What is Coinsbit?
Coinsbit is a popular cryptocurrency exchange that supports a wide range of major currencies. Traders can sign up, deposit, and start investing in just a few moments. It is notable that Coinsbit isn’t regulated, creating some level of hesitancy in pro traders. The platform does abide by Anti-Money Laundering (AML) laws, however, requiring that every user complete the Know Your Customer (KYC) process before being permitted to trade.
There are a number of standout features at Coinsbit, including the interesting InvestBox, as well as a direct portal to general online shopping called Coinsbit Store. The Coinsbit Store option in particular is unique, given that it allows traders to hypothetically purchase any item they desire using crypto.
How We Reviewed Coinsbit:
Our expert team of reviewers isn’t interested in nonsense. They have spent years researching and investigating everything related to crypto, including exchanges. They’re aware that crypto scams exist, have researched the topic, and are now dedicated to separating legit exchanges from those that are out to make a quick buck.
Hence, the team approaches every review with all due responsibility. If they get a bad vibe from an exchange they’ll let you know. Of course, if they think an exchange is particularly good they’ll also let you know. Check out our growing list of exchange reviews and cryptocurrency guides so you’ll be fully educated about where to safely take your crypto trading.
How Does Coinsbit Work?
Coinsbit operates exactly as would be expected. Which is to say; traders can sign up, make a deposit, and start trading crypto. An exchange is, simply put, the middleman between traders and the crypto market. Both fiat and crypto currencies are supported, meaning that a trader can either buy coins directly, or may also trade for coins with other crypto. It is all a matter of preference.
There are, of course, fees involved. Though in the case of Coinsbit the costs are relatively modest. The platform charges a blanket 0.20% across all transactions, which isn’t as low as some other platforms. On the other hand Coinsbit has no fee scaling, which means that 0.20% is always charged regardless of the value of transactions.
What We Rated Coinsbit:
Sign-Up Process: 4.5/5
The sign up process at Coinsbit is straightforward and easy to understand. Though, the platform does follow AML restrictions, meaning that the KYC process will have to be completed. If required KYC documents are close at hand, a validated identification, the sign-up process should be done in under 10 minutes.
Deposits and Withdrawals: 4.8/5
Coins bit supports fiat and crypto, meaning that traders are provided immense freedom. Withdrawals are also convenient, though processing times will depend on the currency being withdrawn.
Available Assets and Ways to Trade: 4.2/5
A major drawback of Coinsbit is that only a limited number of cryptos are supported. On the other hand the platform does provide exceptional account automation, as well as direct online shopping.
Customer Service: 4.8/5
The review team could not find any fault with the Coinsbit customer support department. Support staff are friendly, professional, and provided solutions quickly.
Security and Regulation: 4.2/5
Some traders demand that an exchange be regulated, which is another drawback of Coinsbit. As far as security is concerned, however, the platform does go to great lengths to ensure that traders are kept safe.
|Profit Close Rate:||85%+|
|Registration:||Free (With Verification)|
|Verification:||Under 10 Minutes|
|Initial Deposit:||Depends on currency|
|Withdrawal Time:||1–5 business days depending on currency|
|Order Execution Time:||Less than 1ms|
|User Data Encryption:||Yes (AES 256-bit)|
Is Coinsbit Legit or a Scam?
With over 73 active crypto markets and millions of daily users, Coinsbit has become a trusted and well-established cryptocurrency exchange platform. The platform offers a high-level of performance, reliability, and security. Coinsbit is frequently rated highly over the 500+ crypto exchanges currently active.
Coinsbit Features and Differentiators
Coinsbit has a number of notable features and tools, with the most prominent being automated trading, plus the Coinsbit Store and InvestBox. InvestBox allows for quick and easy management of investments, providing traders with everything they need to make smart profits on numerous cryptos.
Coinsbit Store is perhaps the most well-known feature at the platform. Coinsbit Store links traders directly to countless crypto based outlets around the world, meaning that virtually anything can be bought directly with crypto. There are some limitations at Coinsbit Store, but the variety of purchasable products is impressive.
Coinsbit is a supremely well designed and professionally laid out exchange. Regardless of whether traders choose to use PC or mobile the usability is outstanding, with quick access granted to all sections of the site. The design may not be the most colorful or flashy, but everything is certainly user-friendly.
Place Trades Simultaneously
Coinsbit provides full account automation. Automation is a feature that many veteran traders prize, given that it allows the majority of hassle to be eliminated from the trading process. Once parameters are set automated accounts will trade without the need for human intervention. More to the point, automated systems are even able to seek out and initiate several trades simultaneously.
Newbie traders face a very real challenge, dealing with their emotions. Crypto trading is risky, of that there is no question, but smart trading is only possible when emotions aren’t involved. That’s why the Coinsbit automated trading feature is so important.
Zero Licensing Cost
No licensing costs are applicable at Coinsbit. The platform charges 0.2% fees across the board, with no discrimination between takers or makers.
Can profits be made trading crypto? Of course. Does having the right tools make a difference in that regard? Of course. With the tools provided by Coinsbit traders have a chance of making profits.
