Launched in 2018, Coinsbit is a centralized platform for exchanging, buying, and selling cryptocurrencies. It has been one of the most trusted platforms for exchanging cryptocurrencies. It claims to have a staggering number of 2,000,000 Coinsbit users worldwide.
Not just that, Coinsbit supports OTC trading, 6+ Fiat gateways, and cryptocurrency pairs, and it is also a P2P Lending Platform. Furthermore, Coinsbit allows its users to earn assets in cryptos through the staking pool.
Therefore, if you’re considering signing up with the Coinsbit platform, you might want to continue reading this review. In the following sections, we have explored some of the platform’s pros, cons, features, and functionalities in detail.
Table of Contents
Pros And Cons Of Coinsbit
Coinsbit At A Glance
|Availability Of A Native Token||Yes|
|The number of listed cryptocurrencies||50+|
|Deposit fee||Free crypto deposits, charges 0.8% for USD transactions|
|Withdrawal Fees||Depends on currency|
|Customer Support||24/7 via Email, Live Chat Support, & FAQ Section.|
Coinsbit Exchange: Company Overview
Coinsbit is a crypto trading platform that was launched in August 2018. With millions of users actively using the site, it has successfully carved out a place for itself in the cryptocurrency industry and is currently prospering in over 73 different crypto marketplaces.
Popular cryptocurrencies like Ethereum, Bitcoin, Litecoin, and well-known stablecoins like Paxos Standard, and Tether, among others. It is one of the few exchange platforms that offers two types of services (classic and pro), each with independent features, depending on the previous experience of a trader.
Only fundamental volume and chart data are included in the Pro version, but the standard version offers all the sophisticated technical and analytical capabilities aimed at more experienced traders. Additionally, a market depth that compiles deals made on the Coinsbit cryptocurrency exchange is included, along with a wide variety of trade indicators accessible across different trading time frames.
The platform allows more diminutive, lesser-known currencies to be traded over the counter, new cryptocurrencies issued on an IEO platform, peer-to-peer lending, and various staking pools can be set up on this platform.
Cryptocurrencies Supported In Coinsbit
Coinsbit is one of the largest crypto trading platforms with more than a million active users, and it is only natural to have several cryptos available for trading. To date, the total number of cryptocurrencies the traders have access to is 73 different tokens.
Here’s an overview of the different tokens supported by the platform:
Cryptocurrencies Supported In Coinsbit
Besides, the platform is also open to the idea of accepting new and potential crypto projects on its exchange. Therefore, investors interested in new projects might love signing up for the Coinsbit platform.
Key Features Of Coinsbit
Coinsbit is one of the most reliable crypto trading platforms and is supported constantly by its traders. Moreover, the platform has introduced its users to some of the most notable trading features. Here’s an example of some of the key features discussed in the section below:
Large amount of trading volumes
Trading volume happens to be one of the primary factors that determine the liquidity of a platform! The higher the firm’s liquidity, the better the user’s chances to liquidate their funds without attracting any significant fees on the transaction. This way, users can make the most of their everyday trades while converting most of their funds into cash.
This is where Coinsbit comes in as a great option! Thanks to the high 24-hour trading volumes (up to USD 1.5 billion), the platform is a safe bet for investors of every shape and size. Moreover, the increased trading volumes also serve as a primary factor for Coinsbit in giving it a lead over its competitors.
The ‘OTC desk’ is another great feature attracting large-cap investors to the Coinsbit platform. This recently introduced feature was launched in early 2018 with a vision to allow large-cap investors to tap into streamlined trading with a quick settlement.
Using the OTC desk, users can trade using ‘slippage’ or pricing reasons, giving them access to trades they might not want to execute on the open market. Developed on the B2P principle, the OTC desk also means that an accredited partner in individual countries will be allowing the exchange of cryptos for local fiat currencies. This way, users can deposit their funds in local tokens via different payment systems and withdrawals.
Coinsbit trading view
Every crypto trading platform has a unique view, allowing users to leverage trading like never before! In addition, the platform introduces users to various trading tools to simplify their trading.
For example, the trading view function on Coinsbit allows users to access multiple trading features and functionalities like order books or a price chart of the selected crypto and order history.
