Coinbit Exchange Review

Registered in one of the leading countries in the cryptocurrency trading world, South Korea, Coinbit is relatively new to the scene. Launched in July 2018, Coinbit claims to be the “most reliable cryptocurrency exchange”, as displayed on the homepage of its website. It prides itself on its "secure, convenient, swift and exciting nature” which boasts innovative benefits and events alongside its trading features. It is a member only platform, hence users will need to register in order to be able to trade on Coinbit, the process of which has been carefully explained on the homepage.

 

The exchange has a flat trading fee of 0.10%, which is well below the global industry average of 0.25%. This gives the platform a significant competitive edge when compared to platforms with higher trading fees. The exchange supports both fiat-crypto trading and crypto-to-crypto trading. This makes Coinbit an entry-level exchange, as new cryptocurrency investors can trade in fiat currency to start trading in cryptocurrencies. Fiat deposits can be made through bank transfers, however it must be made in the Korean currency of KRW. Other forms of fiat currency will not be accepted on Coinbit, which shows that the exchange is mainly focused on Korean users. Though this is the case, it is an undeniable fact that Coinbit has made efforts to appeal more to non-Korean users, although focused mainly on 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.

 

To provide enhanced security, Coinbit uses the KT Cloud System to “provide a stable trading environment”. Though Coinbit claims to be the most secure and transparent exchange out there, there isn’t any further information about its security system or the people behind the exchange. There haven’t been any security concerns with Coinbit yet, however it is important to keep in mind that users must be very wary when using exchanges that are only one or two years old. Even though there have not been any complaints, it is too soon to make a definite comment on Coinbit’s security.