Coinsbit Review – Is This Cryptocurrency Exchange Legit?

As the cryptocurrency market expands with increased adoption, so too, has the number of different cryptocurrency exchanges. Many newcomers to the space often have to go through the process of trial and error of using several platforms to find the right trading platform for their needs.

Coinsbit is an exchange that has become fairly popular around the world since its introduction to the industry. But is Coinsbit a good exchange? Is it a good entry-level exchange? In this article, we will cover the various facets of the Coinsbit exchange, including:

• A brief history of Coinsbit
• Trading platform features
• Various trading fees associated with using Coinsbit
• An in-depth look at whether Coinsbit has strong security
• The process of opening a trading account

This Coinsbit review is intended for informational and educational purposes only. None of the contents within this article should be taken or considered as financial advice. Instead, it is recommended you do your due diligence and consult a certified financial advisor before trading on any platform. 

A Brief History of Coinsbit & Trading Volume

Coinsbit was first established in 2018 following the first large cryptocurrency boom. Since then, the exchange has continually grown its platform to include more offerings to a larger customer base. The exchange company has gone to great lengths to expand its reach in the Asian market in the last several years, with an entrance to the Chinese market seen in 2020. 

Anyone wondering “Is Coinsbit fake or real?” will have their question answered with its statistics. Coinsbit has seen trading volumes well over $1.2 billion since 2021 and is likely to continue growing in size.

If you’re curious about where Coinsbit is registered, the exchange is officially registered with an incorporation code in Estonia. The legal address for Coinsbit is in Seychelles. Due to the logistics of the exchange, do make sure that your jurisdiction allows you to legally use the platform before you attempt to create an account.

Coinsbit Crypto Trading Platform

The Coinsbit crypto exchange has many different facets that are likely to be able to suit a wide range of different crypto traders. No matter what your preferred style of cryptocurrency trading is, Coinsbit has gone out of its way to accommodate you. Let’s take a closer look at the different services offered on the Coinsbit platform.

OTC Platform

If you’re interested in making easy trades with a click of a button, the OTC platform is for you. With this service, users can make simple trades without really having to worry about the price fluctuations of their desired trading pair. 

Unfortunately, there are not many options available with the OTC desk. Rather, the OTC desk serves more as an onboarding ramp for fiat currencies. This portion of the exchange uses an accredited partner that allows users to use their local currencies in exchange for cryptocurrency. Users can use local bank cards to make their withdrawals and deposits through the OTC desk.

The 2 different cryptocurrencies available on the OTC desk include:

• Bitcoin
• USD Tether (USDT)

The fiat currencies supported with the OTC desk include:

• US Dollar
• Kazakhstani Tenge
• Ukrainian Hryvnia 
• Russian Ruble 
• Euro
• Chinese Yuan

DEX

A relatively new feature available on the Coinsbit trading platform is the DEX platform. This allows users to connect to the exchange using their Metamask wallet. Once the connection has been made, users can perform swap trades without having to sign up for an account on Coinsbit. This can be handy if you need to make a quick swap from one token to another and do not have the time or desire to have a dedicated account.  

Buy and Sell Exchange Swap

If your account already has cryptocurrency in its portfolio, you’ll be able to use Coinsbit’s Buy and Sell exchange. This works similarly to that of other exchanges in that you can easily exchange cryptocurrencies. The Buy and Sell Exchange is perfect for those who do not wish to rely on price charts for their style of cryptocurrency trading.

To use this platform, all you need to do is simply delegate the amount of a specified token you wish to exchange for another token. Once you complete the process, you will have the exchanged token within your account. 

Including the typical main coins, there is a very large number of different digital assets available on this platform. To name a few, these include:

• Bitcoin Cash
• Paxos Standard
• ADEN
• BLRS
• NEXTSHIB
• PANDA
• GST

Stable Coins Market

Stable coins have become a necessary asset in the crypto trading atmosphere. This cryptocurrency exchange has made it easy to move assets to stable coins with its dedicated Stable Coins Market.

Within this platform, you can select from a number of different stable coins and use a select currency to complete the transaction. Each stable coin has its own accepted currency for a swap to occur. 

The stable coins available on this portion of Coinsbit’s crypto trading platform include:

• USDT
• USDC
• TUSD
• BUSD

Spot Trading Platform

If you’re interested in traditional 1:1 spot crypto trading, the Coinsbit exchange has a simple and intuitive platform available. This market is conveniently organized into different sections of trading pairs so you can easily find your preferred coin pairing. 

