Coinsbit

Coinsbit Review

What is Coinsbit?

Coinsbit is an exchange that launched in August 2018 and is registered in Estonia. Estonia is aiming establish itself as one of the European go-to countries for cryptocurrency companies. As in New York, you can apply for exchange licenses here (normally two licenses together: license as provider of virtual currency exchange against fiat currency, and license as provider of a virtual currency wallet service). This is a very interesting development that we are following closely!

Coinsbit Advantages

Coinsbit has a lot of interesting features. It particularly promotes three of them though, namely that it has a high performance trading engine, that it has strong security and that it “support main coins”. The latter is not really an advantage in our view. All exchanges support BTC and ETH. The trading engine advantage and the security aspect are however both very good features of this platform.

Trading Volume

On the date of last updating this review (2 December 2021), the 24-hour trading volume was USD 1.5 billion according to Coinmarketcap. In comparison, the 24-hour trading volume was USD 837.4 million on 10 September 2021. When it comes to liquidity on Coinsbit, this exchange is still better than many of the exchanges out there. 

US-investors

Coinsbit does not list US-investors as prohibited from trading, but US-investors should – as always – do their own independent assessment of any problems arising from their residency or citizenship. In a worst-case scenario, they may not be able to trade at one or several exchanges that could be the best cryptocurrency exchange site for them (maybe including this one).

OTC-desk

In an email to its users sent on 18 May 2020. Coinsbit announced that they had launched an OTC-desk. With an OTC-desk, you can execute larger trades with quick settlement. Trades that you for pricing reasons (also known as “slippage”) don’t want to execute on on the open market. Apparently, Coinsbit's OTC-desk builds on the B2P-principle, meaning that an accredited partner in each country will exchange cryptocurrencies for fiat (currency) of that country. Users will be able to make deposits in their local currencies through various payment systems, and withdrawals are available on local bank cards.

Users are also presented with the opportunity to deposit and withdraw cash using our partner's outlets collaborating with the OTC platform.

Coinsbit 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 Coinsbit:

Coinsbit Fees

Coinsbit Trading fees

Trading fees are naturally also 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. Instead, they have what we call “flat fees”. This means that each party to a transaction pay the same fee. At Coinsbit, this fee is 0.20% of the order value. 0.20% is in line with, or even slightly below, the industry average. Industry average has for a long time been 0.25%, but we are currently seeing a shift towards even lower fees.

Coinsbit Withdrawal fees

The last time an empirical study on withdrawal fees was made, this one, the study concluded that the average BTC-withdrawal fee was 0.00053 BTC per BTC-withdrawal.

Coinsbit charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC, so they are quite in line with the global industry average as mentioned above.

Deposit Methods

This exchange accepts a wide variety of deposit methods, both wire transfer deposits and credit card deposits are possible. This makes this exchange qualify as an “entry-level exchange”, enabling completely new cryptocurrency investors to take their first steps in the cryptocurrency world.