Pros
Cons
Quick Summary
| Headquarters Location | Tallinn, Estonia |
|---|---|
| Fiat Currencies Supported | USD, EUR + 4 others |
| Total Supported Cryptocurrencies | 72+ |
| Trading Fees | 0.20% |
| Deposit Methods | Bank Transfer, Debit Card, Credit Card, Cryptocurrency |
| Support | Twitter, Instagram, Live Chat, Help Center Articles, Support Ticket |
| Mobile App | Yes - Android |
Coinsbit takes pride in offering more than just a platform for exchange. It is dedicated to providing an enhanced experience in trading.
To give traders complete control, the Coinsbit mobile app replicates every feature of its desktop counterpart, allowing for quick decision-making as market conditions change, accessible anywhere at any time.
Security is the cornerstone of Coinsbit’s philosophy. Focusing on customer satisfaction, Coinsbit provides a structure for trading fees and supplies an API that ensures seamless integration with existing systems.
About Coinsbit
Launched in Estonia, a country known for its receptivity to digital innovation, Coinsbit entered the cryptocurrency exchange market in August 2018 and quickly established itself as a leading centralized crypto exchange. It carries a wide selection of cryptocurrencies, including main coins such as Bitcoin, Ethereum, and Litecoin, ensuring that those interested in trading have ample choice regarding their investment strategies.
The platform’s key offerings include staking services, lending opportunities, an internal rewards program, and access to the CNB token, which grants consistent traders up to half off transaction fees.
Coinsbit is committed to securing your virtual wealth by integrating state-of-the-art encryption and two-factor authentication processes. This level of protection assures investors that their digital assets are protected against potential threats posed by cybercriminals or fraudulent exchanges in the industry.
Coinsbit has a number of active social profiles including Twitter, Instagram, LinkedIn, Telegram and YouTube.
Coinsbit has a mobile app on Google Play.
Coinsbit Supported Cryptocurrencies
Coinsbit supports trading on over 72 cryptocurrencies on their platform. This exchange currently supports 13 of the top 30 market cap cryptocurrencies.
Download full list of cryptocurrencies Coinsbit supports
Trading Experience
Coinsbit delivers analytical tools, charting capabilities, and technical data to empower traders to make knowledgeable trades. It’s designed for individuals at any stage of their trading journey, from those who trade cryptocurrencies for the first time to veterans with advanced trading strategies. It ensures that each user has access to all they need through an easy-to-use ordering system complemented by accessible charts.
Coinsbit has implemented a uniform trading fee structure, where both takers and makers are subject to a 0.20% charge, independent of the currency being traded or the amount of trading volume. Notably, this standard rate is competitive in the industry and can match or be lower than other exchanges offer.
For those engaged in high-volume transactions, the absence of discounts based on trade volume may seem like a missed opportunity to incentivize more extensive trading activities with reduced rates. It’s been noted that there can occasionally be discrepancies between Coinsbit’s promoted rate and the actual fee assessed at order completion time. Therefore, traders should verify and confirm exact charges before confirming their trades on the platform.
Coinsbit serves a wide range of customers by supporting various activities, including spontaneous reactions to open market fluctuations with buy-and-sell operations.
Coinsbit Fees
Coinsbit offers competitive and transparent fees, ensuring that most fund deposits do not incur commissions. This advantage is sought by investors who prefer to move their assets to the platform without incurring extra expenses.
Users must thoroughly study Coinsbit’s fee framework and withdrawal conditions to understand how these costs might affect their investments, particularly if they plan to borrow funds from the platform.
When you’re ready to withdraw your assets from Coinsbit, you must know the associated withdrawal fees. Different cryptocurrencies have different charges. Notably, these fees remain unchanged irrespective of withdrawal amounts, providing uniformity across all user transactions.
Coinsbit implements tiered levels for account-based withdrawal capacities: starting accounts are initially set at $0 but can escalate through various tiers, with increased limits reaching up to $100,000 daily with successful verification processes and enabling two-factor authentication protocols.
These protocols are designed to enhance security measures and cater to varying trader requirements on the platform. Yet traders must weigh whether higher-than-average fees justify withdrawals via bank transfers or other methods off Coinsbit’s system, particularly if cost-effectiveness remains the goal in efficiently managing cash flow and investments.
| Type | Fee |
|---|---|
| Deposit Fee (Bank Transfer) | Not Listed |
| Deposit Fee (Credit/Debit Card) | Not Listed |
| Trading Fee | 0.20% |
| Withdrawal Fee (Bank Transfer) | Not Listed |
Coinsbit supports a range of different cryptocurrencies with varying withdrawal fees. When looking at Bitcoin, their withdrawal fee is 0.00016667 BTC. The average across all other exchanges that we've reviewed is 0.000378 BTC. This means Coinsbit charges below the industry average by 55.92%.
Security - Is Coinsbit Safe?
Coinsbit has incorporated Web Application Firewall (WAF) technology to detect and stop hacking attempts. This proactive approach to security shows Coinsbit’s commitment to creating a safe place for its users’ digital assets.
Coinsbit offers a range of security measures to protect user accounts and wallet services on the Coinsbit website, including two-factor authentication (2FA), cold storage for most funds, regular security audits, and advanced encryption technology.
Alongside these security measures, Coinsbit’s KYC system exemplifies efficiency. It offers instant registration, allowing new users to trade with minimal delay.
Coinsbit Customer Support
Despite providing a variety of support avenues, Coinsbit has been the target of user grievances regarding its customer service quality. Accusations involving deceptive conduct, such as altering domain names and rejecting withdrawal requests, have caused suspicion in some users, calling it a scam exchange.
