CoinBene Review
- They provide a modern trading platform with important trader tools
- Moderate fees are charged when compared to other competitors
- Standard security measures and popular tokens are available for trading
- No phone support and the available email support is very slow
- You cannot buy the cryptocurrencies with fiat money
Coinbene is one of the largest cryptocurrency exchanges today. It is speculated to be the largest in China and Singapore. It is believed that three companies merged to form this company and the merger has resulted in one the world’s most secure trading platform in the cryptocurrency exchange business. The official website is available in English, Chinese, Portuguese, Vietnamese and Malay languages. It provides traders with a variety of cryptocurrency pairs for trading. In fact, it has a large BTC trade by volume. Established in 2017, it is believed to have a trading volume worth $60 million on a daily basis. Their office address is located at No. 1 Coleman Street, The Adelphi, Singapore (179803). No registration or regulatory information is provided, perhaps to circumvent the clampdowns that have become the hallmark in Asian countries where crypto exchanges are located.
Trading Platforms
A web-based trading platform is available, and it is visually appealing. As it runs on an internet browser, it can be used across different operating systems and devices. The platform is packed with features, and yet is user-friendly. Trade executions on this platform are very fast. Charting is provided by “TradingView”, which is a social network for traders that provide technical analysis.The order book and trading history are easy to access and understand. There are indicators and other trading tools useful to a trader. The iPhone and android app of Coinbene is available for download on the website.
Exchange Markets
Coinbene exchanges cryptocurrencies only. They do not accept deposits in fiat currency. There are three base cryptocurrencies; USDT, ETH and BTC. So, deposits are only accepted in any of these three cryptocurrencies, after which conversions can be done into any of the base cryptocurrencies for pair trading. There are about 89 cryptocurrency pairs available for trading on the Coinbene trading platform. Some of the pairs are: ABT/USDT, BCD/USDT, NPXS/ETH, CS/ETH, ZGC/BTC, ATX/BTC etc.
Fees and Commissions
A trading fee of 0.1% is charged for every trade placed on the Coinbene trading platform. The fee is charged in the quote currency. No deposit fees are charged. Withdrawal fees are charged and they are also referred to as “blockchain fee.” Coinbene states that they collect the blockchain fee in order to pay the blockchain miners for their confirmations. It is charged in the same currency as the withdrawal amount. It varies with the asset to be withdrawn. The withdrawal charges for each cryptocurrency are not stated. Coinbene states that each withdrawal must be confirmed after at least 24 blockchain confirmations; a process which may take up 48 hours. User reviews affirm that withdrawal fees charged by Coinbene are extremely high when compared with other exchanges such as Kucoin and Binance.
Security and Fairness
Coinbene boldly writes that they are a secure and trustworthy cryptocurrency assets exchange. However, they did not state how they store the tokens or the security protocols they follow. Their official website “www.coinbene.com” is secured with 128bit encryption software. This protects data entered into the website form being hacked during transmission over the internet.
During signups, users provide their email and create a password. The first security step is to verify this email address entered. The second step is to enable the “Google Two-Factor Authentication” (2FA). This sends a code to the user phone whenever login is initiated using the Google Authenticator app. This adds an extra security layer in addition to the password. The authentication codes change after every 30 seconds. Before, you can withdraw; you must complete the KYC verification. This is done by uploading a valid government-issued identity card such as a driving license or international passport.
All these security procedures and verifications are necessary to curb fraud and secure the trader and the exchange. Coinbene have also been fair to their customers by offering a modern platform and eliminating deposit fees. They also have rewards for large token deposits and frequent trading.
Support
Email addresses are provided for support via mail. A ‘Frequently Asked Question’ (FAQ) is provided with answers bothering on signup and account creation, how to deposit, withdraw and how to trade on Coinbene.The FAQ serves as a first place of seeking knowledge and getting quick answers.
Phone support is not available as no phone numbers are provided. This is usually the fastest means of getting help but, unfortunately, it is not available. Social media support is available. The platforms are: Twitter, Telegram, Weibo and WeChat. The Telegram instant message phone app has an active community of 3,492 members.
Conclusion
Though Coinbene started operations in 2017, their trade volume is very high. They seem to be a good exchange offering lots of cryptocurrency pairs for trading. Their platform is modern and packed with the necessary tools to aid the trader. Website security is standard and no hacking has been reported.
But, there is not much information about the Coinbene cryptocurrency. The owners provided very little info on their website. Though they provided an office address, they did not disclose full company details, key officers and regulatory information. Support through the phone is not available. The email support is slow and inefficient. It takes users a long time to get verified as the support takes days.
In their claim to be a secure cryptocurrencyasset exchange, they failed to provide details of how they intend to provide that security. This information is very important to traders because hackersoften target cryptocurrency exchanges for their attacks. Most times, these hacker attacks lead to theft and loss of the crypto assets.
Coinbene Q&A
Here are some common questions that customers always asked aboutCoinbene.
Is Coinbene regulated?
No, they are not regulated by any regulating authorities in any country.
Is Coinbene a scam?
No, there are no scam reports. They have lots of satisfied customers. The major problem is their slow and inadequate customer support.
Where is Coinbene based?
Their office address is located at No. 1 Coleman Street, The Adelphi, Singapore (179803).
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