Coinbit

Coinbit Review

What is Coinbit?

Coinbit is an exchange registered in South Korea. It is operated by the company Axia Inc. with its head quarters in Seoul. The CEO is HyunBaek Park. The platform is available in Korean, Japanese, Chinese and English. 

Coinbit Advantages

Coinbit states on its website that it is secured. This is naturally very helpful. They also state that it is convenient. We understand this feature as well, convenience is very important to most traders. Third, they state that the platform is swift. We think we understand this if it relates to timing of deposits, withdrawals and order mathing. Finally, they state that the platform is exciting. This last part is quite a subjective statement. But it is different! And we like that.

Liquidity

The platform launched in July 2018. But three years since its release, it has not yet managed to get a satisfactory level of liquidity. When were first prepared this review on 2 April 2019, the 24-hour trading volume was only USD 1.8 million. Later on, this had increased to USD 313 million (on 21 March 2020), which was an amazing improvement. However, on the date of last updating this review (2 December 2021) the 24-hour trading volume was a negligible USD 85.89.

Mobile Support

Coinbit also has a very useful app for people that prefer to trade on their smartphones. A brief view of how it looks can be found on this picture:

Also, we think its worth highlighting that Coinbit has their support services open 24/7. This is naturally very helpful for any traders in need of urgent support.

US-investors

As many other exchanges, Coinbit does not accept US-investors on its platform. If you’re from the US and you’re looking for the trading platform that is just right for you, don’t worry. Use our Exchange Finder to find an appropriate exchange accepting US-investors.

Coinbit Trading View

Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. This is the trading view at Coinbit:

Coinbit Fees

Coinbit Trading fees

Trading fees are naturally very important. Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. At this exchange, they don’t divide between takers and makers. Each party to a transaction pay the same fee: 0.10% of the order value. 0.10% is below the industry average. Industry average has for a long time been 0.25%, but we are currently seeing a shift towards lower fees. Many exchanges now charge e.g. 0.10% or 0.15% instead.

Coinbit Withdrawal fees

Coinbit charges a withdrawal fee amounting to 0.001 BTC when you withdraw BTC. This is somewhat above the industry average, as the industry average is 0.000812 BTC per BTC-withdrawal. However, compared to industry average, the BTC-withdrawal fees at this exchange is only 0.000188 BTC higher. This corresponds to approx. 0.88 USD more per withdrawal and should not be a deterrent factor for you in your choice of exchange.

All in all, the fees at Coinbit are competitive.

Deposit Methods

This exchange accepts fiat currency wire transfer deposits. But, only if you deposit KRW. USD, EUR, GBP or any other fiat currency deposit than KRW can’t be deposited there. In any event, the exchange qualifies as an “entry-level exchange”, making it possible for new cryptocurrency traders to take their first steps into the cryptocurrency world at this platform. Credit card deposits are however not possible.

If you are a new crypto investor and you wish to start trading through a credit card deposit, you can find an exchange offering this option by using our Exchange Finder tool.

Coinbit Security

It can be worth mentioning here that Coinbit has a KT CLOUD System to provide a stable trading environment. Additionally, they have a PETRA security control service of WINS coinbit to keep your assets safe.