RESEARCH & ANALYSIS
FOR THE CRYPTO ECONOMY.

CoinBene

CoinBene Exchange Review

Centralized

CoinBene Overview

  • CoinBene, one of the top 10 cryptocurrency exchanges by trading volume, is available in a 150+ countries and in various languages, including English. This leading crypto asset platform is based in Singapore. It serves the crypto community via 192 markets. A CoinBene exchange review shows that there are 170+ digital assets listed and available for trading.

    CoinBene seems to take a proactive approach when it comes to security. For example, a series of 51% attacks elsewhere has prompted them to act. A CoinBene exchange review reveals that they have signed a strategic technology partnership with Komodo. This was done to prevent 51% attacks and improve overall security of the crypto ecosystem. This is done through the implementation of parts of what Komodo has to offer in terms of security. Komodo is a blockchain-based platform that provides security, scalability, interoperability and adaptability. The latter uses proprietary technology called delayed Proof of Work (dPoW) that makes it possible to harness the security offered by the Bitcoin network.

    A CoinBene exchange review also reveals that they have their own native ERC20 token, namely Coni (Ticker symbol: CONI). It is limited to a total supply of 1 billion CONI tokens. Holders of Coni qualify for 40% profit sharing, exclusive discounts on the trading fee of up to 70% and other benefits. Another neat feature offered by CoinBene is a self-service listing model where interested projects can complete the listing process at CoinBene themselves. CoinBene introduced this self-service listing model to ensure greater efficiency, more transparency and better service. This provides a straightforward process for high-quality projects to get listed.

    CoinBene supports a flat trading fee of 0.10%, which is significantly below the global industry average of 0.25%. This gives CoinBene a competitive advantage as low trading fees render the exchange more attractive to the average user. Fiat-crypto trading is not available on this platform, hence new cryptocurrency investors will have a more difficult time trading on this exchange.
    The interface of CoinBene’s website is relatively easy to use, and it features multiple language options, such as Chinese, English, Vietnamese, Portuguese, Spanish, Malay and Korean. The website is designed in a manner simple enough for any user to navigate it easily. The exchange is also supported by a mobile app, for those who prefer to trade on the go. It is very easy to sign up for the platform, as there is a guideline taking the user through the sign-up process on the platform’s sidebar. All of these features render the exchange user-friendly and allow for CoinBene to gain a global standing in the industry.
    Additional security is provided with the use of Google Authenticator, which can be downloaded both on your laptop and your mobile. Once activated, Google Authenticator will send a code to your device to verify that it is indeed the user itself who is trying to access the account.
    One of the biggest disadvantages that the exchange has is regarding its transparency. There is not much information about the team behind the exchange on the internet, including their own website. Since their website is quite simple, it does not contain any information regarding the people behind CoinBene. Though there haven’t been any significant problems concerning CoinBene’s security, the fact that there isn’t any transparency could lead to certain problems in the future.

     

    CoinBene Exchange Review, Trading Fees, Deposit and Markets

    • 24h Trading Volume

      92927.189 BTC

      • CoinBene Total Trading Pairs

        209

        • CoinBene Margin Trading

          No

          • CoinBene Deposit fees

            Free

            • CoinBene Fiat Deposit

              None

              • Accepted Payment Method

                None

                • CoinBene Native token

                  Yes

                  • Native token smart contract

                    N/A

                    • CoinBene Trading Markets
                      • CoinBene Stablecoins trading

                        CoinBene Withdrawals

                        • Daily Withdrawal Limit

                          /

                          • CoinBene Withdraw fees

                            N/A

                            • CoinBene Withdraw fees discount

                              Pay with CONI

                              • Proof of Reserves

                                N/A

                                CoinBene Exchange Rating Analysis

                                Last edit 18.07.2019

                                • Coinbene is a Chinese-operated and Singapore-based crypto-crypto exchange, offering reduced fees upon using the exchange’s own token, CONI, and which at some point was the top exchange by trading volume on many cryptocurrency trackers. While the volume that the exchange reports is very high, it is estimated that most of it is faked by the exchange itself using wash trading to inflate the actual numbers and attract users to the exchange. This is quite effective, and aside from the wash trading Coinbene does have a substantial user base that trades on the exchange. No KYC is required to start trading (up to 2 BTC daily withdrawal limit, same as Binance) made possible by Singapore’s flexible cryptocurrency ecosystem. Aside from these benefits, Coinbene has actually been involved in less-than-flattering affairs in the past, such as sexual harassment allegations towards the CEO (who it is now impossible to find online, and to determine if he still works at the company), Unprofessional listing processes, with projects such as ARK paying the absurdly high listing fees then encountering a team incapable of handling technical problems, and security issues with users complaining that login credentials could be easily stolen in the process because the eexchange does not utilize proper encryption methods. To conclude, while Coinbene is home to significant trading volume and an intuitive interface, the exchange has a not-so-flattering track record and lacks transparency in its operations and the team behind it.

                                  CoinBene IEO launchpad

                                  Stage Start date End date Fundraising
                                  W12

                                  W12

                                  Aug 1, 2018 - May 13, 2019 $11.25M

                                  CoinBene Exchange Additional Information