Below, we will explore in greater detail how Coinsbit approaches accessibility in customer service and resolves issues that arise for its users.
Accessibility of Customer Service
Coinsbit ensures users can access support through various channels such as email, live chat, and telephone. The exchange’s technical assistance team is available around the clock and can communicate in seven languages, highlighting their readiness for comprehensive user support. There is also a FAQ section and a ticket-based help system.
Resolving Issues
Users express dissatisfaction when they are locked out of their accounts or unable to withdraw funds and receive no assistance despite repeated efforts. This consistent pattern of unsolved problems tarnishes the exchange’s reputation for reliability and quality of service.
Coinsbit Support Channels
User Testimonials and Community Feedback
Like other cryptocurrency exchanges, Coinsbit receives positive and negative feedback from its users. In the following sections, we’ll examine some positive reviews and critical feedback regarding user experiences with Coinsbit.
Positive Experiences Shared by Users
Many Coinsbit users have shared stories of successful trading outcomes and commendable customer support encounters. The user-friendly platform interface, often highlighted in reviews, has significantly attracted novice and experienced traders. Moreover, the exchange’s strong security measures have been a source of confidence for users, allowing them to trade and invest their hard-earned money without fearing fraud.
Challenges Faced by Coinsbit Customers
Coinsbit customers have reported significant challenges, particularly concerning withdrawal delays. The lack of helpful and timely responses from customer service has amplified the frustration of those facing withdrawal issues.
How Coinsbit Addresses Client Concerns
In responding to customer issues, the support staff at Coinsbit is known for offering apologies and guiding users to consult the FAQ sections and Terms of Use, which might not help solve more complex problems.
When confronted with interrupted transactions and withdrawal difficulties, the support team commonly refers these matters to their technical team, promising to work attentively on these inquiries.
Regulatory Compliance and Legal Status
US investors are not barred from cryptocurrency trading on Coinsbit, yet it’s important to note that this platform lacks regulatory licenses from US authorities. The absence of compliance with US regulatory norms could serve as a warning sign for investors who place high importance on legal security and oversight when making investment choices to trade cryptocurrencies.
Moreover, Coinsbit operates from Estonia in an unregulated capacity despite being headquartered and compliant with the financial laws of the Seychelles. Still, the platform maintains adherence to international sanctions and norms by denying service to investors from specific nations, including North Korea, Iran, and Syria.
How to Sign Up on Coinsbit
- Create Account - Visit the Coinsbit website and fill out the create account form. You'll need to include a valid email, set your password and type in other details like your phone number and name.
- Verify Account - Confirm your email, you should get an email asking you to verify your account creation.
- Transferring Funds - Once your account has been verified, you'll be able to deposit using the deposit methods listed below.
- Start Trading Crypto - That's it! You should now have everything in place to start trading.
Deposit Methods
Coinsbit Alternatives
Binance
Total Supported Cryptocurrencies
395+
Trading Fees
0.10%
Fiat Currencies Supported
USD, GBP, CAD, EUR, NZD + 75 others
Kraken
Total Supported Cryptocurrencies
286+
Trading Fees
0.08% - 0.40%
Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR + 1 other
OKX
Total Supported Cryptocurrencies
336+
Trading Fees
-0.005% - 0.10%
Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR, NZD + 85 others
Final Thoughts
Our review of Coinsbit reveals that the exchange has strengths and weaknesses and may not be the best cryptocurrency exchange for everyone. Still, Coinsbit offers a wide array of digital currencies and numerous trading tools, offering an intuitive experience that caters to a wide range of investors. The company ensures a reliable exchange that provides protection and efficiency through strong security protocols and a KYC system.
Despite competitive fees on the exchange, traders who operate in large volumes may find the absence of volume-based discounts less appealing. Withdrawal fees are higher than average, and customer support inefficiencies and unresolved transactions have been reported.
Users must consider regulatory adherence in territories like the United States before committing to trading on this platform.
Coinsbit FAQs
To withdraw money from Coinsbit, log in to your Coinsbit account and go to the Wallet section. From there, select the currency you wish to withdraw and click the Withdraw option.
Enter the withdrawal address, the amount you want to withdraw, and any other required information before confirming the withdrawal. It’s important to double-check the withdrawal address to prevent any errors.
Be sure to comply with security measures, such as 2-factor authentication, to confirm the transaction.
The withdrawal time from Coinsbit can vary depending on the cryptocurrency and the current state of the network. Typically, a withdrawal can take a few minutes to several hours.
It might take longer in some cases, such as times of high network congestion or additional security checks.
Coinsbit charges withdrawal fees that vary depending on the cryptocurrency being withdrawn. These fees are usually in line with network transaction fees and may change due to network congestion or other factors.
For the most up-to-date information, it’s recommended that you check the latest fee schedule on the Coinsbit website or within your account’s withdrawal page.
Coinsbit is based in Estonia. The exchange complies with European financial regulations and caters to a global user base with its cryptocurrency trading services.
Coinsbit User Reviews
5.0 out of 5.0
1 reviews
Showing 1 of 1 Review
Alex (USA) 2 months ago
Recovery lost f un ds
Good experience with Coinsbit
Methodology
At Crypto Head we use a rigorous research and rating process to assess each platform. Our star rating system is out of 5 stars and is designed to condense a large amount of information into an easy-to-understand format. You can read our full methodology and rating system for more details.
About The Authors
James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.
His extensive experience in the industry and ability to present complex concepts in an understandable manner make his articles a valuable resource for readers seeking to navigate the ever-evolving crypto landscape.
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