CoinsBank Exchange Review

/CoinsBank Exchange Review

CoinsBank Exchange Review 2018-05-22T15:49:27+00:00
CoinsBank Exchange Review

CoinsBank Review: Making blockchain services better?

Quick inner navigation:

  1. What is Coinsbank?
  2. Is Coinsbank safe?
  3. Coinsbank fees
  4. How to use Coinsbank
  5. Payment methods
  6. Coinsbank Limitations
  7. Coinsbank Verification

Coinsbank is a leader in global funds transfer services. It facilitates the exchange of a wide range of digital assets and fiat currencies. The company provides an industrial-grade set-up for conversion and payouts among international traders. It aims at maximizing profits and minimizing risks in trade.

What is Coinsbank?

Coinsbank is a one-stop blockchain services provider which integrates major digital and world currency banking. The company was founded in 2013 by Ronny Boesing a cryptocurrency maniac. It operates in Bitcoins, Litecoins and fiat currencies such as USD, EUR, and GBP among other currencies. The privately managed company has its headquarters in Edinburg, Scotland.

Coinsbank Products:

  • Currency merchant services

As a trader on Coinsbank platform, the blockchain service allows you to accept cryptos and serve clients all over the world without any barriers. It has a fast and easy operational setup. It also offers flexible payout setting which spurs efficient conversion payouts.

  • Trading platform services

Coinsbank exchange is licensed to operate globally. It boasts a simple interface which is a convenient communication and interaction tool. It streamlines orders management and real-time exchange data. There are no bureaucratic documentations needed before you begin to trade on the company’s platform. It adopts a stop-loss and take-profit feature which is a measure of safety for traders.

  • Online wallet

The UK bound organization offers Bitcoin and digital asset wallets. The Coinsbank wallets extend several reliable deposit and withdrawal methods. In addition to this, it supports the major world currencies. With its high-level security, for all transactions, coinsbank’s online wallet is a source of inputs and account management tools. The wallet is available for Android and iOS mobile application.

  • Coinsbank Cards

Apart from being a BTC debit card, coinsbank card is a BTC merchant tool and an exchange platform for buying and selling Bitcoins. Coinsbank wallet is compatible with your debit card. Once you’ve added BTCs in your wallet, the card is ready for use. You can proceed and shop online or at a local store. The card is widely accepted.

  • Mobile App

The mobile Apps ensure that traders on Coinsbank exchange can access the company’s product and services on the go. The Android and IOS coinsbank mobile apps are available on the mobile page of the company site. Coinsbank mobile apps are user-friendly and respond well.

Available cryptocurrencies

Currently, Coinsbank trades only in Bitcoins and Litecoins cryptocurrencies. However, the company accepts some fiat currencies on its platform. You can use US dollar, Euro, Russian Ruble, Australian dollar, Swiss francs, English pound and Japanese yen to buy BTCs on coinsbank. In the meantime, the industry-leading company is researching on more crypto assets and other coins bank to add to its platform.

Payment methods

Coinsbank accepts debit or credit cards for settling payments for the USD, GBP, and the EUR. Perfect money for USD and EUR is also acceptable. Unverified customers are charged 10% for deposits between 20 and 1000. Verified customers pay the same fee for deposits between 20 and 5000.

The company also confirms payments made through QIWI– a visa prepaid wallet system of payment. While there are no withdrawals with QIWI payment, a 5% fee is charged on deposits from 0 to 1000 Dollars or Euros. QIWI Ruble payment attracts 5% fee on deposits between 1000 to 64000. This payment does not permit withdrawals.

Coinsbank Limitations

A minimum deposit on the Coinsbank account is allowed between 10 to 500 EUR/ USD. The maximum, on the other hand, is between 500-5000 EUR/USD. The payment interface shows deposit limits.

Coinsbank has various types of debit cards;

  • No-name card– As the name suggests, this card is designed to uphold the privacy of its holders.
  • No-name limited card– This kind of card is available to every user. It has a limit of 250EUR or $300 only.
  • Name card– This plastic card is for specific name holders. Unlike the no-name card, it features lower fees and commissions.
  • Named white card– It is a coinsbank special plastic debit card. It features low commission and does not incur monthly fee throughout the card’s lifetime.
  • Virtual card– It is an invisible card. This card is available in a variation of 1,3,12 or 36months. You can get it within a few minutes
  • Virtual prepaid card– it is a unique card preloaded with USD/EUR ranging from 100 to 2000 units.

