Introduction to Coinsbit
Founded in Estonia by Valerii Solodovnyk in 2018, Coinsbit supports over 100 cryptocurrencies across close to 400 different trading pairs. They report volume upwards of $100 million in traders per day, although seemingly most of their volume is in BTC-related pairings. Admittedly, Coinsbit is pretty hit or miss in terms of customer reviews. Some traders like it because they are willing to give less popular coins a chance, while others hate it because of their sudden account closures or fund seizures. They also offer a complex referral program and several staking pools for a flurry of high yield projects.
Why use Coinsbit?
In addition to supporting smaller coins and tokens not readily found on other exchanges, Coinsbit also supports fiat currencies that are less popular in the crypto exchange world, such as the Turkish lira (TRY), Ukrainian hryvnia (UAH), and Kazakhstani tenge (KZT). Coinsbit’s main trading screen is extremely simple and not overburdened with options. In addition, they offer a couple of cheap conversion processes in which fiat can be directly exchanged for crypto without having to place orders. The fees of these types of fiat/crypto swaps tend to be modest compared to other exchanges, which is a definite advantage of using Coinsbit.
Before getting started
Compared to most other exchanges of its size, Coinsbit tends to play “fast and loose” with their registration rules. Their terms do not expressly prohibit users from any country or territory from signing up, instead placing the responsibility of legal compliance in the hands of the user. Coinsbit does not expressly state that KYC must be provided anywhere in their terms but it is highly recommended that you pass their verification process before making a deposit. In addition, be prepared to submit other verifying documents at Coinsbit’s request, as they frequently demand these from their customers before processing their withdrawals.
General Warning: Several users have reported not being able to make withdrawals even after being verified and submitting additional documentation as requested by Coinsbit. In some instances, users reported their coin balances being confiscated and being locked out of their accounts. Because their customer support tends to generally be unresponsive or not very helpful at best, it is recommended that you only deposit small amounts of coins on the exchange at first and test their withdrawal process before proceeding with bigger amounts.
How to register an account on Coinsbit
To create an account, click on the menu icon (3 horizontal lines) in the very upper right corner of the screen and select “Sign Up”. You will only need to enter an email address, password (twice) and agree to the terms and conditions to initially register an account. After finishing the process by verifying your email address – that’s it – your account has now been created.
How to get verified on Coinsbit
The verification section can be found by clicking on the user menu (icon with the head and shoulders) toward the right side of the screen, selecting “Profile” and then the “Verification” tab. Coinsbit requires quite a bit of information from their users in the process of becoming verified. You will need to first provide:
- Full name
- Birth date
- Country of residence
After entering this information and pressing the “Submit” button, flip the tab from “Name and Contact” to “Documents”. Here you will need to upload a copy of an official ID document, such as a passport, driver’s license or national ID. Next, you will need to upload an image file of yourself holding your ID and upload that as well. After pressing “Submit” (in both tabs) it will take anywhere from a few hours to a few days in order to process your verification documents. You will receive an email from Coinsbit after your account has been verified (or else informing you that your information needs to be re-entered).
How to make a deposit on Coinsbit
After your account has been verified, access the deposit screen by hovering over the “Wallet” menu tab and then clicking “Balance”. Here you will find a list of all coins and fiat deposit options supported by Coinsbit. As an alternative to scrolling through the long list of options, you can always search for your deposit option using the search tool. Fiat deposits (USD, EUR, RUB, TRY, UAH, KZT) can only be made using Advcash, which is not available to users in the U.S. (and some other countries). The deposit fee for fiat currencies is 0.8%.
To deposit crypto, just click on the “Deposit” option next to the coin you wish to deposit and copy/paste the deposit address into the wallet from which you wish to send coins. Note that coins and fiat must be moved from your Main Account to your Trading Account before they will be available for trading. This can also be done from the Wallet menu.
