Review of Coinsbit
The Coinsbit exchange supports all the large, popular coins but also lets you trade smaller altcoins as well. It accepts deposits and allows transactions in fiat currency (like GBP and USD) on a decentralised exchange, while also providing some crypto financial services like lending and staking.
Pros & Cons
What can I do with Coinsbit?
Trade cryptocurrency regardless of your level of experience. It offers a traditional exchange with two variants (classic and pro) that offer different features depending on how experienced you are with crypto.
Coinsbit is a cryptocurrency exchange platform founded in Estonia with an aim of becoming a one stop shop for everything. As such, its list of capabilities is exhaustive and includes an OTC market for smaller, lesser known coins, an Initial Exchange Offering (IEO) platform for new crypto coin issuances, a peer-to-peer lending platform, and even a platform for forming staking pools.
Coinsbit cryptocurrencies and trading options
Which cryptocurrencies can you trade on Coinsbit?
Major cryptos traded on Coinsbit
- Bitcoin Cash
- Binance Coin
- Ethereum Classic
- Stellar Lumens
- Paxos Standard
- Binance USD
Coinsbit core currency pairs
- Bitcoin/Tether (BTC/USDT)
- Ethereum/Tether (ETH/USDT)
- Ethereum/Bitcoin (ETH/BTC)
- Bitcoin/US Dollar (BTC/USD)
- Ethereum/US Dollar (ETH/USD)
- Bitcoin/Euro (BTC/EUR)
- Litecoin/Tether (LTC/USDT)
- Ethereum/Euro (ETC/EUR)
- Bitcoin Cash/US Dollar (BCH/USD)
- Binance Coin/Tether (BNB/USDT)
- Bitcoin/Binance USD (BTC/BUSD)
- Litecoin/Bitcoin (LTC/BTC)
- Bitcoin/Paxos Standard (BTC/PAX)
- Ethereum/Paxos Standard (ETH/PAX)
- Bitcoin/True USD (BTC/TUSD)
- Ethereum/True USD (ETH/TUSD)
- XRP/Bitcoin (XRP/BTC)
- True USD/Tether (TUSD/USDT)
- Chainlink/Tether (LINK/USDT)
- Binance Coin (BNB/BTC)
All Coinsbit trading options
Coinsbit offers more than 60 crypto coins and 148 pairs for trading and exchange.
Can I trade with leverage on Coinsbit?
Coinsbit does not offer leverage at this time. The exchange has however publically announced that they will launch margin trading soon.
What are the spreads?
Coinsbit does not offer any spreads (either fixed or variable) nor does it make any money through them. All spreads on the exchange are a function of the liquidity of the markets and the platform does not interfere or conduct market making activities. It simply matches available orders on the exchange.
Fees, limits, and payment options on Coinsbit
What are the deposit and withdrawal fees, limits, and speeds?
Coinsbit offers limited payment options in fiat currencies but allows for direct crypto deposits in over 60 coins.
The fees vary with free deposits on some coins to both deposits as well as withdrawal fees being charged for other coins. While minimum amounts are defined, no maximum amounts are specified and any applicable restrictions applicable shall be as per the payment provider.
0.8%- Max $100 USD
0.4% – Max $100 USD
1-2 business days
2-3 business days
How much are Coinsbit’s fees and commissions?
Coinsbit charges a flat trading fee irrespective of trading volume or maker/taker activity. There is also no inactivity fee of any kind.
|Fee type||Fee amount||Commission|
|Crypto trading||0.2% Flat||None|
Coinsbit trade sizes and limits
Coinsbit has varying minimum and maximum trade limits based on the coins being traded. The same also depends on volatility and liquidity, which is available on the trading page at the time of placing of trade.
|Product||Minimum trade||Maximum trade|
Coinsbit trading platform
What devices can I use Coinsbit on?
Coinsbit provides a web platform as well as a mobile app for both Android and iOS. There is no desktop based platform.
- Web browser
- Android mobile devices
- iOS mobile devices
Can I use Coinsbit in my country?
Coinsbit is available worldwide with the exception of the USA and Canada. However, we would advise verifying its availability in your country at the time of signing up. Select your country from the list below to see if it is available where you are.
Is Coinsbit available in my language?
Coinsbit is available in 14 languages, including English, Dutch, Spanish and Portuguese. Select your language from the list below.
How easy is it to use Coinsbit?
Coinsbit is a rather complex exchange platform geared primarily towards advanced users. It offers standard trading options, with charts, an order book, as well as direct exchange with other users via an OTC platform.
The web based platform offers customisable windows with advanced analytical and charting tools that can be complicated for first time users who are not as yet accustomed to crypto trading. The app is simpler to navigate, but suffers from poor average ratings on the play/app store.
Coinsbit is an up and coming platform with a multitude of features, such as the ones below:
While the acceptance of crypto coins as a form of payment by traditional businesses is on the rise, it is not yet widely popular. Wherever they are accepted, it is predominantly in Bitcoin or, in some cases, Ether.
The Coinsbit website store offers tech products like cameras, flat screen TV’s, and cellphones, which you can directly pay for in Tether, Neutrino, Platincoin and its own in-house currency the Coinsbit Token. This goes a long way towards increasing acceptability of many cryptocurrencies.
Next Generation Platform
Unlike other more traditional crypto exchanges, Coinsbit ensures that once someone comes to their platform for transacting crypto, they don’t have to go anywhere else. From launching and marketing your own coins, to exchanging them with your friend directly, going OTC for some unknown coins or just simply trading on a traditional exchange, Coinsbit is almost completely vertically integrated.
