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 CoinsBank consists of four parts: general information, fees, deposit methods and security.
CoinsBank is a cryptocurrency exchange registered in Belize. The tropical wonderland of Belize actually features more than one cryptocurrency exchange. Tough competitors include Bitlio and AlfaCashier.
The exchange does not list US-investors as prohibited from trading. However, as always, US-investors should do their own independent assessment of any problems arising from their residency or citizenship.
CoinsBank only supports trading of four cryptocurrencies: Bitcoin, Ethereum, Litecoin and Ripple. If you’re looking to trade any other altcoin you will need to find another trading platform. Use our Exchange Finder to find the best cryptocurrency exchange site for you.
CoinsBank’s fees consist of deposit fees, trading fees and withdrawal fees.
Deposit fees vary dependent upon how you deposit.
Trading fees are 0.50% flat, meaning that takers and makers both pay 0.50% of the total order value of the trade as a fee to CoinsBank.
Withdrawal fees are fixed at 0.0001 BTC for BTC-withdrawals.
More on these fees below.
CoinsBank Trading fees
The most important lesson to learn when it comes to picking the best cryptocurrency exchange site is that you must always check the fees. Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order.
This exchange’s trading fees for takers are 0.50%. This fee is above the industry average. The industry average is arguably around 0.25%.
The exchange does however charge a lower fee for makers, sitting at 0.20%.
CoinsBank Withdrawal fees
The exchange charges a withdrawal fee amounting to 0.0001 BTC when you withdraw BTC. This is lower than average in the industry.
To conclude this chapter of the review on fees, CoinsBank’s fees correspond to industry averages (with the possible exception of the somewhat higher trading fees).
At CoinsBank, you can deposit through both wire transfer and credit cards. This can be helpful especially for newer crypto investors.
CoinsBank’s security score is C-, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is in line with industry average when it comes to top crypto exchanges.
If you have concluded that this is the exchange for you, congratulations! Go for it. But if not, please use the Exchange Finder to find out which exchange has the best cryptocurrency exchange site for you.