Trade Multiple Cryptocurrencies
Some exchanges support 700 or more cryptos, which does have benefits. However, of those 700 cryptos only a few are really worth attention. That’s why Coinsbit has stuck to just 50 of the hottest and best performing currencies. Sure, some traders like freedom of choice, but others instead prefer to only deal with the currencies making waves.
Secure Socket Layer (SSL) protection is important in the online world. SSL, in a nutshell, keeps a layer of encryption between transactions and the outside world. SSL is an important safety feature that ensures safety, especially where monetary transactions are concerned. Coinsbit is fully SSL certified.
Coinsbit charges the standard global crypto exchange fee of 0.20 percent on all trades. The same fees apply whether buying cryptocurrency, selling it, or exchanging it. Withdrawal fees, however, may differ according to the currency. More info on this is readily available on the website.
Customer Support Department
Coinsbit has a dedicated 24-hour customer support service available in over 13 different languages to resolve any trading issues that may arise.
Demo Trading Account
Coinsbit does not offer a demo trading account feature, which is disappointing. Hopes are that the platform will adopt the feature in the future, given how important it is for newbie traders.
How to Register with Coinsbit
Account registration can be time consuming, but Coinsbit has gone to great lengths to keep the process simple. The biggest hurdle is the KYC process. Though, traders that keep their validated identification close at hand will find that the KYC process swift.
1. Registration Form
A registration form will have to be completed. Simple details are required, such as a name, email address and residential address.
2. Make Your First Deposit
Deposits at Coinsbit are fast and easy. But depending on which currency is being deposited the process will be different. Fiat currencies can be deposited in the usual way, with credit card, debit card, brank transfer and Google Pay accepted. Depositing a crypto will require that an address be generated and used at a wallet.
3. Demo or Live Trade
Sadly, with no demo account feature traders can only jump straight into live trading.
Tips for Making the Most of Coinsbit
Now that an account has been registered and a deposit made, it is time to jump into trading, right? Just a second. Before newbie traders start making real investments there are a few things to take into account. Here are some tips to get new traders on the right track.
Utilise Your Account Broker
Coinsbit does not have any account broker services. Though, it is a good idea to look into the account automation feature.
Invest the Minimum at First
Yes, it is exciting to start trading crypto, but let’s not get ahead of ourselves. New traders should invest only the minimum accepted amounts to start off with. Don’t worry, the market probably won’t disappear if only small investments are initially made. It should be kept in mind that crypto markets are volatile and that any investment, no matter how small, is important.
Keep Track of Your Cryptos
Once investments are made they must be tracked. Prices may climb, but they may also fall. Hence all cryptos invested in should be watched closely.
Spend 20 Minutes on Your Account Daily
When it comes to crypto trading the biggest investment is time. Learning, researching and exploring the market is extremely important, with their being no substitute for knowledge. A newbie trader should be spending at least 20 minutes a day getting more familiar with the market.
It probably doesn’t have to be said, but let’s say it anyway; investing should be responsibly. All money is important, and no investment should be made lightly. The best way to look at it is that every cent invested should not otherwise be needed. In other words; don’t invest money you can’t afford to lose.
Keep Track of Your Transactions
Keeping track of transactions is obviously very important. A log should be kept of every trade, purchase or sale.
The Brief History of Crypto and Coinsbit
There is not much information available on the history of Coinsbit. What is known is that the exchange was established in 2018, with headquarters located in Tallinn, Estonia. There are a number of cryptos located in the area, with the Baltics often being referred to as the crypto capital of the world. Nikolay Udianskiy is the current CEO, though there is also not much information about his background. He is listed as being an Investment Consultant.
Despite the vague history Coinsbit has quickly grown to be a popular exchange. As it stands the platform has a strong history of being reliable and secure.
Alternatives to Coinsbit:
There are multiple Coinsbit alternatives to consider, including bitFlyer reviews, Kraken, Gemini, Crypto.com, Coinbase and more.
Frequently Asked Questions About Coinsbit
What is Coinsbit and How Does It Work?
Coinsbit is a crypto exchange, meaning that it facilitates the trade, purchase and buying of cryptos.
How Much Profit Can I Make with Coinsbit?
Profits can be made trading crypto. However profit making depends on smart investments and wise trades.
Is Coinsbit Free to Use?
Registering for an account is free, but a flat rate of 0.2% is charged for every transaction.
Coinsbit App - is One Available?
A Coinsbit dedicated app is available for Android and iOS.
Where Is Coinsbit Available?
Coinsbit is available in many regions around the world, but is restricted in areas like the US due to lack of regulation.
Coinsbit shines in a crowded crypto exchange market, offering streamlined services complimented by cutting edge AI technology. Traders get the most out of their account on a daily basis, with outstanding tools and other impressive features. Coinsbit Earn helps with leveraging every coin into tangible profits, while automated tools take the hassle out of smart trading. Simply put, Coinsbit is an exchange that has it all, making it perfect for veteran and beginner traders alike.
Some are uncomfortable that the platform isn’t regulated, though many traders don’t consider lack of regulation a problem when it comes to crypto trading.