CoinBene Exchange Review

/CoinBene Exchange Review

CoinBene Exchange Review 2018-07-25T11:34:18+00:00
CoinBene Exchange Review

Quick inner navigation:

  1. What is CoinBene?
  2. Trading on CoinBene
  3. CoinBene Verification
  4. Is CoinBene Safe?
  5. How to use CoinBene
  6. Our Rating for CoinBene

CoinBene Exchange Review & Guide 2018

Of late, there is an exceptionally high interest in cryptocurrencies. Bitcoin investment rate is surging and the demand for safe and secure exchanges to facilitate the purchase of cryptocurrencies is at an all-time high.

Dozens of crypto exchanges are launching weekly and investors are spoilt of choices. CoinBene is one of the rising cryptocurrency exchanges, currently ranked among the top 20 most popular altcoin exchanges on Coinmarketcap.

While there are many trading platforms around the world, few of them offer the quality of services traders expect. With so many exchanges closing down due to mismanagement, poor reviews for poor customer reviews and technical issues, only the very best managed exchanges earn the loyalty of traders. Read a review of Coinbene below.

What is CoinBene?

Established in November 2017 and based in Singapore, Coinbene is one of Asia’s most secure trading platforms. The exchange was formed as a result of three companies merging to create one large and properly managed cryptocurrency exchange. The platform offers a user-friendly platform with a wide range of trading pairs coupled with exchange interface similar to those of other trading platforms.

CoinBene supports up to about 7 languages around the world but the primary language used on the exchange is Chinese. The remaining languages are English, Chinese, Portuguese, Spanish, Malay, Vietnamese, and Korean, all that can be accessed at the top right corner of the website. This allows users around the world to make an efficient use of the exchange in a language they are fluent in. Although no registration or regulatory information about CoinBene is provided, their office is located at 1, Coleman Street, The Adelphi, in Singapore (179803).

Supported Countries

Coinbene is an established exchange with 0.9 million registered members from more than 150 countries. The exchange boasts of daily transactions of $500 million every day.

Trading on CoinBene

Coin Bene offers a web-based trading platform that can run on internet browsers and can be used on different devices and operating systems. The trading platform provides user-friendly features that are similar to those of other platforms allowing users to find information accordingly.

CoinBene Supported Currencies

There are three main trading pairs on the exchange: Bitcoin (BTC), ethereum (ETH), and Tether (USDT). Deposits can only be made using the currencies. However, there are more than 80 cryptocurrency pairs for trading including BCD/USDT, CS/ETH, ATX/BTC, ABT/USDT, NPXS/ETH, ZGC/BTC, and many more. CoinBene only makes cryptocurrency exchange only. Fiat deposits are not accepted.

CoinBene Fees

For every trade placed on the CoinBene trading platform, a trading fee of 0.1% is charged. Deposits are free but traders must pay miner’s fees. Although the platform failed to state the exact charges for each cryptocurrency, they stated that user’s withdrawal is confirmed after at least 24 blockchain confirmations which can take up to about 48 hours. Furthermore, users review has confirmed that CoinBene offers extremely high withdrawal fees in contrast with other exchanges such as Binance.

CoinBene Verification

CoinBene is a secure as well as a trustworthy cryptocurrency assets exchange secured with SSL encryption. It has a simple and easy verification process during signups that involves the provision of a valid email address and password. The first security step involves the verification of email address supplied by the user while the second involves the activation of the “Google Two-Factor Authentication” (2FA). The second step is done in order to send a code which changes every 30 seconds to the user’s phone whenever a login process is initiated using the Google Authenticator app. As a result, an extra security layer is added to the password.

Prior to any withdrawal request, KYC verification is required. The verification process involves uploading a valid government-issued identity card including international passport or driving license. All these verification processes are required to curb fraud and secure the users’ fund and the exchange.

CoinBene Special Features

  • Coinbene Apps

CoinBene features an app for both Apple and Android devices that can be downloaded on the CoinBene website via the “Download APP” page located on the main navigation bar. Users will be directed to a page with links for Android as well as a QR code to scan for Apple.

  • Coinbene Coni Token

CoinBene offers a crypto token known as Coni which can be stored in the CoinBene wallet. Holders of Coni are awarded multiple benefits that include a 40% share of the exchange’s net profit on a weekly basis or every month and 70% discounted trading fees. Coni is an ERC20 coin with a market supply of 1 million.

