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.
UPDATE 14 March 2019: It has been brought to our attention that at least two users have been denied to make withdrawals. We have asked Coinbe to clarify the issue but we have not received any responses to our inquiries. Accordingly, we strongly urge any potential user of the Coinbe-platform to be cautious when dealing with this exchange. We have also removed the click-out button to this exchange.
Coinbe is a Polish cryptocurrency exchange. Poland is alongside the United Kingdom one of Europe’s most prominent cryptocurrency exchange countries.
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.
The exchange itself thinks that the following four factors makes it special: it has support, instant deposits and withdrawals, transaction security and progressive commissions. Actually, we think that neither one of these things makes this exchange special. The four factors are naturally good, and we rather see that an exchange has them than doesn’t have them, but it doesn’t distinguish this exchange from most other exchanges out there.
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 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. The below is a picture of the trading view at Coinbe:
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):