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 Coinbit consists of four parts: general information, fees, deposit methods and security.
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.
South Korea is – together with Hong Kong, USA and the United Kingdom – one of the bigger country players in the world of cryptocurrency. It is the home of 14 exchanges listed in our Cryptocurrency Exchange List: this one (Coinbit), Cashierest, Coineal, Allbit, Bithumb, Coinone, Korbit, GDAC, Gopax, Upbit and CPDAX.
The platform launched in July 2018 and has not yet gotten a satisfactory liquidity at the exchange. On the date of first writing this review, 2 April 2019, the 24 hour trading volume was only USD 1.8 million, placing it on place no. 135 on the list of the cryptocurrency exchanges in the world with the highest 24 hour trading volumes. On the date of last updating this review (21 March 2020, right in the middle of the crisis with COVID-19), the 24 hour trading volume had improved in an almost unbelievable way. The trading volume was then USD 313 million (!). This placed it on place no. 55 on the list, almost 100 places higher than less than a year ago. What an improvement.
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.
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.
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 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.
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.
Finally, we run all the exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is one of many indicators of the exchange’s security. Coinbit received an F-score in this test. When looking at all the exchanges in our Cryptocurrency Exchange List, the majority of all exchanges actually receive an F-score. So it shouldn’t lead you to believe that the exchange necessarily has poor security.
Before leaving the area of security though, it can be worth mentioning 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.
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):