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CoinsBank Review - is it scam or safe?

CoinsBank Review - is coinsbank.com scam or good cryptocurrency exchange?

RATING: 3 / 8 REVIEWS CoinsBank

RECOMMENDED BITCOIN BROKERS


Trading Accounts 

 

Account type Minimum deposit Minimum trade size Trading Fees
Standard 0.0001 BTC/0.001 LTC* 0.001 base currency 0.5%

 

*Depends on the funding method.

 

Like most other digital currency exchanges, CoinsBank has one type of account with no margin trading option. Some requirements for minimum deposit apply, depending on the funding currency (fiat and crypto) and method, as well as for minimum trade size. Many other crypto-exchanges have not set such requirements, however CoinsBank offers some nice extra services such as a wallet and debit cards directly connected to clients’ accounts.

 

There is two-factor authentication with CoinsBank - the higher the verification level you have, the higher maximum transaction limits on your account. You can be trade anonymously with CoinsBank to a limited extent, that is if you limit your use to the no-name card service. By the time of writing this review, however, this service is temporarily unavailable.

 

The Company. Security of Funds

 

Company Country Regulation
XBIT LTD. Belize, UK IFSC

 

CoinsBank was initially named BIT-X, but in April 2016 has undergone a complete redesign and emerged again renamed as CoinsBank. It is all-in-one gateway to blockchain services, as it offers a crypto-exchange, a wallet, and cards, as well as blockchain cruises. We will not comment on the latter, however, although CoinsBank promotes itself as “a Blochain bank of the future”, it is no bank for sure. Banks worldwide are subjected to governmental licensing and supervision and must comply with strict regulatory requirements for minimum capital, financial reporting, etc.

 

CoinsBank, on the other hand, is “licensed” in Belize as a service provider for trading in securities (XBIT LTD), which is by no means a proper regulation. It appears to be headquartered in Scotland, UK, but the company operating its website, CB Exchange LP, is only registered there and not overseen by the Financial Conduct Authority (FCA) or another agency. Indeed, the FCA currently does not oversee UK crypto-exchanges, although some of them are licensed in the UK as payment services.

 

So, the fact that CoinsBank is not regulated is generally not a big issue, as this is the case with most crypto-exchanges worldwide. Nonetheless, if you would rather invest with a company that is properly licensed, you may also trade in cryptocurrencies with forex brokerages.

 

>> See our list of regulated bitcoin forex brokers <<

 

A fact worth noting is that to this date, CoinsBank has not been hacked. As regards user reviews on the exchange, they are a mixed bag.

 

Trading Conditions

 

Trading instruments (cryptocurrencies)

With CoinsBank users can trade Bitcoin (BTC) and Litecoin (LTC) against “traditional” (fiat) currencies, such as USD, EUR, GBP, CHF, AUD, JPY, and RUB. The LTC/BTC pair is also available for trade, however, currently it is the last traded on the exchange, according to CoinMarketCap.

 

Such cryptocurrency portfolio seems quite limited, given the fact that most exchanges offer more alcoins – for example Kraken, one of the biggest venuwe, currently supports around 15 digital currencies, and Liqui – more than 190. At CoinsBank you can’t even buy or sell Ethereum, one of the most popular cryptocurrencies.

 

Minimum trade size and initial deposit

As we have mentioned, CoinsBank requires a minumum initial investment of 0.0001 BTC/0.001 LTC or a certain amount of fiat, which depends on the funding method. For deposits via bank wire, the ionitial investment required is 500 EUR, CHF, AUD USD, GBP or 50000 JPY. For deposits via e-payment systems, the required initial amount is significantly lower: 20 EUR, USD via Perfect Money and Epay, 10 EUR, USD or 1000 RUB via Qiwi.

 

As regards the minimum trade size set by CoinsBank, it is 0.001 of the user’s base currency.

 

Leverage

Like the majority of cryptocurrency providers, this one does not support leveraged trading either. If you need to geer-up your trading, other crypto-exchanges, like Kraken provide leverage. Furthermore, there is a growing number of forex brokers that offer speculative margin trading in Bitcoin CFDs.

 

>> A list of brokers offering Bitcoin margin trading <<

  

Fees

Unlike other cryptocurrency exchanges, CoinsBank charges a “flat” fee of 0.5% per trade, irrespective of the pair being traded, the volume, and whether the user is a market “taker” or “maker”. This seems a bit unfair to us, and what is worse, such fee is a bit too high, as the industry average is around 0.20% – 0.25%.

 

By comparison, UK exchange Bitlish charges only market takers with a fee from 0.2% per trade.

 

Trading platform

 

Like most digital currency exchanges, CoinsBank has a relatively simple to use online platform. It is it easy to manage orders and monitor real-time exchange data, however logging in requires your mobile phone number, password, and a confirmation code. Most exchanges provide a preview and tp log in, one must simply enter an email address.

 

 

 

One of the main advantages of CoinsBank is that it also provides mobile apps for both Android and iOS, which have decent ratings.