How to trade on Coinsbit
The main trading screen for Coinsbit can be found by hovering over the “Buy Crypto” menu tab and clicking on the “Spot Trading” option. Coinsbit’s trading screen is fairly basic: in the left column is a searchable list of coin pairings with recent trade history beneath, in the middle is an expandable chart screen (with TA overlay options) and Buy / Sell order screens beneath, and in the right column is a listing of crypto news items along with user-placed trades.
Coinsbit offers only 2 order types: Limit (default) and Market, which can be switched by using the tab directly above the Buy / Sell order screens. Market orders are for those who want to quickly buy or sell coins at the current market price, whereas Limit orders are for those who want to place an order below (for buys) or above (for sells) the current market price.
If you wish to buy crypto directly from Coinsbit without having to place trade orders, this can be done by selecting the “OTC” option under the “Buy Crypto” menu option. Here crypto can be purchased for USD, EUR, CNY or other fiat currencies quickly and with a low premium. Unfortunately, only BTC and USDT are available using this option.
For those seeking to purchase stablecoins, Coinsbit offers a “Stable” purchase option in which a large variety of cryptocurrencies can be used to make purchases. Stablecoins supported under this option include USDT, PLC, USDN, TUSD, and PAX. Finally, Coinsbit also has an “Exchange” option for instant coin swaps; at the moment the only coin supported is Ethereum (ETH).
Coinsbit trading fees and withdrawal fees
Coinsbit offers a flat trading fee for both Maker and Taker orders of 0.20%. This fee can be reduced by 75% by paying for trading fees using CNB, the exchange’s utility token. This option can be enabled in the Settings menu.
At 0.0012 BTC, the withdrawal fee for Bitcoin is a bit hefty compared to most other exchanges. The withdrawal fee for Ethereum is 0.01 ETH, and most other coins have lower withdrawal fees in terms of fiat value.
Overview of supported coins
Coinsbit carries over 200 different coins of tokens, many of which are in the top 100 by market cap. Out of all of the approximately 400 trading pairs offered on Coinsbit, Bitcoin (BTC) pairs account for over 50% of the exchange’s total trading volume. This means that several (hundreds) of trading pairs have little to no volume, rendering them for the most part illiquid. In spite of this, Coinsbit does support a lot of coins that won’t easily be found elsewhere which makes it a popular go-to exchange for several smaller projects.
Trading pairs have the following pair backings:
- Stable (PLC, USDT, TUSD, PAX, BUSD)
- Alts (KZT, RUB, UAH, TRY, USDA)
Coinsbit has never reported a hacking incident and states in their terms of service that they keep 95% of their crypto funds in cold storage. In general, they are deemed to be safe in this regard, although their website design seems to be a little rudimentary compared to most other exchange of similarly reported volume. Coinsbit is not too heavy on security features or options, but it is highly recommended you enable 2-FA before making a deposit in your account.
Benefits of Coinsbit (over competitors)
- Hundreds of trading pairs and coins not normally found on big exchanges.
- Simple, easy-to-use exchange without an overbearing amount of clutter.
- Decent fiat/crypto and crypto/crypto swap fees and rates.
- Several high yield staking pools and multi-tiered referral program.
Limitations of Coinsbit
- Has a poor reputation among the crypto trader community (as being less-than-honest).
- Spot trading options are limited to basic Market and Limit orders only.
- No margin, futures or derivatives trading.
- Unclear terms of service regarding user eligibility and KYC policies.
Wrapping it up
In all, Coinsbit is generally not recommended unless if you are willing to take some risk in order to trade a coin/token you might not find on other exchanges. The exchange has only been around for about 2 years now and in that time they have managed to amass quite a few complaints about users having their funds confiscated or being locked out of their accounts. Even though they report an amount of volume significant enough to place them in the top tier of all exchanges, it seems as if much of this volume is wash trading and most coin pairings (especially smaller coins) have low amounts of liquidity.