CoinsBank Review 2020
CoinsBank is an all in one gateway to blockchain services including an exchange service, wallet service, crypto cards, merchant gateways, and more. CoinsBank was established in April of 2016 with the goal to revolutionize the blockchain and cryptocurrency industry by providing a wide array of blockchain services. The company is owned and operated by CB Exchange LP and is based out of the UK with their headquarters located in Suite 2, 5 St Vincent St, Edinburgh, EH36SW, Scotland, United Kingdom. Though the exchange is based out of the UK, it is licensed under the International Financial Services Commission (IFSC) of Belize and is also registered with FinCEN MSB in Belize. With the support and ties to these regulatory agencies, CoinsBank is able to confidently provide their customers with a wide variety of services.
However, in this review, we will be focusing on the cryptocurrency exchange service they provide. So, follow along as we delve deep into the aspects that make up this cryptocurrency exchange and see what sets CoinsBank apart from the competition and whether or not they can be trusted.
As with most cryptocurrency exchange platforms, CoinsBank’s platform is their very own web-based trading platform that’s compatible across all desktop computers and mobile devices. The platform’s interface is very simple and easy to use which is enticing for beginner traders. The exchanges platform has a strong emphasis on user experience which is evident through the intuitive design and feasibility. Traders can easily manage orders and monitor real-time exchange data. As well, the charting package offered by CoinsBank is very nice. Traders have access to sophisticated charts, complete with a number of technical indicators and charting and analysis tools. Also, traders can trade safer by setting stop losses and take profits orders. All in all, the exchange platform is very well done and has everything a beginner or experienced trader needs to succeed.
The CoinsBank exchange supports a variety of fiat currencies to be exchanged in the cryptocurrency markets. The fiat currencies supported include; Australian dollar (AUD), Japanese yen (YEN), Swiss franc (CHF), Russian ruble (RUB), British pound sterling (GBP), US dollar (USD), and euro (EUR). This amount of supported fiat currencies is very impressive for a cryptocurrency exchange. However, the only downside is that CoinsBank only supports the trading of Bitcoin (BTC) and Litecoin (LTC). While that’s not a wide variety to choose from, Bitcoin and Litecoin are two of the most heavily traded cryptocurrencies and it’s amazing to see them available for exchange with so many different fiat currencies.
An unfortunate aspect of CoinsBank is their outrageously high fees. The exchange service they provide is quite stellar, but the trading fees are very high at 0.5% per trade. This fee is the same for takers and makers and does not differentiate between the crypto or fiat currency pair being exchanged. Most other leading cryptocurrency exchanges charge trading fees which are half as much as CoinsBank’s. In addition to trading fees, users must also pay deposit and withdrawal fees. Deposit fees on fiat currency deposits are 0.01% per deposit. Deposits via Bitcoin and Litecoin are free, but withdrawals cost traders an additional 0.5% fee. As for fiat currency withdrawals, traders pay a fee of 1% on all bank wire transfers. With all these fees taken into consideration, CoinsBank is a rather expensive exchange to deal with.
Security and Fairness
CoinsBank implements the latest and greatest security measures on their website and exchange to protect their user’s data and funds. Such security measures include SSL encryption and two-factor authentication techniques like SMS messaging, email verification, and Googles Two-Factor-Authentication. As well, users can set various notifications for account activity and download and view activity logs which provides information on whoever is using the account. Another security measure is that the majority of user funds are stored offline in a cold storage wallet. This way the user’s funds are much safer from hacking attempts. Another thing worth mentioning is that the CoinsBank exchange is a licensed exchange and adheres to all the rules and regulations of its regulatory authorities.
The support offered by CoinsBank is truly phenomenal as they offer a wide variety of support options. Users can reach support through live chat, support tickets, email, telephone, and via their social media channels. These support methods are available 24/7 and are fairly quick to respond. An additional method of support is via the websites extensive FAQ page. Here traders can find answers to most of the questions they might have.
Pros and Cons
- Extremely easy to use and navigate
- Various fiat currencies supported
- Safe & Secure exchange
- Excellent customer service
- Limited cryptocurrency assets
- Very high exchange fees
- Registered and regulated offshore
Here are some of the most common questions that are asked about CoinsBank crypto trading service.
Is CoinsBank regulated?
Yes. CoinsBank is a regulated cryptocurrency exchange under FinCEN MSB in Belize
Where is CoinsBank based?
CoinsBank is based in the United Kingdom.
How does CoinsBank make money?
CoinsBank charges very high trading fees of 0.5% and deposit and withdrawal fees.
How do I deposit in CoinsBank account?
CoinsBank accepts cryptocurrency deposits as well as various fiat currency deposits via bank transfers, OKPay, Perfect Money, Sepa, Qiwi, or debit/credit card.
How do I withdraw money from CoinsBank?
You can withdraw from CoinsBank through sending your cryptocurrency to your personal wallet address or fiat currency through the same methods used for deposits.
Can I trade on CoinsBank with my mobile device?
Yes, you can use your mobile device to trade on CoinsBank through their downloadable mobile application.
Is CoinsBank reliable?
CoinsBank has proven to be a reliable and trusted exchange that has yet to be hacked.
Is CoinsBank a scam?
No. CoinsBank is a very legit exchange and is not a scam.
CoinsBank offers their clients a number of sophisticated blockchain services including an advanced cryptocurrency exchange platform. The exchange service is extremely easy to use yet advanced enough for experienced traders. However, the exchange does not offer a wide variety of cryptocurrency assets available to trade. Also, the exchanges fees are very high compared to most of the competition. Although, CoinsBank does support an impressive amount of fiat currency trading pairs which is not very common among cryptocurrency exchanges. All in all, the services CoinsBank provides their clients are of high quality but comes with a price.
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- Sri Lanka
- United Kingdom
- Solomon Islands
- Trinidad and Tobago
- Burkina Faso
- Russian Federation
- Saint Lucia
- South Sudan
- Virgin Islands, British
- South Korea
- Saint Kitts and Nevis
- Saint Vincent and the Grenadines
- Vatican City
- Papua New Guinea
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- Bosnia and Herzegovina
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- Hong Kong
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- Czech Republic
- United Arab Emirates
- North Korea
- Marshall Islands
- New Zealand
- Antigua and Barbuda
- Central African Republic
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- Costa Rica
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- South Africa
- Isle of Man
|Headquarters Country||United Kingdom|