The Coinsbit Spot Trading platform has well over 140 different crypto tokens available to trade on its market. There are also unique trading pairs, with base pairs offered in BTC, ETH, Fiat, stable coins, and altcoins.

Pro Spot Trading Platform

Coinsbit also has a more in-depth platform that users can use for spot cryptocurrency trading. The layout of this is slightly different than that of the regular Spot Trading market. However, it functions much in the same way. Each trading pair is conveniently organized by the base pair, making it easy to find your preferred market.

This platform, in particular, makes it easy for users to execute larger trades. The platform has percentage buttons that allow users to be able to quickly enter portfolio-based percentage values into their trade order. 

Other Features On The Coinsbit Exchange

The Coinsbit trading platform has a number of other features available on its exchange that can allow users to generate more money into their accounts. These are excellent for those who seek to build their portfolios without having to rely on performing a trade order on any market. 

IEO and Token Sale Launchpad

Coinsbit has a platform that allows users to take advantage of token launches. With the IEO and Token Sale Launchpad, users can purchase newly listed cryptocurrency tokens for a set sale price. Tokens will usually be on sale for a set duration of time, after which the token will no longer be available at the designated sale price. 

Codes

Wish to send your assets to another person? You can easily do so using the Coinsbit Codes service. With this service, you can generate a code to send to friends and family which will transfer coins to them. Coinsbit takes no commission fee for this service and promises that the transfer takes place instantly. 

P2P Loans

In an effort to capitalize on the growing market trends of services seen with different popular exchanges in the industry, Coinsbit offers P2P loans. With this service, you can lend and borrow different cryptocurrencies in an exchange agreement with another user. 

There is currently not much information available at the time of this writing about this service. However, this is a service that is likely to see expansion in the future.

Trading Competition

To incentivize higher trading volume on its exchange, Coinsbit has a Trading Competition. Users can compete against other users on the platform by trading on a certain token pair. Each winner will receive a specified reward within the token used for each competition. To win the prize, you’ll need to be the user with the highest trading volume for that token during the competition window.

Staking Pool

Coinsbit has a staking pool service that allows users to generate more money into their accounts in a very passive manner. To participate, all that you need to do is join the designated staking pool for the crypto asset you wish to grow. For instance, to earn more BTC, simply join the pool and stake the amount you wish to be held for a return of interest. 

Each crypto asset that is supported in the Staking Pool service has its own set minimum deposit and maximum deposit requirements to participate. Similarly, each asset has its own estimated interest return associated with this service. 

Coinsbit Store

An interesting feature offered on the Coinsbit crypto exchange is the Store. This essentially allows you to use your cryptocurrency holdings to purchase items directly from different stores on the internet. Some of the retailers you can purchase from include:

• Amazon
• Alibaba

The products you can purchase from these retailers are primarily different electronics. These include:

• TV’s
• Cameras
• Computers
• Cell phones

Referral Program & CNB Tokens

Coinsbit has its own exchange token, which is listed as CNB. Holding CNB tokens will give you discounts on your trading fees. You’ll also be privy to a large number of other exchange benefits, including:

• Voting rights
• Trading commissions 
• Access to chat

Increased interest offerings with certain services, including P2P Loans

The exchange participates in CNB burning events to regularly control the supply of the token. This also helps to increase the value of the token itself. 

To increase the adoption of the exchange itself, Coinsbit has a referral program that incentivizes users to create an account with the exchange. Users can earn more from their referrals by holding more CNB in their portfolios.

Mobile Application & Specialised Trading App

If you’re looking to trade with convenience, Coinsbit has a mobile application available that allows you to trade on the go. With this app, you’ll have access to the full functionality available on the webpage version of the exchange. The mobile application is available for both iOS and Android devices.

If using your computer to trade is your preferred method, Coinsbit has a specialized trading app available to make your experience convenient. Simply download the app, and you’ll be able to start trading directly from the app without the need to go to the browser-based exchange site. This program is available for both Windows and Mac computers.

Coinsbit Trading Fees

As with other Crypto exchanges, Coinsbit has a number of different fees associated with using the exchange’s services. A trading fee is a common feature used to maintain the exchange’s performance. 

