What is Coinsbit?
Coinsbit is a centralized exchange launched in 2018, officially registered in Estonia and Seychelles. It offers around 90 coins, multiple fiat on-ramps and its own CNB token - but security and user trust tell a much darker story.
Quick snapshot table
- Founded: 2018 (Estonia/Seychelles)
- Assets: ~90 coins, 150+ pairs including fiat OTC
- Fees: Flat 0.2%, CNB token discounts
- Withdrawal limits: ≤$500/day unverified, ≤$100K/day verified
- Trust index: ~1.2 / 5 from major aggregators
- Security grade: CC (~48%), no audits
- Trustpilot: ~1.2 / 5 from 300+ reviews
Why people considered it attractive
Coinsbit once drew users with its wide asset support, simple 0.2% flat fee, CNB token perks and fast matching engine. For traders chasing altcoins or seeking OTC fiat deals, it seemed cost-efficient. But under the surface, serious cracks show.
Massive trust and security issues
Traders Union, Trustpilot and similar sites slam Coinsbit with scores barely over 1.2 / 5. Over two-thirds of reviews are one-star horror stories - accounts blocked after KYC, frozen balances for months, or ignored support tickets. Coinsbit claims 95% cold wallet security yet posts no independent audit or reserve proofs. That leaves users guessing if funds are really safe.
Liquidity, trading and UX experience
Main pairs like BTC/USDT see reasonable fills, but smaller altcoins have wide spreads and shallow books. The interface itself is clean, with OTC panels and staking tools - but countless user reviews warn that if you face a withdrawal issue, you’re likely on your own with no real help coming.
Security, licensing and technical red flags
- Registered under Estonia crypto services and offshore Seychelles structure.
- Uses standard SSL and 2FA but no external audits or reserve attestations.
- CC grade at ~48%, far from industry-leading security benchmarks.
Pros and cons summary
- Pros: Large coin list, easy 0.2% fee structure, CNB token perks, OTC fiat access.
- Cons: Rock-bottom trust scores, frequent fund freezes, zero audit transparency, weak customer support.
Final verdict
Coinsbit is best treated as a high-risk venue. It does offer cheap trading on a wide basket of coins, but countless reports of frozen withdrawals, no independent audits, and awful trust ratings make it unsuitable for serious use. If you try it, keep only tiny sums, test withdrawals early, and be ready to pivot. Most traders will be far safer with well-reviewed, regulated exchanges that show clear reserve proofs and robust customer support.