Coinsbit Review 2023

Expert Review of Coinsbit Exchange

Coinsbit is a cryptocurrency exchange launched in 2018. A year later, the exchange updated its system and introduced additional services for clients. The exchange was created in Estonia, but is registered in Seychelles. Information about the official license is not available. Coinsbit specializes in spot trading; futures are not available. Also, a lot of focus is given to the staking pool. In addition, the Coinsbit allows users to exchange fiat money for cryptocurrency and back outside of the exchange, on an OTC platform.

The weekly traffic of the crypto exchange is slightly less than 1.9 million visitors, according to CoinMarketCap. The daily trading volume is around $443 million. The exchange provides access to trading 98 cryptocurrencies and fiat money, including USD, UAH, RUB, KZT. Notably, there are rather rare coins available for trading at the exchange. However, traders are advised to consider their low liquidity, as they may have a difficult time selling them after buying at a good price. Nevertheless, the average liquidity on Coinsbit is at an appropriate level, according to CoinMarketCap.

Coinsbit is a centralized exchange, although it allows exchange through a decentralized system. In this case, clients can transfer funds from their MetaMask wallet. Payments will be credited also to this account. The available services of the exchange also list the possibility of generating a code to transfer coins to other users, although, at the time of this review, the option was not accessible.

One of the features of Coinsbit is a marketplace on its website. It is a store featuring offers from Alibaba, AliExpress, Ebay and Amazon. Clients can pay for purchases with cryptocurrency without any conversion, which is rather convenient as there is no additional fee involved. These are not all the facts about the Coinsbit crypto exchange you need to know before registering on its website. Below is a detailed review and analysis of all features, pros and cons of the exchange and a conclusion on whether Coinsbit can be trusted.

All resources of the Coinsbit cryptocurrency exchange are open. If the website is blocked in certain regions, you will need to use VPN. As for the apps, they open without any restrictions.

Users can see all key features of the exchange in the main menu at the top of the website or the menu in the mobile version and the app. Also, key sections are available in the footer of the resources. Traders can use any version to register, sign in, pass verification, deposit funds and start trading.

Coinsbit rating

Total score	7
Commissions	7
Security and regulation	7
Markets	8
Passive income	8
Account opening	9
Deposit and withdrawal	9
Trading platforms	9
Analytics	3
Education	3
Customer support	7
Bonuses	7

Coinsbit Pros and Cons

Basic information

Coinsbit offers fixed taker and maker fees. As for deposit and withdrawal, the fees depend on the chosen currency. You can visit this page of the exchanges website to find out deposit fees in more detail.

Trading fees

Coinsbit offers fixed fees – 0.2% for all trading parties. This means that takers and makers pay the same fee regardless of the chosen currency and amount. Compared to market leaders, this level of fees is rather high. For example, the average fee on Binance is 0.06%.

However, there is one small thing. In the FAQ on the Coinsbit website, it is clearly stated that the size of the fee may differ from the amount specified in the fee schedule. The final value is specified before the order is executed. This means that the fee may turn out to be either zero or very high. Coinsbit user reviews generally support this.

Average fee compared to competitors

The average indicator for each category is calculated for spot trading, without taking into account discounts for the token level.

Margin lending

Unlike most large cryptocurrency exchanges, Coinsbit does not offer an opportunity to trade with borrowed funds. This can be viewed as a drawback.

The Coinsbit cryptocurrency exchange focuses a lot on reliability and security. Client funds are held in cold wallets, which is a guarantee of their safety. Additionally Web Application Firewall is used. It is a system that helps identify and prevent hacker attacks. Therefore, it is no surprise that the exchange has never been hacked.

Notably, the crypto exchange passed the audit of HackControl LLC, an independent company. Based on its results, the security level was assessed as high. It is confirmed by a certificate, which you can view on this page.

