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 Coinpit consists of four parts: general information, fees, deposit methods and security.
PLEASE NOTE THAT TRADING IS CURRENTLY SUSPENDED AT THIS EXCHANGE.
Coinpit is a “decentralized exchange”. Decentralized exchanges are becoming increasingly more popular. They are definitely gaining market shares against their centralized counterparts.
Decentralized exchanges do not require a third party to store your funds, instead, you always have direct control of your coins and you conduct transactions directly with whoever wants to buy or sell your coins. Decentralized exchanges normally do not require you to give out personal information either. This makes it possible to create an account and right away be able to start trading. The servers of decentralized exchanges spread out across the globe leading to a lower risk of server downtime. However, decentralized exchanges as opposed to regular top crypto exchanges normally have an order book with lower liquidity than the regular top crypto exchanges.
To our understanding, this exchange only supports trading in Bitcoin (spot trading and futures trading). If you would prefer a coin exchange with a more extensive selection of trading pairs, we recommend you to check out Changelly or KuCoin.
US-investors may not trade on Coinpit. So if you are a US-investor and want to trade at Coinpit, you’ll have to reconsider your choice of trading venue and choose one of the other top crypto exchanges.
Coinpit 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 Coinpit (please note though that the picture is taken when trading was suspended):
Coinpit Trading fees
The trading fees for takers here are 0.05%. This fee is far below the industry average which is around 0.25% and thus constitutes a strong competitive advantage against the majority of other top crypto exchanges in the market. Also, the exchange does not charge any fees for makers, thus promoting the liquidity at the exchange.
Coinpit Withdrawal fees
Many exchanges have competitive trading fees but then hit you on the way out with their withdrawal fees. This exchange doesn’t. They simply charge you the network fees. The network fees vary from day to day but are generally much lower than normal industry average withdrawal fees.
This exchange 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 Coinpit accepts deposit of fiat currencies at all, it distinguishes itself from many other decentralized exchanges.
The servers of decentralized exchanges normally spread out across the globe. This is different from centralized exchanges that normally have their servers more concentrated. This spread-out of servers leads to a lower risk of server downtime and also means that decentralized exchanges are virtually immune to attacks. This is because if you take out one of the servers, it makes little to no difference for the network of servers in its entirety. However, if you manage to get into a server at a centralized exchange, you can do a lot more harm.
Also, if you make a trade at a decentralized exchange, the exchange itself never touches your assets. Accordingly, even if a hacker would somehow be able to hack the exchange (in spite of the above), the hacker can not access your assets. If you make a trade at a centralized exchange, however, you normally hold assets at that exchange until you withdraw them to your private wallet. A hacker can therefore hack a centralized exchange and steal your funds held at such exchange.
On its website, Coinpit states that their exchange software mitigates the most severe fiduciary risks on cryptocurrency exchanges. This is partly through use of multi-signature addresses where the user’s private key is never transmitted to the exchange. Coinpit also claims to be an exchange where the user’s money is mathematically proven to not be lost in the event of an exchange failure or shutdown.
Finally, as mentioned above, this is a decentralized exchange. Decentralized exchanges are still a minority on the cryptocurrency exchange market, with the centralized exchanges still dominating the field (mostly due to better liquidity). In any event, if you’re looking for a decentralized exchange, you could also check out the following quite popular ones:
- Counterparty DEX
- Fcoin Exchange
- Switcheo Network