Additional Features Of The Platform
While these were some of the platform’s core features, Coinsbit also has additional features that users need to know! Therefore, to help you better here’s an overview of the different additional features of the Coinsbit platform.
- Options to invest in popular crypto tokens: Users signing up for the Coinsbit platform can access several large-fund crypto projects. While the platform might have been scrutinized for having fewer tokens, they have access to prevalent cryptocurrencies that are readily available to trade or invest in.
- Collusion resistance: The platform has over a million users, bringing a huge responsibility for safeguarding its traders’ funds. CoinsBits stores more than 95% of its traded assets in offline cold storage to protect the platform from any security breach or malware. It also offers a protective screen of web applications called software that detects and blocks malware attacks.
- Global crypto marketplace: Using any of the supported stablecoins, including USDT, PLC, USDN, Tether, Platincoin, Neutrino, and its currency, the CNB token, customers of Coinsbit may purchase goods from any country on the globe. The Coinsbit internet shop, a different retailer, sells various electronic items, including cameras, telephones, and flat-screen TVs.
- Support for the main coins: Almost all major cryptocurrencies, including Bitcoin, Litecoin, Ethereum, and fiat currencies like the US dollar, are supported by Coinsbit, allowing traders to choose crypto pairings from an extensive list of supported currencies.
- Access to a high-performance platform: A platform gains trust and sets itself apart from rivals thanks to its fast processing speed, and Coinsbit ensures the same for its users! Coinsbit can handle 10,000 transactions per second and up to 1,000,000 TCP connections through its’ EXERT’ services. This way, they have access to faster transactions without compromising their speed or increasing the cost of transactions.
Users signing up for the Coinsbit platform have access to one single trading platform for all their trading needs. The clean and interactive platform allows users to make the most of their everyday trades using the beginner and advanced trading tools.
Unlike other trading platforms that charge customers a certain amount to give them access to pro trading features, Coinsbit has kept the tools free for all its users. The user must visit the main trade page to buy or sell cryptocurrencies.
Besides, the platform also introduces its users to some of the advanced trading functionalities listed below:
- Classic Spot Trading, where traders can execute spot trading seamlessly with a simple and easy-to-trade interface.
- Pro Spot Trading allows traders to buy or sell currencies from the lending cryptocurrency and fiat currency markets.
- The Dex feature allows people to add MetaMask to any Decentralized Exchange (DEX) and can trade on all platforms.
- On the Crypto Exchange, traders can execute crypto trading on any platform.
Overall, these reliable features make trading a relatively easy task with Coinsbit. Moreover, once signed up, you have better chances of making the most of your everyday trading with the available resources.
The trading fee in any Crypto trading platform can be a significant hit or an excellent turnback for traders. However, to make any trade-in Coinsbit, the fee is 0.20% of your order, which is relatively low compared to the average industry charge.
Coinsbit withdrawal fees
The most recent empirical investigation of withdrawal costs found that the typical BTC withdrawal charge was 0.00053 BTC per withdrawal. Therefore, when you withdraw BTC, Coinsbit charges a withdrawal fee of 0.0005 BTC, which aligns with the previously indicated industry average worldwide.
To sum it up, here’s a tabular representation of the different charges over the platform:
|Bank Transfer||N/A||0.20 %|
Many other deposit options, including credit card deposits and wire transfers, are permitted for this trade. However, its qualities qualify this exchange as an “entry-level exchange” and allow brand-new cryptocurrency investors to start their journey.
How Safe Is Coinsbit?
Coinsbit claims to have a robust security system to safeguard clients’ funds. They have offline cold wallets to ensure the traders have maximum protection. They also have robust firewall protection on their website, which acts as an extra layer of security for the traders as it can detect any malware attacks.
The business claims to have used strong security measures to protect its customers’ money. Users can safeguard their valuables by configuring 2FA (2-factor authentication) to fend off hacker assaults and establish a secure password. To provide the highest level of security, the site maintains all of its users’ funds in offline cold wallets. Additionally, the website uses strong firewall protection (WAF) to identify hacker assaults and offer additional security to users’ assets.
Account Opening With Coinsbit
The process of opening an account on Coinsbit is pretty straightforward. You only need to follow a few steps. After that, you are ready to explore the Coinsbit world. Follow the steps mentioned below:
Step 1: Visit the consbit.io website.