Out of the total volume of Coni, 10% is allocated for investment protection fund, 10% for marketing, 30% is reserved for an airdrop to the crypto community, while 40% is held by the team for technical maintenance, feature development, CoinBene upgrades, and research support. According to CoinBene team, the team held-portion of the Coni will not be released at once, but gradually by percentages including the release of 10% a year later, 20% between 2-4 years later and 30% five years later.

Is CoinBene Safe?

This is a question bothering the heart of many users and potential users. The simple answer to this question is “YES”. CoinBene has successfully positioned itself steadily among top 20 exchanges by the 24-hour trading volume.

  • Community Trust – are they reputable?

CoinBene is a world-renowned exchange with lots of both positive and negative reviews online. The verification process is long and tedious and has attracted CoinBene lots of negative reviews. The company’s English support is also poor but that does not make them illegitimate. There are lots of positive reviews about the company, most of them stemming from the ease of use and low trading fees.

  • Customer Support

The CoinBene Company offers an email address for support. For quick answers regarding signup, how to trade, how to make a deposit, withdrawal, and account creation, the platform features an “FAQ” section (Frequently Asked Question). On this platform, phone number for phone support that serves as the fastest means of getting help is unavailable. However, another support such as social media support is available including Telegram, Twitter, WeChat, and Weibo.

Although CoinBene has a lot of satisfied customers, there are complaints about the email support which is inefficient and very slow and sometimes it may take days before a user can get a response from the support via mail.

  • Handling Speed

Generally, Coinbase may take several minutes, hours or days to complete the user’s payment. First withdrawal requires KYC verification and may take days before a user is confirmed and allowed to make a withdrawal. This means that personal details including email, passwords, identity cards (government issued) are required. As a result, users can lose precious trading time while trying to meet up with the platform requirements.

How to use CoinBene

  • Step 1: Account Creation

Account creation on the exchange is a relatively easy process. Click on “Sign Up” at the upper-right corner of CoinBene homepage. A page will pop up containing a form to fill out your email address and password. The default sign up involves the use of an email and you can also sign up using a cell phone. This can be done by selecting “Cellphone” below the blue “Sign Up” button.

  • Step 2: Verification

The password must include letters and numbers ranging from 6 to 20 digits. Users will be notified of the password strength as they create their desired password so as to adjust if need be. For verification, a mail will be sent to the email address provided, click on the link to verify your account and you are ready to trade on the platform.

  • Step 3: CoinBene Deposit

Making a deposit on Coin bene is easy. Log into your account and go to the left side of your account page. Click on “Settings” and make sure that you have done the double verification process of setting both the email and cellphone. Below “Settings” on the left side of the page is “Deposit”, Click on the link and out of the drop-down menu select the token as desired for deposit. A page containing a deposit address listed out and its QR code will be displayed. Either of the two mentioned earlier can be used to make a deposit of your desired amount into CoinBene wallet.

Note that it is important to only deposit the coin you have specified to its respective address as CoinBene will not be responsible for the accidental deposit of the wrong cryptocurrency which may result into a loss of funds. For Withdrawal, the “Withdraw” option is located directly below the “Deposit” option under “Assets”.

CoinBene Review Summary

Although CoinBene is a new start-up exchange platform, their trade volume is very high. They offer a modern and packed platform that feature the necessary tools to put smiles on users faces with a lot of cryptocurrency pairs for trading. However, despite the complaints on some crypto forums, no hacking report has been made so far, meaning that the website security is a standard one.

The platform offers little information on their website as regards how they intend to provide security for users assets despite their claim to be a secure cryptocurrency asset exchange. Also, they fail to disclose the full company details, regulatory information, key officers and co-founders.

Phone support is unavailable while email support is inefficient and slow. This may be due to the high rate of influx, keeping their support team busy. As a result, a lot of users claimed that the exchange platform is a scam.

Nevertheless, these claims don’t change the fact that CoinBene offers much better services compared to many other popular exchanges out there. Therefore, CoinBene exchange platform seems like a viable and an ideal option if you ever feel the need to change your exchange platform. In spite of this, it is important to read the platform’s terms and condition before signing up and embarking on crypto trading.

Thanks for stopping by, we hope the information is helpful, don’t hesitate to check out some more cryptocurrency contents on our website.

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