| Official Website | https://coinsbit.io/ |
| Headquarters | Estonia |
| Found in | 2018 |
| Native Token | Yes |
| Listed Cryptocurrency | 50+ |
| Trading Pairs | 100+ |
| Supported Fiat Currencies | USD, EUR, TRY, UAH, RUB, KZT |
| Supported Countries | Most of All |
| Minimum Deposit | Depends on Currency |
| Deposit Fees | Free for Crypto, Takes 0.8% Fee for USD |
| Transaction Fees | 0.2% |
| Withdrawal Fees | Depends on Currency |
| Application | Yes |
| Customer Support | 24/7 via Email, FAQ Section, & Live Chat Support |
Coinsbit is an Estonian-registered cryptocurrency exchange platform that was established in August 2018. With millions of active users, the platform has successfully established itself in the cryptocurrency market and is now flourishing in over 73 active crypto markets.
CB supports popular stablecoins like Tether, Paxos Standard, and others in addition to well-known cryptocurrencies like Bitcoin, Litecoin, and Ethereum. It is one of the few exchange platforms for cryptocurrencies that offers two versions (classic and pro), each with various features based on the traders’ prior experiences trading cryptocurrencies.
While the standard model offers all the advanced technical and analytical features intended for more experienced traders, the Pro variant just includes fundamental charts and volume data. Along with a market depth that compiles trades conducted across the CB cryptocurrency exchange, it also provides a substantial variety of trade indicators accessible across different trading time frames.
The platform provides a vibrant OTC market for smaller, lesser-known coins, an IEO (Initial Exchange Offering) platform for new cryptocurrency issuances, a peer-to-peer lending platform, as well as a strong platform for establishing various staking pools.
Coinsbit is a powerful mobile app that is compatible with Android and iOS devices as well as a web platform. Cloud, web browsers, and tablets are all supported for the exchange. The platform is designed with sophisticated users in mind, and it includes features like an order book, customisable windows with cutting-edge charting, and analytical tools that can be challenging for novice users who are unfamiliar with bitcoin trading.
Like most other cryptocurrency exchanges, CB 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.
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.
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.
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.
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 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.
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:
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.
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.
| Pros | 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. |
Executing a trade on the Coinsbit platform is very simple and can be completed with the following few step:
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 CB.
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 CB 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 cryptocurrencies is made easier with the following advanced features hosted by Coinsbit:-
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.
The simple and easy-to-trade interface of CB 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 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 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.
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 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.
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.
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.
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.
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 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.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
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Annie
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