Coinbit is a cryptocurrency exchange registered in one of the world's leading cryptocurrency trading countries, South Korea, and is a relatively new player in the market.
Launched in July 2018, Coinbit claims to be the “most trusted cryptocurrency exchange” as shown on the home page of its website. It boasts innovative advantages, along with its trading features. This is a platform for verified members only, so users need to register to be able to trade for Coinbit.
The exchange supports both fiat cryptocurrency trading and cryptocurrency trading. This makes Coinbit an entry-level exchange as new investors in cryptocurrency can trade fiat currency to start trading cryptocurrencies.
Fiat deposits can be made through bank transfers, however this must be done in the Korean currency KRW. Other forms of fiat currency will not be accepted on Coinbit, which shows that the exchange is mainly aimed at Korean users.
While this is the case, it is an undeniable fact that Coinbit has made efforts to attract more non-Korean users, though mostly orientated Asia. Its interface is available in Korean, Japanese, Chinese and English, and there is also a mobile app that can be downloaded on Google Play.
In any case, the exchange qualifies as an “entry-level exchange”, which allows new crypto traders to take their first steps into the world of cryptocurrencies on this platform. Deposits with a credit card are not possible, however.
In addition, it's worth noting that Coinbit support services are open 24/7. This is naturally very useful for any traders in need of urgent support.
Coinbit charges a withdrawal fee of 0.001 BTC upon withdrawal of BTC. This is slightly higher than the industry average, as the industry average is 0.000812 BTC per withdrawal.
The exchange has a fixed trading fee of 0.10%, well below the global industry average of 0.25%. This gives the platform a significant competitive advantage over platforms with higher trading fees.
To ensure increased security, Coinbit has a KT CLOUD system to provide a stable trading environment. In addition, they have PETRA security control service for WINS coins, to comply with crypto-asset security measures.
There have been no security issues with Coinbit yet, however it is important to remember that users should be very careful when using exchanges that are only a few years away from the moment they were launched.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.