In terms of legal safety, it is not as high. Coinsbit was created in Estonia and is registered officially. According to Wikipedia, the Coinsbit exchange was founded by Nikolay Udianskyi, a Ukrainian IT entrepreneur. Despite being created in Estonia, Seychelles is listed as the place of registration. There are no other official documents confirming legal operation of the exchange on its website. Also, there is no information about the license. Nevertheless, reviews about Coinsbit confirm that there are indeed no complaints about its reliability.

The Coinsbit cryptocurrency exchange offers its users only the services of spot trading. Futures are not available, but there are a number of other offers, which will be discussed below.

Coinsbit markets

Cryptocurrencies (spot)

The exchange offers access to spot trading on the Coinsbit TradingView platform using 98 cryptocurrencies, including BTC, USDT, ETH, XRP, EOS, XLM, BNB, ONT, WAVES, LTC, BCH, BTG and others, and also fiat money. There are rather rare coins available, which are practically not offered on other exchanges, for example DENTRO, BITTRA, BLRS, BSCGIRLM and others.

The unique opportunity of trading rare crypto can be viewed as an advantage of the exchange. However, such trades may turn out to be unprofitable for buyers, because the coins may crash in the future. Therefore, these kinds of trades need to be approached with caution. The exchange also offers CNB, the native token of Coinsbit.

Users should consider that the website of the cryptocurrency exchange offers both limit and market orders for spot trading.

Cryptocurrencies (futures)

Coinsbit does not offer access to cryptocurrency futures trading.

OTC platform

Clients can buy and sell cryptocurrency for fiat money outside the exchange. On the OTC platform, users post their offers. If you are interested, you can directly contact the seller. All conditions of the transactions are executed directly, without the knowledge or control of the exchange.

Exchange through a decentralized service

If a user has a MetaMask wallet, they can exchange currencies directly in the wallet, without transferring funds to their account on Coinsbit. In this case, there is no need to register and sign in to the exchange, which is a plus. There is an even more important advantage, however. This means that even with a large exchange, there will be no subsequent rise in price or, conversely, a fall in the value of the cryptocurrency.

Marketplace

Marketplace is a separate section of the cryptocurrency exchange featuring items from the largest marketplaces in the world. Often, these include smartphones, tablets, smart watches, etc. And they can be purchased for cryptocurrency with no conversion. It allows users to save money by not paying conversion fees.

Traders can earn passive income on Coinsbit with the staking pool option. It is an opportunity to invest money and earn a specific percentage yield. There are rather many offers available with various profitability. For example, if you choose to stake ORT, your annual percentage yield will be 3.5% The APY for LORC is 1.2%, and APY for FFT is only 0.25%. Compared to other exchanges, these conditions are not beneficial enough.

The cryptocurrency exchange does not offer other passive income options, although P2P Lending has already been announced. The service will allow business organizations to provide loans to others, earning a percentage yield.

It is rather easy to register on the Coinsbit website. It literally takes a few minutes and a simple electronic registration form. Once you complete, you can deposit money to the account and start trading. It is important, however, to know that only verified users can withdraw earned money, according to the rules of the exchange. Therefore, it is better to complete verification right after registration, because if you have any issues with the former, it will be difficult to withdraw funds.

Advantages and disadvantages of opening an account on the Coinsbit exchange

Residents of which countries can trade at the exchange?

Coinsbit does not have any restrictions for residents of certain countries, including the U.S. However, the website of the exchange does mention that U.S. residents may encounter certain problems when using the services of the exchange due to the internal policy of the country. The company bears no responsibility for such situations.

How to open an account on Coinsbit:
a step-by-step guide

Below we describe in detail how to register on Coinsbit. It is a good idea to learn about all stages and specifics so that you don’t have any issues and can start trading as soon as possible.

Step

1

Click Sign Up at the top right corner of the homepage. In the future, when you’ve registered at the exchange, you will need to use the Sign In button to the left of the Sign Up button.

