Coinbit Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- Proprietary platform
- Korean won, low fixed fees, high level of data and funds security, no investment opportunities, and no affiliate program
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- Proprietary platform
- Korean won, low fixed fees, high level of data and funds security, no investment opportunities, and no affiliate program
Our Evaluation of Coinbit
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Coinbit is a high-risk cryptocurrency exchange with the TU Overall Score of 1.63 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Coinbit clients on our website, Traders Union expert Anton Kharitonov does not recommend working with this broker, as, according to reviews, most clients are not satisfied with the broker. Coinbit ranks 185 among 172 companies featured in the TU Rating, which is based on the evaluation of 100+ criteria.
The Coinbit cryptocurrency exchange is a popular platform with comfortable terms for exchanging and trading cryptocurrency. There is a typical trading terminal (as well as mobile versions) and commissions are only 0.10%. The exchange is not focused on novice traders, as there are no training or demo accounts. Also, it is not suitable for investors, since it doesn’t offer passive earning options. The Coinbit exchange gives all the opportunities for successful trading by active traders.
Brief Look at Coinbit
The Coinbit exchange is a South Korean platform for exchanging and trading cryptocurrencies. It is widely known in Europe due to its convenient trading terminal, a large number of assets, and profitable commissions. Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, Enjin Coin, ELF, and dozens of other cryptocurrencies are traded on the exchange. Only the South Korean won is represented as fiat. All cryptocurrencies are traded against Bitcoin and the won. The cryptocurrency exchange doesn’t offer referral and investment programs because there are no training courses or demo accounts. The website is focused on active cryptocurrency trading, characterized by large trading volumes, and mobile trading. Commissions are fixed. The exchange is protected by the ISMS security system.
- you can trade and exchange the most popular cryptocurrencies ;
- there are pairs with the fiat won (South Korean currency);
- large trading volumes with high liquidity;
- multi-cryptocurrency wallet with a high level of protection;
- advanced mobile trading applications for iOS and Android;
- fixed commissions that don’t depend on the trading volume;
- a news feed is integrated into the trading terminal;
- replenishment from most electronic accounts and wallets.
- no investment programs;
- no referral programs;
- no guides;
- no demo accounts.
TU Expert Advice
Financial expert and analyst at Traders Union
Cryptocurrency exchange Coinbit is owned by the South Korean investment company Axia and is headquartered in Seoul. It is one of the largest exchanges in the region and is widely known in other countries, especially in Europe. There are almost no traders from the United States since residents of the US cannot trade on this exchange (there are ways to bypass this restriction, however).
The exchange is officially registered (number 120-87-79307) and operates following the financial legislation of South Korea. It is characterized by high trading volumes and progressive growth, especially during the last two years. Users note the convenient interface of the web terminal and mobile applications, which are adapted for iOS and Android.
Coinbit has a solid privacy policy and the best protections for user data and funds. It uses the advanced information security management system ( Commissions are one of the key benefits of Coinbit. They are fixed for the taker/maker and don’t depend on trading volumes and other factors. The fee is 0.10%, plus withdrawal fees are standard. Based on the results of the Traders Union audit, the exchange's support service is highly rated. There is a multi-channel call center in addition to email. The website is optimal for experienced traders. Novice traders may feel the lack of guides, and there are no demo accounts. But there is also no minimum deposit either. The exchange is not suitable for investors, as it doesn’t provide investment portfolios.
Coinbit Summary
Your capital is at risk. Cryptocurrency trading can be extremely risky. Cryptocurrency trading can lead to large and immediate financial losses. The volatility and unpredictability of the price of cryptocurrency relative to fiat currency may result in significant loss over a short period of time. Transactions in cryptocurrency may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable. The nature of cryptocurrency may lead to an increased risk of fraud or cyber attack.
| 💻 Trading platform: | Proprietary TradingView |
|---|---|
| 📊 Accounts: | Standard |
| 💰 Account currency: | Cryptocurrencies, currencies |
| 💵 Replenishment / Withdrawal: | E-wallets and cryptocurrency |
| 🚀 Minimum deposit: | 1$ |
| ⚖️ Leverage: | 1:1 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | From 0 |
| 💱 Commission: | Market |
| 🔧 Instruments: | Cryptocurrencies, KRW |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | No |
| 📋 Orders execution: | n/a |
| ⭐ Trading features: | Korean won, low fixed fees, high level of data and funds security, no investment opportunities, and no affiliate program |
| 🎁 Contests and bonuses: | n/a |
Registration on Coinbit is free. The exchange doesn’t require the deposit of a certain amount of funds to start trading. You determine when and how much money to deposit. The site offers the use of any e-commerce channel to replenish the internal account and to withdraw funds from it. Other cryptocurrency accounts and e-wallets are popular. Deposits and withdrawals using bank cards are not available. The Coinbit account is multicurrency. You can store funds on it in all currencies that are traded on the site. Cryptocurrencies that are not available on the website will be equivalently converted into one of the cryptocurrencies traded on this broker. The exchange doesn’t provide a leverage function for trading. Technical support works twenty-four/seven, and phone support is in Korean, Vietnamese, and English only.
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Commissions & Fees
| Account type | Commission (minimum value) | Withdrawal commission |
|---|---|---|
| Standard | 0.10% per application | Yes |
There are no deposit fees on the Coinbit cryptocurrency exchange, no matter which channel you use. But there is a withdrawal fee. This fee doesn’t depend on the channel and the size of the amount withdrawn, but only on the brand of the cryptocurrency that you withdraw. Be sure to study the amount of the fee for each asset presented on the exchange in the corresponding section of the website or the application. For example, the fee is 0.001 BTC for Bitcoin. This is the market average. Please find a comparative table below:
| Broker | Average commission | Level |
|---|---|---|
|
$0.1 | |
|
$20 | |
|
$0.1 |
Investment Programs, Available Markets, and Products of the Crypto Exchange
The Coinbit cryptocurrency exchange doesn’t offer investment solutions. Traders can only earn by buying and selling cryptocurrencies. There are no options for passive earnings on the site.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Coinbit’s affiliate programs
There are no affiliate (referral) programs on the Coinbit cryptocurrency exchange. Traders are encouraged to invite new users to the site, but there are no rewards for doing so.
User Satisfaction