable coins for trading on its platform. Tether, Paxos Standard, and others are among them.

Coinsbit’s platform supports fiat-to-crypto and crypto-to-crypto trading, and Visa/Mastercard owners may make deposits instead of bank wire transfers. The platform now only accepts FIAT deposits in USD and EUR, but it hopes to expand to the Asian market in the future, with deposits and trading in Chinese yuan expected to begin in 2020. Coinsbit’s website supports 13 languages and promises to provide 24/7 service in seven of them.

Despite all these, there are concerns about the quality of the assistance provided. A cursory glance at Coinsbit’s website reveals that the bulk of the content is written in bad English.

Coinsbit also seems to have a problem with public perception, particularly on major social media platforms like Twitter and Reddit. Many customers are dissatisfied with the time it takes to withdraw funds, while others are pleased with their service level on the website. Despite having their own semi-active social media websites, Coinsbit hardly responds to this unfavorable public opinion, raising questions about their openness. For example, there is very little information available about the firm’s founders, staff, or the firm itself. Something should be done to address this lack of openness as a platform that wants to stand out from the crowd.

Pros & cons

  • It features an appealing user interface.
  • There are several security precautions in place.
  • The exchange offers a lot of liquidity, which makes it a good place to invest.
  • For trading, the exchange accepts both fiat currencies and a variety of cryptocurrency pairings.
  • There are concerns with withdrawals being delayed.
  • There have been reports of a lack of openness in the company’s activities.
  • Customer assistance on the exchange platform is abysmal.

Coinsbit Liquidity

Coinsbit had a 24-hour trading volume of USD 67 million on March 28, 2019. This feat is extremely impressive, and it puts Coinsbit at number 54 on the list of cryptocurrency exchanges with the biggest 24-hour trading volume in the world. Coinsbit’s 24-hour trading volume has increased dramatically since March, 2020, right in the heart of the COVID-19 crisis. It was USD 2.42 billion at the time. Based on the reported 24-hour trading volume, this put it at number 7 on Coinmarketcap’s list of exchanges.

Coinsbit OTC-desk

On the 18th of May, 2020, in an email issued to its users, Coinsbit announced the introduction of an OTC-desk. You may perform bigger deals with faster settlement using an OTC-desk, especially trades that you do not want to perform on the open market due to price concerns. Coinsbit’s OTC-desk seems to be based on the B2P concept that states that a certified partner in each country would exchange cryptocurrencies for that nation’s fiat (currency). Users may deposit in their local currencies using various payment methods, and withdrawals may be made using local bank cards. Users may also deposit and withdraw cash at their partner’s locations that work with the OTC platform.

US-investors

Coinsbit does not prevent US investors from trading, but as usual, US investors should conduct their independent analysis of any issues deriving from their domicile or citizenship. In the worst-case situation, they may not be able to trade at one or more of the finest crypto exchange sites for them (maybe including this one).

Coinsbit Trading View

Different exchanges have different perspectives on trade. It would be best if you decided for yourself which trading perspective is ideal for you. The order book, or at least a portion of the order book, a price chart of the selected cryptocurrency, and order history are all common views. They usually have buy and sell boxes as well. Before deciding on an exchange, look at the trading perspective to see if it seems suitable to you.

Coinsbit Trading fees

Trading commissions are, of course, crucial. The exchange charges you a trading fee every time you make an order. The trading charge is usually a percentage of the trade order’s value. They do not distinguish between takers and manufacturers in this transaction. Instead, they have “flat fees,” as they are usually called. It implies that each transaction’s parties pay the same charge. This charge is 0.20 percent of the order amount at Coinsbit. 0.20 percent is comparable to, if not somewhat lower than, the industry average. The industry average has been 0.25 percent for a long time, but we are now witnessing a trend toward even lower rates.

Withdrawal and Deposit fees

When you withdraw BTC from Coinsbit, you will be charged a withdrawal fee of 0.0012 BTC. This is somewhat more than the industry average of 0.000812 BTC every BTC-withdrawal.

This exchange supports a broad range of deposit options, including both wire transfer and credit card deposits. As a result, this exchange qualifies as an entry-level exchange, allowing full newcomers to the cryptocurrency world to take their initial steps.

Coinsbit Portfolios

Every financial service company sets itself apart by providing a diverse range of trading choices. Traders will gain a plethora of knowledge and skill due to this, allowing them to make more informed trading judgments. The availability of such customizable alternatives has a significant impact on the customer’s trading experience.

In terms of portfolios, Coinsbit, like the other big exchanges, is not far behind. Users may disperse their assets across many portfolios via the exchange. You may divide your money into several portfolios based on your investment strategy, risk management objectives, and profit ambitions. This function is meant for experienced traders only since it may be detrimental to novices and ordinary investors. Users may leverage their cash and spend as they see fit using tools like these. Portfolios may aid with risk management and improve the trading experience.

Customer Support

Coinsbit’s chatbot offers customer service 24 hours a day, seven days a week. It is a prominent element that is visible on the website’s right side. To start a conversation with Coinsbit, you must submit your name and an email address to which Coinsbit may respond. You may also use your Facebook or Google account to log in to the communication function. You may, however, opt-out of that option if you desire to trade crypto as quietly as possible. More significantly, Coinsbit places high importance on customer service and has a great reputation for responding quickly to client concerns.

