coinsbit Review 2024

Our veredict

Coinsbit, launched in 2018 and based in Estonia, offers a comprehensive platform for trading a wide array of cryptocurrencies, supporting over 100 coins. The exchange features a high-performance trading engine, strong security measures, and a user-friendly interface, making it suitable for both novice and experienced traders. Key strengths include its wide range of supported cryptocurrencies, including some rare ones not typically found on other exchanges, and its flat trading fee of 0.20%, which is competitive in the industry. Coinsbit also provides additional services such as staking pools, an in-app store for purchasing real-world products with crypto, and a robust referral program.

However, Coinsbit faces significant criticisms, particularly concerning its customer support. Users have reported issues with withdrawal delays and unhelpful responses from the support team, which tarnishes its reputation. Furthermore, while it is open to US investors, the lack of regulatory licenses from US authorities might be a red flag for some users seeking a legally secure trading environment. Despite these drawbacks, Coinsbit’s comprehensive feature set and security measures make it an appealing option for many cryptocurrency traders.

Pros

Advanced Security Measures: The exchange employs advanced security protocols such as two-factor authentication (2FA), cold storage for the majority of funds, and regular security audits to ensure user assets are protected.
Multiple Deposit Methods: Users can fund their accounts using various methods, including wire transfers, credit cards, and cryptocurrencies, making it convenient to start trading.
Referral and Staking Programs: Coinsbit has a robust referral program and offers staking opportunities with competitive annual percentage yields (APY), providing users with additional ways to earn.

Cons

2,5

Threenvest Score

Fees

0.20% per transaction

U.S Legal

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Why choose coinsbit?

Coinsbit offers a robust and versatile platform that caters to a wide range of cryptocurrency traders, from beginners to experienced professionals. One of the main advantages of Coinsbit is its extensive list of supported cryptocurrencies, which includes over 100 different coins. This variety provides traders with numerous options and the ability to diversify their portfolios easily. Additionally, the exchange features competitive flat trading fees of 0.20%, which is lower than the industry average, making it an economical choice for frequent traders.

Security is a paramount concern for any cryptocurrency exchange, and Coinsbit excels in this area. The platform employs comprehensive security measures, including two-factor authentication (2FA), advanced encryption, cold storage for the majority of funds, and regular security audits. These measures ensure that user assets are protected from potential breaches. The addition of a Web Application Firewall (WAF) further enhances its defense against hacking attempts, providing peace of mind to users about the safety of their investments.

Another significant reason to choose Coinsbit is its user-friendly interface and additional features that enhance the trading experience. The platform supports fiat-to-crypto trading and offers various deposit methods, making it accessible to new investors. Coinsbit’s marketplace allows users to purchase real-world products with cryptocurrencies, adding a practical use case for their digital assets. The staking options and referral program also provide opportunities for users to earn passive income, making it an attractive platform for those looking to maximize their crypto holdings.

Xavier Tarrasó

EIP and Cryptocurrency Investor

As a seasoned cryptocurrency analyst, I find Coinsbit to be a compelling choice for traders looking for a platform with a wide range of supported cryptocurrencies and robust security measures. The competitive trading fees and user-friendly interface make it accessible for both new and experienced traders. However, it’s important to be cautious about potential withdrawal delays and the responsiveness of customer support. Overall, Coinsbit’s comprehensive features and strong security protocols make it a solid option for anyone looking to engage in cryptocurrency trading.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.