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Coinsbit Review 2024
In this Coinsbit review, we explore the features of this cryptocurrency exchange and its offerings to meet the demands of crypto traders.
Here, we discuss the platform’s pros and cons, security, unique features, and more.
Above all, you'll gain access to our thoughts on the Coinsbit platform. Feel free to jump straight to the segments of your interest.
Table of content
Coinsbit Exchange Review: Coinsbit Pros & Cons
Here, we summarize the Coinsbit exchange's pros and cons.
✅ Payment Options & Easy Access: Coinsbit is a cryptocurrency exchange that offers a wide range of payment methods, including wire transfers and credit cards (VISA and Mastercard).
✅ Fiat-to-Crypto Trading: One of the critical features of Coinsbit is its support for fiat-to-crypto trading.
✅ Major Coins & CNB Token: Coinsbit supports over 50 major coins, including popular cryptocurrencies like Bitcoin, Litecoin, Ethereum, and Ripple. Additionally, Coinsbit offers its token called CNB, which can be used for discounts and earning a guaranteed income.
✅ Security & Protection: The platform employs strong passwords, 2-factor authentication, offline cold wallets, and firewall protection to ensure the safety of user accounts.
✅ Cross-Platform Availability: Coinsbit is available on various devices, including iOS and Android smartphones, as well as desktop computers.
✅ Customer Service: The platform offers 24/7 assistance in multiple languages and has a dedicated FAQ section to address common queries and concerns.
✅ Additional Services: In addition to cryptocurrency trading, Coinsbit offers other services such as lending and staking.
❌ High Withdrawal Fees: Users have expressed dissatisfaction with the significant charges imposed on withdrawals, which can affect their profits.
❌ Withdrawal Limits: Another area that needs improvement is the withdrawal limits on Coinsbit. Some users have found the imposed limits too restrictive, especially for more significant transactions.
Coinsbit Features and Services
While offering support for major cryptocurrencies like Bitcoin, Litecoin, and Ethereum, Coinsbit provides a versatile platform for enthusiasts looking to engage in Litecoin sports betting and other crypto activities.
The platform offers two variants, classic and pro, tailored to different trading experiences. The classic variant provides advanced technical and analytical tools, while the pro variant offers basic charts and volume data.
Coinsbit also offers services like an OTC market for smaller coins, an IEO platform for new cryptocurrency issuances, a peer-to-peer lending platform, and a staking pool platform.
Coinsbit provides a web platform and a mobile Coinsbit app compatible with Android and iOS devices. It can also be accessed through Cloud, web browsers, and tablets.
However, the platform is primarily designed for advanced users due to its complex order book, customizable windows with advanced charting, and analytical tools.
Trading and Fees
Like other exchanges, Coinsbit is a platform where users buy, sell, or exchange their short or long-term crypto coins with other digital or fiat currencies.
The platform charges a trading fee for each executed trade.
Coinsbit utilizes EXRT services, which enhance trading processing speed, allowing for up to 10,000 trades per second and 1,000,000 TCP connections.
This high processing speed adds credibility to the platform. Regarding security, Coinsbit prioritizes the safety of client funds and data, with over 95% of assets stored in offline cold storage.
The platform also employs a Web Application Firewall (WAF) to detect and block hacking attacks.
Supported Currencies and Products
Coinsbit supports a wide range of cryptocurrencies, such as:
- Fiat currencies like USD
Users can also purchase products from all over the world using supported stablecoins such as USDT, PLC, USDN, Tether, Platincoin, Neutrino, and the platform's own CNB token. The Coinsbit website store offers various tech products.
OTC Desk for Cryptocurrency Exchange
Coinsbit has developed an OTC desk that operates on the B2P principle. This desk allows accredited partners in each country to exchange cryptocurrencies for the fiat currency of that country.
Users can conveniently deposit their local currencies through instant payment systems and withdraw money using local bank cards.
Additionally, the OTC desk enables users to deposit or withdraw cash through Coinsbit's partner outlets that collaborate with the platform.
Advanced Features for Buying Cryptocurrencies
Coinsbit offers several advanced features to facilitate the buying of the best cryptocurrencies:
- Crypto & Fiat Currency Markets:
Markets where traders can exchange cryptocurrencies (like Bitcoin and Ethereum) and fiat currencies (USD and EUR).