It accepts payment in fiat currencies as well as over 60 cryptocurrencies and at the end of the day, if you would like to purchase some electronics and other stuff, you can do that too using the same crypto in their web store.
Large number of coins with decent liquidity
Coinsbit offers more than 60 cryptocurrencies and 148 crypto pairs, all with sufficient liquidity. The exchange falls within the top 50 exchanges globally in terms of liquidity, as it has liquid markets not only for top coins like Bitcoin and Ethereum, but also for smaller coins like Dogecoin, Waves and Sushiswap.
Security and regulation
Is Coinsbit safe?
Coinsbit stores most of its coins in cold storage systems, which have been air gapped i.e. are offline. It only holds a small portion of coins for its obligations in a “hot” connected wallet and has also implemented a WAF (Web Application Firewall) to protect its website(s) from hacking attacks.
Am I and my cryptocurrency protected?
Coinsbit offers two factor authentication for all accounts as well as instant notification features for proposed transactions, which ensures that your cryptocurrency is protected. Since it is not an insured exchange, it is recommended traders hold cryptocurrencies in a cold storage drive themselves and only move it online when completing a transaction.
Is Coinsbit regulated?
No, Coinsbit is not a regulated exchange with any recognised financial authority anywhere.
Do I have to verify my account with Coinsbit?
Yes, account verification is a must with Coinsbit despite it not being regulated. Verification is generally done for KYC (Know Your Customer) purposes as well as for anti-money laundering regulations. Documents you are required to provide include:
- Current and valid identity document (international passport, national identity card, driver’s license)
- Proof of residency document (utility bill, bank account statement, other government issued document)
No educational resources are available on Coinsbit’s website. An FAQ section is available explaining the various aspects of signing up, securing your funds, and other functionality of their platform and mobile app. But it is limited to that.
Tools and charting
The web platform is split into two parts (pro and classic) with the former containing only basic charts and volume data, with the latter providing advanced technical and analytical tools geared towards advanced traders. It includes a large number of indicators available across multiple timeframes along with a market depth and information function that summarises trades performed across the exchange.
Coinsbit has an extensive FAQ section covering the functionality of their entire exchange. In addition they have several email addresses where they can be reached. That said, there has been a bit of disappointment with the response speed of Coinsbit amongst both former and current clients and the Coinsbit team has done little to refute these claims.
Coinsbit is a good trading platform for those wanting to trade in altcoins in particular. It offers a wide variety of services that are geared to that type of trader, notably two different exchange options and the possibility to buy coins as soon as they are released onto the market.
Its pro version adds a significant amount of useful data in the form of tools and charts on top of what’s provided for basic accounts. It offers a store where you can buy real-world items with your coins as well as loans and interest payments on them.
The drawbacks are a nagging history of poor customer service, lack of regulation, and no incentive to create liquidity in the market. While its trading fees are low, there is no additional bonus for being a ‘maker’. On the whole, for those traders who want to deal in larger coins like Bitcoin and Ethereum, there are better options out there.
How to buy and sell cryptocurrency with Coinsbit
How to buy crypto on Coinsbit
- Open an account at Coinsbit
- Deposit funds into your Coinsbit account
- Go to main page “Trade” and select the Cryptocurrency in the “Market” window
- Forms for purchase of Cryptocurrency will be available
- Fill in the form, tick the order confirmation box and click on “Buy”
How to sell crypto on Coinsbit
- Open an account at Coinsbit
- Deposit the coin into your Coinsbit account
- Go to main page “Trade” and select the Cryptocurrency in the “Market” window
- Forms for the sale of Cryptocurrency will be available
- Fill in the form, tick the order confirmation box and click on “Sell”
Coinsbit is owned by ITEcosystem who acquired it in 2019.
From the fixed fees it charges for all trading activities.
Taxation depends on your country of residence. Any tax to be paid will be on a personal basis only. It is advisable to check the tax regulations in your country to determine any tax applicable to you
You can’t delete a Coinsbit account but can only block it instead. One has to create a ticket with the technical support team and provide a valid email and other data in order to block the account.
No short selling facilities are available on Coinsbit at this time.
One has to write an email to firstname.lastname@example.org along with your email address, reasons for lack of access and mention latest deposits and withdrawal records in order to have your password reset.
No, Coinsbit does not support PayPal.
All open trades are processed in real time and will be visible in your trade history. You can access them again once you log into the platform again.
In the event that Coinsbit ceases operations altogether, the crypto or money in transaction will be lost forever, as the exchange is not insured.
Yes, you can access your full history in the mobile app as well as the web platform.
Yes, Coinsbit accepts cryptocurrency payments in more than 60 cryptocurrencies.
No bonus is on offer right now, but Coinsbit does offer bonuses from time to time.
Simply move the funds from Coinbase to your wallet that is linked with Coinsbit and you are good to go. No direct transfers to Coinsbit are required.
No, the exchange requires identity and residence documents from all account holders, as it follows KYC procedures.
No, Coinsbit does not offer an integrated wallet. It only offers exchange services.
Simply click on the Balance tab on the website and click on withdraw next to the respective coin that you would like to withdraw. Enter your wallet address and click on withdraw again.
No, Coinsbit also runs bug bounties to identify weaknesses and resolve them before they can be exploited.