Step 2: To sign up, enter your email address. And make it a strong password.
Step 4: Confirm your email with the email where you registered your account.
Step 5: Enter your KYC information as shown in the image below in Verify to KYC Coinsbit.io account.
Once done, you’ll have access to your crypto trading account with Coinsbit in no time!
Despite aiming primarily at professional traders, Coinsbit appears to be a trustworthy cryptocurrency trading platform, offering trading opportunities to novices and experts alike. Moreover, along with the primary crypto trading features, the exchange enables other crucial services like staking and lending.
Although the exchange is still in its early phases of growth, it has to overcome certain problems, including inadequate customer assistance, expensive withdrawal fees, withdrawal limitations, and a lack of required website information.
The exchange needs to address these weaknesses, so people ask questions all the time, and it’s only natural for all these questions to rise. So we are here to solve some of them for you. Below are some frequently asked questions about Wazir X’s credibility and rating.
Coinsbit Vs. Competition
Considering the wide range of functionality that Coinsbit offers, it’s more than just any ordinary trading platform. Users signing up for the exchange get access to the top features and functionalities of the platform with a competitive fee structure. Besides providing seamless global-level support, the plan Binance has also earned its name around providing users with a competitive fee structure in the industry.
However, similar to its great features, the platform also comes with complaints concerning security. If Binance doesn’t seem like a legit option to you, let’s evaluate its performance compared to its primary competitor Coinbase Pro.
Coinsbit vs. Binance
Both Coinsbit and Binance complement each other as a trading platform! Users signing up for them can access various trading choices and supported asset classes. In addition, these platforms serve their customers worldwide at the most reasonable fee structure.
However, while these platforms complement each other across various fronts, there are several instances where they stand differently.
To help you understand better, below is a detailed overview of the difference between Coinsbit and Binance.
- Supported cryptos: The Binance exchange has over 400 token options listed for its users. On the contrary, users signing up for Coinsbit can access 25 different crypto projects.
- Spot fees: Despite both platforms offering the maker-taker model, Binance takes the lead over Coinsbit by providing a less expensive fee to its users.
- Rewards program: Users of Coinsbit can have the benefit of accessing several rewards programs, including the likes of a staking pool and accrued interests of up to 3% each month. Binance, on the other hand, is limited to providing incentives for holding BUSD.
Looking at this concise but insightful review, Binance and Coinsbit offer dependable trading experiences to their customers. However, in terms of competition, Binance takes the lead over Coinsbut over its extensive token selection, low fees, and reward systems. But, the fact that any legal institution doesn’t back Binance makes it an unreliable exchange to sign up with. Read the Full Binance review.
Should you consider using Coinsbit?
With many crypto trading platforms available at the store, should you consider using the Coinsbit crypto trading platform? Let’s check it out:
- Low Fees: Coinsbit has a relatively low trading fee, which is 0.20%, making it similar to several leading platforms.
- Selection of currencies: Even though CoinsBit has relatively low coins, but it has focused on keeping significant currencies, like BTC, extra to make it easy for you to trade and earn profit
- Security: Coinsbit has added extra security measures to keep their trading accounts safe. This way, users can make the most of their tokens while making the most of their operations without compromising their funds.
Shortcomings of Coinsbit:
Even though CoinsBit has been recognized by many, some shortcomings are still there, which need to be worked on.
- Still operating in its early stage: CoinsBit may support many services and might be recognized by millions. It’s still in its development phase, with certain drawbacks that could be fixed soon.
- Poor customer support: The poor customer support of Coinsbit is yet another grievance that the customers have faced over time. However, while the platform is continually working to bring its customers reliable support, it’s a long-term goal to fulfill.
This marks the end of our comprehensive review of Coinsbit! The cryptocurrency exchange has over 2 million members and comes with many reliable services to its users. In addition to the core features of CoinsBit, some additional features make it worth more than any other platform. The Coinsbit website and mobile app are feature-rich and work with iOS and Android devices. Additionally, the exchange is enabled on tablets, the cloud, and web browsers. The platform is mainly geared toward expert users. However, the platform also has its shortcomings!
Therefore, if you want an exchange with more active customer support, Coinsbit might not be your option. In such a case, you might want to sign up with another exchange.