Step

2

In the electronic form, you need to enter your email, come up with a password and confirm it. If desired, the password can be generated automatically, which will provide you with the most reliable combination of symbols. Next you need to tick the box agreeing to Coinsbit Terms of Service and Privacy Policy, and click Sign Up.

Step

3

If you’ve filled out all the fields correctly, you will see a captcha. Slide to complete the puzzle and go to the next step.

Step

4

To complete registration enter the verification code sent to your email.

Step

5

Next, you will be automatically redirected to the Login page. You won’t need to enter login (email) and password again, just click the Login button and complete captcha.

Once you’ve completed registration on Coinsbit, you are recommended to pass verification as well. Go to your User Account and open the window for identity verification. You will need to provide the following:

• Detailed personal information: full name, date of birth, etc.;
• Address of registration;
• Information about submitted documents.

You will also need to send copies of ID documents and a selfie. Often, verification takes a couple of days. If you’ve done everything correctly, your user account will be verified. Next, you can start trading or using other services of the crypto exchange.

Minimum deposit

Account types

The service offers only one main account – Coinsbit Wallet. A demo account is not available. For convenience of use, the wallet shows all cryptocurrencies offered by Coinsbit, even those, where the balance is zero. Users can hide these coins, if desired.

To deposit money to the account, you need to click Wallet – Balance on the dashboard at the top. Next, choose Deposit and a form will open, where you can choose the currency and payment method. Also, on the right side, there is a prompt on what the minimum deposit is.

To withdraw funds, a similar mechanism is used. First, you need to click on Withdraw. Those who want to know how to withdraw funds from Coinsbit need to keep in mind that withdrawal is available only upon completion of verification and confirmation of the account.

It is also important to consider the fee. For example, no fee is charged on deposits in Bitcoin, but there is a withdrawal fee in the amount of 0.0005 BTC. This percentage is considered rather high. For example, Binance charges 0.0002 BTC on withdrawals. Notably, there are a number of coins, which can be withdrawn from Coinsbit for free. These are often rare coins with low liquidity.

Coinsbit users are offered one platform for trading and using other services of the exchange. It is available on PCs and mobile devices. The links to the apps of the cryptocurrency exchange are also available on its website. You can download the Coinsbit app on Google Play and Apple Store. The app and the mobile version are absolutely identical. They differ from the main website by modified design. All services and options are the same.

All Coinsbit resources are available in several languages, including English, Russian, Spanish, German, Portuguese and others. However, when you switch to languages other than English, some sections of the website remain English, which is a drawback.

Pros and cons

Comparison table of features

Trading platforms. Comparison with competitors

Trading platform specs

Note that the website of the crypto exchange offers two options for trading: classic and advanced versions. The first option is suitable for beginners. It features all basic information about the trading situation of cryptocurrencies. The advanced platform additionally offers the feature of buying coins to be sent to the staking pool.

The website of Coinsbit does not feature analytical materials. The crypto exchange also does not have a section with trading news, articles and information. The only information that can be found on the website is the articles about the company published by popular publications.

The exchange does not offer a section with educational materials. Users can receive additional information that can help understand Coinsbit features and options in the FAQ section, although there is not much information there either.

The Coinsbit cryptocurrency exchange offers the following methods of contacting Customer support service:

• Live chat;
• Telegram;
• email.

Despite the fact that there is the live chat icon, the chat window does not open. Also, no responses were received to messages sent to email and Telegram.

Communication channels

For convenience, Coinsbit customer support provides several emails: for clients, partners, etc.

As for Telegram, there are also several channels available. You can write the name of the exchange in the search bar and they will all appear in the results. To receive customer support, you need to choose the main channel @coinsbit_chat.

Customer support languages

Communication with the operators of customer support of the exchange is possible only in English.

Coinsbit actively offers its clients various time-limited bonuses. For example, at the time of the review, there were promotions dedicated to the anniversary of the crypto exchange. There are no permanent promos on Coinsbit.