 

Methods of payment

 

CoinsBank supports Bitcoin and Litecoin transfers, bank wire (including SEPA), and several e-payment systems such as Qiwi, Perfect Money, Epay and OKPay. User-to-user transfers are also allowed (a fee of 0.01 per fiat currency transfer applies).

 

Deposits in LTC and BTC are free, while withdrawals are charged with 0.5% fee. Withdrawals via bank wire have a fee of 1%, and deposits are free. On the other hand, charges apply on all transfers via e-payment systems, deposits included.

 

Speaking of payment methods, we should also mention the convenient CoinsBank debit card, issued by Wave Crest. It has three-level daily ATM withdrawal limits according to different KYC verification levels and a separate fee structure. There are both plastic and virtual CoinsBank cards.

 

Conclusion

 

CoinsBank (formerly BIT-X) has some distinct advantages over a number of crypto-exchanges: it accepts a number of fiat currencies, supports various payment methods, SEPA included, and also offers CoinsBank debit cards. Also, it has developed mobile apps for those investors who prefer to trade on the go. However, must be kept in mind this exchange is registered offshore, which always makes matters seem shadier. Besides, the crypto-offering of CoinsBank is limited to BTC and LTC and the fees that apply to trades and deposits/withdrawals are a bit high.

 

Pros

Cons

Payments in fiat currencies

Unregulated exchange registered Offshore

A lot of payment methods supported

Flat trading fees above the average

Mobile apps offered

Only BTC and LTC available for trade

CoinsBank debit card

 

 

Latest news about CoinsBank
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Traders` reviews for CoinsBank

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Coins Bank is a Scam

Just logged into my account after about a year of inactivity, simply holding my crypto there.
I discovered they had been charging a $40 "non activity account fee" with no email notifications of these bogus charges either. Complete scam!

Zero stars!

Julian Cook 04/03/2019

Scam activity from bank's side.

They took my money. Let me present my story, after examining my account this morning.

Please see the transactions below:

I. transactions.statuses.
01.03.2019 06:05
-0.01143765 BTC
BTC 1
Monthly fee for account inactivity

II. transactions.statuses.
01.02.2019 17:31
-0.01683235 BTC
BTC 1
Monthly fee for account inactivity

III. Trade
08.12.2017 15:46
0.00157 BTC
BTC 1
Trading

IV. Trade
08.12.2017 15:44
0.0267 BTC
BTC 1
Trading

Trade III and IV occurred in December 2017. And it was a result of deposit of additional funds to the CoinBank.
January and February they charged all my deposit holdings for inactivity.
In year 2017 and 2018 they did not charged my account for inactivity. Now it is zero BTC on my account. They started to make this charge from the beginning of year 2019.
I did not received any notification regarding future charges.

I strictly recommend to check your funds in CoinsBank.
There is no guaranty that this guys did not put their hands on it without notifications.

Offcourse, Coinsbank cannot be used as a wallet since they may charge all your funds in two month.

COINSBANK is SCAM!

Bank's Client 03/03/2019

icrytionaire and Central Coins Bank and Mellinium FX

All these have just scammed me in the last few months
Hope they all burn in hell

I have sent full reports to Scam Watch and other Financial watch dogs etc FBI

Mongrel Bastards

If you want full report Pls contact me

Bart Kapteyn 12/30/2018

reliable

Yes, perhaps expensive, but reliable. Traidil has been here for many years and I will continue because I know that at least with my money no one will close.

Aleksander 10/19/2018

Fees, fees everywhere

this site is too expensive to trade on. you pay fee when you are market maker, you pay fee if you are market taker, you want your bitcoins out? fee. you want your money out? 1% f***** fee.

i recommend you to avoid this exchange

no 10/18/2018

Oh My God !!! Coinsbank

I cant give it No Stars, So I had to give it 1 star, even though they dont deserve 1 star.
There support people, In short totally suck, they dont have a clue, and I have had now, 8 emails, all tech support responses, seem to be coming from young kids, with a sentence no longer than 5-6 words as there technical support response.


My issue is I wanted to turn off 2 Factor authentication, and re-enable it, so that I can write down the back code, in case my phone is lost, or stolen,....To shut off 2 Factor Authentication, they confirm with an SMS text message, before you can be allowed to shut it off, Well I never receive the SMS Text message that has their code in it, so that I can shut off 2 Factor Authentication.

I am besides myself on how bad their support is, with the last 7-8 email replies....

I dont recommend for anyone to use Coinsbank if your serious about crypto investing, exchanges or such, If they are this bad on something simple, what happens if you have a financial issue with your account. with them.

Ron 02/24/2018

Expensive

BTC withdraw fee is 0.005 BTC!!

Alex 02/21/2018

You are harassing me

You seem to have got hold of my PRIVATE mobile details. I have trawled through endless websites telling me all sorts of wonderful things. With a bit of basic research it is very clear to me that you are not what your advertising. Aside from this I did not and would not have ever registered anything with you so I would therefor request that you remove me from your hate list and stop harassing me. ANY company that uses AI to cram texts into phones at the ludicrous rate is not a company I want to deal with. Remove me or I will be taking action to ensure that this won't happen again. Thank you in anticipation of your help.

Matthew King 01/09/2018
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