Coinsbit Fees and Minimum Deposit - TU Expert review
After considering a crypto exchange’s security, examining its fees is the next crucial step. Lower fees translate to higher potential profits. Newcomers to crypto trading may also want to consider the minimum deposit required to start trading, as they might prefer to begin with a smaller investment.
Traders Union analysts have assessed Coinsbit fees and minimum deposit requirements to help prospective crypto traders make informed decisions.
Short introduction of Coinsbit
The Coinsbit exchange is a platform for exchanging, buying, and selling cryptocurrencies. The company trades Bitcoin, Ripple, Litecoin, Bitcoin Cash, Ethereum Classic, and other cryptocurrencies. Defi coins are represented by Swipe, Loopeng, Republic, SushiTokerm, and Compound, etc. There are stablecoins. Coinsbit features crypto-fiat pairs with eight world currencies, including the US dollar and the Russian ruble. There is classic and advanced trading, trading through Metamask and OTC. Passive earning options include staking into blockchain projects and the ability to provide P2P loans. You can receive additional payments for participating in trading contests and the Bug Bounty Vulnerability Search Bonus Program. There is a three-level referral program, and you can enter your own coin on the platform.
👍 Advantages of trading with Coinsbit:
•the most popular cryptocurrencies are traded on this exchange;
•there are eight crypto-fiat pairs;
•there’s the opportunity to invest profitably in the blockchain;
•loans in crypto;
•convenient application for mobile trading;
•simplified and professional cryptocurrency trading;
•high level of security (cold storage and WAF);
•high productivity (up to 10,000 trades per minute);
•low but fixed commissions for trading operations;
•a platform for launching cryptocurrency projects.
👎 Disadvantages of Coinsbit:
•no call center;
•no training courses.
Coinsbit Commissions and Fees
Coinsbit charges fixed trading commissions of 0.2% regardless of the trading volume, position (taker/maker), and the selected market. There are no commissions for depositing funds (except for USD and some coins), but there are commissions for withdrawing funds. But they depend on the specific asset and most often do not depend on the withdrawal volume. For most assets, withdrawal fees are fixed, but they calculate the USD as a percentage.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | 0.2% per order | Yes |
A broker is an intermediary between a trader and an exchange. Therefore, brokers charge fees for their services. The fees may have different structure.
There are the following fees in the Crypto market:
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Spread – the difference between the buy and the sell price of an asset.
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Commission per lot.
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Commission per trade.
Broker fees may differ depending on the trading account type. For example, on some accounts spread is used as a trading fee, and on others – commission per lot.
Why is it important to consider the minimum deposit at a cryptocurrency exchange?
Accessibility: The minimum deposit helps traders determine if they can afford to start trading on an exchange.
Risk Management: Exchange-set minimum deposits ensure traders have sufficient funds to cover potential losses and fees, preventing financial overextension.
Platform Suitability: The minimum deposit amount can be an indicator of the exchange’s target audience and trading volume, aiding traders in selecting a platform aligned with their goals.
Cost Considerations: Assessing minimum deposit requirements helps traders account for trading expenses.
Are the fees and minimum deposit requirements at Coinsbit suitable for beginners?
Analysis of Coinsbit shows that the broker has a rather high minimum deposit. It could pose a problem for traders, who are only starting their path in trading. Nevertheless, the fees are low. Therefore, the broker will be a good choice for professional traders.
FAQs
Can the level of fees differ for cent and standard accounts?
Yes. On cent accounts, the fees are generally lower than on standard accounts.
Why do some brokers set a high minimum deposit?
Many companies with high minimum deposits are focused on working with professional traders with experience and large capital. Therefore, they set a high entry threshold.
What are non-trading fees?
Non-trading fees are the fees charged outside the trading process, for example deposit and withdrawal fee, inactivity fee, etc.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.