Trading Interface

The trading interface on Coinsbit is designed for total novices. It is simple to use, completes deals quickly (10,000 transactions per second), and offers expert traders essential tools. Green and red candle bars are used by default to represent price fluctuations on the exchange. You may swap to bars, hollow candles, line, or Heikin Ashi candles if you want. Other settings like time zones, background information, and axis may also be tweaked.

The method of executing a deal on Coinsbit is simple. The green and red order purchasing and selling tabs are positioned under the conversations. The exchange displays the current price of what you wish to buy, as well as the total cost, which includes Coinsbit’s 0.2 percent trade fee. To change currencies, go to Coinsbit’s exchange section and trade your Ethereum for any other money. It is a quick process, and you should be able to swap crypto without any technical issues inside Coinsbit.

Coinsbit’s main features and services:

  • IEO Launchpad: Coinsbit’s IEO platform is open to new crypto ventures who wish to promote their currencies quickly.
  • Crypto Exchange: You may purchase Bitcoin with Visa/MasterCard or trade Ethereum for Ripple on a cryptocurrency exchange. Coinsbit is a multi-currency trading platform that accepts both fiat and digital currencies.
  • API for easy auto trading: the exchange’s API makes it simple to link your account to an automatic trading bot. Coinsbit also preserves your cryptocurrency in such a manner that no bot can move it out of your account.
  • P2P Loans: You may borrow cryptocurrency from investors to boost your trading capital and then resell it for a profit. You might even lend your Bitcoin to a trader and receive interest when they repay you. Coinsbit protects the service, so you do not have to be concerned about being scammed.
  • InvestBox: This is a one-of-a-kind investing solution available solely to platform developers.
  • Referral Program: Persuade your friends to start trading on Coinsbit, and the exchange will give you a share of their trading expenses as a present. Specifically, the exchange will give you 15% of the trading expenses that Coinsbit charges your pals.

How Secure is Coinsbit?

The platform adheres to the OWASP Top 10 security criteria. All of the traders’ financial assets are kept in cold wallets. One characteristic that sets the Coinsbit exchange apart is its degree of security. During the registration process, the system requires the user to produce a multi-level verification 2FA code. Each withdrawal will need email confirmation in addition to the 2FA code. As a result, every login from a different IP address is logged, and the trader is notified. The Coinsbit security policy covers personal data, incoming and outgoing payments, documentation, and money storage. As you can see, the organization places a high focus on security. The site also has the highest SSL security standard and Cloudflare security services, and 98 percent of bitcoins are held in cold wallets, which are offline and out of reach of computer systems. In terms of security, Coinsbit maintains a separate bank account dedicated entirely to receiving Euro-denominated customer money. Coinsbit states that there is no chance of a user’s money being hacked from outside or within the exchange. 

The following actions are taken to ensure the protection of users’ cash:

  • The system uses microservices architecture and is protected by the most advanced SSL standard, combined with Cloudflare security measures.
  • Utilize an IP Whitelist
  • Each time a user signs in, a private key must be entered.
  • For each activity on Coinsbit, the user must submit permission data confined to his knowledge alone.
  • AML/KYC verification phone and email confirmations for each deposit or withdrawal.
  • Setup of two-factor authentication (2FA)
  • A multi-signature cold wallet holds ninety percent of the user’s cash.

Cryptocurrencies Available on Coinsbit

Coinsbit boasts of a very long list of cryptocurrencies on its platform – Bitcoin, Ethereum, Ripple Dogecoin, Nano, Monero, Bicoin Cash, EOS, Quantum, Dash, DraftCoin, Litecoin, Futurocoin, Experience Points and loads of several other popular cryptocurrencies.

Coinsbit has assembled a fascinating mix of popular cryptocurrencies as well as a few undiscovered newbies to the market, as we can see. On this cryptocurrency exchange, we may trade in a variety of pairings. New cryptocurrencies are usually introduced to the platform using a voting mechanism in which users vote on which currency should be included in the offer first. It is a tried-and-true sort of activity that dedicated traders support since it enables them to mold the crypto exchange’s offering and influence its growth. It is worth checking into the Coinsbit token, which might be a terrific investment opportunity.

Bitcoin, fiat currencies, and other cryptocurrencies are particularly remarkable since they may be bought using up to seven conventional currencies, including:

  • US dollar (USD);
  • Euro (EUR);
  • Swiss franc (CHF);
  • Russian rouble (RUB);
  • Polish zloty (PLN);
  • British pound (GBP);
  • Korean won (KRW).

This is without a doubt one of Coinsbit’s most important benefits. Because of its vast choice of Fiat currencies, the crypto exchange attracts customers from all over the globe, including Europe, Africa, South and North America, and Asia.

Conclusion

Coinsbit is a breath of fresh air in an industry full of mediocre trading exchanges. The web-based platform, which has been featured in Forbes Magazine and recognized for its outstanding services, is not your typical Bitcoin trading exchange. Coinsbit is a multi-currency exchange that enables you to swap major digital currencies and fiat with ease. Its service does not require you to be a seasoned trader. You can buy and sell crypto on the site with ease if you have some basic trading experience. Coinsbit has a site where you may borrow and lend crypto to other traders in addition to trading. You can always be confident that your money is safe because the exchange facilitates the service. For security reasons, Coinsbit maintains 95 percent of traders’ cryptocurrency in cold wallets. It also allows you to use 2FA and create a code that you must enter before withdrawing money from the exchange.

Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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