UPDATE 14 June 2021: When trying to access the website of COINBIG (coinbig.org) today, we were unsuccessful. We just received an error message (Error 404 - Not found). There was no preceding information on system maintenance or anything similar.
Accordingly, we believe that this exchange has closed down and we have marked it as "dead" in our Exchange Graveyard. If the exchange would become active again and the error is just temporary, we will "revive" it and bring it back to our Exchange List.
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A crypto guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of COINBIG consists of four parts: general info, fees, deposit methods and security.
COINBIG is a crypto exchange that launched in 2017. The platform is based in the Cayman Islands.
If you look at the trading volume of this particular platform, it is extremely impressive, even from the perspective of the industry leading exchanges. Although we don’t have any data from coinmarketcap.com to rely on, CoinGecko reports that the 24 hour trading volume on the date of writing this review (7 November 2019) was USD 613 million. This would make it one of the top 35 exchanges in the world in terms of 24 hour trading volume. On the date of last updating this review (16 March 2020, right in the middle of the crisis with COVID-19), neither Coinmarketcap nor Coingecko had any info on COINBIG’s trading volume. This is somewhat discomforting and something to be aware of before opening an account here.
This exchange also has an OTC-desk where you can execute larger trades without any risk of “slippage” (disadvantageous price movements due to large transactions).
COINBIG’s trading platform is also available as a mobile application, for both iPhones and Android phones. So if you prefer to do your cryptocurrency trading on-the-go, that’s possible also with an account at this exchange.
As far as we can tell, US-investors can trade at this trading platform. US-investors should however always try to figure out themselves whether there are any problems arising from their trading at one or several international crypto exchanges. Sometimes, state laws stand in the way for certain US-investors’ international crypto trading.
COINBIG Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should 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 crypto 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 see that it feels right to you. The below is a picture of the trading view at COINBIG:
COINBIG Trading fees
This exchange doesn’t treat takers (persons taking orders off the order book), and makers (persons placing the orders that the first group of persons take off the order book) differently. Instead, they charge something that we call a “flat fee”. This means that they charge both takers and makers 0.10%.
0.10% is a competitive trading fee. Global industry average has for a long time been around 0.25%. However, today we see more and more exchanges offering trading fees around 0.10%-0.15%, meaning that this level is becoming the new industry averages. Compared with that, COINBIG's fees are in line with industry averages.
COINBIG Withdrawal fees
To our understanding, COINBIG does not charge any fees of their own when you withdraw crypto from your account at the platform. Accordingly, the only fee you have to think about when withdrawing are the network fees. The network fees are fees paid to the miners of the relevant crypto/blockchain, and not fees paid to the exchange itself. Network fees vary from day to day depending on the network pressure.
Generally speaking, to only have to pay the network fees should be considered as below global industry average when it comes to fee levels for crypto withdrawals.
COINBIG does not accept any deposits of fiat currency. This means that new crypto investors (i.e., investors without any previous crypto holdings) can’t trade here. In order to purchase your first cryptos, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Finder!