- Exchange (DEX) with MetaMask:
A platform that enables peer-to-peer trading of cryptocurrencies without intermediaries, which can be accessed by adding the MetaMask wallet extension.
- User-Friendly Interface:
A simple design that helps traders buy and sell financial products quickly and easily.
- Smartphone Crypto Trading:
You can buy or sell cryptocurrencies through a smartphone application, which offers convenience and mobility to traders.
Fees play a crucial role in selecting the best crypto exchange. Coinsbit applies a flat fee of 0.20% for all order values without discriminating between takers and makers.
Coinsbit Referral Program
Coinsbit offers an exclusive referral program supported by its utility token CNB. Participants in the referral program can receive between 2,000 and 5,000 CNB, equivalent to $200 to $500. This unique referral program, unlike any other in the crypto market, was launched on October 15.
It consists of three tiers and two types of bonuses:
- Tier-one referrals receive 1000 CNB worth $100
- Tier-two referrals receive 500 CNB
- Tier-three referrals receive 250 CNB
In addition, tier-one referrals earn 25% of the trading commission, tier-two referrals earn 15%, and tier-three referrals earn 5%.
This referral system with trade bonuses operates continuously, ensuring users earn a guaranteed income for as long as they trade on the platform.
Account Creation and KYC Verification
To create an account on Coinsbit, you need to follow a few simple steps:
- Visit their website and complete a registration form. This form includes mandatory fields such as email address, phone number, and password.
- Get an account activation link via email. You must click on this link to activate your trading account on Coinsbit.
- Undergo KYC (Know Your Customer) verification to comply with Anti-Money Laundering regulations,
- Submit a valid identity document, such as a passport, driver's license, or national identity card.
- Provide a utility bill, bank account statement, or government-issued document as proof of residence.
After completing the Coinsbit KYC verification, you can fund your accounts. Then, you can buy or sell cryptocurrencies on the Coinsbit crypto exchange.
To initiate a trade, navigate to the main “Trade” page and select your preferred cryptocurrencies from the “Market” window.
There are separate forms for buying and selling, which you must fill out accordingly. Finally, you can confirm the order and click either the “buy” or “sell” button.
⭐ What is Coinsbit?
Coinsbit is a cryptocurrency exchange platform where users buy, sell, or trade cryptocurrencies.
⭐ How do I create an account on Coinsbit?
To create an account on Coinsbit, visit their website and follow the sign-up instructions, providing the necessary information and verifying your email.
⭐ What payment methods are available on Coinsbit?
Coinsbit offers various payment methods, including bank transfers, credit/debit cards, and various cryptocurrencies.
⭐ Is Coinsbit legit and secure?
✅ Yes, Coinsbit exchange employs industry-standard security measures to protect users' funds and personal information.
⭐ Does Coinsbit have a mobile app?
✅ Yes, Coinsbit offers a mobile app for Android and iOS devices, allowing users to trade cryptocurrencies on the go.
⭐ What fees does Coinsbit charge?
Coinsbit charges fees for trading and withdrawals, depending on the cryptocurrency and amount involved. Details can be found on their website or by contacting their support team.
⭐ Is coinsbit a good exchange?
It is a good option for experienced traders, but it may not be the best choice for beginners.
Security and Reliability
Coinsbit has gained a reputation for reliability and has attracted a significant user base.
Traders can trust the platform's legitimacy and trustworthiness when trading cryptocurrency.
- Asset Security
Despite its drawbacks, Coinsbit ensures the security of its assets by storing them in cold wallets. Cold wallets are offline storage devices not connected to the internet, which makes them less vulnerable to hacking attacks.
This security measure helps to protect users' funds and instill confidence in the platform.
- Website Protection
Coinsbit employs a Web Application Firewall (WAF) to safeguard its website from hacking attempts. This additional layer of security helps to prevent unauthorized access and protects user data.
By prioritizing website protection, Coinsbit demonstrates its commitment to maintaining a secure trading environment for its users.
Coinsbit Review: Conclusion
Coinsbit is a crypto exchange with powerful trading tools, fast transaction processing, strong security, and various cryptocurrencies.
It's a user-friendly option for both beginners and professionals, offering many payment options, support for top cryptocurrencies, and a focus on safe trading.
Coinsbit review confirms that traders who want to explore altcoins find Coinsbit appealing because it has a good trade volume for many alternative cryptocurrencies, making it great for those looking to expand their crypto investments beyond just Bitcoin and Ethereum.