RESEARCH & ANALYSIS
FOR THE CRYPTO ECONOMY.

[SCAM Alert] Coinbe

[SCAM Alert] Coinbe Exchange Review

Centralized

[SCAM Alert] Coinbe Overview

  • Coinbe is a cryptocurrency exchange that seems to be based in Poland with a strong focus on Poland, although the Coinbe website is available in both English and Polish. A Coinbe exchange review shows that this digital asset exchange serves the cryptosphere via no less than 38 active markets. In addition, it seems that about half a million traders make use of the trading access to cryptocurrencies provided by Coinbe.

    The main cryptocurrencies available for trading at this crypto-asset platform is Bitcoin (BTC), Ethereum (ETH) and a currency with ticker symbol XIN. It is unclear whether XIN refers to the token used by Infinity Economics or Mixin in this instance. There are more than one cryptocurrency pair available for trading, but it is nothing to write home about. It seems that they have previously offered fiat-to-crypto currency options as well, but were forced to temporarily suspend those options.

    The cryptocurrency trading service provided by Coinbe is available 24/7. In addition, it seems to be a regulated exchange where anonymous trading is not available. From a security perspective, they seem to make use of cold storage or cold wallets. Furthermore, the trading platform they provide seem to be very basic and they don’t seem to offer any mobile apps.

    A Coinbe review shows that they aim to answer queries within 8 hours – way less than the 24 hours used as a standard elsewhere. They also seem to offer an affiliate program and a private API that allows for account management from external apps and scripts.

    The platform has a flat trading fee of 0.30%, which is slightly above the global industry average of 0.25%. The withdrawal fee is 0.0005 BTC however, as of April 2019 few users have been denied their request to withdraw their funds, which puts the user at risk when using this exchange and critically lowers the exchange’s reputation on security. Even though Coinbe claims to keep all funds in cold storage, as well as utilize a two-factor authentication system, which should be a strong feature for a well-equipped technology system in an exchange, recent complaints and experiences have all pointed to a direction suggesting that the platform isn’t quite secure and that there could be a risk in using it. 

    As for appeal and accessibility, the fact that the platform offers trading in certain altcoins such as OmiseGo and LoomNetwork might be attractive to certain cryptocurrency traders, however other than that the platform’s range in tradable currencies is not as impressive as it could have been. There’s also an opportunity for users to make a profit through the referral program, where you can earn money by bringing people on to the platform. A downside for certain users is that the platform requires ID verification, meaning that traders cannot trade anonymously, which was one of the original ideas of Bitcoin.

    [SCAM Alert] Coinbe Exchange Review, Trading Fees, Deposit and Markets

    • 24h Trading Volume

      NaN BTC

      • [SCAM Alert] Coinbe Total Trading Pairs

        N/A

        • [SCAM Alert] Coinbe Margin Trading

          No

          • [SCAM Alert] Coinbe Deposit fees

            Deposit fees can be found here: https://coinbe.net/strona/oplaty-prowizje

            • [SCAM Alert] Coinbe Trading fees

              0.1% - 0.3%

              • [SCAM Alert] Coinbe Fiat Deposit

                Yes

                • Accepted Payment Method

                  N/A

                  • [SCAM Alert] Coinbe Native token

                    Yes

                    • Native token smart contract

                      N/A

                      • [SCAM Alert] Coinbe Trading Markets
                        • [SCAM Alert] Coinbe Stablecoins trading

                          N/A

                          [SCAM Alert] Coinbe Withdrawals

                          • Daily Withdrawal Limit

                            /

                            • [SCAM Alert] Coinbe Withdraw fees

                              BTC - 0.0005 BTC BCH - 0.001 BCH ETH - 0.005 ETH Full list of fees can be found here

                              • [SCAM Alert] Coinbe Withdraw fees discount

                                Lower fees for higher monthly trading volume. Details can be found here

                                • Proof of Reserves

                                  N/A

                                  [SCAM Alert] Coinbe Exchange Rating Analysis

                                  Last edit 13.09.2019

                                  • Coinbe is a polish exchange, which, after thoughtful consideration, we believe to be at best a very poorly run exchange with no regards to customer needs and at worst an outright malicious team intentionally trying to steal funds from users. The site itself is very poorly structured, with poor english combined with polish at some places, preventing users from understanding basic usage of the exchange. The exchange allegedly offers trading cryptocurrency against fiat currencies, namely USD, EUR and PLN, although the process of providing bank account details seems impossible to understand for english speakers and we do not recommend it. After minimal analysis it is very clear most trading volume on the exchange is orchestrated by bots and is done to maintain ranking positions, while real users almost do not trade on the exchange at all. It also comes as no surprise the Coinbe team is nowhere to be found on the internet, our attempts to contact their support have failed, and there are reports online that the exchange has stopped honoring funds withdrawal requests, keeping user funds. To conclude, Coinbe does not bother to appear legitimate, displays all the wrong practices and we extremely recommend to avoid using the Coinbe exchange or entrusting them with any information or funds.

                                    [SCAM Alert] Coinbe Exchange Additional Information

                                      • [SCAM Alert] Coinbe Headquater

                                        Afghanistan

                                        • [SCAM Alert] Coinbe Establish date

                                          N/A