The ultimate question is —Is Coinsbit a Scam or Legit Exchange Platform?
Coinsbit is an Estonia-registered exchange established in August 2018. Besides having entrenched itself as a popular exchange platform, Coinsbit comes with a decent number of benefits including its compatibility with major coins (ETH and BTC), its rigid security and the high-performing trading engine it boasts.
Although most people would regard Coinsbit’s compatibility with BTC and ETH as a normal thing (since every other exchange is compatible with those two coins), it’s highly reckonable that Coinsbit’s blistering trading engine is a top-notch advantage.
With the little information above, you’re expected to have had a slight grasp of what Coinsbit is about and if you’d like to know more about the acclaimed exchange, endeavour to read this article further.
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What Is Coinsbit’s Trading Fee?
Trading on Coinsbit comes with a fee that you’re expected to pay for each order that you place. While your Coinsbit trading fee represents a percentage of your trade order’s value, it’s notable that the (two) parties in a Coinsbit transaction are charged the same fee which represents 0.20% of the trade order’s value. This is likely a relatively low and affordable trading fee considering the fact that the exchange industry’s average has long been pegged at 0.25%.
Is Coinsbit a Secure Exchange?
This is a bothering question that some prospective investors may have asked about Coinsbit.
Well, before stating whether Coinsbit is secure or not, it’s essential to reckon that the exchange platform itself has a statement on its site, implying that 95% of all assets are in cold storage.
To further assess Coinsbit’s security status, Mozilla’s Observatory test was conducted on Coinsbit as well as other exchange websites. Frankly, the test results revealed that most of the exchange websites (inclusive of Coinsbit) generated an F-score. Although an F-score may signify a weak level of security, prospective investors shouldn’t easily conclude that Coinsbit isn’t secure since most of the other exchange websites also generated an F-score.
What Are the Deposit Methods Supported on Coinsbit?
Broadly, Coinsbit fits into the guild of “entry-level exchanges” with versatile deposit support. Put simply, the exchange supports a varying number of deposit methods including credit cards and wire transfers. Thanks to this excellent support feature, new crypto investors have got every cause and stimulation to give their trial in the crypto realm.
What Does Coinsbit Charge for Withdrawal?
To use Coinsbit for your BTC withdrawal, you’ll have to incur a withdrawal fee in the tune of 0.0012 BTC. In other words, this is to say that you’ll be charged 0.0012 BTC for each BTC withdrawal you’re making with Coinsbit.
With the exchange industry’s average (withdrawal fee) pegged at 0.000812 BTC, it’s quite agreeable that Coinsbit’s withdrawal fee is relatively higher.
Is Coinsbit Worth Using for Crypto Trading?
It’s quite difficult to answer this question simply because the concept of worthiness is subjective and depends on people’s view of it. Nonetheless, you can personally figure out whether Coinsbit is worth it or not by thoroughly exploring the exchange platform’s trading view.
Every exchange has its own trading view and an astute investor has got to ascertain whether the trading view of his preferred exchange looks suitable or not. Usually, the trading views of exchanges all present an order history, the price chart of the cryptocurrency in question and the corresponding order book or a portion of it. Therefore, it’s incumbent on you to exhaustively examine the trading view of any exchange on your mind before giving a trial.
We strongly hope that this article has helped you find out insightful information about Coinsbit. Most importantly, you must have figured out whether Coinsbit is worth trying or not.
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