CoinsBit is a crypto exchange offering OTC services as well as crypto storage and classic exchange. In addition, they have their own token, CNB, listed at $0.0002250 at the time of writing.
In today’s CoinsBit review, we will review their business, user comments, and fund safety. Let’s begin.
CoinsBit is a brand of Coinsbit Inc., registered in Seychelles. Additionally, the company claims to have a registration in Estonia, falling under their governing law for resolving any issues. Since their official address on the site is from Seychelles, we struggled to find connections to Estonia.
Allegedly, the brand is connected to EXRT Services OU. As an EU member state, Estonia follows ESMA directives and EU laws and regulates crypto exchanges as VASPs through the Financial Intelligence Unit. Once we searched the FIU register for the CoinsBit regulation, we weren’t able to find the brand or the alleged owner.
Another concern is that they provide different addresses for their social media profiles. For instance, on Trustpilot, you can find the HQ in Ukraine.
Therefore, the exchange is unlicensed, and if something goes south, you have nowhere to file a complaint. If you have any details about their business, don’t hesitate to get in touch.
The traffic analysis report shows that the majority of CoinsBit customers come from:
Their website was registered in June 2018, and according to the SimilarWeb traffic data, there were 9.7 million visits during March 2023. It suggests that a lot of people are interested in CoinsBit services, and we need to do due diligence for them.
As mentioned, we did a search through the company’s social media profiles and customer reviews. On Trustpilot, we found 204 reviews at the time of writing, with poor company ratings. Almost 50% of people gave the exchange 1-star and marked it a fraud.
According to comments, the exchange has been abused by various scammers who are stealing people’s crypto. Additionally, the exchange itself is refusing withdrawal requests and freezing customers’ funds.
The exchange offers its customers classic trading and pro spot trading. CoinsBit trading platform is a classic WebTrader that you can access through the website – coinsbit.io/trade_classic.
You will find a price chart with limit and market orders and a list of available assets. Nothing remotely similar to advanced software such as MT4, MT5, or cTrader. There are many regulated brokers out there offering crypto trading services through a secured terminal.
If your exchange or a broker shuts down their website, the browser-based platform disappears along with it. Then, you cannot take screenshots or prove how much money you had at the time of the disappearance. With MetaTrader, you always have app access, even when the broker is on the run.
Since it’s a crypto exchange, CoinsBit only offers crypto trading. You can choose between pairs such as:
Additionally, you can buy crypto through the OTC market directly from other investors. Finally, you can store your wallet in the CoinsBit store through their cold wallet. It’s one of the safest options for keeping your crypto secure, as it reduces chances of hacking, unlike keeping funds in a hot wallet.
Let’s not forget staking. It implies investing crypto in a pool of assets and earning interest. However, you have to lock your funds for a certain period of time, similar to traditional bank savings.
The minimum amount you can deposit is $10 or 0.00001 BTC.
Unfortunately, there’s no possibility of using a CoinsBit Demo account. If you want to use the platform, you must make an initial deposit immediately.
It’s not as bad since the minimum amount is relatively low. However, seeing all the comments and withdrawal issues, we would advise you to find another exchange or a regulated trading broker with crypto trading on offer.
The minimum withdrawal amount is $15 or 0.001 BTC. You can use the following payment options:
If you’re transferring fiat currency, there is a limitation of $500 for accounts with basic verification and $100,000 for accounts with extended verification. The company charges 0.2% per deal for trading, a 0.8% replenishment fee, and a withdrawal fee of 0.005 BTC or 0.4%, but no less than $2.
Judging by the reviews, no matter how much you pay and how you verify your account, you might experience struggles with withdrawals. Be wary of this and report any issues immediately.
If you find yourself unable to withdraw profits from your CoinsBit account, let us know. Global Fraud Protection has dedicated chargeback experts and CipherTrace crypto analysts able to help in such situations.
Don’t let scammers keep your hard-earned money. We’re here to help you fight for justice. Book a free consultation, and you’re already halfway there.
CoinsBit is a Seychelles-based crypto exchange without regulation. If you have any trouble with withdrawals, let us know, and we might be able to help.
CoinsBit has a mobile trading app, but you can do all the trading through their website.
Since the exchange doesn’t fall under any regulations, your money is not safe with CoinsBit.
CoinsBit is a Seychelles-based crypto exchange without regulation. If you have any trouble with withdrawals, let us know, and we might be able to help.
CoinsBit has a mobile trading app, but you can do all the trading through their website.
Since the exchange doesn’t fall under any regulations, your money is not safe with CoinsBit.
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