Having all of their crypto trading services on one platform is a dream come true for most crypto traders, and other options like staking and lending are bonuses. Coinsbit is an all-in-one cryptocurrency trading platform that effortlessly serves the needs of its users. This Coinsbit review goes over all of the important features that will help traders understand the platform.
What is Coinsbit
Coinsbit is a cryptocurrency exchange platform based in Estonia that was founded in August 2018. The site has made a name for itself in the cryptocurrency sector, with over 73 active crypto markets and millions of users.
Coinsbit not only supports major coins like Bitcoin, Litecoin, and Ethereum, but also stablecoins like Tether, Paxos Standard, and others. It’s one of the few cryptocurrency exchange platforms that offers two versions (classic and pro), each with various features based on the traders’ prior crypto trading experience.
The Pro version just has basic charts and volume data, whereas the classic version has all of the additional technical and analytical features for more experienced traders. It also features a market depth that summarizes trades conducted across the Coinsbit cryptocurrency exchange, as well as a huge variety of trade indicators available across multiple trading time frames.
How does Coinsbit work
Coinsbit, like most other cryptocurrency exchanges, offers a trading platform where buyers and sellers can purchase, trade, or exchange their cryptocurrency for other digital or fiat currencies. When a deal is executed on the Coinsbit platform, the exchange charges a trading fee.
Features of Coinsbit
Clients of Coinsbit get access to the following main features:
High-Performance platform
EXRT services are used by Coinsbit to increase the trading processing speed to 10,000 trades per second and 1,000,000 TCP connections. The exchange’s high processing speed sets it apart from its competitors and lends confidence to the platform.
Strong security
To protect its clients’ assets and data, Coinsbit implements stringent security procedures. The platform maintains over 95% of client assets in offline cold assets, making it difficult for hackers to break into the system. It also employs a web application’s protective screen known as WAF, or Web Application Firewall, which may identify and block hacking threats.
Support for Main Coins
Coinsbit supports practically all major cryptocurrencies, including Bitcoin, Litecoin, and Ethereum, as well as popular fiat currencies such as USD, allowing traders to choose their chosen crypto pairs from a large list of supported currencies.
Global Crypto Marketplace
Coinsbit lets customers purchase things from around the world using any of the supported stablecoins, including USDT, PLC, USDN, Tether, Platincoin, Neutrino, and the CNB token, which is its currency. The Coinsbit internet store is a separate store that sells various tech items such as cameras, telephones, and flat-screen televisions.
Start trading with Coinsbit
Executing a trade on the Coinsbit platform is very easy and can be done in just a few steps:-
Account creation
Users must first visit the Coinsbit exchange’s official website and register on the platform by filling out a form that includes necessary data such as email address, phone number, and password. An account activation link will be provided to the users’ registered email addresses after a successful registration. To activate their Coinsbit trading account, they must click on this link.
KYC verification
Compliance with AML (Anti-Money Laundering) regulations requires KYC (Know Your Customer) verification. It is sufficient to have a valid current identity document such as an international passport, a driver’s license, or a national identity card. Users must submit proof of residency in the form of a utility bill, bank account statement, or other government-issued documents.
Fund deposits
Users must first fund their accounts before being able to purchase or sell cryptocurrencies on the Coinsbit market.
Start trading
Users must go to the main “Trade” page and select the chosen cryptocurrencies they wish to buy or sell from the “Market” window to buy or sell cryptos. For the purchase or selling of cryptocurrencies, there are two separate forms that consumers must fill out. Finally, customers must click on either the “buy” or “sell” option in the order confirmation box.
Coinsbit trading fees
Coinsbit does not differentiate between takers and makers when it comes to trading costs; instead, it charges a flat fee of 0.20 percent for all order values. According to cryptocurrency exchange ratings, 0.20 percent is comparable to the global industry average of 0.25 percent or somewhat less.
Coinsbit withdrawal fees
For withdrawing BTC, Coinsbit charges a fee of 0.0005 BTC BTC. Coinsbit’s withdrawal fees are slightly higher than the global industry average of 0.000812 BTC per bitcoin withdrawal.
Conclusion
As a result, Coinsbit appears to be a trustworthy platform for crypto trading for both beginners and advanced traders, however, it is aimed more toward professional crypto traders. Aside from the fundamental crypto trading features, the exchange also offers key services like loans and staking. However, because the exchange is still in its early phases of growth, it has some flaws, such as poor customer service, high withdrawal fees, withdrawal limits, and a lack of information on the website. As a result, these flaws must be addressed to increase the exchange’s trustworthiness and raise its rating.
