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 Coinsbit consists of four parts: general information, fees, deposit methods and security.
Coinsbit is an exchange that launched in August 2018 and is registered in Estonia. Estonia is actually the only country in the Baltics that has cryptocurrency exchanges. But there are more than one: Kriptomat, Jubiter and Crex24 all come from Estonia.
Also, Estonia is aiming establish itself as one of the European go-to countries for cryptocurrency companies. As in New York, you can apply for exchange licenses here (normally two licenses together: license as provider of virtual currency exchange against fiat currency, and license as provider of a virtual currency wallet service). This is a very interesting development that we are following closely!
Coinsbit has a lot of interesting features. It particularly promotes three of them though, namely that it has a high performance trading engine, that it has strong security and that it “support main coins”. The latter is not really an advantage in our view. All exchanges support BTC and ETH. The trading engine advantage and the security aspect are however both very good features of this platform.
On the date of first writing this review, 28 March 2019, Coinsbit had a 24 hour trading volume of USD 67 million. This is quite decent, and places Coinsbit on place 54 on the list of the cryptocurrency exchanges in the world with the highest 24 hour trading volume. On the date of last updating this review (22 March 2020, right in the middle of the crisis with COVID-19), the 24 hour trading volume of Coinsbit had improved enormously. It was then USD 2.42 billion (!). This placed it on place no. 7 on Coinmarketcap's list of exchanges based on reported 24 hour trading volume.
Coinsbit does not list US-investors as prohibited from trading, but US-investors should – as always – do their own independent assessment of any problems arising from their residency or citizenship. In a worst-case scenario, they may not be able to trade at one or several exchanges that could be the best cryptocurrency exchange site for them (maybe including this one).
In an email to its users sent on 18 May 2020. Coinsbit announced that they had launched an OTC-desk. With an OTC-desk, you can execute larger trades with quick settlement. Trades that you for pricing reasons (also known as “slippage”) don’t want to execute on on the open market. Apparently, Coinsbit's OTC-desk builds on the B2P-principle, meaning that an accredited partner in each country will exchange cryptocurrencies for fiat (currency) of that country. Users will be able to make deposits in their local currencies through various payment systems, and withdrawals are available on local bank cards.
Users are also presented with the opportunity to deposit and withdraw cash using our partner's outlets collaborating with the OTC platform.
Coinsbit 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 Coinsbit:
Coinsbit Trading fees
Trading fees are naturally also 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. Instead, they have what we call “flat fees”. This means that each party to a transaction pay the same fee. At Coinsbit, this fee is 0.20% of the order value. 0.20% is in line with, or even slightly below, the industry average. Industry average has for a long time been 0.25%, but we are currently seeing a shift towards even lower fees.
Coinsbit Withdrawal fees
Coinsbit charges a withdrawal fee amounting to 0.0012 BTC when you withdraw BTC. This is somewhat above the industry average, which is 0.000812 BTC per BTC-withdrawal.
This exchange accepts a wide variety of deposit methods, both wire transfer deposits and credit card deposits are possible. This makes this exchange qualify as an “entry-level exchange”, enabling completely new cryptocurrency investors to take their first steps in the cryptocurrency world.
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. Coinsbit 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.
Also, Coinsbit states clearly on its website that it has 95% of all assets in cold storage.
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):