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US investors permitted
A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Coinbe consists of four parts: general information, fees, deposit methods and security.
The company behind Coinbe is the Polish company Beatcoin.pl sp. z o.o. Tax-ID, registration number, and more about the company is presented on the exchange’s website. We generally like this, because it makes it far less likely that the exchange is a scam.
Speaking of good practice, it can be worth mentioning that Coinbe is a signatory to the “Canon of Best Practices of the Blockchain and Cryptocurrencies Stream”. This organization is created by The Polish Ministry of Digitization and the certification does indeed provide some additional level of comfort for the users of the exchange.
This exchange has a decent number of trading pairs. You can find all of the biggest ones here.
Coinbe does not explicitly state that US-investors are prohibited from trading. Accordingly, we do believe that US-investors can trade here. Any US-investors interested in trading here should in any event form their own opinion on any issues arising from their citizenship or residency.
Coinbe Trading fees
This trading platform doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. It can be noted here that many exchanges have trading fees that are reduced as volumes are increased, meaning that you are incentivized to trade in higher volumes. Coinbe is one of those exchanges. The fees listed in this review and in the comparison table are excluding any such volume discounts.
Coinbe’s flat trading fees are 0.30%. This is in line with, possibly slightly above, the global industry average. The global industry average is arguably around 0.25%.
Coinbe Withdrawal fees
Coinbe charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This fee is below the industry average and constitutes a competitive advantage against the majority of other top crypto exchanges in the global market.
Coinbe offers wire transfer as a deposit method, but you can’t deposit via credit card. This of course negative news to you if you would prefer to use your credit card for any reason. However, as Coinbe accepts deposit of fiat currencies at all, it distinguishes itself from many exchanges that only allows deposits in cryptocurrencies.
And if you’re one of those “if I can’t use my credit card, I’m not doing it” type of guys, don’t worry. We have a solution for you as well. Use our Exchange Finder to find out which cryptocurrency exchanges suitable for you that offer credit card deposits.
Coinbe provides detailed explanations on the security measures taken on its website. They start off the explanations with stating
“We are aware that running a cryptocurrency exchange is a huge responsibility, both financial and technological. For this reason, we have prepared a series of protections for you that will allow you to sleep peacefully without worrying about your funds.”
For instance, they state that they keep “all your funds” (which must mean 100%) in cold storage. This is of course very beneficial from a security perspective.
However, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/), Coinbe’s security score is F. This is below industry average when it comes to top crypto exchanges.
The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):