de | cn | ru

Coinbe Review - is it scam or safe?

Coinbe Review - is coinbe.net scam or good crypto-exchange?

RATING: 2.3 / 8 REVIEWS Coinbe

RECOMMENDED BITCOIN BROKERS


 

Trading Accounts and Conditions

 

Account type

Deposit fee*

Trading fee

Withdrawal fee

Standard

1.8% -1.9%

0.1% - 0.3%**

2 PLN / 0.0005 BTC

 

* Only for Dotpay.pl & Homepay.pl.

** Trading fees depend on the monthly trading volume. Withdrawal fees also apply (0.0005 BTC).

 

Coinbe (formally Beatcoin) is a Polish exchange that generally offers offers both fiat-to-crypto and crypto-to-crypto trading. Unfortunately, its fiat operations are temporarily suspended due to regulation issues.

 

 

Coinbe Advantages

 

Fiat currencies generally supported, several payment methods accepted

Generally, Coinbe supports several “traditional” currencies: PLN, USD and EUR. Working with fiat currencies is an advantage as it allows investors buy Bitcoin directly with cash (or cash out their coins), using convenient payment methods such as bank wire transfer. Coinbe supports bank wire payments, as well as Dotpay, Homepay, and of course, blockchain transfers.

 

Unfortunately, as we said in the beginning, fiat services at Coinbe are temporarily suspended.

 

Many coins available for trade

Coinbe has listed many altcoins, including Ethereum, Ripple, Litecoin, Dogecoin, EOS, Dash, Bitcoin Cash, NEM, Monero, Lisk, Waves and others. Although its cryptocurreny portfolio is not as extensive as those of, say, Binance, it is quite solid for a rather small local exchange.

 

Besides, wallet service is also available at Coinbe.

 

Security

Coinbe claims that it keeps all funds in cold wallets. These wallets tend to be more secure since private keys are stored offline and are less vulnerable to hacks.

 

Coinbe Disadvantages

 

Relatively high fees

The trading fees at Coinbe are higher than what we are used to seeing at other exchanges. Those who don’t trade in large volumes are charged with 0.3% per trade, while many exchanges charge 0.1% - 0.2%. For example, trading fees at major Polish exchange EasyCoin have a maximum of 0.16%.

 

Besides, Coinbe charges deposit & withdrawal fees, and has set minimum withdrawal amounts (see the table in the beginning).

 

Trading only against BTC (currently)

As trading in fiat currencies is temporarily suspended, PLN Markets on Coinbe’s platform are not open and one can only trade the listed cryptocurrencies against Bitcoin.

 

Focus on Poland

Obviously, Coinbe targers mainly local investors, as its website and platform are available only in Polish. Most exchanges are more globally oriented.

 

Margin trading not available

Coinbe does not offer leveraged trading, which is not unusual for a crypto exchange. Perhaps most exchanges do not provide leverage as cryptocurrencies tend to be much more volatile than the established traditional ones. If you need some leverage, Polish exchange BitMarket offers ratios of 1:4. Forex brokers are also an alternative, as many of them offer trading in Bitcoin CFDs with even higher leverage levels.

 

>> Brokers offering margin Bitcoin trading <<

 

No anonymous trading

ID verification is required at Coinbe, which means that its clients are not able to trade anonymously, which was one of the initial ideas of Bitcoin.

 

Trading platform too basic, no mobile apps

Coinbe’s trading platform is web-based and easy to use, but lacks any advanced features. Its charting is very basic, there are no technical analysis tools, nor mobile apps.

 

 

Conclusion

 

A Polish crypto-exchange, Coinbe offers trading in quite a lot cryptocurrencies. It seems to target mainly local novice crypto traders, as its platform is very simple and generally it works with fiat currencies. However, the latter service is temporarily suspended, after in mid-February, 2018, the Polish Financial Supervision Authority (KNF) issued warnings against two major Polish cryptocurrency exchanges. These are BitBay and Abucoins, and KNF said that they don’t have licenses for providing payment services and/or issuing electronic money.

 

In Poland, as in most countries, there is no specific legislation regulating cryptocurrency exchanges, but apparently they fall under the Payment Services legislation. The company operating the Coinbe exchange, Beatcoin.pl Sp. z o. o., is registered in Poland, but is also not regulated. If you wish to trade Bitcoin and other altcoins with a regulated company instead, check out a list of forex brokers that are duly licensed by the respective financial watchdogs.

 

>> Licensed forex brokers offering Bitcoin<<

 

Pros

Cons

Fiat currencies generally supported

Relatively high fees

Several payment methods accepted

Trading only against BTC (currently)

Many coins available for trade, wallets

Focus on Poland

Security

No leverage available

 

No anonymous trading

 

Trading platform too basic, no mobile apps

 

Latest news about Coinbe
No news about Coinbe. Check back later.
Forex
Broker Country Regulation Min deposit Max payout Review
Australia ASIC $50 88% Review Website
Cyprus CySec $200 89% Review
Cyprus CySec €100 85% Review

Traders` reviews for Coinbe

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

No way to withdraw

This place is not serious, not professional. They are thieves, no way to withdraw your coins, never use this lame exchange.

Fabian Moses 02/12/2019

Coinbe is a Scam!

Funds In; No Funds Out!
NO SUPPORT; EMAILS IGNORED!
You cannot withdraw your coins!
You WILL lose your coins!
DO NOT USE COINBE!!!!

Garth Wilson 02/08/2019

What’s happening with my withdrawal?

Trying to get BTC out, still says “Processing “ after 24 hrs, reading the comments below I don’t think this might happen now. When I asked a question about my account through the “contact” tab, I got a reply within 20 mins.
But now I have asked about my withdrawal and after 24hrs still no reply.
Please, please do not allow your altcoins to be on this exchange if you are a new project, it will only hurt your brand.

Brian Murray 02/02/2019

Coinbe.net scam - i can not withdraw

I have deposit my coin to coinbe.net and i withdraw to BTC. But they have not process my withdraw transaction. I have try to contact to company, but contact link have no permission to contact. I try contact to coinbe page in facebook and try to send message, but they block my facebook. After 10 day, i can not withdraw my BTC. I see coinbe.net are scam now.

Doan Si Tuan 01/27/2019

100% Scam

You loose your funds in the moment you deposit them. When you try to withdraw them, they find excuse to block them. Go to other Excahnge!

Frank Tzegh 01/11/2019

Crap! What happened!

REALLY hard to figure out how to get my coins out! Codes are not working or they're not the right ones. Bummer. Glad it's a hundred bucks and not a thousand. If I can get out of here I won't be back.

Al 12/16/2018

Coinbe Withdraw funds

Very difficult to withdraw funds and easy to deposit funds I feel my funds are trapped on the exchange

Ken Thomas 09/21/2018

Scam exchange

When you try to withdraw your coins disappear

Achan Kenji 08/12/2018
de | cn | ru