The Coinsbit exchange charges a 0.2% flat trading fee for all trades executed on the platform. This trading fee is relatively comparable to the industry average across many different exchanges. 

When depositing funds, there may be some associated fees. Each asset has its own minimum deposit that is required to complete a transaction.

Similarly, Coinsbit also charges withdrawal fees for withdrawing funds from the platform. Each withdrawal fee is dependent upon the asset, as each asset has its own unique market conditions. If you wish to withdraw money from the exchange, you should take into account what your withdrawal fees will be. You can likely save on withdrawal fees by opting to withdraw an asset that has a lower withdrawal fee.

Technical Support Service

Many exchanges have a wealth of different support service resources available for their customers. The best exchanges demonstrate a willingness to go above and beyond the minimum and provide information on not only the cryptocurrency exchange itself but information spanning the entire market.

Is Coinsbit one of these exchanges? Not at all. In fact, the support offered is very scant. Coinsbit’s support resource consists of one small FAQ that covers a few topics. Other than that, all that is available is to contact technical support. 

If you have performed any Google searches on the crypto exchange, you’ve likely come across some negative reviews. Much of these Coinsbit reviews deal with lackluster support when users have needed help. Quite often, people have made claims of having to wait several hours to receive any help. 

In an effort to provide value to this Coinsbit review, I decided to test these negative reviews. In my experience, I had to wait at least 1 hour to receive any reply whatsoever, despite being the first person in the support queue. Each question I asked took at least 1 hour to receive a response, some of which were only 3 words long and not much help at all. Eventually, some attention was given to my issue, but it was never resolved. The total elapsed time of my inquiry took nearly 5 hours, with minimal help from the support team. 

Using my own personal experience, I have found some validity to those negative reviews of having to wait several hours for support service to give me a resolution to my issue. This is something you’re going to want to keep in mind should you decide to use this platform. If you have any issues, you’re likely to be out of luck. 

Running into this kind of problem can be very worrisome, especially if you should encounter any issues while attempting to withdraw cash or execute larger trades. The company behind Coinsbit really needs to address this issue. Until then, Coinsbit reviews regarding this issue are likely to be negative in scope. 

Coinsbit Exchange Security

The Coinsbit cryptocurrency exchange has a number of different security measures in place to ensure the safety of the exchange. Such measures indicate that Coinsbit does have fairly strong security. 

Coinsbit has claimed that 95% of the funds stored on the exchange are all stored in cold wallets. This helps to ensure that any user funds are not readily accessible in the event of hacker attacks.

To prevent hacker attacks, Coinsbit has a web application firewall in place to screen for any malicious activity. This web application firewall is essentially a safety shield that regularly scans the activity on the exchange. Any suspicious activity is automatically flagged.

The Coinsbit cryptocurrency exchange also has Two-Factor Authentication available for user accounts. This is a security measure that users must set up themselves. A 3rd party application is used to broadcast a unique identifier code, which will then be required at account logins and when withdrawing money. 

Setting Up A Coinsbit Trading Account

The process of creating an account on Coinsbit is relatively simple and can be completed in a few minutes. To begin, click on the “Sign Up” button found on the website. You’ll need to provide a valid email address and a password.

To complete the account verification process, you’ll need to provide information to comply with KYC laws. Also, do be sure that the exchange accepts users from your jurisdiction. Just because your local currencies are supported does not mean that your jurisdiction is supported. 

Coinsbit Review Conclusion

Is Coinsbit the best exchange? Absolutely not. Is it a good platform? Maybe. It really depends on the services you wish to use on Coinsbit. Is Coinsbit a reliable platform? Due to the experiences with customer support, this might not be the most reliable exchange. If you need help, you need to be able to rely on support to be able to help you quickly find a solution. That is not what Coinsbit is offering. 

Much of the exchange’s website leaves a lot to be desired, particularly with regards to the information available for every service. This might be a simple translation issue, but it is something that the company needs to address. For instance, regarding the CNB token, Coinsbit has stated that the token “will be burned on an inaccurate basis,” which does not show much reliability or transparency in the program offered.

With that being said, Coinsbit can be a decent platform if you’re interested in trading cryptocurrencies outside of the main coins traditionally found on exchanges. Other than that, there are likely better options available for crypto trading. Until the company addresses these issues, this review recommends that Coinsbit should not be used at this time, especially for those looking for an entry-level exchange.