RESEARCH & ANALYSIS
FOR THE CRYPTO ECONOMY.

CoinsBank

CoinsBank Exchange Review

Centralized

CoinsBank Overview

  • Initially named BIT-X, the exchange went through a complete refurbishment and emerged as CoinsBank in April 2016 in Belize. CoinsBank only features four cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Ripple. The exchange aims to revolutionize the cryptocurrency trading industry through the features it offers. Its website welcomes the user with the phrase “all-in-one gateway to blockchain services”, hinting at the exchange’s purpose to innovate. One exchange review reveals that CoinsBank is owned by CB Exchange LP, and is headquartered in Edinburgh even though it is registered under the International Financial Services Commission (IFSC) of Belize.

    CoinsBank differentiates between fees for takers and makers. Their trading fees for takers are 0.50%, which is higher than the global industry average. Fees for makers are around 0.20%. They also charge a withdrawal fee of 0.0001 BTC. Fiat-crypto trading is available on this platform, enabling the exchange friendly towards new cryptocurrency investors. Deposits can be made through bank transfers and credit cards, as well as existing cryptocurrencies.

    CoinsBank supports a debit card that is connected to the users CoinsBank wallet, which can be used to combine cryptocurrency with daily life. CoinsBank offers a website that is designed in a modern and practical manner, which also supports a mobile app that can be downloaded on iOS and Android for those who prefer to trade on the go. Information about the information is not available on the website, and search engines only provide information about the CEO, Vitaly Andrusevich. The exchange is not necessarily transparent.

    The exchange uses two-factor authentication techniques (2FA) which include verification codes via email and SMS. Funds are stored in cold wallets to ensure maximum security. However, there have been many complaints about CoinsBank mishandling users’ cryptocurrencies. Some of the online complaints have been resolved by CoinsBank, however, customer service has not been as helpful with others.

    CoinsBank Exchange Review, Trading Fees, Deposit and Markets

    • 24h Trading Volume

      NaN BTC

      • CoinsBank Total Trading Pairs

        N/A

        • CoinsBank Margin Trading

          No

          • CoinsBank Deposit fees

            Deposit fees vary

            • CoinsBank Trading fees

              Taker fee 0.5% in any currency.

              • CoinsBank Fiat Deposit

                Yes

                • Accepted Payment Method

                  N/A

                  • CoinsBank Native token

                    No

                    • Native token smart contract

                      N/A

                      • CoinsBank Trading Markets
                        • CoinsBank Stablecoins trading

                          N/A

                          CoinsBank Withdrawals

                          • Daily Withdrawal Limit

                            varies

                            • CoinsBank Withdraw fees

                              Full list of withdrawal fees here

                              • CoinsBank Withdraw fees discount

                                None

                                • Proof of Reserves

                                  N/A

                                  CoinsBank Exchange Rating Analysis

                                  Last edit 28.11.2019

                                  • CoinsBank is a Belize based exchange, offering users the option to fund their account using crypto or fiat, with a bank transfer or credit card. The exchange is rather experienced, having been launched in 2014 as BIT-X and since rebranded to CoinsBank. Their site is very easy to use and intuitive, has all the security measures standard in the industry, and their exchange engine seems to be working as intended and attract sufficient liquidity from traders.

                                    The bad news is that both the Risk and Team factors are looking very bad for CoinsBank: there is essentially one team member discoverable online, Vitaly Andrusevich, and the only information about him available online is a few Instagram photos driving luxury cars and enjoying himself in Dubai. Aside from him and some mentions of a former CEO by the name of Ronny Boesing, we could not found anyone else who works at CoinsBank. The worrisome Risk factor comes from endless scam accusations online by multiple users, most of them having to deal with the exchange's fiat depositing or withdrawing mechanisms, with users accusing the exchange of not honoring withdrawals or having deposited and not having it reflected on the exchange.

                                    To conclude, the CoinsBank situation is ambiguous: on the one hand, the exchange performs well, attracts many traders and allows for credit card and fiat funding, but on the other - there seems to be significant risk associated with entrusting the exchange with funds.

                                    CoinsBank Exchange KYC and AML

                                    • CoinsBank Exchange KYC and AML

                                      Valid passport or government issued identification card

                                      CoinsBank Exchange Additional Information