Coinsbit Cryptocurrency Exchange Review : Pros & Cons

About Coinsbit

Launched in August 2018, Coinsbit is a centralized exchange based in Estonia. The team claims that the number of Coinsbit users is 2,000,000. Coinsbit supports cryptocurrency pairs, 6+ fiat gateways and OTC trading, as well as P2P-lending platform. Coinsbit offers cryptocurrency trading and allows users to earn cryptoassets via the Staking pool. Coinsbit exchange token CNB that was launched on 1 January 2020 to reduce trading fees for users. Coinsbit offers its platform both for listing and for conducting IEOs.

Information Table

How To Register At Coinsbit Exchange ?

To register on Coinsbit, click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

How To Verify Your Coinsbit Cryptocurrency Account ?

There is no mandatory verification at Coinsbit, but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of 0.001 BTC. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the Coinsbit, Revolut platforms.

How To Buy Crypto Or Deposit Crypto At Coinsbit Crypto Exchange?

There are two main options for topping up your balance on Kraken. Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From Coinsbit Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your Coinsbit Account ?

Also remember to go to the Security tab and activate two-factor authentication using the Google Authenticator app – this is the most reliable way to prevent unauthorized access to your account.

Fee for deposit and withdrawal

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.

Withdraw Limits

Please check below to see what limit your account falls under

• New Accounts: Newly created accounts have a 0 USD (or equivalent) withdrawal limit.
• Basic Accounts: Basic accounts can currently withdrawal 500 USD (or equivalent) per 24h.
• Enhanced Accounts: 100 000 USD (or equivalent) per day with 2FA verification enabled. Verification required.

Features Of Coinsbit Crypto Exchange

Available At Android & IOS Store

Coinsbit Cryptocurrency Exchange exchange application available on both world famous mobile store google play store and iOS store . You Can download App and start trading .

High Performance

The main distinguishing feature of Coinsbit is the processing speed of up to 10,000 Trades every second and 1,000,000 TCP connections.

Strong security

More than 95% of all currency are stored on cold wallets. WAF (Web Application Firewall) – is a web application security screen that detects and blocks hacker attacks.

Support main crypto currency

BTC, USDT, ETH, XRP, EOS, XLM, BNB, ONT, WAVES, LTC, BCH, BTG, ETC, TUSD, DOGE, PAX.

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 CB website store that offers various tech products like cameras, cellphones, and flat-screen TV’s.

OTC Desk

Coinsbit launched an OTC desk on May 18, 20200, to help its clients execute larger trades with instant settlement. According to a CB 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.

Trading

Users can trade a variety of cryptocurrencies on the Coinsbit platform, including Bitcoin, Ethereum, and many others.

Multi-language support

The platform supports multiple languages, making it accessible to a wide range of users.

User-friendly interface

Coinsbit has a user-friendly interface that makes it easy for users to buy, sell, and trade cryptocurrencies.

Secure platform

Coinsbit uses advanced security measures, such as two-factor authentication and SSL encryption, to protect user assets and data.

Mobile app

The platform has a mobile app that allows users to access their accounts and trade cryptocurrencies on the go.

Customer support

Coinsbit provides 24/7 customer support to help users with any issues they may encounter while using the platform.

Fast and efficient trading engine

The platform has a fast and efficient trading engine that processes transactions quickly and accurately.

24/7 Live Chat

If you’re awake, they are too. When you need help, your team of experts will work with you via 24/7 live chat to reach a quick and efficient resolution.

Coinsbit Conclusion

Coinsbit seems to be a trustworthy platform for cryptocurrency trading for both novice and experienced traders, despite the fact that the site is mainly aimed towards professional cryptocurrency traders. Along with the primary cryptocurrency trading features, the exchange also enables additional crucial services like lending and staking.

Although the exchange is still in its early phases of growth, there are certain problems like inadequate customer assistance, expensive withdrawal fees, withdrawal limits, and a lack of information on the website. To increase the credibility of the exchange’s performance and raise its rating, it is necessary to look into these flaws.