Coinsbank fees

Coinsbank does not charge any fee for the transfer of coins from a Coinsbank wallet to another Coinsbank wallet. The following is a breakdown of Coinsbank fees charged on different cryptocurrencies.

  • Bitcoin fee

BTC deposits from 0.0001 are free, but any withdrawal of BTCs from the value of 0.0001 attracts a fee of 0.5%.

  • Litecoin

When you deposit LTCs amounting to 0.001 on Coinsbank, you don’t pay transactional fees, but you pay 0.5% for withdrawal of a similar amount.

  • Bank transfers

For all bank transfers deposit up to a minimum of 500 of any currency, there is no fee levied by the company. A withdrawal from 500 units of the currency incurs different charges of between 1% and 3.5%. Note that, while verification is a must for bank transfers, there is no such requirement for cryptocurrencies.

  • Trading fee

The Coinsbank market has the maker-taker fee schedule. The taker fee for any currency is 0.5% and 0.2% for makers. Furthermore, there is a 1% additional charge for urgent fiat withdrawals with a processing time of at most one day.

Coinsbank Verification

Coinsback has a thorough verification procedure. It requires a proper form of identification before utilizing your account. Some of the documentation vital to the process are:

  • A valid passport
  • Government-issued identity card
  • A valid driving license

The company may require proof of residence as an additional safety measure. Individuals may have to produce a recent bank transaction receipt that is signed and stamped by the bank.

Alternatively, consumers of its service will need to provide telephone, internet and water bills among other utility bills necessary. On the utility bills, the following features must appear:

  • The account owner’s name
  • Full address
  • Utility provider’s utility stamp.

How to use Coinsbank

First things first, you require an account to trade on Coinsbank.

Create an account

  1. Visit the company’s website to sign-up. The sign-up tab appears in the top right corner of the homepage.
  2. Provide your contact details and a password
  3. You will receive a confirmation text or a phone call via the telephone number you provided in your contact details.
  4. Enter the confirmation code you received. Click on the “I agree to terms and conditions” tab. After that, fill out your data.
  5. After executing the request for personal details and entering all the required information, your account will be ready.

Now that you have a Coinsbank account, you are ready to transact. But, you first need to fund the account.

How to Fund Coinsbank Account

  • Cryptocurrency funding

Transfer any of the accepted currencies to your Coinsbank digital wallet. On the deposit interface, you will be provided an address to fill deposit details.

  • Fiat currency deposit

You may also execute a deposit through any of the following payment methods: debit/credit card, sepa, perfect money, QIWI or OKPay. The deposit interface will display the various payment alternatives. Choose an appropriate one and key in the amount you wish to transfer to Coinsbank account.

How to trade on the Coinsbank Platform

  • Log into your account

On the platform’s interface, you will find the option to trade. Click on it then select the amount of BTCs you want to buy.

  • Submit the transaction.

That way, you have the BTCs you want.

Is Coinsbank safe?

  • Community Trust

A lot of Coinsbank reviews and user experiences gave positive feedback on the Coinsbank website. Previously, there have been claims of coinsbank being a scam. The claims insinuated that the company was dubious or perpetrating a fraud of some sort.

However, a multitude of defensive responses registered on the company site. Many in fact, applauded Coinsbank services and seemed to be comfortable and happy with the platform. The real-time data available for users as well as clear visibility of prices was evidence of transparency.

  • Customer Support

Coinsbank has a ticket system service for handling complaints and requests or for any other form of assistance. If you fill out the query form, the support team will respond to you via email or telephone. Alternatively, you can reach Coinsbank through support@coinsbank.com or their telephone line +442036088233.

Likewise, Coinsbank runs an official social media account where you can send them a message. They also maintain an official thread on the Bitcointalk Forum.

  • Security

The company has put in place a session time-out system that automatically logs out your account after a reasonably extended idling period. To further improve the safety, the system requires you to provide your password, mobile number and confirmation code sent to your phone on subsequent logins. Coinsbank uses HTTPS as a result of a valid SSL encryption.

Review Conclusion

Coinsbank is an efficient platform which provides broad functionality for both cryptocurrency and real-world money exchanges. The company has a user- friendly website strengthened by a non-stop customer support facility. The site is good for everyone from beginners to high rollers.

However, using the site may require a lot of time to grasp everything. Also, the platform can be relatively costly and at the same time requires confirmation code every time you log in.

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